KALEAS: 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.
KALEAS
Largest movements
- Tangible fixed assets +€190,229
up €190,229 (+23.4%), from €813,285 to €1.0m
of which Land and buildings: +€120,210
- Receivables within one year -€36,788
down €36,788 (-73.8%), from €49,849 to €13,061
of which Trade receivables: -€39,258
- Cash -€13,361
down €13,361 (-46.7%), from €28,610 to €15,248
mainly Investment in fixed assets (net) (-€233,879) and Provisions (-€3,489)
- Debts after one year +€97,000
up €97,000 (+64.7%), from €150,000 to €247,000
- Reserves +€47,234
up €47,234 (+10.5%), from €448,934 to €496,168
of which Distributable reserves: +€54,815
- Depreciation +€19,229
up €19,229 (+78.7%), from €24,421 to €43,650
- Financial charges +€7,181
up €7,181 (+126.5%), from €5,675 to €12,856
- Taxes -€5,095
down €5,095 (-14.7%), from €34,737 to €29,642
- Financial income +€1,320
up €1,320 (+5.9%), from €22,222 to €23,542
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 | €1,102,110 | €1,243,865 | +€141,755 | +12.9% |
| Fixed assets | 21/28 | €813,285 | €1,003,514 | +€190,229 | +23.4% |
| Tangible fixed assets | 22/27 | €813,285 | €1,003,514 | +€190,229 | +23.4% |
| Land and buildings | 22 | €754,481 | €874,691 | +€120,210 | +15.9% |
| Furniture and vehicles | 24 | €46,819 | €36,786 | -€10,033 | -21.4% |
| Other tangible fixed assets | 26 | €11,985 | €92,038 | +€80,052 | +667.9% |
| Current assets | 29/58 | €288,825 | €240,351 | -€48,474 | -16.8% |
| Amounts receivable within one year | 40/41 | €49,849 | €13,061 | -€36,788 | -73.8% |
| Trade receivables | 40 | €39,258 | - | -€39,258 | |
| Other amounts receivable | 41 | €10,592 | €13,061 | +€2,470 | +23.3% |
| Current investments | 50/53 | €208,162 | €209,720 | +€1,558 | +0.7% |
| Cash at bank and in hand | 54/58 | €28,610 | €15,248 | -€13,361 | -46.7% |
| Deferred charges and accrued income | 490/1 | €2,204 | €2,322 | +€117 | +5.3% |
| Total equity and liabilities | 10/49 | €1,102,110 | €1,243,865 | +€141,755 | +12.9% |
| Equity | 10/15 | €844,434 | €891,668 | +€47,234 | +5.6% |
| Contributions | 10/11 | €395,500 | €395,500 | = | 0.0% |
| Capital | 10 | €395,500 | €395,500 | = | 0.0% |
| Issued capital | 100 | €395,500 | €395,500 | = | 0.0% |
| Reserves | 13 | €448,934 | €496,168 | +€47,234 | +10.5% |
| Non-distributable reserves | 130/1 | €6,250 | €9,135 | +€2,885 | +46.2% |
| Legal reserve | 130 | €6,250 | €9,135 | +€2,885 | +46.2% |
| Tax-exempt reserves | 132 | €314,403 | €303,937 | -€10,466 | -3.3% |
| Distributable reserves | 133 | €128,281 | €183,096 | +€54,815 | +42.7% |
| Provisions and deferred taxes | 16 | €97,679 | €94,190 | -€3,489 | -3.6% |
| Deferred taxes | 168 | €97,679 | €94,190 | -€3,489 | -3.6% |
| Amounts payable | 17/49 | €159,998 | €258,007 | +€98,009 | +61.3% |
| Amounts payable after more than one year | 17 | €150,000 | €247,000 | +€97,000 | +64.7% |
| Financial debts | 170/4 | €150,000 | €247,000 | +€97,000 | +64.7% |
| Amounts payable within one year | 42/48 | €9,998 | €11,007 | +€1,009 | +10.1% |
| Trade debts | 44 | €3,003 | €2,570 | -€433 | -14.4% |
| Suppliers | 440/4 | €3,003 | €2,570 | -€433 | -14.4% |
| Taxes, remuneration and social security | 45 | €4,033 | €7,240 | +€3,206 | +79.5% |
| Taxes | 450/3 | €4,033 | €7,240 | +€3,206 | +79.5% |
| Other amounts payable | 47/48 | €2,961 | €1,197 | -€1,764 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,421 | €43,650 | +€19,229 | +78.7% |
| Other operating charges | 640/8 | €3,088 | €3,176 | +€88 | +2.8% |
| Gross operating margin | 9900 | €109,079 | €109,527 | +€448 | +0.4% |
| Operating profit (loss) | 9901 | €81,570 | €62,701 | -€18,869 | -23.1% |
| Financial income | 75/76B | €22,222 | €23,542 | +€1,320 | +5.9% |
| Recurring financial income | 75 | €22,222 | €23,542 | +€1,320 | +5.9% |
| Financial charges | 65/66B | €5,675 | €12,856 | +€7,181 | +126.5% |
| Recurring financial charges | 65 | €5,675 | €12,856 | +€7,181 | +126.5% |
| Profit (loss) for the period before taxes | 9903 | €98,116 | €73,387 | -€24,729 | -25.2% |
| Transfer from deferred taxes | 780 | €3,489 | €3,489 | = | 0.0% |
| Income taxes | 67/77 | €34,737 | €29,642 | -€5,095 | -14.7% |
| Profit (loss) for the period | 9904 | €66,868 | €47,234 | -€19,634 | -29.4% |
| Transfer from tax-exempt reserves | 789 | €10,466 | €10,466 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,334 | €57,700 | -€19,634 | -25.4% |
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 5 October 2026 via checked.be.