KAP: 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.
KAP
Largest movements
- Tangible fixed assets +€197,370
up €197,370 (+1466.1%), from €13,462 to €210,832
of which Land and buildings: +€207,878
- Intangible fixed assets -€12,000
down €12,000 (-14.3%), from €84,000 to €72,000
- Receivables within one year +€11,663
up €11,663 (+157.6%), from €7,401 to €19,065
of which Other amounts receivable: +€9,693
- Debts after one year +€191,845
new in 2025: €191,845
- Other debts +€102,117
up €102,117 (+5096.4%), from €2,004 to €104,121
- Reserves -€100,000
down €100,000 (-94.3%), from €106,000 to €6,000
- Current portion of long-term debt +€10,947
new in 2025: €10,947
- Tax, wage and social debts -€6,024
down €6,024 (-81.4%), from €7,404 to €1,380
- Depreciation +€31,919
up €31,919 (+143.8%), from €22,202 to €54,122
- Gross operating margin +€9,975
up €9,975 (+19.0%), from €52,442 to €62,417
- Financial charges +€6,140
up €6,140 (+13204.5%), from €47 to €6,187
- Taxes -€5,716
down €5,716 (-94.9%), from €6,024 to €307
- Other operating charges +€1,070
up €1,070 (+276.2%), from €387 to €1,457
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 | €122,703 | €320,573 | +€197,869 | +161.3% |
| Fixed assets | 21/28 | €97,462 | €282,832 | +€185,370 | +190.2% |
| Intangible fixed assets | 21 | €84,000 | €72,000 | -€12,000 | -14.3% |
| Tangible fixed assets | 22/27 | €13,462 | €210,832 | +€197,370 | +1466.1% |
| Land and buildings | 22 | - | €207,878 | +€207,878 | |
| Plant, machinery and equipment | 23 | €6,379 | - | -€6,379 | |
| Furniture and vehicles | 24 | €5,334 | €1,620 | -€3,714 | -69.6% |
| Other tangible fixed assets | 26 | €1,749 | €1,334 | -€415 | -23.7% |
| Current assets | 29/58 | €25,241 | €37,740 | +€12,499 | +49.5% |
| Amounts receivable within one year | 40/41 | €7,401 | €19,065 | +€11,663 | +157.6% |
| Trade receivables | 40 | €7,401 | €9,372 | +€1,971 | +26.6% |
| Other amounts receivable | 41 | - | €9,693 | +€9,693 | |
| Cash at bank and in hand | 54/58 | €17,775 | €18,576 | +€802 | +4.5% |
| Deferred charges and accrued income | 490/1 | €65 | €99 | +€34 | +53.1% |
| Total equity and liabilities | 10/49 | €122,703 | €320,573 | +€197,869 | +161.3% |
| Equity | 10/15 | €111,935 | €12,279 | -€99,656 | -89.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €106,000 | €6,000 | -€100,000 | -94.3% |
| Distributable reserves | 133 | €106,000 | €6,000 | -€100,000 | -94.3% |
| Profit (loss) carried forward | 14 | €935 | €1,279 | +€344 | +36.9% |
| Amounts payable | 17/49 | €10,769 | €308,293 | +€297,525 | +2762.9% |
| Amounts payable after more than one year | 17 | - | €191,845 | +€191,845 | |
| Financial debts | 170/4 | - | €191,845 | +€191,845 | |
| Amounts payable within one year | 42/48 | €10,769 | €116,448 | +€105,680 | +981.4% |
| Current portion of amounts payable after more than one year | 42 | - | €10,947 | +€10,947 | |
| Trade debts | 44 | €1,361 | - | -€1,361 | |
| Suppliers | 440/4 | €1,361 | - | -€1,361 | |
| Taxes, remuneration and social security | 45 | €7,404 | €1,380 | -€6,024 | -81.4% |
| Taxes | 450/3 | €7,404 | €1,380 | -€6,024 | -81.4% |
| Other amounts payable | 47/48 | €2,004 | €104,121 | +€102,117 | +5096.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,202 | €54,122 | +€31,919 | +143.8% |
| Other operating charges | 640/8 | €387 | €1,457 | +€1,070 | +276.2% |
| Gross operating margin | 9900 | €52,442 | €62,417 | +€9,975 | +19.0% |
| Operating profit (loss) | 9901 | €29,853 | €6,838 | -€23,014 | -77.1% |
| Financial charges | 65/66B | €47 | €6,187 | +€6,140 | +13204.5% |
| Recurring financial charges | 65 | €47 | €6,187 | +€6,140 | +13204.5% |
| Profit (loss) for the period before taxes | 9903 | €29,806 | €652 | -€29,154 | -97.8% |
| Income taxes | 67/77 | €6,024 | €307 | -€5,716 | -94.9% |
| Profit (loss) for the period | 9904 | €23,782 | €344 | -€23,438 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,782 | €344 | -€23,438 | -98.6% |
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 1 October 2026 via checked.be.