KAPPA MANAGEMENT: 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.
KAPPA MANAGEMENT
Largest movements
- Receivables within one year +€47,318
up €47,318 (+17.7%), from €267,777 to €315,094
of which Other amounts receivable: +€69,892
- Cash +€7,564
up €7,564 (+31.4%), from €24,096 to €31,660
mainly Net result for the year (+€54,055) and Tax, wage and social debts (+€1,800)
- Profit (loss) carried forward +€54,055
up €54,055 (+47.5%), from €113,813 to €167,868
- Taxes -€8,621
down €8,621 (-43.3%), from €19,921 to €11,300
- Gross operating margin -€4,816
down €4,816 (-7.1%), from €67,418 to €62,602
- Financial charges +€4,210
up €4,210 (+165.3%), from €2,546 to €6,756
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 | €305,470 | €361,250 | +€55,780 | +18.3% |
| Fixed assets | 21/28 | €13,597 | €14,495 | +€898 | +6.6% |
| Tangible fixed assets | 22/27 | €13,597 | €14,495 | +€898 | +6.6% |
| Land and buildings | 22 | €1,158 | €926 | -€232 | -20.0% |
| Plant, machinery and equipment | 23 | €1,181 | €2,311 | +€1,130 | +95.7% |
| Furniture and vehicles | 24 | €11,258 | €11,258 | = | 0.0% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €291,873 | €346,755 | +€54,882 | +18.8% |
| Amounts receivable within one year | 40/41 | €267,777 | €315,094 | +€47,318 | +17.7% |
| Trade receivables | 40 | €90,142 | €67,568 | -€22,574 | -25.0% |
| Other amounts receivable | 41 | €177,635 | €247,527 | +€69,892 | +39.3% |
| Cash at bank and in hand | 54/58 | €24,096 | €31,660 | +€7,564 | +31.4% |
| Total equity and liabilities | 10/49 | €305,470 | €361,250 | +€55,780 | +18.3% |
| Equity | 10/15 | €270,697 | €324,753 | +€54,055 | +20.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €150,680 | €150,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €148,780 | €148,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,813 | €167,868 | +€54,055 | +47.5% |
| Amounts payable | 17/49 | €34,772 | €36,497 | +€1,725 | +5.0% |
| Amounts payable within one year | 42/48 | €8,249 | €10,049 | +€1,800 | +21.8% |
| Trade debts | 44 | €1,520 | €1,520 | = | 0.0% |
| Suppliers | 440/4 | €1,520 | €1,520 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,639 | €7,439 | +€1,800 | +31.9% |
| Taxes | 450/3 | €5,639 | €7,439 | +€1,800 | +31.9% |
| Other amounts payable | 47/48 | €1,090 | €1,090 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €26,523 | €26,448 | -€75 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €527 | €796 | +€269 | +51.0% |
| Other operating charges | 640/8 | €603 | €694 | +€91 | +15.1% |
| Gross operating margin | 9900 | €67,418 | €62,602 | -€4,816 | -7.1% |
| Operating profit (loss) | 9901 | €66,288 | €61,111 | -€5,176 | -7.8% |
| Financial income | 75/76B | €10,395 | €11,000 | +€605 | +5.8% |
| Recurring financial income | 75 | €10,395 | €11,000 | +€605 | +5.8% |
| Financial charges | 65/66B | €2,546 | €6,756 | +€4,210 | +165.3% |
| Recurring financial charges | 65 | €2,546 | €6,756 | +€4,210 | +165.3% |
| Profit (loss) for the period before taxes | 9903 | €74,137 | €65,355 | -€8,781 | -11.8% |
| Income taxes | 67/77 | €19,921 | €11,300 | -€8,621 | -43.3% |
| Profit (loss) for the period | 9904 | €54,216 | €54,055 | -€160 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,216 | €54,055 | -€160 | -0.3% |
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 10 October 2026 via checked.be.