KAPE: 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.
KAPE
Largest movements
- Receivables within one year -€347,349
down €347,349 (-92.8%), from €374,155 to €26,806
of which Other amounts receivable: -€343,597
- Current investments +€277,484
up €277,484 (+44.9%), from €618,262 to €895,746
- Tangible fixed assets -€155,479
down €155,479 (-15.7%), from €992,559 to €837,079
of which Land and buildings: -€160,508
- Cash -€79,669
down €79,669 (-27.8%), from €287,061 to €207,392
mainly Contributions, distributions and other (-€391,100) and Current investments (-€277,484)
- Reserves -€306,052
down €306,052 (-14.2%), from €2.1m to €1.8m
of which Distributable reserves: -€286,709
- Gross operating margin -€807,144
down €807,144 (-79.5%), from €1.0m to €208,652
- Taxes -€259,770
down €259,770 (-83.4%), from €311,441 to €51,671
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 | €2,273,527 | €1,967,272 | -€306,255 | -13.5% |
| Fixed assets | 21/28 | €992,808 | €837,328 | -€155,479 | -15.7% |
| Tangible fixed assets | 22/27 | €992,559 | €837,079 | -€155,479 | -15.7% |
| Land and buildings | 22 | €929,967 | €769,458 | -€160,508 | -17.3% |
| Plant, machinery and equipment | 23 | €62,592 | €67,621 | +€5,029 | +8.0% |
| Financial fixed assets | 28 | €249 | €249 | = | 0.0% |
| Current assets | 29/58 | €1,280,719 | €1,129,944 | -€150,775 | -11.8% |
| Amounts receivable within one year | 40/41 | €374,155 | €26,806 | -€347,349 | -92.8% |
| Trade receivables | 40 | €3,752 | €0 | -€3,752 | -100.0% |
| Other amounts receivable | 41 | €370,403 | €26,806 | -€343,597 | -92.8% |
| Current investments | 50/53 | €618,262 | €895,746 | +€277,484 | +44.9% |
| Cash at bank and in hand | 54/58 | €287,061 | €207,392 | -€79,669 | -27.8% |
| Deferred charges and accrued income | 490/1 | €1,242 | €0 | -€1,242 | -100.0% |
| Total equity and liabilities | 10/49 | €2,273,527 | €1,967,272 | -€306,255 | -13.5% |
| Equity | 10/15 | €2,148,872 | €1,842,821 | -€306,052 | -14.2% |
| Reserves | 13 | €2,148,872 | €1,842,821 | -€306,052 | -14.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €164,723 | €145,380 | -€19,343 | -11.7% |
| Distributable reserves | 133 | €1,984,149 | €1,697,440 | -€286,709 | -14.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €54,908 | €48,460 | -€6,448 | -11.7% |
| Deferred taxes | 168 | €54,908 | €48,460 | -€6,448 | -11.7% |
| Amounts payable | 17/49 | €69,747 | €75,992 | +€6,245 | +9.0% |
| Amounts payable within one year | 42/48 | €66,562 | €75,992 | +€9,430 | +14.2% |
| Trade debts | 44 | €234 | €10,780 | +€10,546 | +4501.0% |
| Suppliers | 440/4 | €234 | €10,780 | +€10,546 | +4501.0% |
| Advances received on contracts in progress | 46 | €1,116 | €0 | -€1,116 | -100.0% |
| Taxes, remuneration and social security | 45 | €65,212 | €65,212 | = | 0.0% |
| Taxes | 450/3 | €65,212 | €65,212 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,185 | €0 | -€3,185 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,423 | €69,141 | -€2,282 | -3.2% |
| Other operating charges | 640/8 | €25,182 | €23,238 | -€1,943 | -7.7% |
| Gross operating margin | 9900 | €1,015,795 | €208,652 | -€807,144 | -79.5% |
| Operating profit (loss) | 9901 | €919,191 | €116,273 | -€802,919 | -87.4% |
| Financial income | 75/76B | €20,465 | €19,428 | -€1,037 | -5.1% |
| Recurring financial income | 75 | €20,465 | €19,428 | -€1,037 | -5.1% |
| Financial charges | 65/66B | €1,890 | €5,429 | +€3,539 | +187.2% |
| Recurring financial charges | 65 | €1,890 | €5,429 | +€3,539 | +187.2% |
| Profit (loss) for the period before taxes | 9903 | €937,766 | €130,271 | -€807,495 | -86.1% |
| Transfer from deferred taxes | 780 | €6,448 | €6,448 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €311,441 | €51,671 | -€259,770 | -83.4% |
| Profit (loss) for the period | 9904 | €632,773 | €85,048 | -€547,725 | -86.6% |
| Transfer from tax-exempt reserves | 789 | €19,343 | €19,343 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €652,116 | €104,391 | -€547,725 | -84.0% |
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 4 October 2026 via checked.be.