Kafkas: 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.
Kafkas
Largest movements
- Receivables within one year +€39,817
up €39,817 (+19.0%), from €209,681 to €249,498
of which Other amounts receivable: +€27,532
- Cash +€28,259
up €28,259 (+49.0%), from €57,731 to €85,990
mainly Net result for the year (+€67,784) and Debts after one year (+€12,784)
- Tangible fixed assets +€15,672
up €15,672 (+90.2%), from €17,377 to €33,049
of which Furniture and vehicles: +€15,715
- Stocks and contracts +€12,000
up €12,000 (+78.7%), from €15,250 to €27,250
- Reserves +€60,000
up €60,000 (+3225.8%), from €1,860 to €61,860
- Debts after one year +€12,784
up €12,784 (+137.8%), from €9,277 to €22,060
- Tax, wage and social debts +€10,069
up €10,069 (+243.7%), from €4,132 to €14,201
of which Taxes: +€11,264
- Advances received +€9,354
new in 2025: €9,354
- Trade debts -€9,087
down €9,087 (-52.3%), from €17,368 to €8,281
- Gross operating margin +€25,559
up €25,559 (+19.6%), from €130,333 to €155,891
- Taxes +€12,567
up €12,567 (+57.7%), from €21,775 to €34,342
- Staff costs +€7,126
up €7,126 (+21.0%), from €34,004 to €41,129
- Depreciation +€6,893
up €6,893 (+227.6%), from €3,029 to €9,922
- Financial income -€3,457
down €3,457 (-25.5%), from €13,568 to €10,111
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 | €304,639 | €400,386 | +€95,748 | +31.4% |
| Fixed assets | 21/28 | €21,977 | €37,649 | +€15,672 | +71.3% |
| Tangible fixed assets | 22/27 | €17,377 | €33,049 | +€15,672 | +90.2% |
| Plant, machinery and equipment | 23 | €1,985 | €1,942 | -€43 | -2.2% |
| Furniture and vehicles | 24 | €15,392 | €31,107 | +€15,715 | +102.1% |
| Financial fixed assets | 28 | €4,600 | €4,600 | = | 0.0% |
| Current assets | 29/58 | €282,662 | €362,738 | +€80,076 | +28.3% |
| Stocks and contracts in progress | 3 | €15,250 | €27,250 | +€12,000 | +78.7% |
| Stocks | 30/36 | €15,250 | €27,250 | +€12,000 | +78.7% |
| Amounts receivable within one year | 40/41 | €209,681 | €249,498 | +€39,817 | +19.0% |
| Trade receivables | 40 | €10,032 | €22,317 | +€12,285 | +122.5% |
| Other amounts receivable | 41 | €199,649 | €227,181 | +€27,532 | +13.8% |
| Cash at bank and in hand | 54/58 | €57,731 | €85,990 | +€28,259 | +49.0% |
| Total equity and liabilities | 10/49 | €304,639 | €400,386 | +€95,748 | +31.4% |
| Equity | 10/15 | €264,457 | €332,241 | +€67,784 | +25.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €61,860 | +€60,000 | +3225.8% |
| Distributable reserves | 133 | €1,860 | €61,860 | +€60,000 | +3225.8% |
| Profit (loss) carried forward | 14 | €256,397 | €264,181 | +€7,784 | +3.0% |
| Amounts payable | 17/49 | €40,181 | €68,145 | +€27,964 | +69.6% |
| Amounts payable after more than one year | 17 | €9,277 | €22,060 | +€12,784 | +137.8% |
| Financial debts | 170/4 | €9,277 | €22,060 | +€12,784 | +137.8% |
| Amounts payable within one year | 42/48 | €30,905 | €46,085 | +€15,180 | +49.1% |
| Current portion of amounts payable after more than one year | 42 | €9,405 | €14,249 | +€4,844 | +51.5% |
| Trade debts | 44 | €17,368 | €8,281 | -€9,087 | -52.3% |
| Suppliers | 440/4 | €17,368 | €8,281 | -€9,087 | -52.3% |
| Advances received on contracts in progress | 46 | - | €9,354 | +€9,354 | |
| Taxes, remuneration and social security | 45 | €4,132 | €14,201 | +€10,069 | +243.7% |
| Taxes | 450/3 | - | €11,264 | +€11,264 | |
| Remuneration and social security | 454/9 | €4,132 | €2,937 | -€1,195 | -28.9% |
| Remuneration, social security and pensions | 62 | €34,004 | €41,129 | +€7,126 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,029 | €9,922 | +€6,893 | +227.6% |
| Other operating charges | 640/8 | €2,972 | €4,517 | +€1,545 | +52.0% |
| Non-recurring operating charges | 66A | €405 | - | -€405 | |
| Gross operating margin | 9900 | €130,333 | €155,891 | +€25,559 | +19.6% |
| Operating profit (loss) | 9901 | €89,922 | €100,323 | +€10,401 | +11.6% |
| Financial income | 75/76B | €13,568 | €10,111 | -€3,457 | -25.5% |
| Recurring financial income | 75 | €13,568 | €10,111 | -€3,457 | -25.5% |
| Financial charges | 65/66B | €4,905 | €8,308 | +€3,403 | +69.4% |
| Recurring financial charges | 65 | €4,905 | €8,308 | +€3,403 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €98,586 | €102,126 | +€3,540 | +3.6% |
| Income taxes | 67/77 | €21,775 | €34,342 | +€12,567 | +57.7% |
| Profit (loss) for the period | 9904 | €76,811 | €67,784 | -€9,027 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,811 | €67,784 | -€9,027 | -11.8% |
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 8 October 2026 via checked.be.