KAPE 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.
KAPE MANAGEMENT
Largest movements
- Cash +€29,603
up €29,603 (+120%), from €24,576 to €54,179
mainly Net result for the year (+€25,313) and Receivables within one year (+€18,532)
- Receivables within one year -€18,532
down €18,532 (-22.3%), from €82,952 to €64,420
of which Trade receivables: -€18,941
- Reserves +€11,640
up €11,640 (+9.2%), from €127,000 to €138,640
- Trade debts +€6,506
up €6,506 (+56.0%), from €11,619 to €18,124
- Tax, wage and social debts -€5,074
down €5,074 (-22.3%), from €22,774 to €17,699
- Short-term financial debts -€5,000
down €5,000 (-100%), from €5,000 to €0
- Taxes -€2,933
down €2,933 (-26.3%), from €11,157 to €8,224
- Gross operating margin -€2,121
down €2,121 (-4.7%), from €45,251 to €43,130
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 | €197,370 | €204,876 | +€7,506 | +3.8% |
| Fixed assets | 21/28 | €87,241 | €85,176 | -€2,065 | -2.4% |
| Intangible fixed assets | 21 | €420 | €0 | -€420 | -100% |
| Tangible fixed assets | 22/27 | €86,726 | €85,081 | -€1,645 | -1.9% |
| Land and buildings | 22 | €79,561 | €74,799 | -€4,763 | -6.0% |
| Plant, machinery and equipment | 23 | - | €1,776 | +€1,776 | |
| Furniture and vehicles | 24 | €7,165 | €8,507 | +€1,342 | +18.7% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €110,129 | €119,700 | +€9,570 | +8.7% |
| Amounts receivable within one year | 40/41 | €82,952 | €64,420 | -€18,532 | -22.3% |
| Trade receivables | 40 | €38,866 | €19,925 | -€18,941 | -48.7% |
| Other amounts receivable | 41 | €44,086 | €44,494 | +€408 | +0.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,576 | €54,179 | +€29,603 | +120% |
| Deferred charges and accrued income | 490/1 | €2,601 | €1,101 | -€1,501 | -57.7% |
| Total equity and liabilities | 10/49 | €197,370 | €204,876 | +€7,506 | +3.8% |
| Equity | 10/15 | €157,409 | €169,052 | +€11,643 | +7.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €127,000 | €138,640 | +€11,640 | +9.2% |
| Distributable reserves | 133 | €127,000 | €138,640 | +€11,640 | +9.2% |
| Profit (loss) carried forward | 14 | €409 | €412 | +€3 | +0.7% |
| Amounts payable | 17/49 | €39,961 | €35,824 | -€4,138 | -10.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €39,961 | €35,824 | -€4,138 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €569 | €0 | -€569 | -100% |
| Financial debts | 43 | €5,000 | €0 | -€5,000 | -100% |
| Credit institutions | 430/8 | €5,000 | €0 | -€5,000 | -100% |
| Trade debts | 44 | €11,619 | €18,124 | +€6,506 | +56.0% |
| Suppliers | 440/4 | €11,619 | €18,124 | +€6,506 | +56.0% |
| Taxes, remuneration and social security | 45 | €22,774 | €17,699 | -€5,074 | -22.3% |
| Taxes | 450/3 | €22,774 | €17,699 | -€5,074 | -22.3% |
| Non-recurring operating income | 76A | - | €15,295 | +€15,295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,861 | €9,985 | +€124 | +1.3% |
| Other operating charges | 640/8 | €1,543 | €1,701 | +€158 | +10.2% |
| Gross operating margin | 9900 | €45,251 | €43,130 | -€2,121 | -4.7% |
| Operating profit (loss) | 9901 | €33,847 | €31,444 | -€2,403 | -7.1% |
| Financial income | 75/76B | €2,737 | €2,387 | -€349 | -12.8% |
| Recurring financial income | 75 | €2,737 | €2,387 | -€349 | -12.8% |
| Financial charges | 65/66B | €364 | €294 | -€70 | -19.2% |
| Recurring financial charges | 65 | €364 | €294 | -€70 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €36,220 | €33,537 | -€2,683 | -7.4% |
| Income taxes | 67/77 | €11,157 | €8,224 | -€2,933 | -26.3% |
| Profit (loss) for the period | 9904 | €25,063 | €25,313 | +€250 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,063 | €25,313 | +€250 | +1.0% |
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 23 October 2026 via checked.be.