KAP'S: 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'S
Largest movements
- Financial fixed assets -€40,293
no longer reported in 2025 (was €40,293)
- Receivables within one year -€39,285
down €39,285 (-90.5%), from €43,385 to €4,100
- Cash +€21,188
up €21,188 (+585.6%), from €3,618 to €24,806
mainly Receivables within one year (+€39,285) and Investment in fixed assets (net) (+€37,525)
- Tangible fixed assets +€1,921
up €1,921 (+168.8%), from €1,138 to €3,059
of which Furniture and vehicles: +€2,076
- Profit (loss) carried forward -€51,099
down €51,099, from €8,066 to -€43,033
- Tax, wage and social debts -€9,677
down €9,677 (-56.9%), from €17,015 to €7,338
- Other debts +€4,379
up €4,379 (+62.1%), from €7,049 to €11,428
- Write-downs +€68,766
new in 2025: €68,766
- Gross operating margin +€59,496
up €59,496 (+15373.6%), from €387 to €59,883
- Other operating charges -€1,427
down €1,427 (-69.8%), from €2,043 to €616
- Depreciation +€692
up €692 (+446.5%), from €155 to €847
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 | €90,962 | €35,155 | -€55,807 | -61.4% |
| Fixed assets | 21/28 | €41,431 | €3,059 | -€38,372 | -92.6% |
| Tangible fixed assets | 22/27 | €1,138 | €3,059 | +€1,921 | +168.8% |
| Furniture and vehicles | 24 | - | €2,076 | +€2,076 | |
| Other tangible fixed assets | 26 | €1,138 | €983 | -€155 | -13.6% |
| Financial fixed assets | 28 | €40,293 | - | -€40,293 | |
| Current assets | 29/58 | €49,531 | €32,096 | -€17,435 | -35.2% |
| Amounts receivable within one year | 40/41 | €43,385 | €4,100 | -€39,285 | -90.5% |
| Trade receivables | 40 | €43,385 | €4,100 | -€39,285 | -90.5% |
| Cash at bank and in hand | 54/58 | €3,618 | €24,806 | +€21,188 | +585.6% |
| Deferred charges and accrued income | 490/1 | €2,528 | €3,190 | +€662 | +26.2% |
| Total equity and liabilities | 10/49 | €90,962 | €35,155 | -€55,807 | -61.4% |
| Equity | 10/15 | €66,776 | €15,677 | -€51,099 | -76.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,110 | €40,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,250 | €29,250 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,066 | -€43,033 | -€51,099 | |
| Amounts payable | 17/49 | €24,186 | €19,478 | -€4,708 | -19.5% |
| Amounts payable within one year | 42/48 | €24,186 | €19,478 | -€4,708 | -19.5% |
| Trade debts | 44 | €122 | €712 | +€590 | +483.6% |
| Suppliers | 440/4 | €122 | €712 | +€590 | +483.6% |
| Taxes, remuneration and social security | 45 | €17,015 | €7,338 | -€9,677 | -56.9% |
| Taxes | 450/3 | €17,015 | €7,338 | -€9,677 | -56.9% |
| Other amounts payable | 47/48 | €7,049 | €11,428 | +€4,379 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155 | €847 | +€692 | +446.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €68,766 | +€68,766 | |
| Other operating charges | 640/8 | €2,043 | €616 | -€1,427 | -69.8% |
| Non-recurring operating charges | 66A | - | €40,293 | +€40,293 | |
| Gross operating margin | 9900 | €387 | €59,883 | +€59,496 | +15373.6% |
| Operating profit (loss) | 9901 | -€1,811 | -€50,639 | -€48,828 | -2696.2% |
| Financial charges | 65/66B | €321 | €367 | +€46 | +14.3% |
| Recurring financial charges | 65 | €321 | €367 | +€46 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,132 | -€51,006 | -€48,874 | -2292.4% |
| Income taxes | 67/77 | €119 | €93 | -€26 | -21.8% |
| Profit (loss) for the period | 9904 | -€2,251 | -€51,099 | -€48,848 | -2170.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,251 | -€51,099 | -€48,848 | -2170.1% |
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 6 October 2026 via checked.be.