KAHUNA: 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.
KAHUNA
Largest movements
- Receivables within one year -€394,516
down €394,516 (-75.0%), from €525,937 to €131,421
- Receivables after one year +€274,637
up €274,637 (+67.7%), from €405,869 to €680,506
- Deferred charges and accrued income -€245,501
down €245,501 (-92.5%), from €265,393 to €19,892
- Cash +€140,606
up €140,606 (+170%), from €82,608 to €223,214
mainly Receivables within one year (+€394,516) and Deferred charges and accrued income (+€245,501)
- Tangible fixed assets -€48,119
down €48,119 (-3.2%), from €1.5m to €1.5m
of which Land and buildings: -€28,816
- Other debts -€292,443
down €292,443 (-97.9%), from €298,684 to €6,241
- Reserves +€91,628
up €91,628 (+5.9%), from €1.6m to €1.6m
- Debts after one year -€48,442
down €48,442 (-11.4%), from €424,318 to €375,876
- Trade debts -€47,294
down €47,294 (-23.0%), from €205,252 to €157,958
- Current portion of long-term debt +€33,348
up €33,348 (+12.9%), from €259,094 to €292,442
- Gross operating margin -€145,178
down €145,178 (-39.8%), from €364,823 to €219,645
- Taxes -€48,963
down €48,963 (-56.0%), from €87,358 to €38,395
- Financial income +€9,535
up €9,535 (+51.5%), from €18,531 to €28,066
- Staff costs +€8,864
up €8,864 (+317%), from €2,796 to €11,659
- Depreciation +€6,746
up €6,746 (+13.6%), from €49,472 to €56,218
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 | €2,789,972 | €2,517,129 | -€272,843 | -9.8% |
| Fixed assets | 21/28 | €1,509,542 | €1,461,473 | -€48,069 | -3.2% |
| Tangible fixed assets | 22/27 | €1,509,542 | €1,461,423 | -€48,119 | -3.2% |
| Land and buildings | 22 | €1,310,183 | €1,281,368 | -€28,816 | -2.2% |
| Plant, machinery and equipment | 23 | €9,234 | €7,518 | -€1,716 | -18.6% |
| Furniture and vehicles | 24 | €5,480 | €11,555 | +€6,075 | +111% |
| Other tangible fixed assets | 26 | €184,645 | €160,983 | -€23,662 | -12.8% |
| Financial fixed assets | 28 | - | €50 | +€50 | |
| Current assets | 29/58 | €1,280,430 | €1,055,656 | -€224,774 | -17.6% |
| Amounts receivable after more than one year | 29 | €405,869 | €680,506 | +€274,637 | +67.7% |
| Other amounts receivable | 291 | €405,869 | €680,506 | +€274,637 | +67.7% |
| Amounts receivable within one year | 40/41 | €525,937 | €131,421 | -€394,516 | -75.0% |
| Other amounts receivable | 41 | €525,937 | €131,421 | -€394,516 | -75.0% |
| Current investments | 50/53 | €622 | €622 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €82,608 | €223,214 | +€140,606 | +170% |
| Deferred charges and accrued income | 490/1 | €265,393 | €19,892 | -€245,501 | -92.5% |
| Total equity and liabilities | 10/49 | €2,789,972 | €2,517,129 | -€272,843 | -9.8% |
| Equity | 10/15 | €1,572,687 | €1,664,315 | +€91,628 | +5.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,554,095 | €1,645,723 | +€91,628 | +5.9% |
| Distributable reserves | 133 | €1,554,095 | €1,645,723 | +€91,628 | +5.9% |
| Amounts payable | 17/49 | €1,217,285 | €852,814 | -€364,471 | -29.9% |
| Amounts payable after more than one year | 17 | €424,318 | €375,876 | -€48,442 | -11.4% |
| Financial debts | 170/4 | €424,318 | €375,876 | -€48,442 | -11.4% |
| Amounts payable within one year | 42/48 | €786,967 | €470,937 | -€316,029 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €259,094 | €292,442 | +€33,348 | +12.9% |
| Trade debts | 44 | €205,252 | €157,958 | -€47,294 | -23.0% |
| Suppliers | 440/4 | €205,252 | €157,958 | -€47,294 | -23.0% |
| Taxes, remuneration and social security | 45 | €23,937 | €14,297 | -€9,640 | -40.3% |
| Taxes | 450/3 | €22,927 | €13,245 | -€9,682 | -42.2% |
| Remuneration and social security | 454/9 | €1,010 | €1,052 | +€42 | +4.2% |
| Other amounts payable | 47/48 | €298,684 | €6,241 | -€292,443 | -97.9% |
| Accrued charges and deferred income | 492/3 | €6,000 | €6,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,796 | €11,659 | +€8,864 | +317% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,472 | €56,218 | +€6,746 | +13.6% |
| Other operating charges | 640/8 | €19,610 | €18,025 | -€1,584 | -8.1% |
| Gross operating margin | 9900 | €364,823 | €219,645 | -€145,178 | -39.8% |
| Operating profit (loss) | 9901 | €292,945 | €133,743 | -€159,202 | -54.3% |
| Financial income | 75/76B | €18,531 | €28,066 | +€9,535 | +51.5% |
| Recurring financial income | 75 | €18,531 | €28,066 | +€9,535 | +51.5% |
| Financial charges | 65/66B | €28,864 | €30,953 | +€2,089 | +7.2% |
| Recurring financial charges | 65 | €28,864 | €30,953 | +€2,089 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €282,613 | €130,856 | -€151,757 | -53.7% |
| Income taxes | 67/77 | €87,358 | €38,395 | -€48,963 | -56.0% |
| Profit (loss) for the period | 9904 | €195,255 | €92,461 | -€102,794 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €195,255 | €92,461 | -€102,794 | -52.6% |
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 21 October 2026 via checked.be.