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
- Cash +€70,490
up €70,490 (+26.3%), from €267,669 to €338,159
mainly Net result for the year (+€92,156) and Depreciation (+€23,570)
- Tangible fixed assets +€26,889
up €26,889 (+68.4%), from €39,309 to €66,198
of which Plant, machinery and equipment: +€23,252
- Receivables within one year +€15,914
up €15,914 (+129%), from €12,363 to €28,278
of which Trade receivables: +€10,829
- Reserves +€92,169
up €92,169 (+20.9%), from €441,886 to €534,055
of which Distributable reserves: +€104,756
- Other debts +€15,780
up €15,780 (+25.3%), from €62,392 to €78,172
- Gross operating margin -€17,541
down €17,541 (-10.5%), from €167,721 to €150,179
- Depreciation +€7,189
up €7,189 (+43.9%), from €16,380 to €23,570
- Taxes -€4,523
down €4,523 (-9.5%), from €47,400 to €42,876
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 | €641,862 | €752,032 | +€110,170 | +17.2% |
| Fixed assets | 21/28 | €39,349 | €66,198 | +€26,849 | +68.2% |
| Tangible fixed assets | 22/27 | €39,309 | €66,198 | +€26,889 | +68.4% |
| Plant, machinery and equipment | 23 | €11,626 | €34,878 | +€23,252 | +200% |
| Furniture and vehicles | 24 | €27,683 | €16,681 | -€11,002 | -39.7% |
| Other tangible fixed assets | 26 | - | €14,640 | +€14,640 | |
| Financial fixed assets | 28 | €40 | €0 | -€40 | -100% |
| Current assets | 29/58 | €602,514 | €685,834 | +€83,321 | +13.8% |
| Amounts receivable after more than one year | 29 | €310,000 | €310,000 | = | 0.0% |
| Other amounts receivable | 291 | €310,000 | €310,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,727 | €5,818 | -€909 | -13.5% |
| Stocks | 30/36 | €6,727 | €5,818 | -€909 | -13.5% |
| Amounts receivable within one year | 40/41 | €12,363 | €28,278 | +€15,914 | +129% |
| Trade receivables | 40 | €5,219 | €16,048 | +€10,829 | +207% |
| Other amounts receivable | 41 | €7,144 | €12,229 | +€5,085 | +71.2% |
| Cash at bank and in hand | 54/58 | €267,669 | €338,159 | +€70,490 | +26.3% |
| Deferred charges and accrued income | 490/1 | €5,754 | €3,580 | -€2,174 | -37.8% |
| Total equity and liabilities | 10/49 | €641,862 | €752,032 | +€110,170 | +17.2% |
| Equity | 10/15 | €516,942 | €609,098 | +€92,156 | +17.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €441,886 | €534,055 | +€92,169 | +20.9% |
| Tax-exempt reserves | 132 | €12,587 | €0 | -€12,587 | -100% |
| Distributable reserves | 133 | €429,299 | €534,055 | +€104,756 | +24.4% |
| Profit (loss) carried forward | 14 | €56 | €43 | -€13 | -22.8% |
| Amounts payable | 17/49 | €124,920 | €142,934 | +€18,014 | +14.4% |
| Amounts payable after more than one year | 17 | €8,071 | €635 | -€7,437 | -92.1% |
| Financial debts | 170/4 | €8,071 | €635 | -€7,437 | -92.1% |
| Amounts payable within one year | 42/48 | €116,643 | €142,266 | +€25,623 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €7,120 | €7,437 | +€317 | +4.5% |
| Financial debts | 43 | €13,836 | €17,193 | +€3,356 | +24.3% |
| Credit institutions | 430/8 | €13,836 | €17,193 | +€3,356 | +24.3% |
| Trade debts | 44 | €11,730 | €15,785 | +€4,055 | +34.6% |
| Suppliers | 440/4 | €11,730 | €15,785 | +€4,055 | +34.6% |
| Advances received on contracts in progress | 46 | €17,081 | €18,184 | +€1,103 | +6.5% |
| Taxes, remuneration and social security | 45 | €4,483 | €5,495 | +€1,011 | +22.6% |
| Taxes | 450/3 | €1,585 | €2,579 | +€994 | +62.7% |
| Remuneration and social security | 454/9 | €2,899 | €2,916 | +€17 | +0.6% |
| Other amounts payable | 47/48 | €62,392 | €78,172 | +€15,780 | +25.3% |
| Accrued charges and deferred income | 492/3 | €206 | €34 | -€172 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,380 | €23,570 | +€7,189 | +43.9% |
| Other operating charges | 640/8 | €2,240 | €2,303 | +€63 | +2.8% |
| Gross operating margin | 9900 | €167,721 | €150,179 | -€17,541 | -10.5% |
| Operating profit (loss) | 9901 | €149,101 | €124,307 | -€24,794 | -16.6% |
| Financial income | 75/76B | €14,311 | €15,154 | +€843 | +5.9% |
| Recurring financial income | 75 | €14,311 | €15,154 | +€843 | +5.9% |
| Financial charges | 65/66B | €3,156 | €4,429 | +€1,273 | +40.3% |
| Recurring financial charges | 65 | €3,156 | €4,429 | +€1,273 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €160,256 | €135,032 | -€25,223 | -15.7% |
| Income taxes | 67/77 | €47,400 | €42,876 | -€4,523 | -9.5% |
| Profit (loss) for the period | 9904 | €112,856 | €92,156 | -€20,700 | -18.3% |
| Transfer from tax-exempt reserves | 789 | - | €12,587 | +€12,587 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,856 | €104,743 | -€8,113 | -7.2% |
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 25 October 2026 via checked.be.