KAAP: 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.
KAAP
Largest movements
- Receivables within one year -€42,617
down €42,617 (-13.1%), from €324,620 to €282,003
of which Trade receivables: -€42,903
- Tangible fixed assets -€35,204
down €35,204 (-3.3%), from €1.1m to €1.0m
of which Land and buildings: -€36,944
- Cash +€23,522
up €23,522 (+89.7%), from €26,232 to €49,754
mainly Tax, wage and social debts (+€64,516) and Depreciation (+€61,389)
- Trade debts -€137,775
down €137,775 (-72.1%), from €191,153 to €53,378
- Tax, wage and social debts +€64,516
up €64,516 (+67.8%), from €95,147 to €159,662
of which Remuneration and social security: +€57,940
- Accrued charges and deferred income +€39,083
up €39,083 (+162.3%), from €24,080 to €63,162
- Short-term financial debts +€38,946
up €38,946 (+114.2%), from €34,094 to €73,041
- Provisions -€25,934
down €25,934 (-52.9%), from €48,984 to €23,050
- Staff costs +€139,131
up €139,131 (+14.5%), from €961,976 to €1.1m
- Gross operating margin +€125,587
up €125,587 (+12.1%), from €1.0m to €1.2m
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 | €1,492,154 | €1,435,941 | -€56,214 | -3.8% |
| Fixed assets | 21/28 | €1,077,603 | €1,042,399 | -€35,204 | -3.3% |
| Tangible fixed assets | 22/27 | €1,077,603 | €1,042,399 | -€35,204 | -3.3% |
| Land and buildings | 22 | €974,262 | €937,318 | -€36,944 | -3.8% |
| Plant, machinery and equipment | 23 | €61,105 | €65,476 | +€4,371 | +7.2% |
| Furniture and vehicles | 24 | €4,736 | €2,105 | -€2,631 | -55.6% |
| Assets under construction and advance payments | 27 | €37,500 | €37,500 | = | 0.0% |
| Current assets | 29/58 | €414,551 | €393,542 | -€21,010 | -5.1% |
| Stocks and contracts in progress | 3 | €3,511 | €1,391 | -€2,120 | -60.4% |
| Stocks | 30/36 | €3,511 | €1,391 | -€2,120 | -60.4% |
| Amounts receivable within one year | 40/41 | €324,620 | €282,003 | -€42,617 | -13.1% |
| Trade receivables | 40 | €80,204 | €37,301 | -€42,903 | -53.5% |
| Other amounts receivable | 41 | €244,416 | €244,702 | +€286 | +0.1% |
| Cash at bank and in hand | 54/58 | €26,232 | €49,754 | +€23,522 | +89.7% |
| Deferred charges and accrued income | 490/1 | €60,188 | €60,393 | +€205 | +0.3% |
| Total equity and liabilities | 10/49 | €1,492,154 | €1,435,941 | -€56,214 | -3.8% |
| Equity | 10/15 | €902,588 | €912,542 | +€9,954 | +1.1% |
| Reserves | 13 | €782,061 | €782,069 | +€8 | 0.0% |
| Investment grants | 15 | €120,527 | €130,473 | +€9,946 | +8.3% |
| Provisions and deferred taxes | 16 | €48,984 | €23,050 | -€25,934 | -52.9% |
| Provisions for liabilities and charges | 160/5 | €48,984 | €23,050 | -€25,934 | -52.9% |
| Other liabilities and charges | 164/5 | €48,984 | €23,050 | -€25,934 | -52.9% |
| Amounts payable | 17/49 | €540,582 | €500,348 | -€40,233 | -7.4% |
| Amounts payable after more than one year | 17 | €149,981 | €128,066 | -€21,915 | -14.6% |
| Financial debts | 170/4 | €149,981 | €128,066 | -€21,915 | -14.6% |
| Amounts payable within one year | 42/48 | €366,522 | €309,120 | -€57,401 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €46,105 | €21,915 | -€24,190 | -52.5% |
| Financial debts | 43 | €34,094 | €73,041 | +€38,946 | +114.2% |
| Credit institutions | 430/8 | €34,094 | €73,041 | +€38,946 | +114.2% |
| Trade debts | 44 | €191,153 | €53,378 | -€137,775 | -72.1% |
| Suppliers | 440/4 | €191,153 | €53,378 | -€137,775 | -72.1% |
| Advances received on contracts in progress | 46 | €23 | €1,125 | +€1,103 | +4900.0% |
| Taxes, remuneration and social security | 45 | €95,147 | €159,662 | +€64,516 | +67.8% |
| Taxes | 450/3 | - | €6,576 | +€6,576 | |
| Remuneration and social security | 454/9 | €95,147 | €153,087 | +€57,940 | +60.9% |
| Accrued charges and deferred income | 492/3 | €24,080 | €63,162 | +€39,083 | +162.3% |
| Non-recurring operating income | 76A | €593 | €0 | -€593 | -100.0% |
| Remuneration, social security and pensions | 62 | €961,976 | €1,101,106 | +€139,131 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,139 | €61,389 | -€9,750 | -13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €511 | +€511 | |
| Other operating charges | 640/8 | €15,278 | €19,524 | +€4,246 | +27.8% |
| Gross operating margin | 9900 | €1,038,801 | €1,164,388 | +€125,587 | +12.1% |
| Operating profit (loss) | 9901 | €11,999 | €7,793 | -€4,207 | -35.1% |
| Financial income | 75/76B | €25 | €713 | +€688 | +2737.6% |
| Recurring financial income | 75 | €25 | €713 | +€688 | +2737.6% |
| Financial charges | 65/66B | €8,914 | €8,157 | -€757 | -8.5% |
| Recurring financial charges | 65 | €8,914 | €8,157 | -€757 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €3,111 | €349 | -€2,762 | -88.8% |
| Income taxes | 67/77 | €1,201 | €341 | -€860 | -71.6% |
| Profit (loss) for the period | 9904 | €1,910 | €8 | -€1,902 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,910 | €8 | -€1,902 | -99.6% |
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 12 October 2026 via checked.be.