KAF: 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.
KAF
Largest movements
- Receivables within one year -€31,131
down €31,131 (-37.4%), from €83,328 to €52,197
of which Trade receivables: -€31,258
- Cash +€29,390
up €29,390 (+8.9%), from €329,140 to €358,530
mainly Other debts (+€123,939) and Receivables within one year (+€31,131)
- Other debts +€123,939
new in 2025: €123,939
- Reserves -€94,269
down €94,269 (-25.4%), from €371,379 to €277,110
- Tax, wage and social debts -€22,881
down €22,881 (-71.4%), from €32,030 to €9,149
of which Taxes: -€22,893
- Contributions -€8,060
no longer reported in 2025 (was €8,060)
- Financial income -€97,239
down €97,239 (-96.1%), from €101,220 to €3,982
of which Non-recurring financial income: -€100,000
- Gross operating margin -€52,772
down €52,772 (-64.9%), from €81,344 to €28,572
- Taxes -€22,601
down €22,601 (-70.6%), from €32,016 to €9,415
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 | €412,783 | €410,727 | -€2,056 | -0.5% |
| Fixed assets | 21/28 | €315 | - | -€315 | |
| Tangible fixed assets | 22/27 | €315 | - | -€315 | |
| Furniture and vehicles | 24 | €315 | - | -€315 | |
| Current assets | 29/58 | €412,468 | €410,727 | -€1,741 | -0.4% |
| Amounts receivable within one year | 40/41 | €83,328 | €52,197 | -€31,131 | -37.4% |
| Trade receivables | 40 | €43,410 | €12,151 | -€31,258 | -72.0% |
| Other amounts receivable | 41 | €39,918 | €40,046 | +€127 | +0.3% |
| Cash at bank and in hand | 54/58 | €329,140 | €358,530 | +€29,390 | +8.9% |
| Total equity and liabilities | 10/49 | €412,783 | €410,727 | -€2,056 | -0.5% |
| Equity | 10/15 | €379,439 | €277,110 | -€102,329 | -27.0% |
| Contributions | 10/11 | €8,060 | - | -€8,060 | |
| Reserves | 13 | €371,379 | €277,110 | -€94,269 | -25.4% |
| Distributable reserves | 133 | €371,379 | €277,110 | -€94,269 | -25.4% |
| Amounts payable | 17/49 | €33,344 | €133,617 | +€100,273 | +300.7% |
| Amounts payable within one year | 42/48 | €33,344 | €133,617 | +€100,273 | +300.7% |
| Trade debts | 44 | €1,314 | €529 | -€785 | -59.8% |
| Suppliers | 440/4 | €1,314 | €529 | -€785 | -59.8% |
| Taxes, remuneration and social security | 45 | €32,030 | €9,149 | -€22,881 | -71.4% |
| Taxes | 450/3 | €29,084 | €6,191 | -€22,893 | -78.7% |
| Remuneration and social security | 454/9 | €2,946 | €2,958 | +€12 | +0.4% |
| Other amounts payable | 47/48 | - | €123,939 | +€123,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €988 | €315 | -€673 | -68.1% |
| Other operating charges | 640/8 | €1,167 | €1,134 | -€33 | -2.8% |
| Gross operating margin | 9900 | €81,344 | €28,572 | -€52,772 | -64.9% |
| Operating profit (loss) | 9901 | €79,189 | €27,124 | -€52,065 | -65.7% |
| Financial income | 75/76B | €101,220 | €3,982 | -€97,239 | -96.1% |
| Recurring financial income | 75 | €1,221 | €3,982 | +€2,761 | +226.2% |
| Non-recurring financial income | 76B | €100,000 | - | -€100,000 | |
| Financial charges | 65/66B | €83 | €80 | -€3 | -3.0% |
| Recurring financial charges | 65 | €83 | €80 | -€3 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €180,327 | €31,025 | -€149,301 | -82.8% |
| Income taxes | 67/77 | €32,016 | €9,415 | -€22,601 | -70.6% |
| Profit (loss) for the period | 9904 | €148,311 | €21,610 | -€126,701 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €148,311 | €21,610 | -€126,701 | -85.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.