Ka & St: 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 & St
Largest movements
- Stocks and contracts -€2.9m
down €2.9m (-74.1%), from €3.9m to €1.0m
- Cash -€342,209
down €342,209 (-46.5%), from €735,665 to €393,457
mainly Current portion of long-term debt (-€3.0m) and Other debts (-€876,887)
- Current portion of long-term debt -€3.0m
no longer reported in 2025 (was €3.0m)
- Reserves +€1.0m
up €1.0m (+430.7%), from €241,191 to €1.3m
of which Distributable reserves: +€1.0m
- Other debts -€876,887
no longer reported in 2025 (was €876,887)
- Debts after one year -€400,000
no longer reported in 2025 (was €400,000)
- Gross operating margin +€1.5m
up €1.5m (+1421.4%), from €102,595 to €1.6m
- Taxes +€377,408
up €377,408 (+1685.5%), from €22,391 to €399,799
- Financial charges +€115,952
up €115,952 (+2068.9%), from €5,605 to €121,557
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 | €4,703,875 | €1,427,279 | -€3.3m | -69.7% |
| Fixed assets | 21/28 | €218 | €833 | +€615 | +282.1% |
| Tangible fixed assets | 22/27 | €218 | €833 | +€615 | +282.1% |
| Plant, machinery and equipment | 23 | €218 | €833 | +€615 | +282.1% |
| Current assets | 29/58 | €4,703,657 | €1,426,446 | -€3.3m | -69.7% |
| Stocks and contracts in progress | 3 | €3,949,464 | €1,021,558 | -€2.9m | -74.1% |
| Stocks | 30/36 | €3,949,464 | €1,021,558 | -€2.9m | -74.1% |
| Amounts receivable within one year | 40/41 | €18,528 | €11,432 | -€7,097 | -38.3% |
| Trade receivables | 40 | €9,590 | - | -€9,590 | |
| Other amounts receivable | 41 | €8,938 | €11,432 | +€2,494 | +27.9% |
| Cash at bank and in hand | 54/58 | €735,665 | €393,457 | -€342,209 | -46.5% |
| Total equity and liabilities | 10/49 | €4,703,875 | €1,427,279 | -€3.3m | -69.7% |
| Equity | 10/15 | €341,191 | €1,380,041 | +€1.0m | +304.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Outside capital | 11 | €100,000 | €100,000 | = | 0.0% |
| Other | 1109/19 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €241,191 | €1,280,041 | +€1.0m | +430.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Other | 1319 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €231,191 | €1,270,041 | +€1.0m | +449.3% |
| Amounts payable | 17/49 | €4,362,684 | €47,238 | -€4.3m | -98.9% |
| Amounts payable after more than one year | 17 | €400,000 | - | -€400,000 | |
| Financial debts | 170/4 | €400,000 | - | -€400,000 | |
| Amounts payable within one year | 42/48 | €3,962,684 | €47,238 | -€3.9m | -98.8% |
| Current portion of amounts payable after more than one year | 42 | €3,040,000 | - | -€3.0m | |
| Financial debts | 43 | - | €44,444 | +€44,444 | |
| Credit institutions | 430/8 | - | €44,444 | +€44,444 | |
| Trade debts | 44 | - | €1,743 | +€1,743 | |
| Suppliers | 440/4 | - | €1,743 | +€1,743 | |
| Taxes, remuneration and social security | 45 | €45,797 | €1,050 | -€44,747 | -97.7% |
| Taxes | 450/3 | €45,797 | €1,050 | -€44,747 | -97.7% |
| Other amounts payable | 47/48 | €876,887 | - | -€876,887 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218 | €426 | +€208 | +95.5% |
| Other operating charges | 640/8 | €252 | €244 | -€8 | -3.0% |
| Gross operating margin | 9900 | €102,595 | €1,560,876 | +€1.5m | +1421.4% |
| Operating profit (loss) | 9901 | €102,125 | €1,560,206 | +€1.5m | +1427.7% |
| Financial charges | 65/66B | €5,605 | €121,557 | +€115,952 | +2068.9% |
| Recurring financial charges | 65 | €5,605 | €121,557 | +€115,952 | +2068.9% |
| Profit (loss) for the period before taxes | 9903 | €96,521 | €1,438,649 | +€1.3m | +1390.5% |
| Income taxes | 67/77 | €22,391 | €399,799 | +€377,408 | +1685.5% |
| Profit (loss) for the period | 9904 | €74,130 | €1,038,850 | +€964,720 | +1301.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,130 | €1,038,850 | +€964,720 | +1301.4% |
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 8 October 2026 via checked.be.