Kalevala Law: 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.
Kalevala Law
Largest movements
- Tangible fixed assets -€16,071
down €16,071 (-12.0%), from €133,957 to €117,886
of which Land and buildings: -€12,028
- Intangible fixed assets -€4,781
down €4,781 (-28.4%), from €16,835 to €12,054
- Reserves +€18,469
up €18,469 (+8.3%), from €222,950 to €241,418
- Debts after one year -€18,388
down €18,388 (-17.3%), from €106,513 to €88,126
- Tax, wage and social debts -€13,490
down €13,490 (-51.7%), from €26,116 to €12,626
of which Taxes: -€13,490
- Current portion of long-term debt -€5,922
down €5,922 (-24.4%), from €24,310 to €18,388
- Gross operating margin -€18,905
down €18,905 (-24.4%), from €77,343 to €58,439
- Taxes -€4,256
down €4,256 (-32.0%), from €13,314 to €9,057
- Financial income -€2,840
down €2,840 (-91.3%), from €3,110 to €270
- Depreciation -€1,789
down €1,789 (-7.9%), from €22,641 to €20,852
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 | €403,391 | €382,501 | -€20,890 | -5.2% |
| Fixed assets | 21/28 | €151,292 | €130,440 | -€20,852 | -13.8% |
| Intangible fixed assets | 21 | €16,835 | €12,054 | -€4,781 | -28.4% |
| Tangible fixed assets | 22/27 | €133,957 | €117,886 | -€16,071 | -12.0% |
| Land and buildings | 22 | €126,435 | €114,407 | -€12,028 | -9.5% |
| Plant, machinery and equipment | 23 | €780 | €0 | -€780 | -100% |
| Furniture and vehicles | 24 | €6,742 | €3,480 | -€3,263 | -48.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €252,099 | €252,060 | -€39 | 0.0% |
| Amounts receivable within one year | 40/41 | €243,709 | €246,343 | +€2,634 | +1.1% |
| Trade receivables | 40 | €113,367 | €31,730 | -€81,637 | -72.0% |
| Other amounts receivable | 41 | €130,342 | €214,613 | +€84,271 | +64.7% |
| Cash at bank and in hand | 54/58 | €1,127 | €523 | -€604 | -53.6% |
| Deferred charges and accrued income | 490/1 | €7,263 | €5,194 | -€2,069 | -28.5% |
| Total equity and liabilities | 10/49 | €403,391 | €382,501 | -€20,890 | -5.2% |
| Equity | 10/15 | €235,350 | €253,818 | +€18,469 | +7.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €222,950 | €241,418 | +€18,469 | +8.3% |
| Distributable reserves | 133 | €222,950 | €241,418 | +€18,469 | +8.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €168,041 | €128,682 | -€39,359 | -23.4% |
| Amounts payable after more than one year | 17 | €106,513 | €88,126 | -€18,388 | -17.3% |
| Financial debts | 170/4 | €106,513 | €88,126 | -€18,388 | -17.3% |
| Amounts payable within one year | 42/48 | €58,727 | €40,115 | -€18,613 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €24,310 | €18,388 | -€5,922 | -24.4% |
| Financial debts | 43 | €2,400 | €3,389 | +€988 | +41.2% |
| Credit institutions | 430/8 | €2,400 | €3,389 | +€988 | +41.2% |
| Trade debts | 44 | €5,902 | €5,712 | -€189 | -3.2% |
| Suppliers | 440/4 | €5,902 | €5,712 | -€189 | -3.2% |
| Taxes, remuneration and social security | 45 | €26,116 | €12,626 | -€13,490 | -51.7% |
| Taxes | 450/3 | €26,116 | €12,626 | -€13,490 | -51.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,800 | €442 | -€2,358 | -84.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,641 | €20,852 | -€1,789 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,111 | €3,516 | +€405 | +13.0% |
| Gross operating margin | 9900 | €77,343 | €58,439 | -€18,905 | -24.4% |
| Operating profit (loss) | 9901 | €51,592 | €34,071 | -€17,521 | -34.0% |
| Financial income | 75/76B | €3,110 | €270 | -€2,840 | -91.3% |
| Recurring financial income | 75 | €3,110 | €270 | -€2,840 | -91.3% |
| Financial charges | 65/66B | €6,923 | €6,815 | -€108 | -1.6% |
| Recurring financial charges | 65 | €6,923 | €6,815 | -€108 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €47,778 | €27,526 | -€20,252 | -42.4% |
| Income taxes | 67/77 | €13,314 | €9,057 | -€4,256 | -32.0% |
| Profit (loss) for the period | 9904 | €34,465 | €18,469 | -€15,996 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,465 | €18,469 | -€15,996 | -46.4% |
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 28 October 2026 via checked.be.