KAPIAN: 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.
KAPIAN
Largest movements
- Cash -€256,997
down €256,997 (-94.6%), from €271,627 to €14,630
mainly Contributions, distributions and other (-€3.5m) and Debts after one year (-€384,763)
- Other debts +€1.5m
up €1.5m (+75.0%), from €2.0m to €3.5m
- Reserves -€1.1m
down €1.1m (-48.3%), from €2.3m to €1.2m
of which Distributable reserves: -€1.3m
- Debts after one year -€384,763
down €384,763 (-100%), from €384,763 to €0
of which Other amounts payable: -€384,763
- Current portion of long-term debt -€200,000
down €200,000 (-100%), from €200,000 to €0
- Financial income +€1.6m
up €1.6m (+213%), from €749,999 to €2.4m
- Gross operating margin -€249,551
down €249,551 (-90.2%), from €276,607 to €27,056
- Taxes -€56,609
down €56,609 (-91.1%), from €62,125 to €5,516
- Financial charges -€22,157
down €22,157 (-82.0%), from €27,007 to €4,849
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 | €10,152,806 | €9,931,305 | -€221,502 | -2.2% |
| Fixed assets | 21/28 | €9,823,387 | €9,823,387 | = | 0.0% |
| Financial fixed assets | 28 | €9,823,387 | €9,823,387 | = | 0.0% |
| Current assets | 29/58 | €329,419 | €107,917 | -€221,502 | -67.2% |
| Amounts receivable within one year | 40/41 | €56,104 | €91,600 | +€35,496 | +63.3% |
| Trade receivables | 40 | €56,104 | €61,600 | +€5,496 | +9.8% |
| Other amounts receivable | 41 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €271,627 | €14,630 | -€256,997 | -94.6% |
| Deferred charges and accrued income | 490/1 | €1,688 | €1,688 | = | 0.0% |
| Total equity and liabilities | 10/49 | €10,152,806 | €9,931,305 | -€221,502 | -2.2% |
| Equity | 10/15 | €7,493,079 | €6,359,626 | -€1.1m | -15.1% |
| Contributions | 10/11 | €5,144,000 | €5,144,000 | = | 0.0% |
| Capital | 10 | €5,090,000 | €5,090,000 | = | 0.0% |
| Issued capital | 100 | €5,090,000 | €5,090,000 | = | 0.0% |
| Contributions outside capital | 11 | €54,000 | €54,000 | = | 0.0% |
| Share premium | 1100/10 | €54,000 | €54,000 | = | 0.0% |
| Reserves | 13 | €2,349,079 | €1,215,626 | -€1.1m | -48.3% |
| Non-distributable reserves | 130/1 | €217,454 | €335,781 | +€118,327 | +54.4% |
| Legal reserve | 130 | €217,454 | €335,781 | +€118,327 | +54.4% |
| Distributable reserves | 133 | €2,131,625 | €879,845 | -€1.3m | -58.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,659,727 | €3,571,678 | +€911,952 | +34.3% |
| Amounts payable after more than one year | 17 | €384,763 | €0 | -€384,763 | -100% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €384,763 | €0 | -€384,763 | -100% |
| Amounts payable within one year | 42/48 | €2,274,964 | €3,571,678 | +€1.3m | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €0 | -€200,000 | -100% |
| Trade debts | 44 | €61,509 | €62,600 | +€1,091 | +1.8% |
| Suppliers | 440/4 | €61,509 | €62,600 | +€1,091 | +1.8% |
| Taxes, remuneration and social security | 45 | €13,455 | €9,078 | -€4,377 | -32.5% |
| Taxes | 450/3 | €13,455 | €9,078 | -€4,377 | -32.5% |
| Other amounts payable | 47/48 | €2,000,000 | €3,500,000 | +€1.5m | +75.0% |
| Other operating charges | 640/8 | €1,108 | €144 | -€964 | -87.0% |
| Gross operating margin | 9900 | €276,607 | €27,056 | -€249,551 | -90.2% |
| Operating profit (loss) | 9901 | €275,499 | €26,912 | -€248,588 | -90.2% |
| Financial income | 75/76B | €749,999 | €2,350,000 | +€1.6m | +213% |
| Recurring financial income | 75 | €749,999 | €2,350,000 | +€1.6m | +213% |
| Financial charges | 65/66B | €27,007 | €4,849 | -€22,157 | -82.0% |
| Recurring financial charges | 65 | €27,007 | €4,849 | -€22,157 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €998,491 | €2,372,062 | +€1.4m | +138% |
| Income taxes | 67/77 | €62,125 | €5,516 | -€56,609 | -91.1% |
| Profit (loss) for the period | 9904 | €936,366 | €2,366,547 | +€1.4m | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €936,366 | €2,366,547 | +€1.4m | +153% |
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 25 October 2026 via checked.be.