KAPKA: 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.
KAPKA
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+277.6%), from €630,197 to €2.4m
of which Land and buildings: +€1.8m
- Receivables within one year +€184,646
up €184,646 (+422.1%), from €43,744 to €228,391
of which Other amounts receivable: +€185,266
- Debts after one year +€927,279
up €927,279 (+1003.8%), from €92,374 to €1.0m
of which Financial debts: +€854,779
- Reserves +€691,149
up €691,149 (+54.8%), from €1.3m to €2.0m
of which Tax-exempt reserves: +€620,712
- Provisions +€206,904
up €206,904 (+910.8%), from €22,716 to €229,620
- Current portion of long-term debt +€88,274
up €88,274 (+633.1%), from €13,943 to €102,217
- Gross operating margin +€885,736
up €885,736 (+414.3%), from €213,780 to €1.1m
- Write-downs +€130,000
new in 2025: €130,000
- Financial charges -€110,490
down €110,490, from €1,571 to -€108,919
- Depreciation +€72,012
up €72,012 (+109.5%), from €65,770 to €137,782
- Taxes -€18,761
down €18,761 (-36.3%), from €51,638 to €32,877
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 | €1,496,907 | €3,412,461 | +€1.9m | +128.0% |
| Fixed assets | 21/28 | €630,197 | €2,379,699 | +€1.7m | +277.6% |
| Tangible fixed assets | 22/27 | €630,197 | €2,379,699 | +€1.7m | +277.6% |
| Land and buildings | 22 | €629,193 | €2,379,277 | +€1.8m | +278.1% |
| Furniture and vehicles | 24 | €1,005 | €422 | -€583 | -58.0% |
| Current assets | 29/58 | €866,710 | €1,032,763 | +€166,053 | +19.2% |
| Amounts receivable within one year | 40/41 | €43,744 | €228,391 | +€184,646 | +422.1% |
| Trade receivables | 40 | €620 | €0 | -€620 | -100.0% |
| Other amounts receivable | 41 | €43,124 | €228,391 | +€185,266 | +429.6% |
| Current investments | 50/53 | €238,505 | €238,505 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €580,857 | €562,894 | -€17,963 | -3.1% |
| Deferred charges and accrued income | 490/1 | €3,603 | €2,973 | -€630 | -17.5% |
| Total equity and liabilities | 10/49 | €1,496,907 | €3,412,461 | +€1.9m | +128.0% |
| Equity | 10/15 | €1,324,856 | €2,016,006 | +€691,149 | +52.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,261,739 | €1,952,888 | +€691,149 | +54.8% |
| Non-distributable reserves | 130/1 | €6,321 | €6,321 | = | 0.0% |
| Legal reserve | 130 | €6,321 | €6,321 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,149 | €688,860 | +€620,712 | +910.8% |
| Distributable reserves | 133 | €1,187,269 | €1,257,707 | +€70,438 | +5.9% |
| Profit (loss) carried forward | 14 | €1,144 | €1,144 | = | 0.0% |
| Provisions and deferred taxes | 16 | €22,716 | €229,620 | +€206,904 | +910.8% |
| Deferred taxes | 168 | €22,716 | €229,620 | +€206,904 | +910.8% |
| Amounts payable | 17/49 | €149,335 | €1,166,835 | +€1.0m | +681.4% |
| Amounts payable after more than one year | 17 | €92,374 | €1,019,653 | +€927,279 | +1003.8% |
| Financial debts | 170/4 | €92,374 | €947,153 | +€854,779 | +925.3% |
| Other amounts payable | 178/9 | - | €72,500 | +€72,500 | |
| Amounts payable within one year | 42/48 | €50,961 | €123,016 | +€72,055 | +141.4% |
| Current portion of amounts payable after more than one year | 42 | €13,943 | €102,217 | +€88,274 | +633.1% |
| Trade debts | 44 | €14,198 | €6,370 | -€7,828 | -55.1% |
| Suppliers | 440/4 | €14,198 | €6,370 | -€7,828 | -55.1% |
| Taxes, remuneration and social security | 45 | €7,699 | €0 | -€7,699 | -100.0% |
| Taxes | 450/3 | €7,699 | €0 | -€7,699 | -100.0% |
| Other amounts payable | 47/48 | €15,121 | €14,428 | -€693 | -4.6% |
| Accrued charges and deferred income | 492/3 | €6,000 | €24,167 | +€18,167 | +302.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,770 | €137,782 | +€72,012 | +109.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €130,000 | +€130,000 | |
| Other operating charges | 640/8 | €15,362 | €16,780 | +€1,418 | +9.2% |
| Gross operating margin | 9900 | €213,780 | €1,099,516 | +€885,736 | +414.3% |
| Operating profit (loss) | 9901 | €132,648 | €814,954 | +€682,306 | +514.4% |
| Financial income | 75/76B | €11,569 | €7,057 | -€4,512 | -39.0% |
| Recurring financial income | 75 | €11,569 | €7,057 | -€4,512 | -39.0% |
| Financial charges | 65/66B | €1,571 | -€108,919 | -€110,490 | |
| Recurring financial charges | 65 | €1,571 | -€108,919 | -€110,490 | |
| Profit (loss) for the period before taxes | 9903 | €142,645 | €930,930 | +€788,285 | +552.6% |
| Transfer from deferred taxes | 780 | €4,912 | €8,307 | +€3,395 | +69.1% |
| Transfer to deferred taxes | 680 | - | €215,211 | +€215,211 | |
| Income taxes | 67/77 | €51,638 | €32,877 | -€18,761 | -36.3% |
| Profit (loss) for the period | 9904 | €95,920 | €691,149 | +€595,229 | +620.5% |
| Transfer from tax-exempt reserves | 789 | €14,737 | €24,921 | +€10,184 | +69.1% |
| Transfer to tax-exempt reserves | 689 | - | €645,632 | +€645,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,656 | €70,438 | -€40,219 | -36.3% |
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 7 October 2026 via checked.be.