Karure: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Karure
Largest movements
- Stocks and contracts -€3.2m
down €3.2m (-69.7%), from €4.6m to €1.4m
- Tangible fixed assets -€2.0m
down €2.0m (-99.6%), from €2.0m to €7,300
of which Land and buildings: -€2.0m
- Cash +€1.3m
up €1.3m (+354.9%), from €355,490 to €1.6m
mainly Stocks and contracts (+€3.2m) and Investment in fixed assets (net) (+€2.0m)
- Receivables within one year -€492,067
down €492,067 (-40.9%), from €1.2m to €710,543
of which Trade receivables: -€424,866
- Advances received -€1.6m
down €1.6m (-100.0%), from €1.6m to €0
- Short-term financial debts -€1.5m
down €1.5m (-100.0%), from €1.5m to €0
- Other debts -€1.4m
down €1.4m (-34.5%), from €4.0m to €2.7m
- Debts after one year -€780,720
down €780,720 (-100.0%), from €780,720 to €0
- Trade debts +€759,942
up €759,942 (+826.6%), from €91,932 to €851,874
- Depreciation -€125,007
down €125,007 (-96.6%), from €129,389 to €4,381
- Financial charges +€24,186
up €24,186 (+70.2%), from €34,446 to €58,632
- Gross operating margin +€12,753
up €12,753 (+6.0%), from €213,573 to €226,326
- Staff costs -€3,261
down €3,261 (-2.8%), from €117,979 to €114,718
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,192,719 | €3,761,547 | -€4.4m | -54.1% |
| Fixed assets | 21/28 | €2,062,190 | €48,017 | -€2.0m | -97.7% |
| Intangible fixed assets | 21 | €2,888 | €1,717 | -€1,171 | -40.6% |
| Tangible fixed assets | 22/27 | €2,020,302 | €7,300 | -€2.0m | -99.6% |
| Land and buildings | 22 | €2,009,590 | €0 | -€2.0m | -100.0% |
| Furniture and vehicles | 24 | €10,712 | €7,300 | -€3,412 | -31.9% |
| Financial fixed assets | 28 | €39,000 | €39,000 | = | 0.0% |
| Current assets | 29/58 | €6,130,529 | €3,713,530 | -€2.4m | -39.4% |
| Stocks and contracts in progress | 3 | €4,568,350 | €1,383,446 | -€3.2m | -69.7% |
| Stocks | 30/36 | €4,568,350 | €1,383,446 | -€3.2m | -69.7% |
| Amounts receivable within one year | 40/41 | €1,202,610 | €710,543 | -€492,067 | -40.9% |
| Trade receivables | 40 | €860,487 | €435,620 | -€424,866 | -49.4% |
| Other amounts receivable | 41 | €342,123 | €274,923 | -€67,200 | -19.6% |
| Cash at bank and in hand | 54/58 | €355,490 | €1,617,183 | +€1.3m | +354.9% |
| Deferred charges and accrued income | 490/1 | €4,079 | €2,358 | -€1,721 | -42.2% |
| Total equity and liabilities | 10/49 | €8,192,719 | €3,761,547 | -€4.4m | -54.1% |
| Equity | 10/15 | -€31,285 | €13,461 | +€44,747 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,482 | €4,482 | = | 0.0% |
| Distributable reserves | 133 | €4,482 | €4,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,368 | -€9,621 | +€44,747 | +82.3% |
| Amounts payable | 17/49 | €8,224,005 | €3,748,085 | -€4.5m | -54.4% |
| Amounts payable after more than one year | 17 | €780,720 | €0 | -€780,720 | -100.0% |
| Financial debts | 170/4 | €780,720 | €0 | -€780,720 | -100.0% |
| Amounts payable within one year | 42/48 | €7,347,770 | €3,658,321 | -€3.7m | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €88,104 | €0 | -€88,104 | -100.0% |
| Financial debts | 43 | €1,452,701 | €0 | -€1.5m | -100.0% |
| Credit institutions | 430/8 | €1,452,701 | €0 | -€1.5m | -100.0% |
| Trade debts | 44 | €91,932 | €851,874 | +€759,942 | +826.6% |
| Suppliers | 440/4 | €91,932 | €851,874 | +€759,942 | +826.6% |
| Advances received on contracts in progress | 46 | €1,610,104 | €0 | -€1.6m | -100.0% |
| Taxes, remuneration and social security | 45 | €56,241 | €153,821 | +€97,580 | +173.5% |
| Taxes | 450/3 | €36,414 | €143,209 | +€106,795 | +293.3% |
| Remuneration and social security | 454/9 | €19,828 | €10,612 | -€9,215 | -46.5% |
| Other amounts payable | 47/48 | €4,048,688 | €2,652,626 | -€1.4m | -34.5% |
| Accrued charges and deferred income | 492/3 | €95,515 | €89,764 | -€5,751 | -6.0% |
| Non-recurring operating income | 76A | - | €31,208 | +€31,208 | |
| Remuneration, social security and pensions | 62 | €117,979 | €114,718 | -€3,261 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,389 | €4,381 | -€125,007 | -96.6% |
| Other operating charges | 640/8 | €8,037 | €8,547 | +€510 | +6.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,573 | €226,326 | +€12,753 | +6.0% |
| Operating profit (loss) | 9901 | -€41,831 | €98,680 | +€140,511 | |
| Financial income | 75/76B | €3,424 | €5,035 | +€1,610 | +47.0% |
| Recurring financial income | 75 | €3,424 | €5,035 | +€1,610 | +47.0% |
| Financial charges | 65/66B | €34,446 | €58,632 | +€24,186 | +70.2% |
| Recurring financial charges | 65 | €34,446 | €58,632 | +€24,186 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | -€72,852 | €45,082 | +€117,935 | |
| Income taxes | 67/77 | €354 | €335 | -€19 | -5.3% |
| Profit (loss) for the period | 9904 | -€73,206 | €44,747 | +€117,953 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,206 | €44,747 | +€117,953 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.