KAAI: 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.
What changed
KAAI
NACE 46.498, Wholesale trade
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€158,602
2025 · €339,514-€180,912
Equity
€1.3m
2025 · €1.2m+€158,602
Cash
€917,106
2025 · €968,517-€51,411
Balance sheet total
€1.8m
2025 · €2.1m-€277,005
Largest movements
Assets
- Receivables within one year -€317,274
down €317,274 (-72.2%), from €439,674 to €122,400
of which Trade receivables: -€315,876
- Current investments +€71,830
up €71,830 (+71.8%), from €100,000 to €171,830
- Cash -€51,411
down €51,411 (-5.3%), from €968,517 to €917,106
mainly Other debts (-€250,000) and Accrued charges and deferred income (-€208,643)
Equity and liabilities
- Other debts -€250,000
down €250,000 (-100%), from €250,000 to €0
- Accrued charges and deferred income -€208,643
down €208,643 (-100%), from €208,643 to €0
- Profit (loss) carried forward +€158,602
up €158,602 (+23.3%), from €680,998 to €839,600
- Tax, wage and social debts +€62,332
up €62,332 (+68.4%), from €91,067 to €153,399
of which Taxes: +€65,954
- Current portion of long-term debt -€56,163
down €56,163 (-89.9%), from €62,458 to €6,296
Income statement
- Staff costs +€180,804
up €180,804 (+38.3%), from €472,269 to €653,073
- Provisions -€69,474
down €69,474, from €34,737 to -€34,737
- Gross operating margin +€68,433
up €68,433 (+6.3%), from €1.1m to €1.1m
- Taxes +€50,162
up €50,162 (+96.5%), from €51,961 to €102,122
- Financial charges +€43,977
up €43,977 (+34.1%), from €128,857 to €172,834
From the 2025 result to the 2026 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.
Result 2025
€339,514
Gross operating margin
+€68,433
Staff costs
-€180,804
Depreciation
-€11,069
Write-downs
+€34,722
Provisions
+€69,474
Other operating charges
+€1,123
Other operating items
-€74,838
Financial income
+€6,187
Financial charges
-€43,977
Taxes
-€50,162
Result 2026
€158,602
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€130,274
Investment
-€119,227
Financing
-€62,458
Cash 2025
€968,517
From operations (derived)
+€130,274
Net result for the year
+€158,602
Depreciation
+€32,484
Stocks and contracts
-€13,951
Receivables within one year
+€317,274
Deferred charges and accrued income
+€9,013
Provisions
-€34,737
Trade debts
+€40,541
Tax, wage and social debts
+€62,332
Advances received
+€17,358
Other debts
-€250,000
Accrued charges and deferred income
-€208,643
Investment (derived)
-€119,227
Investment in fixed assets (net)
-€47,397
Current investments
-€71,830
Financing
-€62,458
Debts after one year
-€6,296
Current portion of long-term debt
-€56,163
Cash 2026
€917,106
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,085,328 | €1,808,324 | -€277,005 | -13.3% |
| Fixed assets | 21/28 | €135,676 | €150,590 | +€14,913 | +11.0% |
| Intangible fixed assets | 21 | €9,685 | €21,318 | +€11,633 | +120% |
| Tangible fixed assets | 22/27 | €93,500 | €96,780 | +€3,280 | +3.5% |
| Plant, machinery and equipment | 23 | €6,592 | €5,421 | -€1,171 | -17.8% |
| Furniture and vehicles | 24 | €3,882 | €2,522 | -€1,360 | -35.0% |
| Other tangible fixed assets | 26 | €83,026 | €88,837 | +€5,811 | +7.0% |
| Financial fixed assets | 28 | €32,492 | €32,492 | = | 0.0% |
| Current assets | 29/58 | €1,949,652 | €1,657,734 | -€291,918 | -15.0% |
| Stocks and contracts in progress | 3 | €397,061 | €411,012 | +€13,951 | +3.5% |
| Stocks | 30/36 | €397,061 | €411,012 | +€13,951 | +3.5% |
| Amounts receivable within one year | 40/41 | €439,674 | €122,400 | -€317,274 | -72.2% |
| Trade receivables | 40 | €438,276 | €122,400 | -€315,876 | -72.1% |
| Other amounts receivable | 41 | €1,398 | €0 | -€1,398 | -100% |
| Current investments | 50/53 | €100,000 | €171,830 | +€71,830 | +71.8% |
| Cash at bank and in hand | 54/58 | €968,517 | €917,106 | -€51,411 | -5.3% |
| Deferred charges and accrued income | 490/1 | €44,400 | €35,387 | -€9,013 | -20.3% |
| Total equity and liabilities | 10/49 | €2,085,328 | €1,808,324 | -€277,005 | -13.3% |
| Equity | 10/15 | €1,173,248 | €1,331,850 | +€158,602 | +13.5% |
| Contributions | 10/11 | €447,500 | €447,500 | = | 0.0% |
| Capital | 10 | €447,500 | €447,500 | = | 0.0% |
| Issued capital | 100 | €447,500 | €447,500 | = | 0.0% |
| Reserves | 13 | €44,750 | €44,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €44,750 | €44,750 | = | 0.0% |
| Legal reserve | 130 | €44,750 | €44,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €680,998 | €839,600 | +€158,602 | +23.3% |
| Provisions and deferred taxes | 16 | €34,737 | €0 | -€34,737 | -100% |
| Provisions for liabilities and charges | 160/5 | €34,737 | €0 | -€34,737 | -100% |
| Other liabilities and charges | 164/5 | €34,737 | €0 | -€34,737 | -100% |
| Amounts payable | 17/49 | €877,343 | €476,473 | -€400,869 | -45.7% |
| Amounts payable after more than one year | 17 | €6,296 | €0 | -€6,296 | -100% |
| Financial debts | 170/4 | €6,296 | €0 | -€6,296 | -100% |
| Amounts payable within one year | 42/48 | €662,405 | €476,473 | -€185,931 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €62,458 | €6,296 | -€56,163 | -89.9% |
| Trade debts | 44 | €258,880 | €299,421 | +€40,541 | +15.7% |
| Suppliers | 440/4 | €258,880 | €299,421 | +€40,541 | +15.7% |
| Advances received on contracts in progress | 46 | - | €17,358 | +€17,358 | |
| Taxes, remuneration and social security | 45 | €91,067 | €153,399 | +€62,332 | +68.4% |
| Taxes | 450/3 | €36,739 | €102,693 | +€65,954 | +180% |
| Remuneration and social security | 454/9 | €54,327 | €50,705 | -€3,622 | -6.7% |
| Other amounts payable | 47/48 | €250,000 | €0 | -€250,000 | -100% |
| Accrued charges and deferred income | 492/3 | €208,643 | €0 | -€208,643 | -100% |
| Non-recurring operating income | 76A | - | €8,636 | +€8,636 | |
| Remuneration, social security and pensions | 62 | €472,269 | €653,073 | +€180,804 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,414 | €32,484 | +€11,069 | +51.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,490 | -€19,232 | -€34,722 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €34,737 | -€34,737 | -€69,474 | |
| Other operating charges | 640/8 | €10,873 | €9,750 | -€1,123 | -10.3% |
| Non-recurring operating charges | 66A | €9,317 | €84,155 | +€74,838 | +803% |
| Gross operating margin | 9900 | €1,078,088 | €1,146,521 | +€68,433 | +6.3% |
| Operating profit (loss) | 9901 | €513,988 | €421,028 | -€92,960 | -18.1% |
| Financial income | 75/76B | €6,343 | €12,530 | +€6,187 | +97.5% |
| Recurring financial income | 75 | €6,343 | €12,530 | +€6,187 | +97.5% |
| Financial charges | 65/66B | €128,857 | €172,834 | +€43,977 | +34.1% |
| Recurring financial charges | 65 | €128,857 | €172,834 | +€43,977 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €391,474 | €260,724 | -€130,750 | -33.4% |
| Income taxes | 67/77 | €51,961 | €102,122 | +€50,162 | +96.5% |
| Profit (loss) for the period | 9904 | €339,514 | €158,602 | -€180,912 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €339,514 | €158,602 | -€180,912 | -53.3% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.