KAJAN: 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.
KAJAN
Largest movements
- Receivables within one year -€80,000
no longer reported in 2026 (was €80,000)
- Receivables after one year +€19,270
up €19,270 (+4.1%), from €474,911 to €494,181
- Intangible fixed assets -€9,713
down €9,713 (-10.1%), from €96,329 to €86,616
- Profit (loss) carried forward -€62,700
down €62,700 (-66.1%), from €94,927 to €32,226
- Trade debts -€61,035
down €61,035 (-75.8%), from €80,529 to €19,494
- Short-term financial debts +€38,908
new in 2026: €38,908
- Debts after one year +€15,463
up €15,463 (+13.4%), from €115,393 to €130,856
- Tax, wage and social debts -€14,330
down €14,330 (-56.5%), from €25,352 to €11,022
of which Remuneration and social security: -€16,600
- Gross operating margin -€253,161
down €253,161, from €221,325 to -€31,836
- Staff costs -€56,002
down €56,002 (-82.8%), from €67,655 to €11,654
- Other operating charges -€24,351
down €24,351 (-92.2%), from €26,400 to €2,049
- Depreciation +€12,951
up €12,951 (+317%), from €4,087 to €17,039
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €705,622 | €622,812 | -€82,811 | -11.7% |
| Fixed assets | 21/28 | €122,533 | €109,420 | -€13,113 | -10.7% |
| Intangible fixed assets | 21 | €96,329 | €86,616 | -€9,713 | -10.1% |
| Tangible fixed assets | 22/27 | €26,154 | €22,754 | -€3,400 | -13.0% |
| Plant, machinery and equipment | 23 | €20,529 | €19,324 | -€1,206 | -5.9% |
| Furniture and vehicles | 24 | €5,625 | €3,430 | -€2,195 | -39.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €583,089 | €513,391 | -€69,698 | -12.0% |
| Amounts receivable after more than one year | 29 | €474,911 | €494,181 | +€19,270 | +4.1% |
| Other amounts receivable | 291 | €474,911 | €494,181 | +€19,270 | +4.1% |
| Stocks and contracts in progress | 3 | €9,974 | €7,883 | -€2,091 | -21.0% |
| Stocks | 30/36 | €9,974 | €7,883 | -€2,091 | -21.0% |
| Amounts receivable within one year | 40/41 | €80,000 | - | -€80,000 | |
| Trade receivables | 40 | €80,000 | - | -€80,000 | |
| Cash at bank and in hand | 54/58 | €14,412 | €8,920 | -€5,492 | -38.1% |
| Deferred charges and accrued income | 490/1 | €3,792 | €2,408 | -€1,384 | -36.5% |
| Total equity and liabilities | 10/49 | €705,622 | €622,812 | -€82,811 | -11.7% |
| Equity | 10/15 | €459,655 | €396,955 | -€62,700 | -13.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €346,179 | €346,179 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €802 | €802 | = | 0.0% |
| Distributable reserves | 133 | €343,522 | €343,522 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,927 | €32,226 | -€62,700 | -66.1% |
| Amounts payable | 17/49 | €245,967 | €225,857 | -€20,110 | -8.2% |
| Amounts payable after more than one year | 17 | €115,393 | €130,856 | +€15,463 | +13.4% |
| Financial debts | 170/4 | €115,393 | €130,856 | +€15,463 | +13.4% |
| Amounts payable within one year | 42/48 | €130,574 | €95,000 | -€35,574 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €19,693 | €19,322 | -€371 | -1.9% |
| Financial debts | 43 | - | €38,908 | +€38,908 | |
| Credit institutions | 430/8 | - | €38,908 | +€38,908 | |
| Trade debts | 44 | €80,529 | €19,494 | -€61,035 | -75.8% |
| Suppliers | 440/4 | €80,529 | €19,494 | -€61,035 | -75.8% |
| Taxes, remuneration and social security | 45 | €25,352 | €11,022 | -€14,330 | -56.5% |
| Taxes | 450/3 | €3,457 | €5,727 | +€2,270 | +65.7% |
| Remuneration and social security | 454/9 | €21,895 | €5,295 | -€16,600 | -75.8% |
| Other amounts payable | 47/48 | €5,000 | €6,255 | +€1,255 | +25.1% |
| Remuneration, social security and pensions | 62 | €67,655 | €11,654 | -€56,002 | -82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,087 | €17,039 | +€12,951 | +317% |
| Other operating charges | 640/8 | €26,400 | €2,049 | -€24,351 | -92.2% |
| Gross operating margin | 9900 | €221,325 | -€31,836 | -€253,161 | |
| Operating profit (loss) | 9901 | €123,183 | -€62,577 | -€185,759 | |
| Financial income | 75/76B | €13,970 | €14,446 | +€476 | +3.4% |
| Recurring financial income | 75 | €13,970 | €14,446 | +€476 | +3.4% |
| Financial charges | 65/66B | €14,332 | €14,570 | +€238 | +1.7% |
| Recurring financial charges | 65 | €14,332 | €14,570 | +€238 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €122,821 | -€62,700 | -€185,521 | |
| Income taxes | 67/77 | €121 | - | -€121 | |
| Profit (loss) for the period | 9904 | €122,700 | -€62,700 | -€185,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €122,700 | -€62,700 | -€185,400 |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.