KAJO: 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.
KAJO
Largest movements
- Receivables within one year +€26,376
up €26,376 (+41.7%), from €63,183 to €89,559
of which Other amounts receivable: +€30,258
- Cash +€11,452
up €11,452 (+69,449%), from €16 to €11,469
- Tangible fixed assets +€2,921
new in 2025: €2,921
of which Plant, machinery and equipment: +€1,736
- Reserves +€45,551
up €45,551 (+92.9%), from €49,011 to €94,561
- Tax, wage and social debts -€4,802
down €4,802 (-41.1%), from €11,689 to €6,887
- Gross operating margin -€57,440
down €57,440, from €53,237 to -€4,203
- Taxes -€11,266
no longer reported in 2025 (was €11,266)
- Financial income -€2,058
down €2,058 (-64.0%), from €3,217 to €1,159
- Other operating charges +€1,146
new in 2025: €1,146
- Depreciation +€566
new in 2025: €566
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,199 | €103,948 | +€40,749 | +64.5% |
| Fixed assets | 21/28 | - | €2,921 | +€2,921 | |
| Tangible fixed assets | 22/27 | - | €2,921 | +€2,921 | |
| Plant, machinery and equipment | 23 | - | €1,736 | +€1,736 | |
| Furniture and vehicles | 24 | - | €1,185 | +€1,185 | |
| Current assets | 29/58 | €63,199 | €101,027 | +€37,828 | +59.9% |
| Amounts receivable within one year | 40/41 | €63,183 | €89,559 | +€26,376 | +41.7% |
| Trade receivables | 40 | €3,882 | - | -€3,882 | |
| Other amounts receivable | 41 | €59,301 | €89,559 | +€30,258 | +51.0% |
| Cash at bank and in hand | 54/58 | €16 | €11,469 | +€11,452 | +69,449% |
| Total equity and liabilities | 10/49 | €63,199 | €103,948 | +€40,749 | +64.5% |
| Equity | 10/15 | €51,511 | €97,061 | +€45,551 | +88.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €49,011 | €94,561 | +€45,551 | +92.9% |
| Distributable reserves | 133 | €49,011 | €94,561 | +€45,551 | +92.9% |
| Amounts payable | 17/49 | €11,689 | €6,887 | -€4,802 | -41.1% |
| Amounts payable within one year | 42/48 | €11,689 | €6,887 | -€4,802 | -41.1% |
| Taxes, remuneration and social security | 45 | €11,689 | €6,887 | -€4,802 | -41.1% |
| Taxes | 450/3 | €11,689 | €6,887 | -€4,802 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €566 | +€566 | |
| Other operating charges | 640/8 | - | €1,146 | +€1,146 | |
| Gross operating margin | 9900 | €53,237 | -€4,203 | -€57,440 | |
| Operating profit (loss) | 9901 | €53,237 | -€5,916 | -€59,153 | |
| Financial income | 75/76B | €3,217 | €1,159 | -€2,058 | -64.0% |
| Recurring financial income | 75 | €3,217 | €1,159 | -€2,058 | -64.0% |
| Financial charges | 65/66B | €125 | €172 | +€46 | +36.9% |
| Recurring financial charges | 65 | €125 | €172 | +€46 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €56,329 | -€4,928 | -€61,257 | |
| Income taxes | 67/77 | €11,266 | - | -€11,266 | |
| Profit (loss) for the period | 9904 | €45,063 | -€4,928 | -€49,991 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,063 | -€4,928 | -€49,991 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.