K.A.S.: 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.
K.A.S.
Largest movements
- Stocks and contracts +€306,807
up €306,807 (+432.7%), from €70,907 to €377,714
- Receivables within one year +€236,879
up €236,879 (+23.8%), from €996,524 to €1.2m
of which Trade receivables: +€264,473
- Tangible fixed assets +€160,565
up €160,565 (+14.9%), from €1.1m to €1.2m
of which Leasing and similar rights: +€288,429
- Cash +€105,601
up €105,601 (+317.1%), from €33,306 to €138,907
mainly Depreciation (+€326,102) and Trade debts (+€272,508)
- Trade debts +€272,508
up €272,508 (+48.4%), from €562,950 to €835,458
- Short-term financial debts +€250,000
up €250,000 (+96.2%), from €260,000 to €510,000
- Debts after one year +€193,887
up €193,887 (+27.2%), from €713,602 to €907,489
- Current portion of long-term debt +€65,719
up €65,719 (+22.5%), from €291,645 to €357,364
- Reserves +€58,978
up €58,978 (+19.3%), from €306,041 to €365,019
- Financial charges +€7,507
up €7,507 (+12.1%), from €62,091 to €69,597
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 | €2,183,034 | €2,990,137 | +€807,103 | +37.0% |
| Fixed assets | 21/28 | €1,077,753 | €1,238,318 | +€160,565 | +14.9% |
| Tangible fixed assets | 22/27 | €1,077,753 | €1,238,318 | +€160,565 | +14.9% |
| Plant, machinery and equipment | 23 | €25,235 | €18,098 | -€7,138 | -28.3% |
| Furniture and vehicles | 24 | €145,277 | €24,551 | -€120,726 | -83.1% |
| Leasing and similar rights | 25 | €889,741 | €1,178,170 | +€288,429 | +32.4% |
| Other tangible fixed assets | 26 | €17,500 | €17,500 | = | 0.0% |
| Current assets | 29/58 | €1,105,281 | €1,751,819 | +€646,538 | +58.5% |
| Stocks and contracts in progress | 3 | €70,907 | €377,714 | +€306,807 | +432.7% |
| Stocks | 30/36 | €70,907 | €377,714 | +€306,807 | +432.7% |
| Amounts receivable within one year | 40/41 | €996,524 | €1,233,403 | +€236,879 | +23.8% |
| Trade receivables | 40 | €931,464 | €1,195,937 | +€264,473 | +28.4% |
| Other amounts receivable | 41 | €65,059 | €37,466 | -€27,594 | -42.4% |
| Cash at bank and in hand | 54/58 | €33,306 | €138,907 | +€105,601 | +317.1% |
| Deferred charges and accrued income | 490/1 | €4,544 | €1,795 | -€2,749 | -60.5% |
| Total equity and liabilities | 10/49 | €2,183,034 | €2,990,137 | +€807,103 | +37.0% |
| Equity | 10/15 | €316,041 | €375,019 | +€58,978 | +18.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €306,041 | €365,019 | +€58,978 | +19.3% |
| Distributable reserves | 133 | €306,041 | €365,019 | +€58,978 | +19.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,866,993 | €2,615,118 | +€748,125 | +40.1% |
| Amounts payable after more than one year | 17 | €713,602 | €907,489 | +€193,887 | +27.2% |
| Financial debts | 170/4 | €713,602 | €907,489 | +€193,887 | +27.2% |
| Amounts payable within one year | 42/48 | €1,153,211 | €1,707,629 | +€554,418 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €291,645 | €357,364 | +€65,719 | +22.5% |
| Financial debts | 43 | €260,000 | €510,000 | +€250,000 | +96.2% |
| Credit institutions | 430/8 | €260,000 | €510,000 | +€250,000 | +96.2% |
| Trade debts | 44 | €562,950 | €835,458 | +€272,508 | +48.4% |
| Suppliers | 440/4 | €562,950 | €835,458 | +€272,508 | +48.4% |
| Taxes, remuneration and social security | 45 | €8,616 | €4,807 | -€3,809 | -44.2% |
| Taxes | 450/3 | €8,616 | €4,807 | -€3,809 | -44.2% |
| Other amounts payable | 47/48 | €30,000 | €0 | -€30,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €180 | €0 | -€180 | -100.0% |
| Non-recurring operating income | 76A | €0 | €18,608 | +€18,608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,790 | €326,102 | +€1,312 | +0.4% |
| Other operating charges | 640/8 | €7,722 | €6,397 | -€1,325 | -17.2% |
| Non-recurring operating charges | 66A | €42,287 | €12,047 | -€30,241 | -71.5% |
| Gross operating margin | 9900 | €475,820 | €477,362 | +€1,541 | +0.3% |
| Operating profit (loss) | 9901 | €101,022 | €132,817 | +€31,795 | +31.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €62,091 | €69,597 | +€7,507 | +12.1% |
| Recurring financial charges | 65 | €62,091 | €69,597 | +€7,507 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €38,931 | €63,220 | +€24,288 | +62.4% |
| Income taxes | 67/77 | €4,122 | €4,242 | +€119 | +2.9% |
| Profit (loss) for the period | 9904 | €34,809 | €58,978 | +€24,169 | +69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,809 | €58,978 | +€24,169 | +69.4% |
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 11 October 2026 via checked.be.