KA-tsu: 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.
KA-tsu
Largest movements
- Current investments +€166,654
new in 2025: €166,654
- Receivables after one year -€59,900
no longer reported in 2025 (was €59,900)
- Cash -€28,953
down €28,953 (-11.0%), from €263,696 to €234,742
mainly Current investments (-€166,654) and Receivables within one year (-€7,860)
- Deferred charges and accrued income -€9,705
down €9,705 (-82.4%), from €11,775 to €2,070
- Receivables within one year +€7,860
up €7,860 (+17.3%), from €45,403 to €53,263
of which Trade receivables: +€6,274
- Reserves +€62,685
up €62,685 (+18.9%), from €332,287 to €394,972
- Other debts +€5,220
up €5,220 (+13.6%), from €38,471 to €43,691
- Gross operating margin +€10,997
up €10,997 (+13.2%), from €83,475 to €94,472
- Financial income -€3,192
down €3,192 (-49.0%), from €6,516 to €3,324
- Taxes +€2,379
up €2,379 (+10.0%), from €23,812 to €26,190
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 | €409,878 | €480,364 | +€70,486 | +17.2% |
| Fixed assets | 21/28 | €29,104 | €23,635 | -€5,469 | -18.8% |
| Tangible fixed assets | 22/27 | €29,104 | €23,635 | -€5,469 | -18.8% |
| Furniture and vehicles | 24 | €10,122 | €7,446 | -€2,676 | -26.4% |
| Other tangible fixed assets | 26 | €18,982 | €16,189 | -€2,793 | -14.7% |
| Current assets | 29/58 | €380,774 | €456,729 | +€75,955 | +19.9% |
| Amounts receivable after more than one year | 29 | €59,900 | - | -€59,900 | |
| Other amounts receivable | 291 | €59,900 | - | -€59,900 | |
| Amounts receivable within one year | 40/41 | €45,403 | €53,263 | +€7,860 | +17.3% |
| Trade receivables | 40 | €36,207 | €42,481 | +€6,274 | +17.3% |
| Other amounts receivable | 41 | €9,196 | €10,782 | +€1,586 | +17.2% |
| Current investments | 50/53 | - | €166,654 | +€166,654 | |
| Cash at bank and in hand | 54/58 | €263,696 | €234,742 | -€28,953 | -11.0% |
| Deferred charges and accrued income | 490/1 | €11,775 | €2,070 | -€9,705 | -82.4% |
| Total equity and liabilities | 10/49 | €409,878 | €480,364 | +€70,486 | +17.2% |
| Equity | 10/15 | €350,887 | €413,572 | +€62,685 | +17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €332,287 | €394,972 | +€62,685 | +18.9% |
| Distributable reserves | 133 | €332,287 | €394,972 | +€62,685 | +18.9% |
| Amounts payable | 17/49 | €58,990 | €66,792 | +€7,801 | +13.2% |
| Amounts payable within one year | 42/48 | €58,990 | €63,708 | +€4,717 | +8.0% |
| Trade debts | 44 | €410 | €826 | +€415 | +101.2% |
| Suppliers | 440/4 | €410 | €826 | +€415 | +101.2% |
| Taxes, remuneration and social security | 45 | €20,109 | €19,191 | -€918 | -4.6% |
| Taxes | 450/3 | €17,713 | €16,919 | -€793 | -4.5% |
| Remuneration and social security | 454/9 | €2,396 | €2,272 | -€124 | -5.2% |
| Other amounts payable | 47/48 | €38,471 | €43,691 | +€5,220 | +13.6% |
| Accrued charges and deferred income | 492/3 | - | €3,084 | +€3,084 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,794 | €5,469 | +€676 | +14.1% |
| Other operating charges | 640/8 | €719 | €644 | -€75 | -10.4% |
| Gross operating margin | 9900 | €83,475 | €94,472 | +€10,997 | +13.2% |
| Operating profit (loss) | 9901 | €77,962 | €88,359 | +€10,397 | +13.3% |
| Financial income | 75/76B | €6,516 | €3,324 | -€3,192 | -49.0% |
| Recurring financial income | 75 | €6,516 | €3,324 | -€3,192 | -49.0% |
| Financial charges | 65/66B | €2,347 | €2,808 | +€461 | +19.7% |
| Recurring financial charges | 65 | €2,347 | €2,808 | +€461 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €82,131 | €88,875 | +€6,744 | +8.2% |
| Income taxes | 67/77 | €23,812 | €26,190 | +€2,379 | +10.0% |
| Profit (loss) for the period | 9904 | €58,320 | €62,685 | +€4,365 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,320 | €62,685 | +€4,365 | +7.5% |
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 10 October 2026 via checked.be.