KAJOFY: 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.
KAJOFY
Largest movements
- Tangible fixed assets +€450,761
up €450,761 (+38.1%), from €1.2m to €1.6m
of which Leasing and similar rights: +€1.6m
- Receivables within one year -€37,835
down €37,835 (-42.7%), from €88,700 to €50,865
of which Trade receivables: -€28,879
- Cash +€28,801
new in 2025: €28,801
mainly Debts after one year (+€717,875) and Accrued charges and deferred income (+€276,680)
- Debts after one year +€717,875
up €717,875 (+80.3%), from €894,480 to €1.6m
- Profit (loss) carried forward -€423,390
down €423,390 (-156.8%), from -€270,060 to -€693,450
- Accrued charges and deferred income +€276,680
up €276,680 (+715.7%), from €38,660 to €315,340
- Other debts -€91,539
down €91,539 (-60.4%), from €151,580 to €60,041
- Short-term financial debts -€19,957
no longer reported in 2025 (was €19,957)
- Financial charges +€373,173
up €373,173 (+1140.6%), from €32,718 to €405,891
- Gross operating margin -€51,545
down €51,545 (-64.5%), from €79,860 to €28,315
- Depreciation -€24,191
down €24,191 (-35.6%), from €67,885 to €43,693
- Other operating charges -€3,176
down €3,176 (-36.0%), from €8,814 to €5,638
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,272,996 | €1,714,723 | +€441,726 | +34.7% |
| Fixed assets | 21/28 | €1,184,296 | €1,635,058 | +€450,761 | +38.1% |
| Tangible fixed assets | 22/27 | €1,184,296 | €1,635,058 | +€450,761 | +38.1% |
| Land and buildings | 22 | €1,184,296 | - | -€1.2m | |
| Leasing and similar rights | 25 | - | €1,635,057 | +€1.6m | |
| Other tangible fixed assets | 26 | - | €1 | +€1 | |
| Current assets | 29/58 | €88,700 | €79,665 | -€9,035 | -10.2% |
| Amounts receivable within one year | 40/41 | €88,700 | €50,865 | -€37,835 | -42.7% |
| Trade receivables | 40 | €28,879 | - | -€28,879 | |
| Other amounts receivable | 41 | €59,821 | €50,865 | -€8,957 | -15.0% |
| Cash at bank and in hand | 54/58 | - | €28,801 | +€28,801 | |
| Total equity and liabilities | 10/49 | €1,272,996 | €1,714,723 | +€441,726 | +34.7% |
| Equity | 10/15 | €93,890 | -€329,500 | -€423,390 | |
| Contributions | 10/11 | €363,950 | €363,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,060 | -€693,450 | -€423,390 | -156.8% |
| Amounts payable | 17/49 | €1,179,107 | €2,044,223 | +€865,116 | +73.4% |
| Amounts payable after more than one year | 17 | €894,480 | €1,612,355 | +€717,875 | +80.3% |
| Financial debts | 170/4 | €894,480 | €1,612,355 | +€717,875 | +80.3% |
| Amounts payable within one year | 42/48 | €245,966 | €116,528 | -€129,439 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €64,744 | €44,930 | -€19,814 | -30.6% |
| Financial debts | 43 | €19,957 | - | -€19,957 | |
| Credit institutions | 430/8 | €19,957 | - | -€19,957 | |
| Trade debts | 44 | €8,024 | €8,847 | +€823 | +10.3% |
| Suppliers | 440/4 | €8,024 | €8,847 | +€823 | +10.3% |
| Taxes, remuneration and social security | 45 | €1,661 | €2,709 | +€1,048 | +63.1% |
| Taxes | 450/3 | €1,661 | €2,709 | +€1,048 | +63.1% |
| Other amounts payable | 47/48 | €151,580 | €60,041 | -€91,539 | -60.4% |
| Accrued charges and deferred income | 492/3 | €38,660 | €315,340 | +€276,680 | +715.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,885 | €43,693 | -€24,191 | -35.6% |
| Other operating charges | 640/8 | €8,814 | €5,638 | -€3,176 | -36.0% |
| Gross operating margin | 9900 | €79,860 | €28,315 | -€51,545 | -64.5% |
| Operating profit (loss) | 9901 | €3,161 | -€21,016 | -€24,178 | |
| Financial income | 75/76B | €3,516 | €3,517 | +€2 | 0.0% |
| Recurring financial income | 75 | €3,516 | €3,517 | +€2 | 0.0% |
| Financial charges | 65/66B | €32,718 | €405,891 | +€373,173 | +1140.6% |
| Recurring financial charges | 65 | €32,718 | €405,891 | +€373,173 | +1140.6% |
| Profit (loss) for the period before taxes | 9903 | -€26,041 | -€423,390 | -€397,349 | -1525.9% |
| Profit (loss) for the period | 9904 | -€26,041 | -€423,390 | -€397,349 | -1525.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,041 | -€423,390 | -€397,349 | -1525.9% |
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 9 October 2026 via checked.be.