KAPLAN INVEST: 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.
KAPLAN INVEST
Largest movements
- Tangible fixed assets -€14,871
down €14,871 (-3.2%), from €463,333 to €448,462
- Current portion of long-term debt -€11,693
down €11,693 (-42.9%), from €27,274 to €15,581
- Debts after one year -€10,237
down €10,237 (-2.0%), from €522,539 to €512,301
of which Financial debts: -€15,587
- Profit (loss) carried forward +€4,726
up €4,726 (+3.9%), from -€119,700 to -€114,975
- Gross operating margin +€53,978
up €53,978, from -€9,877 to €44,101
- Other operating charges +€5,269
up €5,269 (+89.7%), from €5,876 to €11,145
- Financial charges +€4,216
up €4,216 (+46.1%), from €9,143 to €13,360
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €463,333 | €448,462 | -€14,871 | -3.2% |
| Fixed assets | 21/28 | €463,333 | €448,462 | -€14,871 | -3.2% |
| Tangible fixed assets | 22/27 | €463,333 | €448,462 | -€14,871 | -3.2% |
| Land and buildings | 22 | €463,333 | €448,462 | -€14,871 | -3.2% |
| Total equity and liabilities | 10/49 | €463,333 | €448,462 | -€14,871 | -3.2% |
| Equity | 10/15 | -€101,100 | -€96,375 | +€4,726 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,700 | -€114,975 | +€4,726 | +3.9% |
| Amounts payable | 17/49 | €564,433 | €544,836 | -€19,596 | -3.5% |
| Amounts payable after more than one year | 17 | €522,539 | €512,301 | -€10,237 | -2.0% |
| Financial debts | 170/4 | €286,539 | €270,951 | -€15,587 | -5.4% |
| Other amounts payable | 178/9 | €236,000 | €241,350 | +€5,350 | +2.3% |
| Amounts payable within one year | 42/48 | €41,894 | €32,535 | -€9,359 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €27,274 | €15,581 | -€11,693 | -42.9% |
| Financial debts | 43 | €5,203 | €5,219 | +€16 | +0.3% |
| Credit institutions | 430/8 | €5,203 | €5,219 | +€16 | +0.3% |
| Trade debts | 44 | €9,284 | €11,476 | +€2,192 | +23.6% |
| Suppliers | 440/4 | €9,284 | €11,476 | +€2,192 | +23.6% |
| Other amounts payable | 47/48 | €132 | €258 | +€126 | +95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,871 | €14,871 | = | 0.0% |
| Other operating charges | 640/8 | €5,876 | €11,145 | +€5,269 | +89.7% |
| Gross operating margin | 9900 | -€9,877 | €44,101 | +€53,978 | |
| Operating profit (loss) | 9901 | -€30,624 | €18,085 | +€48,709 | |
| Financial charges | 65/66B | €9,143 | €13,360 | +€4,216 | +46.1% |
| Recurring financial charges | 65 | €9,143 | €13,360 | +€4,216 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | -€39,767 | €4,726 | +€44,493 | |
| Profit (loss) for the period | 9904 | -€39,767 | €4,726 | +€44,493 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,767 | €4,726 | +€44,493 |
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 24 October 2026 via checked.be.