KAPA: 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.
KAPA
Largest movements
- Financial fixed assets -€149,900
down €149,900 (-100%), from €149,900 to €0
- Current investments +€53,134
up €53,134 (+3.0%), from €1.8m to €1.8m
- Receivables within one year -€49,813
down €49,813 (-91.9%), from €54,191 to €4,377
of which Trade receivables: -€48,605
- Reserves -€124,698
down €124,698 (-11.5%), from €1.1m to €957,584
of which Distributable reserves: -€124,698
- Financial income -€165,712
down €165,712 (-76.8%), from €215,713 to €50,001
- Financial charges +€149,486
up €149,486 (+15,772%), from €948 to €150,434
of which Non-recurring financial charges: +€138,092
- Taxes -€20,567
down €20,567 (-90.8%), from €22,656 to €2,089
- Gross operating margin -€13,224
down €13,224 (-201%), from -€6,570 to -€19,794
- Depreciation -€5,425
down €5,425 (-100%), from €5,425 to €0
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 | €2,002,570 | €1,856,852 | -€145,718 | -7.3% |
| Fixed assets | 21/28 | €149,900 | €0 | -€149,900 | -100% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €149,900 | €0 | -€149,900 | -100% |
| Current assets | 29/58 | €1,852,670 | €1,856,852 | +€4,182 | +0.2% |
| Amounts receivable after more than one year | 29 | €100 | €0 | -€100 | -100% |
| Other amounts receivable | 291 | €100 | €0 | -€100 | -100% |
| Amounts receivable within one year | 40/41 | €54,191 | €4,377 | -€49,813 | -91.9% |
| Trade receivables | 40 | €48,605 | €0 | -€48,605 | -100% |
| Other amounts receivable | 41 | €5,586 | €4,377 | -€1,208 | -21.6% |
| Current investments | 50/53 | €1,784,089 | €1,837,223 | +€53,134 | +3.0% |
| Cash at bank and in hand | 54/58 | €10,833 | €13,033 | +€2,200 | +20.3% |
| Deferred charges and accrued income | 490/1 | €3,458 | €2,218 | -€1,239 | -35.8% |
| Total equity and liabilities | 10/49 | €2,002,570 | €1,856,852 | -€145,718 | -7.3% |
| Equity | 10/15 | €1,144,282 | €1,019,584 | -€124,698 | -10.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,082,282 | €957,584 | -€124,698 | -11.5% |
| Non-distributable reserves | 130/1 | €23,068 | €23,068 | = | 0.0% |
| Legal reserve | 130 | €23,068 | €23,068 | = | 0.0% |
| Distributable reserves | 133 | €1,059,214 | €934,516 | -€124,698 | -11.8% |
| Amounts payable | 17/49 | €858,288 | €837,268 | -€21,020 | -2.4% |
| Amounts payable after more than one year | 17 | €103,893 | €103,893 | = | 0.0% |
| Financial debts | 170/4 | €103,893 | €103,893 | = | 0.0% |
| Amounts payable within one year | 42/48 | €754,395 | €733,375 | -€21,020 | -2.8% |
| Trade debts | 44 | €1,598 | €24 | -€1,574 | -98.5% |
| Suppliers | 440/4 | €1,598 | €24 | -€1,574 | -98.5% |
| Taxes, remuneration and social security | 45 | €18,179 | €620 | -€17,558 | -96.6% |
| Taxes | 450/3 | €18,179 | €620 | -€17,558 | -96.6% |
| Other amounts payable | 47/48 | €734,619 | €732,730 | -€1,888 | -0.3% |
| Non-recurring operating income | 76A | €5,006 | €5,283 | +€277 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,425 | €0 | -€5,425 | -100% |
| Other operating charges | 640/8 | €2,348 | €2,382 | +€34 | +1.4% |
| Gross operating margin | 9900 | -€6,570 | -€19,794 | -€13,224 | -201% |
| Operating profit (loss) | 9901 | -€14,343 | -€22,176 | -€7,833 | -54.6% |
| Financial income | 75/76B | €215,713 | €50,001 | -€165,712 | -76.8% |
| Recurring financial income | 75 | €215,713 | €50,001 | -€165,712 | -76.8% |
| Financial charges | 65/66B | €948 | €150,434 | +€149,486 | +15,772% |
| Recurring financial charges | 65 | €948 | €12,342 | +€11,394 | +1,202% |
| Non-recurring financial charges | 66B | - | €138,092 | +€138,092 | |
| Profit (loss) for the period before taxes | 9903 | €200,422 | -€122,609 | -€323,031 | |
| Income taxes | 67/77 | €22,656 | €2,089 | -€20,567 | -90.8% |
| Profit (loss) for the period | 9904 | €177,766 | -€124,698 | -€302,464 | |
| Profit (loss) for the period to be appropriated | 9905 | €177,766 | -€124,698 | -€302,464 |
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 14 October 2026 via checked.be.