KAPAK: 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.
KAPAK
Largest movements
- Cash +€43,751
up €43,751 (+613.3%), from €7,133 to €50,884
mainly Debts after one year (+€24,959) and Net result for the year (+€15,208)
- Tangible fixed assets +€8,988
up €8,988 (+94.5%), from €9,512 to €18,499
of which Furniture and vehicles: +€9,360
- Receivables within one year -€5,548
down €5,548 (-22.1%), from €25,140 to €19,592
- Debts after one year +€24,959
new in 2025: €24,959
- Profit (loss) carried forward +€15,208
up €15,208 (+337.5%), from €4,506 to €19,714
- Current portion of long-term debt +€9,614
new in 2025: €9,614
- Other debts -€2,344
down €2,344 (-36.4%), from €6,436 to €4,093
- Trade debts -€1,442
no longer reported in 2025 (was €1,442)
- Gross operating margin +€6,703
up €6,703 (+26.5%), from €25,340 to €32,043
- Other operating charges -€4,312
down €4,312 (-57.7%), from €7,467 to €3,155
- Financial charges +€1,026
up €1,026 (+230.9%), from €444 to €1,470
- Depreciation -€984
down €984 (-19.0%), from €5,174 to €4,191
- Taxes +€460
up €460 (+13.4%), from €3,426 to €3,886
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 | €48,034 | €95,225 | +€47,191 | +98.2% |
| Fixed assets | 21/28 | €15,762 | €24,749 | +€8,988 | +57.0% |
| Tangible fixed assets | 22/27 | €9,512 | €18,499 | +€8,988 | +94.5% |
| Plant, machinery and equipment | 23 | €1,709 | €1,336 | -€372 | -21.8% |
| Furniture and vehicles | 24 | €7,803 | €17,163 | +€9,360 | +120.0% |
| Financial fixed assets | 28 | €6,250 | €6,250 | = | 0.0% |
| Current assets | 29/58 | €32,273 | €70,476 | +€38,203 | +118.4% |
| Amounts receivable within one year | 40/41 | €25,140 | €19,592 | -€5,548 | -22.1% |
| Trade receivables | 40 | €25,140 | €19,592 | -€5,548 | -22.1% |
| Cash at bank and in hand | 54/58 | €7,133 | €50,884 | +€43,751 | +613.3% |
| Total equity and liabilities | 10/49 | €48,034 | €95,225 | +€47,191 | +98.2% |
| Equity | 10/15 | €28,206 | €43,414 | +€15,208 | +53.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €8,700 | €8,700 | = | 0.0% |
| Distributable reserves | 133 | €8,700 | €8,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,506 | €19,714 | +€15,208 | +337.5% |
| Amounts payable | 17/49 | €19,828 | €51,811 | +€31,983 | +161.3% |
| Amounts payable after more than one year | 17 | - | €24,959 | +€24,959 | |
| Financial debts | 170/4 | - | €24,959 | +€24,959 | |
| Amounts payable within one year | 42/48 | €19,828 | €26,852 | +€7,024 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,614 | +€9,614 | |
| Trade debts | 44 | €1,442 | - | -€1,442 | |
| Suppliers | 440/4 | €1,442 | - | -€1,442 | |
| Taxes, remuneration and social security | 45 | €11,950 | €13,145 | +€1,194 | +10.0% |
| Taxes | 450/3 | €8,872 | €7,617 | -€1,254 | -14.1% |
| Remuneration and social security | 454/9 | €3,078 | €5,527 | +€2,449 | +79.6% |
| Other amounts payable | 47/48 | €6,436 | €4,093 | -€2,344 | -36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,174 | €4,191 | -€984 | -19.0% |
| Other operating charges | 640/8 | €7,467 | €3,155 | -€4,312 | -57.7% |
| Non-recurring operating charges | 66A | - | €4,179 | +€4,179 | |
| Gross operating margin | 9900 | €25,340 | €32,043 | +€6,703 | +26.5% |
| Operating profit (loss) | 9901 | €12,699 | €20,518 | +€7,819 | +61.6% |
| Financial income | 75/76B | €10 | €46 | +€36 | +363.8% |
| Recurring financial income | 75 | €10 | €46 | +€36 | +363.8% |
| Financial charges | 65/66B | €444 | €1,470 | +€1,026 | +230.9% |
| Recurring financial charges | 65 | €444 | €1,470 | +€1,026 | +230.9% |
| Profit (loss) for the period before taxes | 9903 | €12,264 | €19,094 | +€6,829 | +55.7% |
| Income taxes | 67/77 | €3,426 | €3,886 | +€460 | +13.4% |
| Profit (loss) for the period | 9904 | €8,838 | €15,208 | +€6,370 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,838 | €15,208 | +€6,370 | +72.1% |
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.