KALE: 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.
KALE
Largest movements
- Receivables within one year -€413,354
down €413,354 (-44.9%), from €919,881 to €506,526
of which Trade receivables: -€381,006
- Stocks and contracts +€278,174
up €278,174 (+53.2%), from €523,215 to €801,389
- Cash -€154,274
down €154,274 (-25.0%), from €617,688 to €463,414
mainly Debts after one year (-€790,439) and Stocks and contracts (-€278,174)
- Tangible fixed assets -€150,232
down €150,232 (-6.3%), from €2.4m to €2.2m
of which Plant, machinery and equipment: -€135,169
- Intangible fixed assets -€53,746
down €53,746 (-26.1%), from €205,559 to €151,813
- Debts after one year -€790,439
down €790,439 (-25.1%), from €3.1m to €2.4m
of which Financial debts: -€790,439
- Current portion of long-term debt +€341,951
up €341,951 (+209%), from €163,603 to €505,554
- Accrued charges and deferred income -€146,417
down €146,417 (-91.5%), from €159,993 to €13,575
- Trade debts +€132,757
up €132,757 (+13.0%), from €1.0m to €1.2m
- Profit (loss) carried forward -€106,683
down €106,683 (-110%), from -€96,812 to -€203,495
- Depreciation +€85,382
up €85,382 (+39.2%), from €217,796 to €303,178
- Financial charges +€85,170
up €85,170 (+80.0%), from €106,400 to €191,570
of which Financial charges: +€77,514
- Gross operating margin +€36,614
up €36,614 (+2.2%), from €1.6m to €1.7m
- Staff costs -€28,280
down €28,280 (-2.2%), from €1.3m to €1.3m
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 | €4,754,242 | €4,198,159 | -€556,084 | -11.7% |
| Formation expenses | 20 | €40,159 | €30,622 | -€9,537 | -23.7% |
| Fixed assets | 21/28 | €2,599,556 | €2,387,012 | -€212,544 | -8.2% |
| Intangible fixed assets | 21 | €205,559 | €151,813 | -€53,746 | -26.1% |
| Tangible fixed assets | 22/27 | €2,385,246 | €2,235,014 | -€150,232 | -6.3% |
| Plant, machinery and equipment | 23 | €1,623,905 | €1,488,735 | -€135,169 | -8.3% |
| Furniture and vehicles | 24 | €17,130 | €18,249 | +€1,119 | +6.5% |
| Other tangible fixed assets | 26 | €744,212 | €728,031 | -€16,181 | -2.2% |
| Financial fixed assets | 28 | €8,752 | €185 | -€8,567 | -97.9% |
| Current assets | 29/58 | €2,114,527 | €1,780,524 | -€334,003 | -15.8% |
| Stocks and contracts in progress | 3 | €523,215 | €801,389 | +€278,174 | +53.2% |
| Stocks | 30/36 | €523,215 | €801,389 | +€278,174 | +53.2% |
| Amounts receivable within one year | 40/41 | €919,881 | €506,526 | -€413,354 | -44.9% |
| Trade receivables | 40 | €844,319 | €463,314 | -€381,006 | -45.1% |
| Other amounts receivable | 41 | €75,561 | €43,212 | -€32,349 | -42.8% |
| Cash at bank and in hand | 54/58 | €617,688 | €463,414 | -€154,274 | -25.0% |
| Deferred charges and accrued income | 490/1 | €53,743 | €9,195 | -€44,548 | -82.9% |
| Total equity and liabilities | 10/49 | €4,754,242 | €4,198,159 | -€556,084 | -11.7% |
| Equity | 10/15 | €53,188 | -€53,495 | -€106,683 | |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,812 | -€203,495 | -€106,683 | -110% |
| Amounts payable | 17/49 | €4,701,054 | €4,251,653 | -€449,401 | -9.6% |
| Amounts payable after more than one year | 17 | €3,148,449 | €2,358,010 | -€790,439 | -25.1% |
| Financial debts | 170/4 | €3,144,649 | €2,354,210 | -€790,439 | -25.1% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,392,613 | €1,880,068 | +€487,455 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €163,603 | €505,554 | +€341,951 | +209% |
| Financial debts | 43 | - | €21,981 | +€21,981 | |
| Credit institutions | 430/8 | - | €21,981 | +€21,981 | |
| Trade debts | 44 | €1,019,950 | €1,152,707 | +€132,757 | +13.0% |
| Suppliers | 440/4 | €1,019,950 | €1,152,707 | +€132,757 | +13.0% |
| Advances received on contracts in progress | 46 | - | €45 | +€45 | |
| Taxes, remuneration and social security | 45 | €208,351 | €199,377 | -€8,974 | -4.3% |
| Taxes | 450/3 | €622 | €279 | -€343 | -55.2% |
| Remuneration and social security | 454/9 | €207,729 | €199,098 | -€8,631 | -4.2% |
| Other amounts payable | 47/48 | €709 | €403 | -€306 | -43.1% |
| Accrued charges and deferred income | 492/3 | €159,993 | €13,575 | -€146,417 | -91.5% |
| Non-recurring operating income | 76A | €394,659 | €482,998 | +€88,339 | +22.4% |
| Remuneration, social security and pensions | 62 | €1,283,318 | €1,255,038 | -€28,280 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,796 | €303,178 | +€85,382 | +39.2% |
| Other operating charges | 640/8 | €48,069 | €60,527 | +€12,457 | +25.9% |
| Non-recurring operating charges | 66A | €1,300 | €1,751 | +€451 | +34.7% |
| Gross operating margin | 9900 | €1,645,170 | €1,681,784 | +€36,614 | +2.2% |
| Operating profit (loss) | 9901 | €94,686 | €61,290 | -€33,396 | -35.3% |
| Financial income | 75/76B | €16,467 | €23,802 | +€7,335 | +44.5% |
| Recurring financial income | 75 | €16,467 | €23,802 | +€7,335 | +44.5% |
| Financial charges | 65/66B | €106,400 | €191,570 | +€85,170 | +80.0% |
| Recurring financial charges | 65 | €106,300 | €183,815 | +€77,514 | +72.9% |
| Non-recurring financial charges | 66B | €100 | €7,755 | +€7,655 | +7,655% |
| Profit (loss) for the period before taxes | 9903 | €4,753 | -€106,478 | -€111,231 | |
| Income taxes | 67/77 | €293 | €204 | -€89 | -30.3% |
| Profit (loss) for the period | 9904 | €4,459 | -€106,683 | -€111,142 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,459 | -€106,683 | -€111,142 |
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 15 October 2026 via checked.be.