KAPPASI: 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.
KAPPASI
Largest movements
- Receivables within one year -€26,558
down €26,558 (-84.8%), from €31,317 to €4,759
of which Other amounts receivable: -€25,882
- Tangible fixed assets +€5,259
up €5,259 (+16.0%), from €32,895 to €38,154
of which Plant, machinery and equipment: +€13,064
- Cash -€3,735
down €3,735 (-18.2%), from €20,521 to €16,786
mainly Investment in fixed assets (net) (-€15,399) and Tax, wage and social debts (-€10,077)
- Tax, wage and social debts -€10,077
down €10,077 (-38.6%), from €26,126 to €16,049
of which Remuneration and social security: -€7,577
- Reserves -€10,000
down €10,000 (-37.0%), from €27,000 to €17,000
- Current portion of long-term debt -€6,444
down €6,444 (-56.9%), from €11,319 to €4,876
- Debts after one year -€4,876
no longer reported in 2025 (was €4,876)
- Profit (loss) carried forward +€3,415
up €3,415 (+311.2%), from €1,097 to €4,512
- Staff costs -€51,870
down €51,870 (-44.6%), from €116,308 to €64,437
- Gross operating margin -€43,194
down €43,194 (-37.2%), from €116,050 to €72,856
- Depreciation +€1,170
up €1,170 (+13.0%), from €8,969 to €10,140
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 | €104,856 | €79,439 | -€25,418 | -24.2% |
| Fixed assets | 21/28 | €32,895 | €38,154 | +€5,259 | +16.0% |
| Tangible fixed assets | 22/27 | €32,895 | €38,154 | +€5,259 | +16.0% |
| Plant, machinery and equipment | 23 | €7,374 | €20,438 | +€13,064 | +177.2% |
| Furniture and vehicles | 24 | €25,521 | €17,716 | -€7,805 | -30.6% |
| Current assets | 29/58 | €71,961 | €41,285 | -€30,677 | -42.6% |
| Stocks and contracts in progress | 3 | €15,850 | €15,408 | -€442 | -2.8% |
| Stocks | 30/36 | €15,850 | €15,408 | -€442 | -2.8% |
| Amounts receivable within one year | 40/41 | €31,317 | €4,759 | -€26,558 | -84.8% |
| Trade receivables | 40 | €1,951 | €1,275 | -€677 | -34.7% |
| Other amounts receivable | 41 | €29,365 | €3,484 | -€25,882 | -88.1% |
| Current investments | 50/53 | €130 | - | -€130 | |
| Cash at bank and in hand | 54/58 | €20,521 | €16,786 | -€3,735 | -18.2% |
| Deferred charges and accrued income | 490/1 | €4,143 | €4,332 | +€189 | +4.6% |
| Total equity and liabilities | 10/49 | €104,856 | €79,439 | -€25,418 | -24.2% |
| Equity | 10/15 | €58,097 | €51,512 | -€6,585 | -11.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €27,000 | €17,000 | -€10,000 | -37.0% |
| Distributable reserves | 133 | €27,000 | €17,000 | -€10,000 | -37.0% |
| Profit (loss) carried forward | 14 | €1,097 | €4,512 | +€3,415 | +311.2% |
| Amounts payable | 17/49 | €46,759 | €27,927 | -€18,832 | -40.3% |
| Amounts payable after more than one year | 17 | €4,876 | - | -€4,876 | |
| Financial debts | 170/4 | €4,876 | - | -€4,876 | |
| Amounts payable within one year | 42/48 | €41,884 | €27,927 | -€13,957 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €11,319 | €4,876 | -€6,444 | -56.9% |
| Trade debts | 44 | €3,413 | €3,406 | -€8 | -0.2% |
| Suppliers | 440/4 | €3,413 | €3,406 | -€8 | -0.2% |
| Taxes, remuneration and social security | 45 | €26,126 | €16,049 | -€10,077 | -38.6% |
| Taxes | 450/3 | €10,944 | €8,444 | -€2,500 | -22.8% |
| Remuneration and social security | 454/9 | €15,182 | €7,605 | -€7,577 | -49.9% |
| Other amounts payable | 47/48 | €1,025 | €3,596 | +€2,572 | +250.9% |
| Remuneration, social security and pensions | 62 | €116,308 | €64,437 | -€51,870 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,969 | €10,140 | +€1,170 | +13.0% |
| Other operating charges | 640/8 | €4,072 | €3,113 | -€960 | -23.6% |
| Gross operating margin | 9900 | €116,050 | €72,856 | -€43,194 | -37.2% |
| Operating profit (loss) | 9901 | -€13,300 | -€4,834 | +€8,466 | +63.7% |
| Financial income | 75/76B | €48 | €19 | -€29 | -59.8% |
| Recurring financial income | 75 | €48 | €19 | -€29 | -59.8% |
| Financial charges | 65/66B | €1,368 | €874 | -€494 | -36.1% |
| Recurring financial charges | 65 | €1,368 | €874 | -€494 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,620 | -€5,689 | +€8,931 | +61.1% |
| Income taxes | 67/77 | €910 | €897 | -€13 | -1.5% |
| Profit (loss) for the period | 9904 | -€15,530 | -€6,585 | +€8,945 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,530 | -€6,585 | +€8,945 | +57.6% |
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 6 October 2026 via checked.be.