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.
KARASU CONSULT
Largest movements
- Receivables within one year -€225,668
down €225,668 (-69.9%), from €322,842 to €97,174
of which Other amounts receivable: -€226,515
- Cash +€65,751
up €65,751 (+36.4%), from €180,468 to €246,219
mainly Receivables within one year (+€225,668) and Net result for the year (+€98,860)
- Reserves -€155,094
down €155,094 (-32.7%), from €473,704 to €318,610
of which Distributable reserves: -€155,094
- Tax, wage and social debts -€5,505
down €5,505 (-19.8%), from €27,790 to €22,286
- Financial income -€4,755
down €4,755 (-29.1%), from €16,339 to €11,584
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 | €509,422 | €347,757 | -€161,665 | -31.7% |
| Fixed assets | 21/28 | €3,068 | €1,912 | -€1,156 | -37.7% |
| Tangible fixed assets | 22/27 | €3,068 | €1,912 | -€1,156 | -37.7% |
| Land and buildings | 22 | €2,532 | €1,771 | -€762 | -30.1% |
| Plant, machinery and equipment | 23 | €526 | €142 | -€385 | -73.0% |
| Furniture and vehicles | 24 | €10 | €0 | -€10 | -100.0% |
| Current assets | 29/58 | €506,353 | €345,845 | -€160,509 | -31.7% |
| Amounts receivable within one year | 40/41 | €322,842 | €97,174 | -€225,668 | -69.9% |
| Trade receivables | 40 | €24,829 | €25,676 | +€847 | +3.4% |
| Other amounts receivable | 41 | €298,013 | €71,498 | -€226,515 | -76.0% |
| Cash at bank and in hand | 54/58 | €180,468 | €246,219 | +€65,751 | +36.4% |
| Deferred charges and accrued income | 490/1 | €3,044 | €2,452 | -€592 | -19.5% |
| Total equity and liabilities | 10/49 | €509,422 | €347,757 | -€161,665 | -31.7% |
| Equity | 10/15 | €479,904 | €324,810 | -€155,094 | -32.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €473,704 | €318,610 | -€155,094 | -32.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €471,844 | €316,750 | -€155,094 | -32.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €29,518 | €22,947 | -€6,571 | -22.3% |
| Amounts payable within one year | 42/48 | €29,218 | €22,689 | -€6,529 | -22.3% |
| Trade debts | 44 | €1,428 | €404 | -€1,024 | -71.7% |
| Suppliers | 440/4 | €1,428 | €404 | -€1,024 | -71.7% |
| Taxes, remuneration and social security | 45 | €27,790 | €22,286 | -€5,505 | -19.8% |
| Taxes | 450/3 | €27,790 | €22,286 | -€5,505 | -19.8% |
| Accrued charges and deferred income | 492/3 | €300 | €258 | -€42 | -14.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,504 | €1,156 | -€348 | -23.2% |
| Other operating charges | 640/8 | €838 | €300 | -€538 | -64.2% |
| Gross operating margin | 9900 | €131,864 | €133,067 | +€1,203 | +0.9% |
| Operating profit (loss) | 9901 | €129,522 | €131,612 | +€2,089 | +1.6% |
| Financial income | 75/76B | €16,339 | €11,584 | -€4,755 | -29.1% |
| Recurring financial income | 75 | €16,339 | €11,584 | -€4,755 | -29.1% |
| Financial charges | 65/66B | €2,705 | €3,387 | +€682 | +25.2% |
| Recurring financial charges | 65 | €2,705 | €3,387 | +€682 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €143,156 | €139,808 | -€3,348 | -2.3% |
| Income taxes | 67/77 | €41,766 | €40,948 | -€818 | -2.0% |
| Profit (loss) for the period | 9904 | €101,390 | €98,860 | -€2,531 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,390 | €98,860 | -€2,531 | -2.5% |
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 26 September 2026 via checked.be.