KAGO: 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.
KAGO
Largest movements
- Cash +€6,251
up €6,251 (+15.4%), from €40,467 to €46,718
mainly Trade debts (+€10,874) and Depreciation (+€4,228)
- Tangible fixed assets -€4,228
down €4,228 (-23.9%), from €17,698 to €13,470
- Stocks and contracts +€993
up €993 (+33.0%), from €3,008 to €4,001
- Deferred charges and accrued income -€914
no longer reported in 2025 (was €914)
- Trade debts +€10,874
up €10,874 (+230%), from €4,736 to €15,610
- Tax, wage and social debts -€5,354
down €5,354 (-32.8%), from €16,317 to €10,963
of which Taxes: -€3,492
- Other debts -€5,151
down €5,151 (-17.5%), from €29,421 to €24,271
- Reserves +€2,002
up €2,002 (+17.2%), from €11,675 to €13,677
of which Distributable reserves: +€2,002
- Staff costs -€18,216
down €18,216 (-30.0%), from €60,650 to €42,434
- Financial charges +€17,881
up €17,881 (+11,071%), from €162 to €18,043
- Gross operating margin +€6,324
up €6,324 (+9.9%), from €63,805 to €70,129
- Depreciation +€3,702
up €3,702 (+705%), from €525 to €4,228
- Other operating charges +€1,248
up €1,248 (+83.3%), from €1,497 to €2,746
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.
Derived cash bridge
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 | €69,787 | €72,160 | +€2,372 | +3.4% |
| Fixed assets | 21/28 | €24,148 | €19,920 | -€4,228 | -17.5% |
| Tangible fixed assets | 22/27 | €17,698 | €13,470 | -€4,228 | -23.9% |
| Plant, machinery and equipment | 23 | €17,698 | €13,470 | -€4,228 | -23.9% |
| Financial fixed assets | 28 | €6,450 | €6,450 | = | 0.0% |
| Current assets | 29/58 | €45,640 | €52,240 | +€6,600 | +14.5% |
| Stocks and contracts in progress | 3 | €3,008 | €4,001 | +€993 | +33.0% |
| Stocks | 30/36 | €3,008 | €4,001 | +€993 | +33.0% |
| Amounts receivable within one year | 40/41 | €1,251 | €1,521 | +€270 | +21.6% |
| Trade receivables | 40 | €1,039 | €1,092 | +€54 | +5.2% |
| Other amounts receivable | 41 | €212 | €428 | +€217 | +102% |
| Cash at bank and in hand | 54/58 | €40,467 | €46,718 | +€6,251 | +15.4% |
| Deferred charges and accrued income | 490/1 | €914 | - | -€914 | |
| Total equity and liabilities | 10/49 | €69,787 | €72,160 | +€2,372 | +3.4% |
| Equity | 10/15 | €19,313 | €21,315 | +€2,002 | +10.4% |
| Contributions | 10/11 | €7,610 | €7,610 | = | 0.0% |
| Reserves | 13 | €11,675 | €13,677 | +€2,002 | +17.2% |
| Non-distributable reserves | 130/1 | €1,862 | €1,862 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,862 | €1,862 | = | 0.0% |
| Distributable reserves | 133 | €9,813 | €11,816 | +€2,002 | +20.4% |
| Profit (loss) carried forward | 14 | €28 | €28 | = | 0.0% |
| Amounts payable | 17/49 | €50,474 | €50,844 | +€370 | +0.7% |
| Amounts payable within one year | 42/48 | €50,474 | €50,844 | +€370 | +0.7% |
| Trade debts | 44 | €4,736 | €15,610 | +€10,874 | +230% |
| Suppliers | 440/4 | €4,736 | €15,610 | +€10,874 | +230% |
| Taxes, remuneration and social security | 45 | €16,317 | €10,963 | -€5,354 | -32.8% |
| Taxes | 450/3 | €10,989 | €7,497 | -€3,492 | -31.8% |
| Remuneration and social security | 454/9 | €5,328 | €3,466 | -€1,862 | -34.9% |
| Other amounts payable | 47/48 | €29,421 | €24,271 | -€5,151 | -17.5% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €60,650 | €42,434 | -€18,216 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525 | €4,228 | +€3,702 | +705% |
| Other operating charges | 640/8 | €1,497 | €2,746 | +€1,248 | +83.3% |
| Gross operating margin | 9900 | €63,805 | €70,129 | +€6,324 | +9.9% |
| Operating profit (loss) | 9901 | €1,132 | €20,722 | +€19,590 | +1,731% |
| Financial income | 75/76B | €210 | €87 | -€122 | -58.4% |
| Recurring financial income | 75 | €210 | €87 | -€122 | -58.4% |
| Financial charges | 65/66B | €162 | €18,043 | +€17,881 | +11,071% |
| Recurring financial charges | 65 | €162 | €18,043 | +€17,881 | +11,071% |
| Profit (loss) for the period before taxes | 9903 | €1,180 | €2,766 | +€1,586 | +134% |
| Income taxes | 67/77 | €451 | €764 | +€313 | +69.3% |
| Profit (loss) for the period | 9904 | €729 | €2,002 | +€1,274 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €729 | €2,002 | +€1,274 | +175% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.