KAGABO: 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.
KAGABO
Largest movements
- Tangible fixed assets +€104,696
up €104,696 (+17.8%), from €589,635 to €694,330
- Other debts +€112,724
up €112,724 (+733.4%), from €15,369 to €128,093
- Debts after one year -€19,468
down €19,468 (-5.1%), from €384,414 to €364,945
- Reserves +€17,031
up €17,031 (+11.9%), from €142,813 to €159,844
of which Distributable reserves: +€17,031
- Gross operating margin -€10,928
down €10,928 (-12.8%), from €85,400 to €74,472
- Depreciation +€8,593
up €8,593 (+48.5%), from €17,701 to €26,294
- Financial charges +€8,279
up €8,279 (+92.0%), from €8,996 to €17,275
- Other operating charges +€2,399
up €2,399 (+66.4%), from €3,612 to €6,011
- Taxes +€1,325
up €1,325 (+20.3%), from €6,536 to €7,861
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 | €605,510 | €709,108 | +€103,598 | +17.1% |
| Fixed assets | 21/28 | €589,635 | €694,330 | +€104,696 | +17.8% |
| Tangible fixed assets | 22/27 | €589,635 | €694,330 | +€104,696 | +17.8% |
| Land and buildings | 22 | €589,635 | €694,330 | +€104,696 | +17.8% |
| Current assets | 29/58 | €15,875 | €14,777 | -€1,098 | -6.9% |
| Amounts receivable within one year | 40/41 | €8,874 | €10,064 | +€1,190 | +13.4% |
| Trade receivables | 40 | €410 | €425 | +€15 | +3.7% |
| Other amounts receivable | 41 | €8,464 | €9,639 | +€1,175 | +13.9% |
| Cash at bank and in hand | 54/58 | €5,762 | €3,795 | -€1,967 | -34.1% |
| Deferred charges and accrued income | 490/1 | €1,240 | €918 | -€321 | -25.9% |
| Total equity and liabilities | 10/49 | €605,510 | €709,108 | +€103,598 | +17.1% |
| Equity | 10/15 | €161,413 | €178,444 | +€17,031 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,813 | €159,844 | +€17,031 | +11.9% |
| 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 | €140,953 | €157,984 | +€17,031 | +12.1% |
| Amounts payable | 17/49 | €444,097 | €530,664 | +€86,567 | +19.5% |
| Amounts payable after more than one year | 17 | €384,414 | €364,945 | -€19,468 | -5.1% |
| Financial debts | 170/4 | €384,414 | €364,945 | -€19,468 | -5.1% |
| Amounts payable within one year | 42/48 | €59,683 | €165,718 | +€106,035 | +177.7% |
| Current portion of amounts payable after more than one year | 42 | €35,528 | €32,533 | -€2,995 | -8.4% |
| Financial debts | 43 | €5,108 | €5,092 | -€16 | -0.3% |
| Credit institutions | 430/8 | €5,108 | €5,092 | -€16 | -0.3% |
| Trade debts | 44 | €2,172 | - | -€2,172 | |
| Suppliers | 440/4 | €2,172 | - | -€2,172 | |
| Taxes, remuneration and social security | 45 | €1,506 | - | -€1,506 | |
| Taxes | 450/3 | €1,506 | - | -€1,506 | |
| Other amounts payable | 47/48 | €15,369 | €128,093 | +€112,724 | +733.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,701 | €26,294 | +€8,593 | +48.5% |
| Other operating charges | 640/8 | €3,612 | €6,011 | +€2,399 | +66.4% |
| Non-recurring operating charges | 66A | €31,125 | - | -€31,125 | |
| Gross operating margin | 9900 | €85,400 | €74,472 | -€10,928 | -12.8% |
| Operating profit (loss) | 9901 | €32,962 | €42,167 | +€9,206 | +27.9% |
| Financial charges | 65/66B | €8,996 | €17,275 | +€8,279 | +92.0% |
| Recurring financial charges | 65 | €8,996 | €17,275 | +€8,279 | +92.0% |
| Profit (loss) for the period before taxes | 9903 | €23,966 | €24,892 | +€926 | +3.9% |
| Income taxes | 67/77 | €6,536 | €7,861 | +€1,325 | +20.3% |
| Profit (loss) for the period | 9904 | €17,429 | €17,031 | -€399 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,429 | €17,031 | -€399 | -2.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.