KAJ: 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.
KAJ
Largest movements
- Receivables within one year -€10,283
down €10,283 (-56.2%), from €18,293 to €8,011
of which Trade receivables: -€18,293
- Cash -€9,328
down €9,328 (-48.9%), from €19,080 to €9,752
mainly Trade debts (-€10,598) and Stocks and contracts (-€5,150)
- Stocks and contracts +€5,150
up €5,150 (+20.6%), from €24,953 to €30,103
- Tangible fixed assets -€2,291
down €2,291 (-100%), from €2,291 to €0
- Trade debts -€10,598
down €10,598 (-97.0%), from €10,931 to €333
- Reserves -€4,440
down €4,440 (-12.4%), from €35,848 to €31,408
of which Distributable reserves: -€4,440
- Other debts -€775
down €775 (-100%), from €775 to €0
- Gross operating margin -€19,575
down €19,575 (-72.5%), from €26,992 to €7,417
- Taxes -€1,401
down €1,401 (-90.5%), from €1,547 to €147
- Depreciation -€764
down €764 (-25.0%), from €3,054 to €2,291
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 | €69,734 | €53,422 | -€16,311 | -23.4% |
| Fixed assets | 21/28 | €7,091 | €5,044 | -€2,047 | -28.9% |
| Tangible fixed assets | 22/27 | €2,291 | €0 | -€2,291 | -100% |
| Furniture and vehicles | 24 | €2,291 | €0 | -€2,291 | -100% |
| Financial fixed assets | 28 | €4,800 | €5,044 | +€244 | +5.1% |
| Current assets | 29/58 | €62,643 | €48,379 | -€14,264 | -22.8% |
| Stocks and contracts in progress | 3 | €24,953 | €30,103 | +€5,150 | +20.6% |
| Stocks | 30/36 | €24,953 | €30,103 | +€5,150 | +20.6% |
| Amounts receivable within one year | 40/41 | €18,293 | €8,011 | -€10,283 | -56.2% |
| Trade receivables | 40 | €18,293 | €0 | -€18,293 | -100% |
| Other amounts receivable | 41 | - | €8,011 | +€8,011 | |
| Cash at bank and in hand | 54/58 | €19,080 | €9,752 | -€9,328 | -48.9% |
| Deferred charges and accrued income | 490/1 | €317 | €514 | +€197 | +61.9% |
| Total equity and liabilities | 10/49 | €69,734 | €53,422 | -€16,311 | -23.4% |
| Equity | 10/15 | €54,448 | €50,008 | -€4,440 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,848 | €31,408 | -€4,440 | -12.4% |
| Non-distributable reserves | 130/1 | €86 | €86 | = | 0.0% |
| Reserves not available under the articles | 1311 | €86 | €86 | = | 0.0% |
| Distributable reserves | 133 | €35,762 | €31,322 | -€4,440 | -12.4% |
| Amounts payable | 17/49 | €15,286 | €3,414 | -€11,871 | -77.7% |
| Amounts payable within one year | 42/48 | €15,286 | €3,367 | -€11,919 | -78.0% |
| Trade debts | 44 | €10,931 | €333 | -€10,598 | -97.0% |
| Suppliers | 440/4 | €10,931 | €333 | -€10,598 | -97.0% |
| Taxes, remuneration and social security | 45 | €3,580 | €3,034 | -€546 | -15.2% |
| Taxes | 450/3 | €3,580 | €3,034 | -€546 | -15.2% |
| Other amounts payable | 47/48 | €775 | €0 | -€775 | -100% |
| Accrued charges and deferred income | 492/3 | - | €48 | +€48 | |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,054 | €2,291 | -€764 | -25.0% |
| Other operating charges | 640/8 | €6,525 | €6,459 | -€67 | -1.0% |
| Gross operating margin | 9900 | €26,992 | €7,417 | -€19,575 | -72.5% |
| Operating profit (loss) | 9901 | €17,412 | -€1,333 | -€18,745 | |
| Financial income | 75/76B | €1 | €197 | +€196 | +19,359% |
| Recurring financial income | 75 | €1 | €197 | +€196 | +19,359% |
| Financial charges | 65/66B | €3,107 | €3,157 | +€49 | +1.6% |
| Recurring financial charges | 65 | €3,107 | €3,157 | +€49 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €14,306 | -€4,293 | -€18,599 | |
| Income taxes | 67/77 | €1,547 | €147 | -€1,401 | -90.5% |
| Profit (loss) for the period | 9904 | €12,758 | -€4,440 | -€17,198 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,758 | -€4,440 | -€17,198 |
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 14 October 2026 via checked.be.