KAAI 22: 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.
KAAI 22
Largest movements
- Tangible fixed assets +€3.6m
up €3.6m (+119%), from €3.1m to €6.7m
of which Plant, machinery and equipment: +€3.6m
- Cash -€2.2m
down €2.2m (-82.8%), from €2.6m to €448,870
mainly Investment in fixed assets (net) (-€4.1m) and Net result for the year (-€1.4m)
- Receivables within one year -€305,791
down €305,791 (-49.5%), from €618,380 to €312,589
of which Other amounts receivable: -€391,186
- Debts after one year +€2.1m
new in 2025: €2.1m
- Profit (loss) carried forward -€1.4m
new in 2025: -€1.4m
- Trade debts +€555,599
up €555,599 (+341%), from €162,851 to €718,450
- Gross operating margin -€1.4m
down €1.4m, from €736,539 to -€645,275
- Financial income -€263,913
down €263,913 (-99.7%), from €264,710 to €796
- Depreciation +€249,652
up €249,652 (+92.7%), from €269,204 to €518,857
- Taxes -€152,245
down €152,245 (-99.9%), from €152,435 to €191
- Financial charges +€149,608
up €149,608 (+46,712%), from €320 to €149,928
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 | €6,279,087 | €7,443,923 | +€1.2m | +18.6% |
| Fixed assets | 21/28 | €3,052,552 | €6,682,464 | +€3.6m | +119% |
| Tangible fixed assets | 22/27 | €3,052,552 | €6,682,464 | +€3.6m | +119% |
| Plant, machinery and equipment | 23 | €3,047,950 | €6,630,822 | +€3.6m | +118% |
| Furniture and vehicles | 24 | €4,602 | €51,642 | +€47,040 | +1,022% |
| Current assets | 29/58 | €3,226,535 | €761,459 | -€2.5m | -76.4% |
| Amounts receivable within one year | 40/41 | €618,380 | €312,589 | -€305,791 | -49.5% |
| Trade receivables | 40 | €91,428 | €176,823 | +€85,396 | +93.4% |
| Other amounts receivable | 41 | €526,952 | €135,766 | -€391,186 | -74.2% |
| Cash at bank and in hand | 54/58 | €2,608,155 | €448,870 | -€2.2m | -82.8% |
| Total equity and liabilities | 10/49 | €6,279,087 | €7,443,923 | +€1.2m | +18.6% |
| Equity | 10/15 | €6,097,131 | €4,656,155 | -€1.4m | -23.6% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €5,972,131 | €5,972,131 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €191,650 | €191,650 | = | 0.0% |
| Distributable reserves | 133 | €5,767,981 | €5,767,981 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,440,976 | -€1.4m | |
| Provisions and deferred taxes | 16 | €3,966 | €3,966 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,966 | €3,966 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,966 | €3,966 | = | 0.0% |
| Amounts payable | 17/49 | €177,990 | €2,783,802 | +€2.6m | +1,464% |
| Amounts payable after more than one year | 17 | - | €2,050,000 | +€2.1m | |
| Financial debts | 170/4 | - | €2,050,000 | +€2.1m | |
| Amounts payable within one year | 42/48 | €177,990 | €733,802 | +€555,812 | +312% |
| Trade debts | 44 | €162,851 | €718,450 | +€555,599 | +341% |
| Suppliers | 440/4 | €162,851 | €718,450 | +€555,599 | +341% |
| Taxes, remuneration and social security | 45 | €14,823 | €15,352 | +€528 | +3.6% |
| Remuneration and social security | 454/9 | €14,823 | €15,352 | +€528 | +3.6% |
| Other amounts payable | 47/48 | €315 | - | -€315 | |
| Remuneration, social security and pensions | 62 | €122,522 | €125,856 | +€3,334 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269,204 | €518,857 | +€249,652 | +92.7% |
| Other operating charges | 640/8 | €1,911 | €1,666 | -€246 | -12.9% |
| Gross operating margin | 9900 | €736,539 | -€645,275 | -€1.4m | |
| Operating profit (loss) | 9901 | €342,901 | -€1,291,653 | -€1.6m | |
| Financial income | 75/76B | €264,710 | €796 | -€263,913 | -99.7% |
| Recurring financial income | 75 | €264,710 | €796 | -€263,913 | -99.7% |
| Financial charges | 65/66B | €320 | €149,928 | +€149,608 | +46,712% |
| Recurring financial charges | 65 | €320 | €149,928 | +€149,608 | +46,712% |
| Profit (loss) for the period before taxes | 9903 | €607,290 | -€1,440,785 | -€2.0m | |
| Income taxes | 67/77 | €152,435 | €191 | -€152,245 | -99.9% |
| Profit (loss) for the period | 9904 | €454,855 | -€1,440,976 | -€1.9m | |
| Transfer from tax-exempt reserves | 789 | €89,000 | - | -€89,000 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €438,605 | -€1,440,976 | -€1.9m |
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 22 October 2026 via checked.be.