Karus: what changed
Two fiscal 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.
What changed
Karus
NACE 86.104, Human health activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.4m+€356,557
Equity
€92.8m
2024 · €91.7m+€1.1m
Cash
€4.3m
2024 · €6.5m-€2.2m
Balance sheet total
€147.1m
2024 · €147.9m-€811,743
Largest movements
Assets
- Current investments +€6.2m
up €6.2m (+9.7%), from €64.1m to €70.3m
- Receivables within one year -€3.1m
down €3.1m (-11.6%), from €26.5m to €23.4m
of which Trade receivables: -€1.9m
- Cash -€2.2m
down €2.2m (-33.5%), from €6.5m to €4.3m
mainly Current investments (-€6.2m) and Investment in fixed assets (net) (-€2.4m)
- Tangible fixed assets -€1.8m
down €1.8m (-3.6%), from €49.1m to €47.3m
of which Land and buildings: -€2.5m
Equity and liabilities
- Debts within one year -€2.0m
down €2.0m (-7.6%), from €26.2m to €24.2m
of which Trade debts: -€3.0m
Income statement
- Services and other goods +€4.2m
up €4.2m (+25.1%), from €16.6m to €20.8m
- Turnover +€3.3m
up €3.3m (+4.9%), from €66.8m to €70.1m
- Staff costs +€1.3m
up €1.3m (+2.5%), from €51.1m to €52.4m
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.
Result 2024
€1.4m
Turnover
+€3.3m
Other operating income
+€257,346
Goods and materials
-€201,749
Services and other goods
-€4.2m
Staff costs
-€1.3m
Depreciation
+€34,146
Write-downs
+€31,737
Other operating charges
-€5,614
Other operating items
+€2.4m
Financial income
+€345,395
Financial charges
-€390,469
Result 2025
€1.8m
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.
From operations
+€6.7m
Investment
-€8.6m
Financing
-€219,652
Cash 2024
€6.5m
From operations (derived)
+€6.7m
Net result for the year
+€1.8m
Depreciation
+€4.2m
Receivables after one year
+€19,002
Smaller working-capital items
+€9,038
Receivables within one year
+€3.1m
Provisions
+€154,648
Debts within one year
-€2.0m
Accrued charges and deferred income
-€509,625
Investment (derived)
-€8.6m
Investment in fixed assets (net)
-€2.4m
Current investments
-€6.2m
Financing
-€219,652
Debts after one year
+€401,466
Contributions, distributions and other
-€621,118
Cash 2025
€4.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,909,334 | €147,097,591 | -€811,743 | -0.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €49,184,843 | €47,409,670 | -€1.8m | -3.6% |
| Intangible fixed assets | 21 | €50,320 | €29,880 | -€20,440 | -40.6% |
| Tangible fixed assets | 22/27 | €49,095,982 | €47,341,550 | -€1.8m | -3.6% |
| Land and buildings | 22 | €44,174,780 | €41,628,492 | -€2.5m | -5.8% |
| Plant, machinery and equipment | 23 | €6,069 | €3,593 | -€2,476 | -40.8% |
| Furniture and vehicles | 24 | €3,141,638 | €2,998,606 | -€143,033 | -4.6% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €33,199 | €13,852 | -€19,347 | -58.3% |
| Assets under construction and advance payments | 27 | €1,740,296 | €2,697,007 | +€956,712 | +55.0% |
| Financial fixed assets | 28 | €38,542 | €38,241 | -€301 | -0.8% |
| Other financial fixed assets | 284/8 | €38,542 | €38,241 | -€301 | -0.8% |
| Shares | 284 | €10,558 | €10,558 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €27,984 | €27,683 | -€301 | -1.1% |
| Current assets | 29/58 | €98,724,490 | €99,687,921 | +€963,431 | +1.0% |
| Amounts receivable after more than one year | 29 | €958,934 | €939,932 | -€19,002 | -2.0% |
| Trade receivables | 290 | €591,741 | €660,239 | +€68,498 | +11.6% |
| Other amounts receivable | 291 | €367,193 | €279,693 | -€87,500 | -23.8% |
| Stocks and contracts in progress | 3 | €221,492 | €211,924 | -€9,568 | -4.3% |
| Stocks | 30/36 | €221,492 | €211,924 | -€9,568 | -4.3% |
| Raw materials and consumables | 30/31 | €221,492 | €211,924 | -€9,568 | -4.3% |
| Amounts receivable within one year | 40/41 | €26,478,366 | €23,398,883 | -€3.1m | -11.6% |
| Trade receivables | 40 | €12,753,205 | €10,883,567 | -€1.9m | -14.7% |
| Other amounts receivable | 41 | €13,725,161 | €12,515,316 | -€1.2m | -8.8% |
| Current investments | 50/53 | €64,109,223 | €70,345,318 | +€6.2m | +9.7% |
| Cash at bank and in hand | 54/58 | €6,468,058 | €4,302,917 | -€2.2m | -33.5% |
| Deferred charges and accrued income | 490/1 | €488,417 | €488,947 | +€530 | +0.1% |
| Total equity and liabilities | 10/49 | €147,909,334 | €147,097,591 | -€811,743 | -0.5% |
| Equity | 10/15 | €91,665,733 | €92,800,700 | +€1.1m | +1.2% |
| Contributions | 10/11 | €10,901,990 | €10,901,990 | = | 0.0% |
| Capital | 10 | €10,901,990 | €10,901,990 | = | 0.0% |
| Reserves | 13 | €73,484,320 | €74,718,065 | +€1.2m | +1.7% |
| Profit (loss) carried forward | 14 | €971,062 | €1,493,401 | +€522,340 | +53.8% |
| Investment grants | 15 | €6,308,361 | €5,687,243 | -€621,118 | -9.8% |
| Provisions and deferred taxes | 16 | €784,683 | €939,330 | +€154,648 | +19.7% |
| Provisions for liabilities and charges | 160/5 | €784,683 | €939,330 | +€154,648 | +19.7% |
| Other liabilities and charges | 164/5 | €784,683 | €939,330 | +€154,648 | +19.7% |
| Amounts payable | 17/49 | €55,458,917 | €53,357,561 | -€2.1m | -3.8% |
| Amounts payable after more than one year | 17 | €28,469,827 | €28,871,293 | +€401,466 | +1.4% |
| Financial debts | 170/4 | €12,456,216 | €11,231,553 | -€1.2m | -9.8% |
| Credit institutions | 173 | €12,456,216 | €11,231,553 | -€1.2m | -9.8% |
| Other amounts payable | 178/9 | €16,013,611 | €17,639,740 | +€1.6m | +10.2% |
| Amounts payable within one year | 42/48 | €26,237,291 | €24,244,094 | -€2.0m | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €1,887,741 | €1,224,663 | -€663,079 | -35.1% |
| Trade debts | 44 | €15,377,046 | €12,417,032 | -€3.0m | -19.2% |
| Suppliers | 440/4 | €15,377,046 | €12,417,032 | -€3.0m | -19.2% |
| Advances received on contracts in progress | 46 | €1,290 | €1,001 | -€289 | -22.4% |
| Taxes, remuneration and social security | 45 | €6,796,323 | €6,769,536 | -€26,787 | -0.4% |
| Taxes | 450/3 | €54,924 | €79,424 | +€24,500 | +44.6% |
| Remuneration and social security | 454/9 | €6,741,399 | €6,690,112 | -€51,287 | -0.8% |
| Accrued charges and deferred income | 492/3 | €751,799 | €242,174 | -€509,625 | -67.8% |
| Operating income | 70/76A | €77,273,757 | €83,340,214 | +€6.1m | +7.9% |
| Turnover | 70 | €66,786,071 | €70,079,391 | +€3.3m | +4.9% |
| Own construction capitalised | 72 | €5,179 | €52,887 | +€47,708 | +921.2% |
| Other operating income | 74 | €9,101,256 | €9,358,602 | +€257,346 | +2.8% |
| Non-recurring operating income | 76A | €516,593 | €2,915,194 | +€2.4m | +464.3% |
| Operating charges | 60/66A | €77,100,329 | €82,765,153 | +€5.7m | +7.3% |
| Goods for resale, raw materials and consumables | 60 | €3,385,352 | €3,587,100 | +€201,749 | +6.0% |
| Purchases | 600/8 | €3,369,516 | €3,577,532 | +€208,015 | +6.2% |
| Change in stocks: decrease (increase) | 609 | €15,835 | €9,568 | -€6,267 | -39.6% |
| Services and other goods | 61 | €16,611,958 | €20,783,946 | +€4.2m | +25.1% |
| Remuneration, social security and pensions | 62 | €51,147,155 | €52,426,441 | +€1.3m | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,189,867 | €4,155,720 | -€34,146 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,869 | €4,132 | -€31,737 | -88.5% |
| Other operating charges | 640/8 | €378,809 | €384,423 | +€5,614 | +1.5% |
| Non-recurring operating charges | 66A | €883,126 | €1,268,744 | +€385,618 | +43.7% |
| Operating profit (loss) | 9901 | €173,429 | €575,060 | +€401,632 | +231.6% |
| Financial income | 75/76B | €1,344,336 | €1,689,730 | +€345,395 | +25.7% |
| Recurring financial income | 75 | €1,344,336 | €1,689,730 | +€345,395 | +25.7% |
| Income from current assets | 751 | €747,309 | €1,068,089 | +€320,780 | +42.9% |
| Other financial income | 752/9 | €597,027 | €621,642 | +€24,615 | +4.1% |
| Financial charges | 65/66B | €118,237 | €508,706 | +€390,469 | +330.2% |
| Recurring financial charges | 65 | €118,237 | €508,706 | +€390,469 | +330.2% |
| Debt charges | 650 | €267,496 | €279,714 | +€12,218 | +4.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€391,614 | -€2,867 | +€388,747 | +99.3% |
| Other financial charges | 652/9 | €242,355 | €231,860 | -€10,495 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €1,399,527 | €1,756,084 | +€356,557 | +25.5% |
| Profit (loss) for the period | 9904 | €1,399,527 | €1,756,084 | +€356,557 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,399,527 | €1,756,084 | +€356,557 | +25.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.