KAFUJI: 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.
KAFUJI
Largest movements
- Cash +€453,747
up €453,747 (+138.6%), from €327,300 to €781,047
mainly Advances received (+€400,969) and Net result for the year (+€349,862)
- Tangible fixed assets -€355,177
down €355,177 (-90.0%), from €394,828 to €39,651
of which Land and buildings: -€344,606
- Current investments +€210,199
up €210,199 (+228.4%), from €92,035 to €302,234
- Deferred charges and accrued income +€48,150
up €48,150 (+451.6%), from €10,661 to €58,811
- Receivables within one year +€42,081
up €42,081 (+255.0%), from €16,503 to €58,584
of which Other amounts receivable: +€21,406
- Advances received +€400,969
new in 2025: €400,969
- Reserves +€349,750
up €349,750 (+104.4%), from €334,860 to €684,610
of which Distributable reserves: +€349,750
- Debts after one year -€222,465
down €222,465 (-97.0%), from €229,412 to €6,947
- Investment grants -€97,327
no longer reported in 2025 (was €97,327)
- Trade debts -€95,889
down €95,889 (-26.6%), from €361,128 to €265,239
- Gross operating margin +€344,663
up €344,663 (+218.2%), from €157,958 to €502,621
- Taxes +€138,970
up €138,970 (+525.6%), from €26,438 to €165,408
- Financial income +€91,013
up €91,013 (+1104.1%), from €8,243 to €99,256
- Depreciation -€14,988
down €14,988 (-49.1%), from €30,528 to €15,540
- Staff costs +€11,297
up €11,297 (+28.4%), from €39,771 to €51,068
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 | €1,118,117 | €1,524,382 | +€406,265 | +36.3% |
| Fixed assets | 21/28 | €395,200 | €47,288 | -€347,912 | -88.0% |
| Tangible fixed assets | 22/27 | €394,828 | €39,651 | -€355,177 | -90.0% |
| Land and buildings | 22 | €344,606 | - | -€344,606 | |
| Plant, machinery and equipment | 23 | - | €1,140 | +€1,140 | |
| Furniture and vehicles | 24 | €47,420 | €36,914 | -€10,506 | -22.2% |
| Other tangible fixed assets | 26 | €2,802 | €1,597 | -€1,205 | -43.0% |
| Financial fixed assets | 28 | €372 | €7,637 | +€7,265 | +1953.0% |
| Current assets | 29/58 | €722,917 | €1,477,094 | +€754,177 | +104.3% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Other amounts receivable | 291 | €275,000 | €275,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,418 | €1,418 | = | 0.0% |
| Stocks | 30/36 | €1,418 | €1,418 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,503 | €58,584 | +€42,081 | +255.0% |
| Trade receivables | 40 | €8,976 | €29,651 | +€20,675 | +230.3% |
| Other amounts receivable | 41 | €7,527 | €28,933 | +€21,406 | +284.4% |
| Current investments | 50/53 | €92,035 | €302,234 | +€210,199 | +228.4% |
| Cash at bank and in hand | 54/58 | €327,300 | €781,047 | +€453,747 | +138.6% |
| Deferred charges and accrued income | 490/1 | €10,661 | €58,811 | +€48,150 | +451.6% |
| Total equity and liabilities | 10/49 | €1,118,117 | €1,524,382 | +€406,265 | +36.3% |
| Equity | 10/15 | €452,945 | €705,480 | +€252,535 | +55.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €334,860 | €684,610 | +€349,750 | +104.4% |
| Tax-exempt reserves | 132 | €32,000 | €32,000 | = | 0.0% |
| Distributable reserves | 133 | €302,860 | €652,610 | +€349,750 | +115.5% |
| Profit (loss) carried forward | 14 | €2,158 | €2,270 | +€112 | +5.2% |
| Investment grants | 15 | €97,327 | - | -€97,327 | |
| Amounts payable | 17/49 | €665,172 | €818,902 | +€153,730 | +23.1% |
| Amounts payable after more than one year | 17 | €229,412 | €6,947 | -€222,465 | -97.0% |
| Financial debts | 170/4 | €229,412 | €6,947 | -€222,465 | -97.0% |
| Amounts payable within one year | 42/48 | €420,487 | €796,816 | +€376,329 | +89.5% |
| Current portion of amounts payable after more than one year | 42 | €50,802 | €55,786 | +€4,984 | +9.8% |
| Trade debts | 44 | €361,128 | €265,239 | -€95,889 | -26.6% |
| Suppliers | 440/4 | €361,128 | €265,239 | -€95,889 | -26.6% |
| Advances received on contracts in progress | 46 | - | €400,969 | +€400,969 | |
| Taxes, remuneration and social security | 45 | €8,557 | €74,822 | +€66,265 | +774.4% |
| Taxes | 450/3 | €1,119 | €62,049 | +€60,930 | +5445.0% |
| Remuneration and social security | 454/9 | €7,438 | €12,773 | +€5,335 | +71.7% |
| Accrued charges and deferred income | 492/3 | €15,273 | €15,139 | -€134 | -0.9% |
| Remuneration, social security and pensions | 62 | €39,771 | €51,068 | +€11,297 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,528 | €15,540 | -€14,988 | -49.1% |
| Other operating charges | 640/8 | €2,407 | €4,369 | +€1,962 | +81.5% |
| Gross operating margin | 9900 | €157,958 | €502,621 | +€344,663 | +218.2% |
| Operating profit (loss) | 9901 | €85,252 | €431,644 | +€346,392 | +406.3% |
| Financial income | 75/76B | €8,243 | €99,256 | +€91,013 | +1104.1% |
| Recurring financial income | 75 | €8,243 | €99,256 | +€91,013 | +1104.1% |
| Financial charges | 65/66B | €11,910 | €15,630 | +€3,720 | +31.2% |
| Recurring financial charges | 65 | €11,910 | €15,630 | +€3,720 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €81,585 | €515,270 | +€433,685 | +531.6% |
| Income taxes | 67/77 | €26,438 | €165,408 | +€138,970 | +525.6% |
| Profit (loss) for the period | 9904 | €55,147 | €349,862 | +€294,715 | +534.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,147 | €349,862 | +€294,715 | +534.4% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.