KAPMAN GROUP: 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.
KAPMAN GROUP
Largest movements
- Cash -€2.0m
down €2.0m (-95.0%), from €2.2m to €107,576
mainly Investment in fixed assets (net) (-€1.5m) and Receivables within one year (-€1.4m)
- Financial fixed assets +€1.5m
up €1.5m (+36.3%), from €4.2m to €5.7m
- Receivables within one year +€1.4m
up €1.4m (+86.4%), from €1.7m to €3.1m
of which Other amounts receivable: +€1.3m
- Short-term financial debts +€450,000
new in 2025: €450,000
- Debts after one year +€272,254
up €272,254 (+39.7%), from €685,060 to €957,315
- Other debts -€195,388
down €195,388 (-49.4%), from €395,388 to €200,000
- Trade debts +€154,629
up €154,629 (+32.7%), from €472,263 to €626,892
- Reserves +€124,433
up €124,433 (+2.0%), from €6.3m to €6.4m
of which Distributable reserves: +€124,701
- Financial income -€3.8m
down €3.8m (-98.7%), from €3.9m to €51,461
of which Non-recurring financial income: -€3.8m
- Gross operating margin +€84,667
up €84,667 (+21.0%), from €403,235 to €487,901
- Financial charges -€20,076
down €20,076 (-33.3%), from €60,283 to €40,208
- Other operating charges +€18,024
up €18,024 (+19.5%), from €92,265 to €110,289
- Taxes +€6,690
up €6,690 (+17.2%), from €38,867 to €45,557
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 | €8,649,098 | €9,547,346 | +€898,248 | +10.4% |
| Fixed assets | 21/28 | €4,341,045 | €5,842,861 | +€1.5m | +34.6% |
| Tangible fixed assets | 22/27 | €154,750 | €135,736 | -€19,014 | -12.3% |
| Land and buildings | 22 | €148,368 | €131,805 | -€16,563 | -11.2% |
| Furniture and vehicles | 24 | €2,670 | €1,147 | -€1,523 | -57.1% |
| Other tangible fixed assets | 26 | €3,712 | €2,784 | -€928 | -25.0% |
| Financial fixed assets | 28 | €4,186,296 | €5,707,125 | +€1.5m | +36.3% |
| Current assets | 29/58 | €4,308,052 | €3,704,485 | -€603,568 | -14.0% |
| Amounts receivable after more than one year | 29 | €480,380 | €482,247 | +€1,867 | +0.4% |
| Other amounts receivable | 291 | €480,380 | €482,247 | +€1,867 | +0.4% |
| Amounts receivable within one year | 40/41 | €1,670,651 | €3,114,662 | +€1.4m | +86.4% |
| Trade receivables | 40 | €9,093 | €135,776 | +€126,683 | +1,393% |
| Other amounts receivable | 41 | €1,661,559 | €2,978,887 | +€1.3m | +79.3% |
| Cash at bank and in hand | 54/58 | €2,157,021 | €107,576 | -€2.0m | -95.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €8,649,098 | €9,547,346 | +€898,248 | +10.4% |
| Equity | 10/15 | €7,017,339 | €7,141,772 | +€124,433 | +1.8% |
| Contributions | 10/11 | €742,311 | €742,311 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €6,275,028 | €6,399,461 | +€124,433 | +2.0% |
| Tax-exempt reserves | 132 | €1,071 | €803 | -€268 | -25.0% |
| Distributable reserves | 133 | €6,273,957 | €6,398,658 | +€124,701 | +2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €551 | €413 | -€138 | -25.0% |
| Deferred taxes | 168 | €551 | €413 | -€138 | -25.0% |
| Amounts payable | 17/49 | €1,631,208 | €2,405,160 | +€773,952 | +47.4% |
| Amounts payable after more than one year | 17 | €685,060 | €957,315 | +€272,254 | +39.7% |
| Financial debts | 170/4 | €685,060 | €957,315 | +€272,254 | +39.7% |
| Amounts payable within one year | 42/48 | €946,147 | €1,447,845 | +€501,698 | +53.0% |
| Current portion of amounts payable after more than one year | 42 | €61,318 | €152,688 | +€91,370 | +149% |
| Financial debts | 43 | - | €450,000 | +€450,000 | |
| Other loans | 439 | - | €450,000 | +€450,000 | |
| Trade debts | 44 | €472,263 | €626,892 | +€154,629 | +32.7% |
| Suppliers | 440/4 | €472,263 | €626,892 | +€154,629 | +32.7% |
| Taxes, remuneration and social security | 45 | €17,178 | €18,265 | +€1,087 | +6.3% |
| Taxes | 450/3 | €17,178 | €18,265 | +€1,087 | +6.3% |
| Other amounts payable | 47/48 | €395,388 | €200,000 | -€195,388 | -49.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,014 | €19,014 | = | 0.0% |
| Other operating charges | 640/8 | €92,265 | €110,289 | +€18,024 | +19.5% |
| Gross operating margin | 9900 | €403,235 | €487,901 | +€84,667 | +21.0% |
| Operating profit (loss) | 9901 | €291,957 | €358,599 | +€66,642 | +22.8% |
| Financial income | 75/76B | €3,879,449 | €51,461 | -€3.8m | -98.7% |
| Recurring financial income | 75 | €52,692 | €51,461 | -€1,231 | -2.3% |
| Non-recurring financial income | 76B | €3,826,757 | €0 | -€3.8m | -100% |
| Financial charges | 65/66B | €60,283 | €40,208 | -€20,076 | -33.3% |
| Recurring financial charges | 65 | €60,283 | €40,208 | -€20,076 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €4,111,122 | €369,852 | -€3.7m | -91.0% |
| Transfer from deferred taxes | 780 | €138 | €138 | = | 0.0% |
| Income taxes | 67/77 | €38,867 | €45,557 | +€6,690 | +17.2% |
| Profit (loss) for the period | 9904 | €4,072,393 | €324,433 | -€3.7m | -92.0% |
| Transfer from tax-exempt reserves | 789 | €268 | €268 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,072,661 | €324,701 | -€3.7m | -92.0% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.