KAGEFIN: 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.
KAGEFIN
Largest movements
- Current investments -€213,904
no longer reported in 2025 (was €213,904)
- Financial fixed assets +€100,000
up €100,000 (+100.0%), from €100,000 to €200,000
- Cash +€29,154
up €29,154 (+813.5%), from €3,584 to €32,738
mainly Current investments (+€213,904) and Net result for the year (+€100,802)
- Tangible fixed assets -€20,690
down €20,690 (-34.0%), from €60,845 to €40,155
- Receivables within one year -€12,013
down €12,013 (-9.3%), from €128,650 to €116,637
- Profit (loss) carried forward -€142,499
no longer reported in 2025 (was €142,499)
- Other debts +€77,027
up €77,027 (+154.1%), from €50,000 to €127,027
- Tax, wage and social debts -€29,613
down €29,613 (-49.7%), from €59,541 to €29,928
- Debts after one year -€28,163
down €28,163 (-20.9%), from €134,610 to €106,447
- Gross operating margin +€7,393
up €7,393 (+4.8%), from €154,043 to €161,436
- Taxes +€6,775
up €6,775 (+24.1%), from €28,089 to €34,864
- Other operating charges -€5,041
down €5,041 (-83.4%), from €6,041 to €1,000
- Financial income -€2,660
down €2,660 (-65.6%), from €4,054 to €1,394
- Depreciation +€1,620
up €1,620 (+8.5%), from €19,070 to €20,690
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 | €507,372 | €389,891 | -€117,481 | -23.2% |
| Fixed assets | 21/28 | €160,845 | €240,155 | +€79,310 | +49.3% |
| Tangible fixed assets | 22/27 | €60,845 | €40,155 | -€20,690 | -34.0% |
| Furniture and vehicles | 24 | €60,845 | €40,155 | -€20,690 | -34.0% |
| Financial fixed assets | 28 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Current assets | 29/58 | €346,528 | €149,736 | -€196,791 | -56.8% |
| Amounts receivable within one year | 40/41 | €128,650 | €116,637 | -€12,013 | -9.3% |
| Other amounts receivable | 41 | €128,650 | €116,637 | -€12,013 | -9.3% |
| Current investments | 50/53 | €213,904 | - | -€213,904 | |
| Cash at bank and in hand | 54/58 | €3,584 | €32,738 | +€29,154 | +813.5% |
| Deferred charges and accrued income | 490/1 | €391 | €361 | -€30 | -7.6% |
| Total equity and liabilities | 10/49 | €507,372 | €389,891 | -€117,481 | -23.2% |
| Equity | 10/15 | €232,622 | €90,123 | -€142,499 | -61.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €85,123 | €85,123 | = | 0.0% |
| Distributable reserves | 133 | €85,123 | €85,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,499 | - | -€142,499 | |
| Amounts payable | 17/49 | €274,751 | €299,768 | +€25,018 | +9.1% |
| Amounts payable after more than one year | 17 | €134,610 | €106,447 | -€28,163 | -20.9% |
| Financial debts | 170/4 | €134,610 | €106,447 | -€28,163 | -20.9% |
| Amounts payable within one year | 42/48 | €140,141 | €193,321 | +€53,180 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €27,391 | €31,676 | +€4,285 | +15.6% |
| Trade debts | 44 | €3,209 | €4,691 | +€1,482 | +46.2% |
| Suppliers | 440/4 | €3,209 | €4,691 | +€1,482 | +46.2% |
| Taxes, remuneration and social security | 45 | €59,541 | €29,928 | -€29,613 | -49.7% |
| Taxes | 450/3 | €59,541 | €29,928 | -€29,613 | -49.7% |
| Other amounts payable | 47/48 | €50,000 | €127,027 | +€77,027 | +154.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,070 | €20,690 | +€1,620 | +8.5% |
| Other operating charges | 640/8 | €6,041 | €1,000 | -€5,041 | -83.4% |
| Gross operating margin | 9900 | €154,043 | €161,436 | +€7,393 | +4.8% |
| Operating profit (loss) | 9901 | €128,931 | €139,746 | +€10,814 | +8.4% |
| Financial income | 75/76B | €4,054 | €1,394 | -€2,660 | -65.6% |
| Recurring financial income | 75 | €4,054 | €1,394 | -€2,660 | -65.6% |
| Financial charges | 65/66B | €4,265 | €5,473 | +€1,208 | +28.3% |
| Recurring financial charges | 65 | €4,265 | €5,473 | +€1,208 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €128,720 | €135,666 | +€6,946 | +5.4% |
| Income taxes | 67/77 | €28,089 | €34,864 | +€6,775 | +24.1% |
| Profit (loss) for the period | 9904 | €100,632 | €100,802 | +€171 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,632 | €100,802 | +€171 | +0.2% |
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 2 October 2026 via checked.be.