KAINA'M: 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.
KAINA'M
Largest movements
- Tangible fixed assets -€256,581
down €256,581 (-15.2%), from €1.7m to €1.4m
of which Land and buildings: -€244,466
- Stocks and contracts -€144,955
down €144,955 (-21.9%), from €661,803 to €516,848
- Cash +€84,098
up €84,098 (+27.4%), from €306,964 to €391,062
mainly Depreciation (+€256,561) and Stocks and contracts (+€144,955)
- Receivables within one year -€28,252
down €28,252 (-35.2%), from €80,249 to €51,998
of which Other amounts receivable: -€14,706
- Reserves -€245,840
down €245,840 (-21.2%), from €1.2m to €913,060
- Debts after one year -€219,000
down €219,000 (-33.1%), from €662,166 to €443,166
- Trade debts +€78,869
up €78,869 (+44.8%), from €175,940 to €254,809
- Other debts +€50,381
up €50,381 (+12.1%), from €415,205 to €465,586
- Gross operating margin -€358,987
down €358,987 (-40.3%), from €891,715 to €532,728
- Staff costs -€58,996
down €58,996 (-10.8%), from €547,160 to €488,164
- Depreciation -€18,888
down €18,888 (-6.9%), from €275,449 to €256,561
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 | €2,763,358 | €2,426,339 | -€337,019 | -12.2% |
| Fixed assets | 21/28 | €1,686,480 | €1,429,899 | -€256,581 | -15.2% |
| Tangible fixed assets | 22/27 | €1,686,280 | €1,429,699 | -€256,581 | -15.2% |
| Land and buildings | 22 | €1,659,959 | €1,415,494 | -€244,466 | -14.7% |
| Plant, machinery and equipment | 23 | €5,337 | €3,347 | -€1,991 | -37.3% |
| Furniture and vehicles | 24 | €20,785 | €10,858 | -€9,927 | -47.8% |
| Other tangible fixed assets | 26 | €198 | €0 | -€198 | -100% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,076,878 | €996,440 | -€80,438 | -7.5% |
| Stocks and contracts in progress | 3 | €661,803 | €516,848 | -€144,955 | -21.9% |
| Stocks | 30/36 | €661,803 | €516,848 | -€144,955 | -21.9% |
| Amounts receivable within one year | 40/41 | €80,249 | €51,998 | -€28,252 | -35.2% |
| Trade receivables | 40 | €19,978 | €6,432 | -€13,546 | -67.8% |
| Other amounts receivable | 41 | €60,272 | €45,566 | -€14,706 | -24.4% |
| Current investments | 50/53 | €9,000 | €20,000 | +€11,000 | +122% |
| Cash at bank and in hand | 54/58 | €306,964 | €391,062 | +€84,098 | +27.4% |
| Deferred charges and accrued income | 490/1 | €18,862 | €16,532 | -€2,330 | -12.4% |
| Total equity and liabilities | 10/49 | €2,763,358 | €2,426,339 | -€337,019 | -12.2% |
| Equity | 10/15 | €1,177,899 | €932,060 | -€245,840 | -20.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,158,899 | €913,060 | -€245,840 | -21.2% |
| Distributable reserves | 133 | €1,158,899 | €913,060 | -€245,840 | -21.2% |
| Amounts payable | 17/49 | €1,585,459 | €1,494,279 | -€91,180 | -5.8% |
| Amounts payable after more than one year | 17 | €662,166 | €443,166 | -€219,000 | -33.1% |
| Financial debts | 170/4 | €662,166 | €443,166 | -€219,000 | -33.1% |
| Amounts payable within one year | 42/48 | €888,478 | €1,027,295 | +€138,816 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €244,000 | €219,000 | -€25,000 | -10.2% |
| Financial debts | 43 | - | €9,211 | +€9,211 | |
| Credit institutions | 430/8 | - | €9,211 | +€9,211 | |
| Trade debts | 44 | €175,940 | €254,809 | +€78,869 | +44.8% |
| Suppliers | 440/4 | €175,940 | €254,809 | +€78,869 | +44.8% |
| Taxes, remuneration and social security | 45 | €53,334 | €78,689 | +€25,355 | +47.5% |
| Taxes | 450/3 | €1,760 | €37,366 | +€35,606 | +2,024% |
| Remuneration and social security | 454/9 | €51,574 | €41,323 | -€10,251 | -19.9% |
| Other amounts payable | 47/48 | €415,205 | €465,586 | +€50,381 | +12.1% |
| Accrued charges and deferred income | 492/3 | €34,814 | €23,818 | -€10,996 | -31.6% |
| Remuneration, social security and pensions | 62 | €547,160 | €488,164 | -€58,996 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,449 | €256,561 | -€18,888 | -6.9% |
| Other operating charges | 640/8 | €23,392 | €20,357 | -€3,035 | -13.0% |
| Non-recurring operating charges | 66A | - | €20 | +€20 | |
| Gross operating margin | 9900 | €891,715 | €532,728 | -€358,987 | -40.3% |
| Operating profit (loss) | 9901 | €45,714 | -€232,375 | -€278,088 | |
| Financial income | 75/76B | €19,589 | €26,012 | +€6,423 | +32.8% |
| Recurring financial income | 75 | €19,589 | €26,012 | +€6,423 | +32.8% |
| Financial charges | 65/66B | €40,675 | €40,174 | -€501 | -1.2% |
| Recurring financial charges | 65 | €40,675 | €40,174 | -€501 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €24,627 | -€246,537 | -€271,165 | |
| Income taxes | 67/77 | €1,223 | -€698 | -€1,921 | |
| Profit (loss) for the period | 9904 | €23,404 | -€245,840 | -€269,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,404 | -€245,840 | -€269,243 |
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 24 October 2026 via checked.be.