KAROSHI: 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.
KAROSHI
Largest movements
- Cash +€42,929
up €42,929 (+35.5%), from €120,849 to €163,779
mainly Depreciation (+€80,970) and Net result for the year (+€36,902)
- Tangible fixed assets -€35,173
down €35,173 (-6.0%), from €583,217 to €548,043
of which Land and buildings: -€39,452
- Receivables within one year +€14,763
up €14,763 (+27.9%), from €52,998 to €67,761
of which Trade receivables: +€18,769
- Intangible fixed assets +€13,432
new in 2025: €13,432
- Reserves +€36,902
up €36,902 (+9.2%), from €399,800 to €436,702
of which Distributable reserves: +€36,902
- Debts after one year -€28,060
down €28,060 (-15.1%), from €186,235 to €158,175
- Tax, wage and social debts +€21,982
up €21,982 (+33.6%), from €65,426 to €87,408
of which Taxes: +€17,226
- Other debts -€15,250
down €15,250 (-100%), from €15,250 to €0
- Trade debts +€10,382
up €10,382 (+13.4%), from €77,441 to €87,824
- Staff costs +€28,347
up €28,347 (+15.3%), from €185,690 to €214,037
- Gross operating margin -€22,718
down €22,718 (-5.9%), from €385,144 to €362,426
- Depreciation +€13,402
up €13,402 (+19.8%), from €67,568 to €80,970
- Taxes -€9,526
down €9,526 (-28.1%), from €33,879 to €24,353
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 | €808,213 | €844,421 | +€36,209 | +4.5% |
| Fixed assets | 21/28 | €602,297 | €580,555 | -€21,742 | -3.6% |
| Intangible fixed assets | 21 | - | €13,432 | +€13,432 | |
| Tangible fixed assets | 22/27 | €583,217 | €548,043 | -€35,173 | -6.0% |
| Land and buildings | 22 | €475,978 | €436,526 | -€39,452 | -8.3% |
| Plant, machinery and equipment | 23 | €24,341 | €20,563 | -€3,778 | -15.5% |
| Furniture and vehicles | 24 | €40,625 | €31,901 | -€8,724 | -21.5% |
| Leasing and similar rights | 25 | €42,273 | €59,054 | +€16,781 | +39.7% |
| Financial fixed assets | 28 | €19,080 | €19,080 | = | 0.0% |
| Current assets | 29/58 | €205,916 | €263,866 | +€57,950 | +28.1% |
| Stocks and contracts in progress | 3 | €25,903 | €31,137 | +€5,234 | +20.2% |
| Stocks | 30/36 | €4,322 | €4,440 | +€119 | +2.7% |
| Contracts in progress | 37 | €21,582 | €26,697 | +€5,115 | +23.7% |
| Amounts receivable within one year | 40/41 | €52,998 | €67,761 | +€14,763 | +27.9% |
| Trade receivables | 40 | €24,140 | €42,909 | +€18,769 | +77.8% |
| Other amounts receivable | 41 | €28,858 | €24,851 | -€4,006 | -13.9% |
| Cash at bank and in hand | 54/58 | €120,849 | €163,779 | +€42,929 | +35.5% |
| Deferred charges and accrued income | 490/1 | €6,166 | €1,189 | -€4,977 | -80.7% |
| Total equity and liabilities | 10/49 | €808,213 | €844,421 | +€36,209 | +4.5% |
| Equity | 10/15 | €418,400 | €455,302 | +€36,902 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,800 | €436,702 | +€36,902 | +9.2% |
| Tax-exempt reserves | 132 | €64,203 | €64,203 | = | 0.0% |
| Distributable reserves | 133 | €335,598 | €372,500 | +€36,902 | +11.0% |
| Amounts payable | 17/49 | €389,812 | €389,119 | -€694 | -0.2% |
| Amounts payable after more than one year | 17 | €186,235 | €158,175 | -€28,060 | -15.1% |
| Financial debts | 170/4 | €186,235 | €158,175 | -€28,060 | -15.1% |
| Amounts payable within one year | 42/48 | €203,577 | €230,944 | +€27,366 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €45,460 | €55,711 | +€10,252 | +22.6% |
| Trade debts | 44 | €77,441 | €87,824 | +€10,382 | +13.4% |
| Suppliers | 440/4 | €77,441 | €87,824 | +€10,382 | +13.4% |
| Taxes, remuneration and social security | 45 | €65,426 | €87,408 | +€21,982 | +33.6% |
| Taxes | 450/3 | €33,898 | €51,124 | +€17,226 | +50.8% |
| Remuneration and social security | 454/9 | €31,528 | €36,284 | +€4,756 | +15.1% |
| Other amounts payable | 47/48 | €15,250 | €0 | -€15,250 | -100% |
| Remuneration, social security and pensions | 62 | €185,690 | €214,037 | +€28,347 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,568 | €80,970 | +€13,402 | +19.8% |
| Other operating charges | 640/8 | €2,482 | €4,820 | +€2,338 | +94.2% |
| Gross operating margin | 9900 | €385,144 | €362,426 | -€22,718 | -5.9% |
| Operating profit (loss) | 9901 | €129,404 | €62,600 | -€66,804 | -51.6% |
| Financial income | 75/76B | €4,301 | €7,031 | +€2,730 | +63.5% |
| Recurring financial income | 75 | €4,301 | €5,531 | +€1,230 | +28.6% |
| Non-recurring financial income | 76B | €0 | €1,500 | +€1,500 | |
| Financial charges | 65/66B | €8,731 | €8,376 | -€355 | -4.1% |
| Recurring financial charges | 65 | €8,731 | €8,376 | -€355 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €124,974 | €61,255 | -€63,719 | -51.0% |
| Income taxes | 67/77 | €33,879 | €24,353 | -€9,526 | -28.1% |
| Profit (loss) for the period | 9904 | €91,095 | €36,902 | -€54,193 | -59.5% |
| Transfer to tax-exempt reserves | 689 | €64,203 | €0 | -€64,203 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €26,893 | €36,902 | +€10,010 | +37.2% |
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 13 October 2026 via checked.be.