KAAI WEST: what changed
What changed
KAAI WEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€14,472
2024 · -€168,743+€183,215
Equity
-€399,323
2024 · -€413,795+€14,472
Cash
€3,280
2024 · €92,212-€88,933
Balance sheet total
€2.6m
2024 · €2.9m-€246,328
Largest movements
Assets
- Tangible fixed assets -€134,114
down €134,114 (-5.0%), from €2.7m to €2.6m
of which Land and buildings: -€146,329
- Cash -€88,933
down €88,933 (-96.4%), from €92,212 to €3,280
mainly Debts after one year (-€318,854) and Trade debts (-€72,855)
Equity and liabilities
- Debts after one year -€318,854
down €318,854 (-40.7%), from €784,070 to €465,216
- Short-term financial debts +€122,946
up €122,946 (+5.3%), from €2.3m to €2.4m
- Trade debts -€72,855
down €72,855 (-41.8%), from €174,430 to €101,575
Income statement
- Gross operating margin +€123,442
up €123,442 (+59.9%), from €206,234 to €329,676
- Purchases and services -€73,033
down €73,033 (-33.1%), from €220,748 to €147,715
- Write-downs -€50,072
down €50,072 (-100%), from €50,072 to €0
- Turnover +€30,920
up €30,920 (+9.1%), from €341,272 to €372,192
- Financial charges -€20,623
down €20,623 (-13.3%), from €155,198 to €134,575
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€168,743
Gross operating margin
+€123,442
Depreciation
-€174
Write-downs
+€50,072
Other operating charges
-€10,757
Financial income
+€8
Financial charges
+€20,623
Result 2025
€14,472
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€128,185
Investment
-€21,210
Financing
-€195,908
Cash 2024
€92,212
From operations (derived)
+€128,185
Net result for the year
+€14,472
Depreciation
+€155,324
Receivables within one year
+€22,302
Deferred charges and accrued income
+€979
Trade debts
-€72,855
Tax, wage and social debts
+€7,321
Accrued charges and deferred income
+€643
Investment (derived)
-€21,210
Investment in fixed assets (net)
-€21,210
Financing
-€195,908
Debts after one year
-€318,854
Short-term financial debts
+€122,946
Cash 2025
€3,280
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,855,634 | €2,609,306 | -€246,328 | -8.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,688,727 | €2,554,614 | -€134,114 | -5.0% |
| Tangible fixed assets | 22/27 | €2,688,727 | €2,554,614 | -€134,114 | -5.0% |
| Land and buildings | 22 | €2,560,893 | €2,414,564 | -€146,329 | -5.7% |
| Assets under construction and advance payments | 27 | €127,834 | €140,049 | +€12,215 | +9.6% |
| Current assets | 29/58 | €166,907 | €54,693 | -€112,214 | -67.2% |
| Amounts receivable within one year | 40/41 | €72,268 | €49,966 | -€22,302 | -30.9% |
| Trade receivables | 40 | €72,268 | €49,966 | -€22,302 | -30.9% |
| Cash at bank and in hand | 54/58 | €92,212 | €3,280 | -€88,933 | -96.4% |
| Deferred charges and accrued income | 490/1 | €2,426 | €1,447 | -€979 | -40.4% |
| Total equity and liabilities | 10/49 | €2,855,634 | €2,609,306 | -€246,328 | -8.6% |
| Equity | 10/15 | -€413,795 | -€399,323 | +€14,472 | +3.5% |
| Contributions | 10/11 | €370,000 | €370,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€783,795 | -€769,323 | +€14,472 | +1.8% |
| Amounts payable | 17/49 | €3,269,429 | €3,008,629 | -€260,800 | -8.0% |
| Amounts payable after more than one year | 17 | €784,070 | €465,216 | -€318,854 | -40.7% |
| Other amounts payable | 178/9 | €784,070 | €465,216 | -€318,854 | -40.7% |
| Amounts payable within one year | 42/48 | €2,485,359 | €2,542,771 | +€57,412 | +2.3% |
| Financial debts | 43 | €2,300,000 | €2,422,946 | +€122,946 | +5.3% |
| Credit institutions | 430/8 | €2,300,000 | €2,422,946 | +€122,946 | +5.3% |
| Trade debts | 44 | €174,430 | €101,575 | -€72,855 | -41.8% |
| Suppliers | 440/4 | €174,430 | €101,575 | -€72,855 | -41.8% |
| Advances received on contracts in progress | 46 | €8,172 | €8,172 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,757 | €10,078 | +€7,321 | +266% |
| Taxes | 450/3 | €2,757 | €10,078 | +€7,321 | +266% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €643 | +€643 | |
| Turnover | 70 | €341,272 | €372,192 | +€30,920 | +9.1% |
| Non-recurring operating income | 76A | €52,594 | €60,223 | +€7,628 | +14.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €220,748 | €147,715 | -€73,033 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,150 | €155,324 | +€174 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €50,072 | €0 | -€50,072 | -100% |
| Other operating charges | 640/8 | €14,562 | €25,318 | +€10,757 | +73.9% |
| Gross operating margin | 9900 | €206,234 | €329,676 | +€123,442 | +59.9% |
| Operating profit (loss) | 9901 | -€13,551 | €149,034 | +€162,584 | |
| Financial income | 75/76B | €6 | €14 | +€8 | +137% |
| Recurring financial income | 75 | €6 | €14 | +€8 | +137% |
| Financial charges | 65/66B | €155,198 | €134,575 | -€20,623 | -13.3% |
| Recurring financial charges | 65 | €155,198 | €134,575 | -€20,623 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€168,743 | €14,472 | +€183,215 | |
| Profit (loss) for the period | 9904 | -€168,743 | €14,472 | +€183,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€168,743 | €14,472 | +€183,215 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.