KALAMA: 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.
KALAMA
Largest movements
- Tangible fixed assets +€525,788
up €525,788 (+91.4%), from €575,384 to €1.1m
of which Land and buildings: +€807,141
- Stocks and contracts -€58,444
down €58,444 (-100.0%), from €58,444 to €0
- Cash -€34,037
down €34,037 (-44.9%), from €75,890 to €41,853
mainly Investment in fixed assets (net) (-€546,460) and Deferred charges and accrued income (-€9,292)
- Reserves +€354,338
up €354,338 (+78.0%), from €454,013 to €808,350
of which Tax-exempt reserves: +€354,338
- Provisions +€118,113
up €118,113 (+79.1%), from €149,288 to €267,400
- Profit (loss) carried forward -€24,124
down €24,124 (-19.1%), from -€126,130 to -€150,254
- Gross operating margin +€502,258
up €502,258, from -€14,972 to €487,286
- Depreciation +€14,426
up €14,426 (+231.0%), from €6,246 to €20,672
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 | €717,524 | €1,158,270 | +€440,746 | +61.4% |
| Fixed assets | 21/28 | €575,384 | €1,101,172 | +€525,788 | +91.4% |
| Tangible fixed assets | 22/27 | €575,384 | €1,101,172 | +€525,788 | +91.4% |
| Land and buildings | 22 | €287,127 | €1,094,268 | +€807,141 | +281.1% |
| Plant, machinery and equipment | 23 | - | €1,301 | +€1,301 | |
| Furniture and vehicles | 24 | - | €841 | +€841 | |
| Other tangible fixed assets | 26 | €5,429 | €4,762 | -€667 | -12.3% |
| Assets under construction and advance payments | 27 | €282,828 | €0 | -€282,828 | -100.0% |
| Current assets | 29/58 | €142,140 | €57,098 | -€85,042 | -59.8% |
| Stocks and contracts in progress | 3 | €58,444 | €0 | -€58,444 | -100.0% |
| Stocks | 30/36 | €58,444 | €0 | -€58,444 | -100.0% |
| Amounts receivable within one year | 40/41 | €7,736 | €5,883 | -€1,853 | -24.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €7,736 | €5,883 | -€1,853 | -24.0% |
| Cash at bank and in hand | 54/58 | €75,890 | €41,853 | -€34,037 | -44.9% |
| Deferred charges and accrued income | 490/1 | €70 | €9,362 | +€9,292 | +13221.3% |
| Total equity and liabilities | 10/49 | €717,524 | €1,158,270 | +€440,746 | +61.4% |
| Equity | 10/15 | €389,383 | €719,597 | +€330,214 | +84.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €454,013 | €808,350 | +€354,338 | +78.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €447,863 | €802,200 | +€354,338 | +79.1% |
| Profit (loss) carried forward | 14 | -€126,130 | -€150,254 | -€24,124 | -19.1% |
| Provisions and deferred taxes | 16 | €149,288 | €267,400 | +€118,113 | +79.1% |
| Deferred taxes | 168 | €149,288 | €267,400 | +€118,113 | +79.1% |
| Amounts payable | 17/49 | €178,854 | €171,273 | -€7,580 | -4.2% |
| Amounts payable after more than one year | 17 | €160,981 | €155,231 | -€5,749 | -3.6% |
| Financial debts | 170/4 | €160,981 | €155,231 | -€5,749 | -3.6% |
| Amounts payable within one year | 42/48 | €9,741 | €12,240 | +€2,499 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €5,494 | €5,749 | +€256 | +4.7% |
| Trade debts | 44 | €178 | €643 | +€464 | +260.1% |
| Suppliers | 440/4 | €178 | €643 | +€464 | +260.1% |
| Taxes, remuneration and social security | 45 | - | €40 | +€40 | |
| Taxes | 450/3 | - | €40 | +€40 | |
| Other amounts payable | 47/48 | €4,069 | €5,808 | +€1,739 | +42.7% |
| Accrued charges and deferred income | 492/3 | €8,132 | €3,802 | -€4,330 | -53.2% |
| Non-recurring operating income | 76A | - | €498,668 | +€498,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,246 | €20,672 | +€14,426 | +231.0% |
| Other operating charges | 640/8 | €9,945 | €7,531 | -€2,414 | -24.3% |
| Gross operating margin | 9900 | -€14,972 | €487,286 | +€502,258 | |
| Operating profit (loss) | 9901 | -€31,163 | €459,083 | +€490,245 | |
| Financial income | 75/76B | €24 | €3 | -€21 | -86.9% |
| Recurring financial income | 75 | €24 | €3 | -€21 | -86.9% |
| Financial charges | 65/66B | €7,916 | €10,720 | +€2,804 | +35.4% |
| Recurring financial charges | 65 | €7,916 | €10,720 | +€2,804 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | -€39,054 | €448,366 | +€487,420 | |
| Transfer from deferred taxes | 780 | - | €3,266 | +€3,266 | |
| Transfer to deferred taxes | 680 | - | €121,379 | +€121,379 | |
| Income taxes | 67/77 | - | €40 | +€40 | |
| Profit (loss) for the period | 9904 | -€39,054 | €330,214 | +€369,268 | |
| Transfer from tax-exempt reserves | 789 | - | €9,799 | +€9,799 | |
| Transfer to tax-exempt reserves | 689 | - | €364,137 | +€364,137 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,054 | -€24,124 | +€14,930 | +38.2% |
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 8 October 2026 via checked.be.