De Kaft: 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.
De Kaft
Largest movements
- Stocks and contracts +€5,848
up €5,848 (+31.4%), from €18,611 to €24,459
- Cash +€5,408
up €5,408 (+709%), from €763 to €6,171
mainly Trade debts (+€8,494) and Net result for the year (+€4,334)
- Receivables within one year +€864
up €864 (+990%), from €87 to €952
of which Trade receivables: +€869
- Tangible fixed assets +€763
up €763 (+92.4%), from €826 to €1,589
- Trade debts +€8,494
up €8,494 (+374%), from €2,270 to €10,763
- Profit (loss) carried forward +€4,334
up €4,334 (+3.6%), from -€121,561 to -€117,227
- Debts after one year -€1,556
no longer reported in 2025 (was €1,556)
- Other debts +€1,218
up €1,218 (+1.0%), from €127,395 to €128,613
- Current portion of long-term debt +€1,038
up €1,038 (+50.8%), from €2,044 to €3,082
- Gross operating margin -€2,725
down €2,725 (-25.8%), from €10,544 to €7,819
- Other operating charges +€1,999
up €1,999 (+349%), from €573 to €2,572
- Depreciation +€187
up €187 (+456%), from €41 to €228
- Financial charges +€166
up €166 (+31.9%), from €520 to €685
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 | €20,287 | €33,171 | +€12,884 | +63.5% |
| Fixed assets | 21/28 | €826 | €1,589 | +€763 | +92.4% |
| Tangible fixed assets | 22/27 | €826 | €1,589 | +€763 | +92.4% |
| Furniture and vehicles | 24 | €826 | €1,589 | +€763 | +92.4% |
| Current assets | 29/58 | €19,461 | €31,582 | +€12,120 | +62.3% |
| Stocks and contracts in progress | 3 | €18,611 | €24,459 | +€5,848 | +31.4% |
| Stocks | 30/36 | €18,611 | €24,459 | +€5,848 | +31.4% |
| Amounts receivable within one year | 40/41 | €87 | €952 | +€864 | +990% |
| Trade receivables | 40 | €83 | €952 | +€869 | +1,052% |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €763 | €6,171 | +€5,408 | +709% |
| Total equity and liabilities | 10/49 | €20,287 | €33,171 | +€12,884 | +63.5% |
| Equity | 10/15 | -€115,200 | -€110,866 | +€4,334 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €161 | €161 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19 | €19 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19 | €19 | = | 0.0% |
| Distributable reserves | 133 | €142 | €142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,561 | -€117,227 | +€4,334 | +3.6% |
| Amounts payable | 17/49 | €135,487 | €144,037 | +€8,550 | +6.3% |
| Amounts payable after more than one year | 17 | €1,556 | - | -€1,556 | |
| Financial debts | 170/4 | €1,556 | - | -€1,556 | |
| Amounts payable within one year | 42/48 | €133,931 | €144,037 | +€10,106 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €2,044 | €3,082 | +€1,038 | +50.8% |
| Trade debts | 44 | €2,270 | €10,763 | +€8,494 | +374% |
| Suppliers | 440/4 | €2,270 | €10,763 | +€8,494 | +374% |
| Taxes, remuneration and social security | 45 | €2,223 | €1,579 | -€644 | -29.0% |
| Taxes | 450/3 | €2,223 | €1,579 | -€644 | -29.0% |
| Other amounts payable | 47/48 | €127,395 | €128,613 | +€1,218 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €228 | +€187 | +456% |
| Other operating charges | 640/8 | €573 | €2,572 | +€1,999 | +349% |
| Gross operating margin | 9900 | €10,544 | €7,819 | -€2,725 | -25.8% |
| Operating profit (loss) | 9901 | €9,930 | €5,019 | -€4,911 | -49.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €520 | €685 | +€166 | +31.9% |
| Recurring financial charges | 65 | €520 | €685 | +€166 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €9,411 | €4,334 | -€5,077 | -53.9% |
| Profit (loss) for the period | 9904 | €9,411 | €4,334 | -€5,077 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,411 | €4,334 | -€5,077 | -53.9% |
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 29 October 2026 via checked.be.