KAGIVAN: 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.
KAGIVAN
Largest movements
- Cash +€302,214
up €302,214 (+129.5%), from €233,408 to €535,622
mainly Net result for the year (+€348,468) and Other debts (+€200,000)
- Tangible fixed assets -€19,502
down €19,502 (-28.6%), from €68,248 to €48,745
of which Land and buildings: -€15,491
- Receivables within one year +€17,158
up €17,158 (+103.0%), from €16,650 to €33,808
of which Other amounts receivable: +€15,895
- Other debts +€200,000
up €200,000 (+400.0%), from €50,000 to €250,000
- Reserves +€95,000
up €95,000 (+38.6%), from €246,158 to €341,158
of which Distributable reserves: +€95,000
- Gross operating margin +€289,617
up €289,617 (+143.3%), from €202,059 to €491,676
- Taxes +€89,352
up €89,352 (+267.0%), from €33,459 to €122,810
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,177 | €618,686 | +€298,510 | +93.2% |
| Fixed assets | 21/28 | €68,248 | €48,745 | -€19,502 | -28.6% |
| Tangible fixed assets | 22/27 | €68,248 | €48,745 | -€19,502 | -28.6% |
| Land and buildings | 22 | €52,521 | €37,030 | -€15,491 | -29.5% |
| Other tangible fixed assets | 26 | €15,726 | €11,715 | -€4,011 | -25.5% |
| Current assets | 29/58 | €251,929 | €569,941 | +€318,012 | +126.2% |
| Amounts receivable within one year | 40/41 | €16,650 | €33,808 | +€17,158 | +103.0% |
| Trade receivables | 40 | - | €1,262 | +€1,262 | |
| Other amounts receivable | 41 | €16,650 | €32,545 | +€15,895 | +95.5% |
| Cash at bank and in hand | 54/58 | €233,408 | €535,622 | +€302,214 | +129.5% |
| Deferred charges and accrued income | 490/1 | €1,871 | €511 | -€1,359 | -72.7% |
| Total equity and liabilities | 10/49 | €320,177 | €618,686 | +€298,510 | +93.2% |
| Equity | 10/15 | €269,628 | €368,096 | +€98,468 | +36.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €246,158 | €341,158 | +€95,000 | +38.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €244,299 | €339,299 | +€95,000 | +38.9% |
| Profit (loss) carried forward | 14 | €4,878 | €8,346 | +€3,468 | +71.1% |
| Amounts payable | 17/49 | €50,549 | €250,591 | +€200,042 | +395.7% |
| Amounts payable within one year | 42/48 | €50,549 | €250,591 | +€200,042 | +395.7% |
| Trade debts | 44 | €549 | €591 | +€42 | +7.6% |
| Suppliers | 440/4 | €549 | €591 | +€42 | +7.6% |
| Other amounts payable | 47/48 | €50,000 | €250,000 | +€200,000 | +400.0% |
| Non-recurring operating income | 76A | €194,726 | €493,121 | +€298,395 | +153.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,253 | €12,623 | -€4,630 | -26.8% |
| Other operating charges | 640/8 | €9,258 | €8,534 | -€725 | -7.8% |
| Gross operating margin | 9900 | €202,059 | €491,676 | +€289,617 | +143.3% |
| Operating profit (loss) | 9901 | €175,548 | €470,520 | +€294,972 | +168.0% |
| Financial income | 75/76B | €363 | €891 | +€528 | +145.5% |
| Recurring financial income | 75 | €363 | €891 | +€528 | +145.5% |
| Financial charges | 65/66B | €45 | €132 | +€87 | +193.0% |
| Recurring financial charges | 65 | €45 | €132 | +€87 | +193.0% |
| Profit (loss) for the period before taxes | 9903 | €175,866 | €471,278 | +€295,412 | +168.0% |
| Income taxes | 67/77 | €33,459 | €122,810 | +€89,352 | +267.0% |
| Profit (loss) for the period | 9904 | €142,407 | €348,468 | +€206,061 | +144.7% |
| Profit (loss) for the period to be appropriated | 9905 | €142,407 | €348,468 | +€206,061 | +144.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.