KAA: 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.
KAA
Largest movements
- Cash -€32,932
down €32,932 (-50.0%), from €65,899 to €32,967
mainly Net result for the year (-€20,670) and Tax, wage and social debts (-€17,863)
- Tangible fixed assets -€30,102
down €30,102 (-97.9%), from €30,737 to €634
of which Land and buildings: -€21,915
- Receivables within one year +€16,291
up €16,291 (+31.5%), from €51,649 to €67,939
of which Other amounts receivable: +€8,645
- Stocks and contracts -€6,700
down €6,700 (-53.3%), from €12,574 to €5,875
- Deferred charges and accrued income -€3,368
no longer reported in 2025 (was €3,368)
- Reserves -€20,670
down €20,670 (-26.0%), from €79,522 to €58,852
of which Distributable reserves: -€20,670
- Tax, wage and social debts -€17,863
down €17,863 (-99.7%), from €17,918 to €55
of which Taxes: -€9,017
- Trade debts -€15,057
down €15,057 (-52.6%), from €28,625 to €13,568
- Current portion of long-term debt -€6,619
no longer reported in 2025 (was €6,619)
- Other debts +€4,940
new in 2025: €4,940
- Gross operating margin -€73,667
down €73,667 (-82.2%), from €89,588 to €15,920
- Staff costs -€44,331
down €44,331 (-57.2%), from €77,480 to €33,149
- Depreciation -€11,884
down €11,884 (-90.4%), from €13,148 to €1,265
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 | €165,721 | €107,415 | -€58,305 | -35.2% |
| Fixed assets | 21/28 | €32,231 | €634 | -€31,597 | -98.0% |
| Intangible fixed assets | 21 | €865 | €0 | -€865 | -100% |
| Tangible fixed assets | 22/27 | €30,737 | €634 | -€30,102 | -97.9% |
| Land and buildings | 22 | €21,915 | - | -€21,915 | |
| Plant, machinery and equipment | 23 | €6,112 | €513 | -€5,600 | -91.6% |
| Furniture and vehicles | 24 | €600 | €122 | -€478 | -79.7% |
| Leasing and similar rights | 25 | €1,690 | - | -€1,690 | |
| Other tangible fixed assets | 26 | €420 | - | -€420 | |
| Financial fixed assets | 28 | €630 | - | -€630 | |
| Current assets | 29/58 | €133,489 | €106,781 | -€26,708 | -20.0% |
| Stocks and contracts in progress | 3 | €12,574 | €5,875 | -€6,700 | -53.3% |
| Stocks | 30/36 | €12,574 | €5,875 | -€6,700 | -53.3% |
| Amounts receivable within one year | 40/41 | €51,649 | €67,939 | +€16,291 | +31.5% |
| Trade receivables | 40 | €8,796 | €16,441 | +€7,646 | +86.9% |
| Other amounts receivable | 41 | €42,853 | €51,498 | +€8,645 | +20.2% |
| Cash at bank and in hand | 54/58 | €65,899 | €32,967 | -€32,932 | -50.0% |
| Deferred charges and accrued income | 490/1 | €3,368 | - | -€3,368 | |
| Total equity and liabilities | 10/49 | €165,721 | €107,415 | -€58,305 | -35.2% |
| Equity | 10/15 | €109,522 | €88,852 | -€20,670 | -18.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €79,522 | €58,852 | -€20,670 | -26.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €76,522 | €55,852 | -€20,670 | -27.0% |
| Amounts payable | 17/49 | €56,198 | €18,563 | -€37,635 | -67.0% |
| Amounts payable after more than one year | 17 | €3,037 | - | -€3,037 | |
| Financial debts | 170/4 | €3,037 | - | -€3,037 | |
| Amounts payable within one year | 42/48 | €53,161 | €18,563 | -€34,598 | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €6,619 | - | -€6,619 | |
| Trade debts | 44 | €28,625 | €13,568 | -€15,057 | -52.6% |
| Suppliers | 440/4 | €28,625 | €13,568 | -€15,057 | -52.6% |
| Taxes, remuneration and social security | 45 | €17,918 | €55 | -€17,863 | -99.7% |
| Taxes | 450/3 | €9,072 | €55 | -€9,017 | -99.4% |
| Remuneration and social security | 454/9 | €8,846 | €0 | -€8,846 | -100.0% |
| Other amounts payable | 47/48 | - | €4,940 | +€4,940 | |
| Non-recurring operating income | 76A | - | €13,562 | +€13,562 | |
| Remuneration, social security and pensions | 62 | €77,480 | €33,149 | -€44,331 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,148 | €1,265 | -€11,884 | -90.4% |
| Other operating charges | 640/8 | €1,697 | €1,091 | -€606 | -35.7% |
| Non-recurring operating charges | 66A | €12,410 | - | -€12,410 | |
| Gross operating margin | 9900 | €89,588 | €15,920 | -€73,667 | -82.2% |
| Operating profit (loss) | 9901 | -€15,147 | -€19,585 | -€4,438 | -29.3% |
| Financial income | 75/76B | €692 | €88 | -€604 | -87.3% |
| Recurring financial income | 75 | €692 | €88 | -€604 | -87.3% |
| Financial charges | 65/66B | €1,161 | €1,173 | +€12 | +1.1% |
| Recurring financial charges | 65 | €1,161 | €1,173 | +€12 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,616 | -€20,670 | -€5,054 | -32.4% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€15,616 | -€20,670 | -€5,054 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,616 | -€20,670 | -€5,054 | -32.4% |
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 25 October 2026 via checked.be.