Z-Karma: 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.
Z-Karma
Largest movements
- Tangible fixed assets +€291,195
up €291,195 (+12374.9%), from €2,353 to €293,548
of which Land and buildings: +€283,896
- Cash +€62,855
up €62,855 (+77.4%), from €81,256 to €144,111
mainly Other debts (+€390,535) and Depreciation (+€5,584)
- Other debts +€390,535
new in 2025: €390,535
- Profit (loss) carried forward -€28,763
down €28,763 (-38.5%), from €74,618 to €45,856
- Tax, wage and social debts -€8,138
down €8,138 (-90.1%), from €9,036 to €898
- Gross operating margin -€19,652
down €19,652 (-2169.7%), from -€906 to -€20,558
- Depreciation +€2,536
up €2,536 (+83.2%), from €3,048 to €5,584
- Financial charges +€1,069
up €1,069 (+492.7%), from €217 to €1,286
- Other operating charges +€767
up €767 (+134.9%), from €568 to €1,335
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 | €86,187 | €440,598 | +€354,411 | +411.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,353 | €293,548 | +€291,195 | +12374.9% |
| Tangible fixed assets | 22/27 | €2,353 | €293,548 | +€291,195 | +12374.9% |
| Land and buildings | 22 | €1,584 | €285,479 | +€283,896 | +17927.7% |
| Plant, machinery and equipment | 23 | - | €6,448 | +€6,448 | |
| Furniture and vehicles | 24 | €770 | €1,621 | +€851 | +110.6% |
| Current assets | 29/58 | €83,834 | €147,050 | +€63,216 | +75.4% |
| Amounts receivable within one year | 40/41 | €2,578 | €2,793 | +€215 | +8.4% |
| Trade receivables | 40 | €2,040 | - | -€2,040 | |
| Other amounts receivable | 41 | €538 | €2,793 | +€2,255 | +419.1% |
| Cash at bank and in hand | 54/58 | €81,256 | €144,111 | +€62,855 | +77.4% |
| Deferred charges and accrued income | 490/1 | - | €146 | +€146 | |
| Total equity and liabilities | 10/49 | €86,187 | €440,598 | +€354,411 | +411.2% |
| Equity | 10/15 | €75,618 | €46,856 | -€28,763 | -38.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,618 | €45,856 | -€28,763 | -38.5% |
| Amounts payable | 17/49 | €10,568 | €393,743 | +€383,174 | +3625.7% |
| Amounts payable within one year | 42/48 | €10,568 | €393,743 | +€383,174 | +3625.7% |
| Financial debts | 43 | - | €978 | +€978 | |
| Credit institutions | 430/8 | - | €978 | +€978 | |
| Trade debts | 44 | €1,533 | €1,331 | -€202 | -13.2% |
| Suppliers | 440/4 | €1,533 | €1,331 | -€202 | -13.2% |
| Taxes, remuneration and social security | 45 | €9,036 | €898 | -€8,138 | -90.1% |
| Taxes | 450/3 | €9,036 | €898 | -€8,138 | -90.1% |
| Other amounts payable | 47/48 | - | €390,535 | +€390,535 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,048 | €5,584 | +€2,536 | +83.2% |
| Other operating charges | 640/8 | €568 | €1,335 | +€767 | +134.9% |
| Gross operating margin | 9900 | -€906 | -€20,558 | -€19,652 | -2169.7% |
| Operating profit (loss) | 9901 | -€4,522 | -€27,477 | -€22,955 | -507.6% |
| Financial charges | 65/66B | €217 | €1,286 | +€1,069 | +492.7% |
| Recurring financial charges | 65 | €217 | €1,286 | +€1,069 | +492.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,739 | -€28,763 | -€24,024 | -506.9% |
| Profit (loss) for the period | 9904 | -€4,739 | -€28,763 | -€24,024 | -506.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,739 | -€28,763 | -€24,024 | -506.9% |
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 11 October 2026 via checked.be.