KAISER CONSTRUCT: what changed
Two fiscal 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
KAISER CONSTRUCT
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · €2.1m+€1.3m
Equity
€355,425
2024 · €358,678-€3,252
Cash
€1.4m
2024 · €1.6m-€218,727
Balance sheet total
€6.3m
2024 · €4.7m+€1.6m
Largest movements
Assets
- Receivables within one year +€1.7m
up €1.7m (+94.8%), from €1.8m to €3.5m
of which Trade receivables: +€1.7m
- Cash -€218,727
down €218,727 (-13.8%), from €1.6m to €1.4m
mainly Contributions, distributions and other (-€3.4m) and Receivables within one year (-€1.7m)
- Stocks and contracts +€142,711
up €142,711 (+24.3%), from €587,678 to €730,388
Equity and liabilities
- Other debts +€1.3m
up €1.3m (+57.7%), from €2.2m to €3.4m
- Tax, wage and social debts +€281,653
up €281,653 (+150.4%), from €187,304 to €468,957
of which Taxes: +€274,843
- Trade debts +€135,849
up €135,849 (+8.5%), from €1.6m to €1.7m
Income statement
- Gross operating margin +€2.0m
up €2.0m (+50.0%), from €4.1m to €6.1m
- Taxes +€452,682
up €452,682 (+62.4%), from €725,913 to €1.2m
- Staff costs +€209,425
up €209,425 (+17.7%), from €1.2m to €1.4m
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
€2.1m
Gross operating margin
+€2.0m
Staff costs
-€209,425
Depreciation
+€1,923
Other operating charges
-€912
Financial income
-€25,272
Financial charges
+€277
Taxes
-€452,682
Result 2025
€3.4m
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
+€3.3m
Investment
-€49,775
Financing
-€3.5m
Cash 2024
€1.6m
From operations (derived)
+€3.3m
Net result for the year
+€3.4m
Depreciation
+€81,797
Stocks and contracts
-€142,711
Receivables within one year
-€1.7m
Deferred charges and accrued income
-€1,180
Trade debts
+€135,849
Tax, wage and social debts
+€281,653
Other debts
+€1.3m
Investment (derived)
-€49,775
Investment in fixed assets (net)
-€49,775
Financing
-€3.5m
Debts after one year
-€38,814
Current portion of long-term debt
-€11,421
Contributions, distributions and other
-€3.4m
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,721,550 | €6,340,565 | +€1.6m | +34.3% |
| Fixed assets | 21/28 | €677,163 | €645,142 | -€32,021 | -4.7% |
| Intangible fixed assets | 21 | €623 | €210 | -€413 | -66.3% |
| Tangible fixed assets | 22/27 | €562,542 | €515,110 | -€47,432 | -8.4% |
| Land and buildings | 22 | €459,757 | €435,751 | -€24,006 | -5.2% |
| Plant, machinery and equipment | 23 | €7,861 | €6,262 | -€1,599 | -20.3% |
| Furniture and vehicles | 24 | €79,497 | €48,985 | -€30,513 | -38.4% |
| Leasing and similar rights | 25 | €15,427 | €24,112 | +€8,686 | +56.3% |
| Financial fixed assets | 28 | €113,999 | €129,822 | +€15,824 | +13.9% |
| Current assets | 29/58 | €4,044,387 | €5,695,424 | +€1.7m | +40.8% |
| Stocks and contracts in progress | 3 | €587,678 | €730,388 | +€142,711 | +24.3% |
| Contracts in progress | 37 | €587,678 | €730,388 | +€142,711 | +24.3% |
| Amounts receivable within one year | 40/41 | €1,820,923 | €3,546,796 | +€1.7m | +94.8% |
| Trade receivables | 40 | €1,672,451 | €3,419,611 | +€1.7m | +104.5% |
| Other amounts receivable | 41 | €148,471 | €127,185 | -€21,286 | -14.3% |
| Cash at bank and in hand | 54/58 | €1,588,885 | €1,370,158 | -€218,727 | -13.8% |
| Deferred charges and accrued income | 490/1 | €46,901 | €48,081 | +€1,180 | +2.5% |
| Total equity and liabilities | 10/49 | €4,721,550 | €6,340,565 | +€1.6m | +34.3% |
| Equity | 10/15 | €358,678 | €355,425 | -€3,252 | -0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €248,210 | €248,210 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,210 | €6,210 | = | 0.0% |
| Legal reserve | 130 | €6,210 | €6,210 | = | 0.0% |
| Distributable reserves | 133 | €242,000 | €242,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €804 | €448 | -€356 | -44.3% |
| Investment grants | 15 | €47,664 | €44,768 | -€2,896 | -6.1% |
| Amounts payable | 17/49 | €4,362,872 | €5,985,140 | +€1.6m | +37.2% |
| Amounts payable after more than one year | 17 | €331,203 | €292,389 | -€38,814 | -11.7% |
| Financial debts | 170/4 | €331,203 | €292,389 | -€38,814 | -11.7% |
| Amounts payable within one year | 42/48 | €4,031,670 | €5,692,751 | +€1.7m | +41.2% |
| Current portion of amounts payable after more than one year | 42 | €75,299 | €63,879 | -€11,421 | -15.2% |
| Trade debts | 44 | €1,594,023 | €1,729,872 | +€135,849 | +8.5% |
| Suppliers | 440/4 | €1,594,023 | €1,729,872 | +€135,849 | +8.5% |
| Taxes, remuneration and social security | 45 | €187,304 | €468,957 | +€281,653 | +150.4% |
| Taxes | 450/3 | €55,112 | €329,955 | +€274,843 | +498.7% |
| Remuneration and social security | 454/9 | €132,192 | €139,002 | +€6,810 | +5.2% |
| Other amounts payable | 47/48 | €2,175,043 | €3,430,043 | +€1.3m | +57.7% |
| Remuneration, social security and pensions | 62 | €1,182,206 | €1,391,632 | +€209,425 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,720 | €81,797 | -€1,923 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,718 | €8,630 | +€912 | +11.8% |
| Gross operating margin | 9900 | €4,052,800 | €6,077,559 | +€2.0m | +50.0% |
| Operating profit (loss) | 9901 | €2,779,156 | €4,595,500 | +€1.8m | +65.4% |
| Financial income | 75/76B | €50,352 | €25,081 | -€25,272 | -50.2% |
| Recurring financial income | 75 | €50,352 | €25,081 | -€25,272 | -50.2% |
| Financial charges | 65/66B | €12,619 | €12,342 | -€277 | -2.2% |
| Recurring financial charges | 65 | €12,619 | €12,342 | -€277 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €2,816,889 | €4,608,239 | +€1.8m | +63.6% |
| Income taxes | 67/77 | €725,913 | €1,178,595 | +€452,682 | +62.4% |
| Profit (loss) for the period | 9904 | €2,090,976 | €3,429,644 | +€1.3m | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,090,976 | €3,429,644 | +€1.3m | +64.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.