KAPEDA: 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.
KAPEDA
Largest movements
- Current investments +€480,000
new in 2025: €480,000
- Tangible fixed assets +€77,049
up €77,049 (+2.1%), from €3.7m to €3.7m
of which Assets under construction and advance payments: +€50,274
- Cash -€57,703
down €57,703 (-71.3%), from €80,956 to €23,253
mainly Current investments (-€480,000) and Investment in fixed assets (net) (-€269,621)
- Receivables within one year +€54,031
up €54,031 (+78.0%), from €69,257 to €123,287
- Other debts +€624,741
up €624,741 (+137.6%), from €453,866 to €1.1m
- Accrued charges and deferred income +€81,630
up €81,630 (+1131.4%), from €7,215 to €88,845
- Debts after one year -€73,348
down €73,348 (-15.5%), from €472,094 to €398,746
- Financial charges +€59,880
up €59,880 (+567.9%), from €10,544 to €70,424
- Gross operating margin +€51,114
up €51,114 (+27.2%), from €187,654 to €238,768
- Depreciation +€45,891
up €45,891 (+31.3%), from €146,680 to €192,571
- Other operating charges +€32,835
up €32,835 (+942.8%), from €3,483 to €36,318
- Taxes -€29,882
down €29,882 (-80.9%), from €36,948 to €7,066
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 | €3,834,978 | €4,387,863 | +€552,885 | +14.4% |
| Fixed assets | 21/28 | €3,665,596 | €3,742,646 | +€77,049 | +2.1% |
| Tangible fixed assets | 22/27 | €3,665,596 | €3,742,646 | +€77,049 | +2.1% |
| Land and buildings | 22 | €3,572,705 | €3,618,514 | +€45,809 | +1.3% |
| Plant, machinery and equipment | 23 | €7,187 | €5,875 | -€1,311 | -18.2% |
| Furniture and vehicles | 24 | €85,704 | €67,982 | -€17,722 | -20.7% |
| Assets under construction and advance payments | 27 | - | €50,274 | +€50,274 | |
| Current assets | 29/58 | €169,382 | €645,217 | +€475,836 | +280.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €69,257 | €123,287 | +€54,031 | +78.0% |
| Other amounts receivable | 41 | €69,257 | €123,287 | +€54,031 | +78.0% |
| Current investments | 50/53 | - | €480,000 | +€480,000 | |
| Cash at bank and in hand | 54/58 | €80,956 | €23,253 | -€57,703 | -71.3% |
| Deferred charges and accrued income | 490/1 | €19,169 | €18,677 | -€492 | -2.6% |
| Total equity and liabilities | 10/49 | €3,834,978 | €4,387,863 | +€552,885 | +14.4% |
| Equity | 10/15 | €2,516,971 | €2,479,562 | -€37,409 | -1.5% |
| Contributions | 10/11 | €76,895 | €76,895 | = | 0.0% |
| Reserves | 13 | €2,440,076 | €2,402,667 | -€37,409 | -1.5% |
| Tax-exempt reserves | 132 | €747,431 | €693,817 | -€53,614 | -7.2% |
| Distributable reserves | 133 | €1,692,645 | €1,708,850 | +€16,205 | +1.0% |
| Provisions and deferred taxes | 16 | €288,838 | €268,487 | -€20,351 | -7.0% |
| Deferred taxes | 168 | €288,838 | €268,487 | -€20,351 | -7.0% |
| Amounts payable | 17/49 | €1,029,169 | €1,639,814 | +€610,644 | +59.3% |
| Amounts payable after more than one year | 17 | €472,094 | €398,746 | -€73,348 | -15.5% |
| Financial debts | 170/4 | €472,094 | €398,746 | -€73,348 | -15.5% |
| Amounts payable within one year | 42/48 | €549,860 | €1,152,223 | +€602,363 | +109.5% |
| Current portion of amounts payable after more than one year | 42 | €72,537 | €73,348 | +€811 | +1.1% |
| Trade debts | 44 | €16,509 | €268 | -€16,241 | -98.4% |
| Suppliers | 440/4 | €16,509 | €268 | -€16,241 | -98.4% |
| Taxes, remuneration and social security | 45 | €6,948 | €0 | -€6,948 | -100.0% |
| Taxes | 450/3 | €6,948 | €0 | -€6,948 | -100.0% |
| Other amounts payable | 47/48 | €453,866 | €1,078,607 | +€624,741 | +137.6% |
| Accrued charges and deferred income | 492/3 | €7,215 | €88,845 | +€81,630 | +1131.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,680 | €192,571 | +€45,891 | +31.3% |
| Other operating charges | 640/8 | €3,483 | €36,318 | +€32,835 | +942.8% |
| Gross operating margin | 9900 | €187,654 | €238,768 | +€51,114 | +27.2% |
| Operating profit (loss) | 9901 | €37,492 | €9,879 | -€27,613 | -73.7% |
| Financial income | 75/76B | €906 | €9,852 | +€8,946 | +988.0% |
| Recurring financial income | 75 | €906 | €9,852 | +€8,946 | +988.0% |
| Financial charges | 65/66B | €10,544 | €70,424 | +€59,880 | +567.9% |
| Recurring financial charges | 65 | €10,544 | €70,424 | +€59,880 | +567.9% |
| Profit (loss) for the period before taxes | 9903 | €27,853 | -€50,694 | -€78,547 | |
| Transfer from deferred taxes | 780 | €23,436 | €20,351 | -€3,085 | -13.2% |
| Income taxes | 67/77 | €36,948 | €7,066 | -€29,882 | -80.9% |
| Profit (loss) for the period | 9904 | €14,341 | -€37,409 | -€51,750 | |
| Transfer from tax-exempt reserves | 789 | €62,868 | €53,614 | -€9,255 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,209 | €16,205 | -€61,004 | -79.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.