KAP 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.
KAP MANAGEMENT
Largest movements
- Receivables within one year +€185,493
up €185,493 (+92.6%), from €200,262 to €385,755
of which Other amounts receivable: +€141,659
- Cash +€151,370
up €151,370 (+67.9%), from €222,925 to €374,295
mainly Net result for the year (+€264,664) and Tax, wage and social debts (+€83,418)
- Deferred charges and accrued income -€33,000
down €33,000 (-100.0%), from €33,000 to €0
- Financial fixed assets +€30,180
up €30,180 (+15.7%), from €192,500 to €222,680
- Tangible fixed assets +€28,777
up €28,777 (+2382.4%), from €1,208 to €29,985
of which Land and buildings: +€27,150
- Reserves +€300,000
new in 2025: €300,000
- Tax, wage and social debts +€83,418
up €83,418 (+66.3%), from €125,828 to €209,246
of which Taxes: +€83,918
- Profit (loss) carried forward -€78,193
down €78,193 (-28.6%), from €273,511 to €195,318
- Other debts +€38,196
up €38,196 (+9461.4%), from €404 to €38,599
- Trade debts +€30,626
up €30,626 (+124.0%), from €24,692 to €55,319
- Financial income +€113,214
new in 2025: €113,214
- Gross operating margin +€50,969
up €50,969 (+23.5%), from €217,161 to €268,129
- Taxes +€45,687
up €45,687 (+77.5%), from €58,949 to €104,635
- Other operating charges -€7,868
down €7,868 (-85.3%), from €9,219 to €1,352
- Financial charges +€6,637
up €6,637 (+264.2%), from €2,513 to €9,149
of which Financial charges: +€8,145
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 | €649,895 | €1,012,715 | +€362,820 | +55.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €193,708 | €252,665 | +€58,957 | +30.4% |
| Tangible fixed assets | 22/27 | €1,208 | €29,985 | +€28,777 | +2382.4% |
| Land and buildings | 22 | - | €27,150 | +€27,150 | |
| Furniture and vehicles | 24 | €1,208 | €2,835 | +€1,627 | +134.7% |
| Financial fixed assets | 28 | €192,500 | €222,680 | +€30,180 | +15.7% |
| Current assets | 29/58 | €456,187 | €760,050 | +€303,863 | +66.6% |
| Amounts receivable within one year | 40/41 | €200,262 | €385,755 | +€185,493 | +92.6% |
| Trade receivables | 40 | €17,877 | €61,711 | +€43,834 | +245.2% |
| Other amounts receivable | 41 | €182,384 | €324,044 | +€141,659 | +77.7% |
| Cash at bank and in hand | 54/58 | €222,925 | €374,295 | +€151,370 | +67.9% |
| Deferred charges and accrued income | 490/1 | €33,000 | €0 | -€33,000 | -100.0% |
| Total equity and liabilities | 10/49 | €649,895 | €1,012,715 | +€362,820 | +55.8% |
| Equity | 10/15 | €278,511 | €500,318 | +€221,807 | +79.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €300,000 | +€300,000 | |
| Non-distributable reserves | 130/1 | - | €300,000 | +€300,000 | |
| Reserves not available under the articles | 1311 | - | €300,000 | +€300,000 | |
| Profit (loss) carried forward | 14 | €273,511 | €195,318 | -€78,193 | -28.6% |
| Amounts payable | 17/49 | €371,384 | €512,396 | +€141,013 | +38.0% |
| Amounts payable after more than one year | 17 | €183,061 | €175,773 | -€7,288 | -4.0% |
| Financial debts | 170/4 | €183,061 | €175,773 | -€7,288 | -4.0% |
| Amounts payable within one year | 42/48 | €180,629 | €336,624 | +€155,995 | +86.4% |
| Current portion of amounts payable after more than one year | 42 | €29,705 | €33,460 | +€3,755 | +12.6% |
| Trade debts | 44 | €24,692 | €55,319 | +€30,626 | +124.0% |
| Suppliers | 440/4 | €24,692 | €55,319 | +€30,626 | +124.0% |
| Taxes, remuneration and social security | 45 | €125,828 | €209,246 | +€83,418 | +66.3% |
| Taxes | 450/3 | €122,328 | €206,246 | +€83,918 | +68.6% |
| Remuneration and social security | 454/9 | €3,500 | €3,000 | -€500 | -14.3% |
| Other amounts payable | 47/48 | €404 | €38,599 | +€38,196 | +9461.4% |
| Accrued charges and deferred income | 492/3 | €7,694 | €0 | -€7,694 | -100.0% |
| Turnover | 70 | €0 | €0 | = | |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160 | €1,542 | +€1,382 | +863.8% |
| Other operating charges | 640/8 | €9,219 | €1,352 | -€7,868 | -85.3% |
| Gross operating margin | 9900 | €217,161 | €268,129 | +€50,969 | +23.5% |
| Operating profit (loss) | 9901 | €207,781 | €265,235 | +€57,454 | +27.7% |
| Financial income | 75/76B | - | €113,214 | +€113,214 | |
| Recurring financial income | 75 | - | €113,214 | +€113,214 | |
| Financial charges | 65/66B | €2,513 | €9,149 | +€6,637 | +264.2% |
| Recurring financial charges | 65 | €1,004 | €9,149 | +€8,145 | +811.4% |
| Non-recurring financial charges | 66B | €1,509 | - | -€1,509 | |
| Profit (loss) for the period before taxes | 9903 | €205,269 | €369,300 | +€164,031 | +79.9% |
| Income taxes | 67/77 | €58,949 | €104,635 | +€45,687 | +77.5% |
| Profit (loss) for the period | 9904 | €146,320 | €264,664 | +€118,344 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €146,320 | €264,664 | +€118,344 | +80.9% |
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 9 October 2026 via checked.be.