KABO: what changed
Two fiscal 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.
KABO
Largest movements
- Stocks and contracts -€92,659
down €92,659 (-91.5%), from €101,314 to €8,655
of which Contracts in progress: -€56,875
- Receivables within one year +€88,064
up €88,064 (+241.7%), from €36,437 to €124,501
of which Trade receivables: +€65,823
- Tangible fixed assets -€72,366
down €72,366 (-15.2%), from €475,441 to €403,075
- Cash -€8,575
down €8,575 (-6.0%), from €142,297 to €133,722
mainly Receivables within one year (-€88,064) and Trade debts (-€69,146)
- Trade debts -€69,146
down €69,146 (-52.5%), from €131,632 to €62,486
- Other debts +€44,190
up €44,190 (+155.5%), from €28,417 to €72,607
- Reserves -€32,355
down €32,355 (-17.2%), from €188,165 to €155,811
- Debts after one year -€19,089
down €19,089 (-5.9%), from €325,597 to €306,508
- Tax, wage and social debts -€10,583
down €10,583 (-77.0%), from €13,743 to €3,161
- Gross operating margin -€72,412
down €72,412 (-20.4%), from €354,826 to €282,413
- Staff costs -€23,433
down €23,433 (-9.9%), from €235,833 to €212,400
- Taxes -€7,998
down €7,998 (-86.3%), from €9,268 to €1,270
- Financial income +€7,337
up €7,337 (+44.2%), from €16,591 to €23,928
of which Non-recurring financial income: +€8,953
- Depreciation -€5,937
down €5,937 (-8.3%), from €71,621 to €65,684
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 | €755,975 | €669,952 | -€86,022 | -11.4% |
| Fixed assets | 21/28 | €475,441 | €403,075 | -€72,366 | -15.2% |
| Tangible fixed assets | 22/27 | €475,441 | €403,075 | -€72,366 | -15.2% |
| Land and buildings | 22 | €334,534 | €314,256 | -€20,278 | -6.1% |
| Plant, machinery and equipment | 23 | €60,675 | €34,791 | -€25,885 | -42.7% |
| Furniture and vehicles | 24 | €59,767 | €54,028 | -€5,739 | -9.6% |
| Leasing and similar rights | 25 | €20,465 | - | -€20,465 | |
| Current assets | 29/58 | €280,534 | €266,878 | -€13,656 | -4.9% |
| Stocks and contracts in progress | 3 | €101,314 | €8,655 | -€92,659 | -91.5% |
| Stocks | 30/36 | €42,627 | €6,843 | -€35,784 | -83.9% |
| Contracts in progress | 37 | €58,687 | €1,812 | -€56,875 | -96.9% |
| Amounts receivable within one year | 40/41 | €36,437 | €124,501 | +€88,064 | +241.7% |
| Trade receivables | 40 | €36,430 | €102,253 | +€65,823 | +180.7% |
| Other amounts receivable | 41 | €7 | €22,247 | +€22,241 | +327067.5% |
| Cash at bank and in hand | 54/58 | €142,297 | €133,722 | -€8,575 | -6.0% |
| Deferred charges and accrued income | 490/1 | €485 | - | -€485 | |
| Total equity and liabilities | 10/49 | €755,975 | €669,952 | -€86,022 | -11.4% |
| Equity | 10/15 | €206,715 | €174,361 | -€32,355 | -15.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €188,165 | €155,811 | -€32,355 | -17.2% |
| Distributable reserves | 133 | €188,165 | €155,811 | -€32,355 | -17.2% |
| Amounts payable | 17/49 | €549,259 | €495,592 | -€53,668 | -9.8% |
| Amounts payable after more than one year | 17 | €325,597 | €306,508 | -€19,089 | -5.9% |
| Financial debts | 170/4 | €325,597 | €306,508 | -€19,089 | -5.9% |
| Amounts payable within one year | 42/48 | €223,512 | €189,084 | -€34,428 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €49,720 | €50,830 | +€1,110 | +2.2% |
| Trade debts | 44 | €131,632 | €62,486 | -€69,146 | -52.5% |
| Suppliers | 440/4 | €131,632 | €62,486 | -€69,146 | -52.5% |
| Taxes, remuneration and social security | 45 | €13,743 | €3,161 | -€10,583 | -77.0% |
| Taxes | 450/3 | €13,743 | €3,161 | -€10,583 | -77.0% |
| Other amounts payable | 47/48 | €28,417 | €72,607 | +€44,190 | +155.5% |
| Accrued charges and deferred income | 492/3 | €150 | - | -€150 | |
| Remuneration, social security and pensions | 62 | €235,833 | €212,400 | -€23,433 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,621 | €65,684 | -€5,937 | -8.3% |
| Other operating charges | 640/8 | €5,448 | €10,727 | +€5,279 | +96.9% |
| Gross operating margin | 9900 | €354,826 | €282,413 | -€72,412 | -20.4% |
| Operating profit (loss) | 9901 | €41,924 | -€6,398 | -€48,321 | |
| Financial income | 75/76B | €16,591 | €23,928 | +€7,337 | +44.2% |
| Recurring financial income | 75 | €9,980 | €8,363 | -€1,616 | -16.2% |
| Non-recurring financial income | 76B | €6,612 | €15,565 | +€8,953 | +135.4% |
| Financial charges | 65/66B | €16,368 | €11,949 | -€4,419 | -27.0% |
| Recurring financial charges | 65 | €16,368 | €11,949 | -€4,419 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €42,147 | €5,581 | -€36,566 | -86.8% |
| Income taxes | 67/77 | €9,268 | €1,270 | -€7,998 | -86.3% |
| Profit (loss) for the period | 9904 | €32,879 | €4,311 | -€28,568 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,879 | €4,311 | -€28,568 | -86.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.