KA Management: 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.
KA Management
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+114.6%), from €1.7m to €3.6m
- Current investments +€1.6m
up €1.6m (+88.2%), from €1.9m to €3.5m
- Cash +€520,845
up €520,845 (+663.9%), from €78,456 to €599,302
mainly Net result for the year (+€3.8m) and Other debts (+€1.1m)
- Receivables within one year -€99,125
down €99,125 (-9.5%), from €1.0m to €948,081
of which Other amounts receivable: -€100,000
- Reserves +€2.7m
up €2.7m (+59.5%), from €4.6m to €7.3m
- Other debts +€1.1m
up €1.1m (+347.1%), from €316,658 to €1.4m
- Tax, wage and social debts +€191,030
up €191,030 (+91.4%), from €208,946 to €399,976
- Financial income +€2.9m
up €2.9m (+319.7%), from €904,487 to €3.8m
of which Non-recurring financial income: +€3.5m
- Gross operating margin -€441,436
down €441,436 (-44.8%), from €985,142 to €543,706
- Taxes +€117,844
up €117,844 (+29.0%), from €405,801 to €523,646
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 | €5,123,639 | €9,139,752 | +€4.0m | +78.4% |
| Fixed assets | 21/28 | €2,113,625 | €4,053,418 | +€1.9m | +91.8% |
| Tangible fixed assets | 22/27 | €413,555 | €404,751 | -€8,804 | -2.1% |
| Land and buildings | 22 | €341,255 | €329,778 | -€11,476 | -3.4% |
| Plant, machinery and equipment | 23 | €71,419 | €72,473 | +€1,054 | +1.5% |
| Furniture and vehicles | 24 | €881 | €2,500 | +€1,619 | +183.8% |
| Financial fixed assets | 28 | €1,700,070 | €3,648,667 | +€1.9m | +114.6% |
| Current assets | 29/58 | €3,010,014 | €5,086,334 | +€2.1m | +69.0% |
| Amounts receivable within one year | 40/41 | €1,047,206 | €948,081 | -€99,125 | -9.5% |
| Trade receivables | 40 | €47,206 | €48,081 | +€875 | +1.9% |
| Other amounts receivable | 41 | €1,000,000 | €900,000 | -€100,000 | -10.0% |
| Current investments | 50/53 | €1,859,700 | €3,500,000 | +€1.6m | +88.2% |
| Cash at bank and in hand | 54/58 | €78,456 | €599,302 | +€520,845 | +663.9% |
| Deferred charges and accrued income | 490/1 | €24,652 | €38,951 | +€14,300 | +58.0% |
| Total equity and liabilities | 10/49 | €5,123,639 | €9,139,752 | +€4.0m | +78.4% |
| Equity | 10/15 | €4,595,666 | €7,318,635 | +€2.7m | +59.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €4,577,116 | €7,300,085 | +€2.7m | +59.5% |
| Distributable reserves | 133 | €4,577,116 | €7,300,085 | +€2.7m | +59.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €527,973 | €1,821,117 | +€1.3m | +244.9% |
| Amounts payable within one year | 42/48 | €527,698 | €1,818,589 | +€1.3m | +244.6% |
| Trade debts | 44 | €2,095 | €2,827 | +€732 | +34.9% |
| Suppliers | 440/4 | €2,095 | €2,827 | +€732 | +34.9% |
| Taxes, remuneration and social security | 45 | €208,946 | €399,976 | +€191,030 | +91.4% |
| Taxes | 450/3 | €208,946 | €399,976 | +€191,030 | +91.4% |
| Other amounts payable | 47/48 | €316,658 | €1,415,786 | +€1.1m | +347.1% |
| Accrued charges and deferred income | 492/3 | €274 | €2,528 | +€2,254 | +821.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,282 | €22,758 | +€477 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,766 | €2,862 | +€96 | +3.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €985,142 | €543,706 | -€441,436 | -44.8% |
| Operating profit (loss) | 9901 | €960,094 | €518,086 | -€442,008 | -46.0% |
| Financial income | 75/76B | €904,487 | €3,795,944 | +€2.9m | +319.7% |
| Recurring financial income | 75 | €904,487 | €340,452 | -€564,035 | -62.4% |
| Non-recurring financial income | 76B | €0 | €3,455,492 | +€3.5m | |
| Financial charges | 65/66B | €15,407 | €15,220 | -€187 | -1.2% |
| Recurring financial charges | 65 | €15,407 | €15,220 | -€187 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €1,849,174 | €4,298,811 | +€2.4m | +132.5% |
| Income taxes | 67/77 | €405,801 | €523,646 | +€117,844 | +29.0% |
| Profit (loss) for the period | 9904 | €1,443,373 | €3,775,165 | +€2.3m | +161.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,443,373 | €3,775,165 | +€2.3m | +161.6% |
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 6 October 2026 via checked.be.