ACTIVE

KARMA

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Financial year 2025 · closed on 31/12/2025

Net result

-10,4 k €

+68.0% YoY

Gross margin

-15,9 k €

+50.3% YoY

Equity

515,3 k €

-2.0% YoY

What does KARMA do?

KARMA is a Public limited company incorporated in 1994. Its main activity is: Management consultancy activities. Its registered office is in Wielsbeke.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.005.530

Incorporation

19/12/1994

Legal form

Public limited company

Registered office

Driekoningenstraat(S.B.V.) 7
8710 Wielsbeke · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Signals

Solid equityLow riskGood liquidity

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-15,9 k €	+50.3%	-31,9 k €	-128%	115,7 k €	-0.3%	116 k €	-23.4%	151,5 k €	-10.5%	169,3 k €	-11.3%	190,8 k €	+0.3%	190,2 k €	+175%	69,1 k €	-48.8%	134,8 k €	-20.7%	170,1 k €	+12.8%	150,8 k €	+7.5%	140,2 k €	+86.7%	75,1 k €	+14.8%	65,4 k €	-22.9%	84,9 k €	-12.5%	97 k €	-1.1%	98 k €	+16.0%	84,5 k €
EBITDA	-16,9 k €	+48.8%	-33,1 k €	-129%	114,7 k €	+0.5%	114,1 k €	-24.1%	150,3 k €	-5.7%	159,4 k €	-15.4%	188,3 k €	+0.3%	187,8 k €	+423%	35,9 k €	-66.7%	107,8 k €	-29.1%	152,1 k €	+13.8%	133,6 k €	+5.6%	126,6 k €	+98.5%	63,8 k €	+21.6%	52,5 k €	-42.3%	90,9 k €	-20.8%	114,7 k €	+20.2%	95,5 k €	+111%	45,2 k €
Operating result	-20,2 k €	+46.7%	-37,9 k €	-135%	107,1 k €	+2.4%	104,6 k €	-25.2%	139,8 k €	-0.5%	140,5 k €	-16.5%	168,1 k €	+1.4%	165,8 k €	+947%	15,8 k €	-82.4%	89,9 k €	-31.8%	131,8 k €	+16.6%	113,1 k €	+6.1%	106,5 k €	+133%	45,7 k €	+16.1%	39,4 k €	-52.9%	83,6 k €	-22.5%	107,9 k €	+23.1%	87,6 k €	+137%	37 k €
Net result	-10,4 k €	+68.0%	-32,6 k €	-148%	68,1 k €	+5.1%	64,8 k €	-30.3%	93 k €	-26.4%	126,3 k €	-7.8%	137 k €	+2.1%	134,1 k €	+538%	21 k €	-75.4%	85,5 k €	-22.7%	110,6 k €	+34.2%	82,4 k €	+8.9%	75,7 k €	+124%	33,9 k €	-29.3%	47,9 k €	-34.0%	72,6 k €	-16.6%	87 k €	+16.4%	74,7 k €	+191%	25,6 k €
Balance sheet
Equity	515,3 k €	-2.0%	525,7 k €	-5.8%	558,3 k €	+13.9%	490,2 k €	+15.2%	425,4 k €	-34.8%	652 k €	-41.3%	1,1 M €	+8.5%	1 M €	+5.6%	969,6 k €	+2.2%	948,6 k €	+6.2%	893,1 k €	+12.0%	797,5 k €	+1.2%	788,1 k €	+9.4%	720,4 k €	+4.9%	686,5 k €	+7.5%	638,7 k €	+12.8%	566,1 k €	+18.2%	479 k €	+18.5%	404,3 k €
Total assets	713,3 k €	-5.6%	755,4 k €	-10.0%	839,5 k €	+4.6%	802,6 k €	+5.5%	761,1 k €	-43.6%	1,3 M €	+11.1%	1,2 M €	+2.8%	1,2 M €	+17.2%	1 M €	-1.6%	1 M €	+6.6%	960,7 k €	+16.2%	826,7 k €	-0.5%	831,1 k €	+11.7%	744,2 k €	+6.1%	701,6 k €	+7.2%	654,3 k €	+9.4%	598,3 k €	+13.5%	527,3 k €	+15.2%	457,8 k €
Cash	429,8 k €	+231%	129,9 k €	-76.6%	555,6 k €	-28.5%	777 k €	+7.0%	726 k €	+662%	95,2 k €	-16.6%	114,2 k €	-29.9%	162,9 k €	+39.7%	116,6 k €	-39.0%	191,1 k €	-11.8%	216,6 k €	-41.9%	372,5 k €	-0.1%	372,8 k €	+12.4%	331,7 k €	+3.5%	320,4 k €	-15.4%	379 k €	+95.5%	193,8 k €	+871%	20 k €	-90.0%	199,5 k €
Debts	196,9 k €	-14.3%	229,7 k €	-18.3%	281,2 k €	-10.0%	312,4 k €	-6.9%	335,7 k €	-51.8%	696,6 k €	+580%	102,5 k €	-34.2%	155,9 k €	+324%	36,7 k €	-50.6%	74,4 k €	+11.5%	66,8 k €	+136%	28,3 k €	-32.8%	42,2 k €	+83.7%	23 k €	+60.9%	14,3 k €	-9.0%	15,7 k €	+4.4%	15 k €	+35.6%	11,1 k €	-32.2%	16,3 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

Annick DHEEDENE

Director · since 30 juin 2021

Active

Ended mandates

Annick DHEEDENE

Director · since 25 mai 2019 · until 24 mai 2025

Ended

Annick DHEEDENE

Director · since 25 mai 2019

Ended

RONNY LEFEVERE

Managing director · since 25 mai 2019 · until 30 juin 2021

Ended

RONNY LEFEVERE

Managing director · since 25 mai 2019 · until 24 mai 2025

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/08/2026	19/06/2025	04/07/2024	05/07/2023	23/06/2022	28/07/2021
General meeting	30/05/2026	31/05/2025	25/05/2024	27/05/2023	28/05/2022	30/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/05/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	31/05/2025	19/06/2025	Dutch	PDF
Abridged model	31/12/2023	25/05/2024	04/07/2024	Dutch	PDF
Abridged model	31/12/2022	27/05/2023	05/07/2023	Dutch	PDF
Abridged model	31/12/2021	28/05/2022	23/06/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	28/07/2021	Dutch	PDF
Abridged model	31/12/2019	30/05/2020	09/07/2020	Dutch	PDF
Abridged model	31/12/2018	25/05/2019	07/10/2019	Dutch	PDF
Abridged model	31/12/2017	26/05/2018	18/07/2018	Dutch	PDF
Abridged model	31/12/2016	27/05/2017	01/06/2017	Dutch	PDF
Abridged model	31/12/2015	28/05/2016	07/07/2016	Dutch	PDF
Abridged model	31/12/2014	30/05/2015	24/07/2015	Dutch	PDF
Abridged model	31/12/2013	31/05/2014	07/07/2014	Dutch	PDF
Abridged model	31/12/2012	25/05/2013	06/08/2013	Dutch	PDF
Abridged model	31/12/2011	26/05/2012	07/08/2012	Dutch	PDF
Abridged model	31/12/2010	28/05/2011	06/07/2011	Dutch	PDF
Abridged model	31/12/2009	29/05/2010	18/06/2010	Dutch	PDF
Abridged model	31/12/2008	30/05/2009	06/07/2009	Dutch	PDF
Abridged model	31/12/2007	31/05/2008	23/06/2008	Dutch	PDF
Abridged model	31/12/2006	26/05/2007	03/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

Annick DHEEDENE

Director · since 30 juin 2021

Active

Ended mandates

Annick DHEEDENE

Director · since 25 mai 2019 · until 24 mai 2025

Ended

Annick DHEEDENE

Director · since 25 mai 2019

Ended

RONNY LEFEVERE

Managing director · since 25 mai 2019 · until 30 juin 2021

Ended

RONNY LEFEVERE

Managing director · since 25 mai 2019 · until 24 mai 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office11/09/2024
MAATSCHAPPELIJKE ZETEL
PDF
Mandates12/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring27/08/2020
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring29/06/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Capital / shares20/01/2020
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates25/11/2019
ONTSLAGEN - BENOEMINGEN
PDF
Registered office01/08/2016
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares21/01/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-10,4 k €↑
2024
Annual accounts 2024-32,6 k €↓
2023
Annual accounts 202368,1 k €↑
2022
Annual accounts 202264,8 k €↓
2021
Annual accounts 202193 k €↓
2019
Annual accounts 2019126,3 k €↓
2018
Annual accounts 2018137 k €↑
2017
Annual accounts 2017134,1 k €↑
2016
Annual accounts 201621 k €↓
2015
Annual accounts 201585,5 k €↓
2014
Annual accounts 2014110,6 k €↑
2013
Annual accounts 201382,4 k €↑
2012
Annual accounts 201275,7 k €↑
2011
Annual accounts 201133,9 k €↓
2010
Annual accounts 201047,9 k €↓
2009
Annual accounts 200972,6 k €↓
2008
Annual accounts 200887 k €↑
2007
Annual accounts 200774,7 k €↑
2006
Annual accounts 200625,6 k €
19/12/1994
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

KARMA

Overview

What does KARMA do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline