Kale Management: 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 Management
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-30.9%), from €3.9m to €2.7m
- Tangible fixed assets +€1.1m
new in 2025: €1.1m
- Receivables within one year +€573,780
up €573,780 (+34.2%), from €1.7m to €2.2m
of which Other amounts receivable: +€575,092
- Cash -€168,416
down €168,416 (-93.8%), from €179,594 to €11,178
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€573,780)
- Deferred charges and accrued income -€113,727
down €113,727 (-98.9%), from €115,020 to €1,293
- Debts after one year +€250,000
up €250,000 (+35.7%), from €700,000 to €950,000
- Short-term financial debts -€206,400
down €206,400 (-10.1%), from €2.1m to €1.8m
- Reserves +€61,056
new in 2025: €61,056
- Financial charges +€84,219
up €84,219 (+369%), from €22,847 to €107,067
- Depreciation +€22,712
new in 2025: €22,712
- Financial income +€21,722
up €21,722 (+62.9%), from €34,508 to €56,230
- Gross operating margin +€9,198
up €9,198 (+5.8%), from €158,175 to €167,372
- Other operating charges -€5,768
down €5,768 (-57.4%), from €10,043 to €4,275
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 | €5,842,412 | €5,991,798 | +€149,386 | +2.6% |
| Fixed assets | 21/28 | €2,600 | €1,056,957 | +€1.1m | +40,553% |
| Tangible fixed assets | 22/27 | - | €1,052,358 | +€1.1m | |
| Land and buildings | 22 | - | €1,052,358 | +€1.1m | |
| Financial fixed assets | 28 | €2,600 | €4,600 | +€2,000 | +76.9% |
| Current assets | 29/58 | €5,839,812 | €4,934,840 | -€904,971 | -15.5% |
| Stocks and contracts in progress | 3 | €3,869,654 | €2,673,046 | -€1.2m | -30.9% |
| Stocks | 30/36 | €3,869,654 | €2,673,046 | -€1.2m | -30.9% |
| Amounts receivable within one year | 40/41 | €1,675,544 | €2,249,323 | +€573,780 | +34.2% |
| Trade receivables | 40 | €33,424 | €32,112 | -€1,312 | -3.9% |
| Other amounts receivable | 41 | €1,642,120 | €2,217,211 | +€575,092 | +35.0% |
| Cash at bank and in hand | 54/58 | €179,594 | €11,178 | -€168,416 | -93.8% |
| Deferred charges and accrued income | 490/1 | €115,020 | €1,293 | -€113,727 | -98.9% |
| Total equity and liabilities | 10/49 | €5,842,412 | €5,991,798 | +€149,386 | +2.6% |
| Equity | 10/15 | €3,055,333 | €3,116,389 | +€61,056 | +2.0% |
| Contributions | 10/11 | €2,970,000 | €2,970,000 | = | 0.0% |
| Reserves | 13 | - | €61,056 | +€61,056 | |
| Distributable reserves | 133 | - | €61,056 | +€61,056 | |
| Profit (loss) carried forward | 14 | €85,333 | €85,333 | = | 0.0% |
| Amounts payable | 17/49 | €2,787,078 | €2,875,409 | +€88,330 | +3.2% |
| Amounts payable after more than one year | 17 | €700,000 | €950,000 | +€250,000 | +35.7% |
| Financial debts | 170/4 | €700,000 | €950,000 | +€250,000 | +35.7% |
| Amounts payable within one year | 42/48 | €2,087,078 | €1,925,409 | -€161,670 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | - | €32,683 | +€32,683 | |
| Financial debts | 43 | €2,051,500 | €1,845,100 | -€206,400 | -10.1% |
| Credit institutions | 430/8 | €2,051,500 | €1,845,100 | -€206,400 | -10.1% |
| Trade debts | 44 | - | €44,738 | +€44,738 | |
| Suppliers | 440/4 | - | €44,738 | +€44,738 | |
| Taxes, remuneration and social security | 45 | €32,691 | - | -€32,691 | |
| Taxes | 450/3 | €32,691 | - | -€32,691 | |
| Other amounts payable | 47/48 | €2,888 | €2,888 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €22,712 | +€22,712 | |
| Other operating charges | 640/8 | €10,043 | €4,275 | -€5,768 | -57.4% |
| Gross operating margin | 9900 | €158,175 | €167,372 | +€9,198 | +5.8% |
| Operating profit (loss) | 9901 | €148,132 | €140,385 | -€7,747 | -5.2% |
| Financial income | 75/76B | €34,508 | €56,230 | +€21,722 | +62.9% |
| Recurring financial income | 75 | €34,508 | €56,230 | +€21,722 | +62.9% |
| Financial charges | 65/66B | €22,847 | €107,067 | +€84,219 | +369% |
| Recurring financial charges | 65 | €22,847 | €107,067 | +€84,219 | +369% |
| Profit (loss) for the period before taxes | 9903 | €159,792 | €89,549 | -€70,244 | -44.0% |
| Income taxes | 67/77 | €32,691 | €28,493 | -€4,198 | -12.8% |
| Profit (loss) for the period | 9904 | €127,102 | €61,056 | -€66,046 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,102 | €61,056 | -€66,046 | -52.0% |
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 25 October 2026 via checked.be.