KAFMAAS: 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.
KAFMAAS
Largest movements
- Cash +€38,038
up €38,038 (+18.1%), from €210,094 to €248,132
mainly Net result for the year (+€33,820) and Depreciation (+€6,599)
- Tangible fixed assets -€6,599
down €6,599 (-81.7%), from €8,081 to €1,483
- Receivables within one year +€5,275
up €5,275 (+41.5%), from €12,705 to €17,981
of which Trade receivables: +€11,326
- Reserves +€33,820
up €33,820 (+16.4%), from €205,608 to €239,428
of which Distributable reserves: +€33,820
- Gross operating margin +€32,709
up €32,709 (+173.2%), from €18,884 to €51,593
- Taxes +€9,777
up €9,777 (+268.9%), from €3,636 to €13,413
- Financial income +€3,100
new in 2025: €3,100
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 | €230,881 | €267,595 | +€36,714 | +15.9% |
| Fixed assets | 21/28 | €8,081 | €1,483 | -€6,599 | -81.7% |
| Tangible fixed assets | 22/27 | €8,081 | €1,483 | -€6,599 | -81.7% |
| Furniture and vehicles | 24 | €8,081 | €1,483 | -€6,599 | -81.7% |
| Current assets | 29/58 | €222,799 | €266,113 | +€43,313 | +19.4% |
| Amounts receivable within one year | 40/41 | €12,705 | €17,981 | +€5,275 | +41.5% |
| Trade receivables | 40 | €774 | €12,100 | +€11,326 | +1462.5% |
| Other amounts receivable | 41 | €11,931 | €5,881 | -€6,050 | -50.7% |
| Cash at bank and in hand | 54/58 | €210,094 | €248,132 | +€38,038 | +18.1% |
| Total equity and liabilities | 10/49 | €230,881 | €267,595 | +€36,714 | +15.9% |
| Equity | 10/15 | €224,208 | €258,028 | +€33,820 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,608 | €239,428 | +€33,820 | +16.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €203,748 | €237,568 | +€33,820 | +16.6% |
| Amounts payable | 17/49 | €6,673 | €9,567 | +€2,894 | +43.4% |
| Amounts payable within one year | 42/48 | €6,673 | €9,567 | +€2,894 | +43.4% |
| Trade debts | 44 | €1,441 | €1,824 | +€383 | +26.6% |
| Suppliers | 440/4 | €1,441 | €1,824 | +€383 | +26.6% |
| Taxes, remuneration and social security | 45 | €951 | €2,016 | +€1,065 | +112.0% |
| Taxes | 450/3 | €951 | €2,016 | +€1,065 | +112.0% |
| Other amounts payable | 47/48 | €4,281 | €5,727 | +€1,446 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,599 | €6,599 | = | 0.0% |
| Other operating charges | 640/8 | €490 | €807 | +€317 | +64.6% |
| Gross operating margin | 9900 | €18,884 | €51,593 | +€32,709 | +173.2% |
| Operating profit (loss) | 9901 | €11,795 | €44,187 | +€32,392 | +274.6% |
| Financial income | 75/76B | - | €3,100 | +€3,100 | |
| Recurring financial income | 75 | - | €3,100 | +€3,100 | |
| Financial charges | 65/66B | €39 | €54 | +€15 | +37.4% |
| Recurring financial charges | 65 | €39 | €54 | +€15 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €11,756 | €47,233 | +€35,477 | +301.8% |
| Income taxes | 67/77 | €3,636 | €13,413 | +€9,777 | +268.9% |
| Profit (loss) for the period | 9904 | €8,120 | €33,820 | +€25,700 | +316.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,120 | €33,820 | +€25,700 | +316.5% |
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 7 October 2026 via checked.be.