KAIKO: 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.
What changed
KAIKO
NACE 43.990, Other specialised construction activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€117,414
2024 · €88,649+€28,765
Equity
€554,862
2024 · €501,117+€53,745
Cash
€348,558
2024 · €174,116+€174,442
Balance sheet total
€4.0m
2024 · €3.5m+€472,742
Largest movements
Assets
- Stocks and contracts +€605,580
new in 2025: €605,580
- Tangible fixed assets -€271,034
down €271,034 (-8.7%), from €3.1m to €2.9m
of which Land and buildings: -€194,155
- Cash +€174,442
up €174,442 (+100.2%), from €174,116 to €348,558
mainly Debts after one year (+€347,106) and Depreciation (+€163,433)
Equity and liabilities
- Debts after one year +€347,106
up €347,106 (+13.1%), from €2.7m to €3.0m
- Reserves +€53,745
up €53,745 (+13.7%), from €390,945 to €444,690
of which Tax-exempt reserves: +€81,195
- Trade debts +€53,564
up €53,564 (+360.7%), from €14,849 to €68,413
Income statement
- Gross operating margin +€28,175
up €28,175 (+6.2%), from €456,976 to €485,151
- Other operating charges -€24,994
down €24,994 (-45.7%), from €54,702 to €29,708
- Taxes -€21,559
down €21,559 (-58.8%), from €36,696 to €15,137
- Financial charges +€17,867
up €17,867 (+21.8%), from €82,120 to €99,987
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.
Result 2024
€88,649
Gross operating margin
+€28,175
Staff costs
-€2,681
Depreciation
+€2,620
Other operating charges
+€24,994
Financial income
-€970
Financial charges
-€17,867
Taxes
+€21,559
Deferred taxes and other
-€27,065
Result 2025
€117,414
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.
From operations
-€232,130
Investment
+€107,601
Financing
+€298,971
Cash 2024
€174,116
From operations (derived)
-€232,130
Net result for the year
+€117,414
Depreciation
+€163,433
Receivables after one year
+€37,287
Stocks and contracts
-€605,580
Receivables within one year
-€33,033
Deferred charges and accrued income
+€31,992
Provisions
+€27,065
Trade debts
+€53,564
Tax, wage and social debts
-€36,687
Other debts
-€5,033
Accrued charges and deferred income
+€17,448
Investment (derived)
+€107,601
Investment in fixed assets (net)
+€107,601
Financing
+€298,971
Debts after one year
+€347,106
Current portion of long-term debt
+€16,005
Short-term financial debts
-€471
Contributions, distributions and other
-€63,669
Cash 2025
€348,558
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,537,127 | €4,009,869 | +€472,742 | +13.4% |
| Fixed assets | 21/28 | €3,130,275 | €2,859,241 | -€271,034 | -8.7% |
| Tangible fixed assets | 22/27 | €3,130,210 | €2,859,176 | -€271,034 | -8.7% |
| Land and buildings | 22 | €2,933,381 | €2,739,226 | -€194,155 | -6.6% |
| Plant, machinery and equipment | 23 | €124,603 | €65,535 | -€59,068 | -47.4% |
| Leasing and similar rights | 25 | €72,226 | €54,415 | -€17,811 | -24.7% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €406,852 | €1,150,628 | +€743,776 | +182.8% |
| Amounts receivable after more than one year | 29 | €71,099 | €33,812 | -€37,287 | -52.4% |
| Other amounts receivable | 291 | €71,099 | €33,812 | -€37,287 | -52.4% |
| Stocks and contracts in progress | 3 | - | €605,580 | +€605,580 | |
| Stocks | 30/36 | - | €605,580 | +€605,580 | |
| Amounts receivable within one year | 40/41 | €115,403 | €148,436 | +€33,033 | +28.6% |
| Trade receivables | 40 | €64,261 | €34,887 | -€29,374 | -45.7% |
| Other amounts receivable | 41 | €51,142 | €113,549 | +€62,407 | +122.0% |
| Current investments | 50/53 | €9,756 | €9,756 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €174,116 | €348,558 | +€174,442 | +100.2% |
| Deferred charges and accrued income | 490/1 | €36,478 | €4,486 | -€31,992 | -87.7% |
| Total equity and liabilities | 10/49 | €3,537,127 | €4,009,869 | +€472,742 | +13.4% |
| Equity | 10/15 | €501,117 | €554,862 | +€53,745 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €390,945 | €444,690 | +€53,745 | +13.7% |
| Tax-exempt reserves | 132 | - | €81,195 | +€81,195 | |
| Distributable reserves | 133 | €390,945 | €363,495 | -€27,450 | -7.0% |
| Profit (loss) carried forward | 14 | €91,572 | €91,572 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €27,065 | +€27,065 | |
| Deferred taxes | 168 | - | €27,065 | +€27,065 | |
| Amounts payable | 17/49 | €3,036,010 | €3,427,942 | +€391,932 | +12.9% |
| Amounts payable after more than one year | 17 | €2,654,211 | €3,001,317 | +€347,106 | +13.1% |
| Financial debts | 170/4 | €2,654,211 | €3,001,317 | +€347,106 | +13.1% |
| Amounts payable within one year | 42/48 | €378,846 | €406,224 | +€27,378 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €205,631 | €221,636 | +€16,005 | +7.8% |
| Financial debts | 43 | €471 | - | -€471 | |
| Credit institutions | 430/8 | €471 | - | -€471 | |
| Trade debts | 44 | €14,849 | €68,413 | +€53,564 | +360.7% |
| Suppliers | 440/4 | €14,849 | €68,413 | +€53,564 | +360.7% |
| Taxes, remuneration and social security | 45 | €55,654 | €18,967 | -€36,687 | -65.9% |
| Taxes | 450/3 | €41,723 | €11,021 | -€30,702 | -73.6% |
| Remuneration and social security | 454/9 | €13,931 | €7,946 | -€5,985 | -43.0% |
| Other amounts payable | 47/48 | €102,241 | €97,208 | -€5,033 | -4.9% |
| Accrued charges and deferred income | 492/3 | €2,953 | €20,401 | +€17,448 | +590.9% |
| Non-recurring operating income | 76A | €1,901 | €108,260 | +€106,359 | +5594.9% |
| Remuneration, social security and pensions | 62 | €31,994 | €34,675 | +€2,681 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,053 | €163,433 | -€2,620 | -1.6% |
| Other operating charges | 640/8 | €54,702 | €29,708 | -€24,994 | -45.7% |
| Gross operating margin | 9900 | €456,976 | €485,151 | +€28,175 | +6.2% |
| Operating profit (loss) | 9901 | €204,227 | €257,335 | +€53,108 | +26.0% |
| Financial income | 75/76B | €3,238 | €2,268 | -€970 | -30.0% |
| Recurring financial income | 75 | €3,238 | €2,268 | -€970 | -30.0% |
| Financial charges | 65/66B | €82,120 | €99,987 | +€17,867 | +21.8% |
| Recurring financial charges | 65 | €82,120 | €99,987 | +€17,867 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €125,345 | €159,616 | +€34,271 | +27.3% |
| Transfer to deferred taxes | 680 | - | €27,065 | +€27,065 | |
| Income taxes | 67/77 | €36,696 | €15,137 | -€21,559 | -58.8% |
| Profit (loss) for the period | 9904 | €88,649 | €117,414 | +€28,765 | +32.4% |
| Transfer to tax-exempt reserves | 689 | - | €81,195 | +€81,195 | |
| Profit (loss) for the period to be appropriated | 9905 | €88,649 | €36,219 | -€52,430 | -59.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.