KAR-IMMO: 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.
KAR-IMMO
Largest movements
- Receivables within one year +€678,904
up €678,904 (+52.2%), from €1.3m to €2.0m
of which Other amounts receivable: +€678,949
- Cash -€275,514
down €275,514 (-83.3%), from €330,747 to €55,233
mainly Contributions, distributions and other (-€1.6m) and Receivables within one year (-€678,904)
- Tangible fixed assets -€82,499
down €82,499 (-26.0%), from €317,340 to €234,841
of which Land and buildings: -€52,131
- Other debts +€1.6m
up €1.6m (+5,952%), from €26,060 to €1.6m
- Profit (loss) carried forward -€1.5m
down €1.5m (-98.8%), from €1.5m to €17,626
- Reserves +€232,889
up €232,889 (+15,083%), from €1,544 to €234,434
of which Tax-exempt reserves: +€232,889
- Provisions +€77,630
new in 2025: €77,630
- Debts after one year -€75,684
down €75,684 (-13.4%), from €566,263 to €490,579
- Gross operating margin -€1.5m
down €1.5m (-76.0%), from €2.0m to €486,863
- Taxes -€457,565
down €457,565 (-93.9%), from €487,361 to €29,795
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.
Derived cash bridge
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 | €2,209,161 | €2,527,269 | +€318,108 | +14.4% |
| Fixed assets | 21/28 | €567,580 | €485,081 | -€82,499 | -14.5% |
| Tangible fixed assets | 22/27 | €317,340 | €234,841 | -€82,499 | -26.0% |
| Land and buildings | 22 | €243,857 | €191,725 | -€52,131 | -21.4% |
| Plant, machinery and equipment | 23 | €62,163 | €43,082 | -€19,082 | -30.7% |
| Furniture and vehicles | 24 | €11,320 | €34 | -€11,286 | -99.7% |
| Financial fixed assets | 28 | €250,240 | €250,240 | = | 0.0% |
| Current assets | 29/58 | €1,641,580 | €2,042,187 | +€400,607 | +24.4% |
| Amounts receivable within one year | 40/41 | €1,301,190 | €1,980,094 | +€678,904 | +52.2% |
| Trade receivables | 40 | €160 | €114 | -€46 | -28.5% |
| Other amounts receivable | 41 | €1,301,030 | €1,979,979 | +€678,949 | +52.2% |
| Cash at bank and in hand | 54/58 | €330,747 | €55,233 | -€275,514 | -83.3% |
| Deferred charges and accrued income | 490/1 | €9,643 | €6,860 | -€2,783 | -28.9% |
| Total equity and liabilities | 10/49 | €2,209,161 | €2,527,269 | +€318,108 | +14.4% |
| Equity | 10/15 | €1,497,249 | €270,651 | -€1.2m | -81.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,544 | €234,434 | +€232,889 | +15,083% |
| Tax-exempt reserves | 132 | - | €232,889 | +€232,889 | |
| Distributable reserves | 133 | €1,544 | €1,544 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,477,113 | €17,626 | -€1.5m | -98.8% |
| Provisions and deferred taxes | 16 | - | €77,630 | +€77,630 | |
| Deferred taxes | 168 | - | €77,630 | +€77,630 | |
| Amounts payable | 17/49 | €711,912 | €2,178,987 | +€1.5m | +206% |
| Amounts payable after more than one year | 17 | €566,263 | €490,579 | -€75,684 | -13.4% |
| Financial debts | 170/4 | €566,263 | €490,579 | -€75,684 | -13.4% |
| Amounts payable within one year | 42/48 | €136,261 | €1,685,784 | +€1.5m | +1,137% |
| Current portion of amounts payable after more than one year | 42 | €85,340 | €89,511 | +€4,172 | +4.9% |
| Trade debts | 44 | €7,026 | €2,258 | -€4,768 | -67.9% |
| Suppliers | 440/4 | €7,026 | €2,258 | -€4,768 | -67.9% |
| Taxes, remuneration and social security | 45 | €17,836 | €16,775 | -€1,061 | -5.9% |
| Taxes | 450/3 | €17,836 | €16,775 | -€1,061 | -5.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,060 | €1,577,239 | +€1.6m | +5,952% |
| Accrued charges and deferred income | 492/3 | €9,388 | €2,625 | -€6,763 | -72.0% |
| Non-recurring operating income | 76A | €1,858,852 | €310,168 | -€1.5m | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,490 | €29,972 | -€19,518 | -39.4% |
| Other operating charges | 640/8 | €29,025 | €20,327 | -€8,698 | -30.0% |
| Gross operating margin | 9900 | €2,032,002 | €486,863 | -€1.5m | -76.0% |
| Operating profit (loss) | 9901 | €1,953,486 | €436,564 | -€1.5m | -77.7% |
| Financial income | 75/76B | €997 | €5,206 | +€4,210 | +422% |
| Recurring financial income | 75 | €997 | €5,206 | +€4,210 | +422% |
| Financial charges | 65/66B | €13,884 | €10,943 | -€2,940 | -21.2% |
| Recurring financial charges | 65 | €13,884 | €10,943 | -€2,940 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €1,940,599 | €430,827 | -€1.5m | -77.8% |
| Transfer to deferred taxes | 680 | - | €77,630 | +€77,630 | |
| Income taxes | 67/77 | €487,361 | €29,795 | -€457,565 | -93.9% |
| Profit (loss) for the period | 9904 | €1,453,239 | €323,402 | -€1.1m | -77.7% |
| Transfer to tax-exempt reserves | 689 | - | €232,889 | +€232,889 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,453,239 | €90,513 | -€1.4m | -93.8% |
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 26 October 2026 via checked.be.