KASE: 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.
KASE
Largest movements
- Tangible fixed assets +€109,673
up €109,673 (+521.6%), from €21,025 to €130,698
of which Furniture and vehicles: +€110,862
- Receivables within one year -€16,175
down €16,175 (-71.5%), from €22,618 to €6,442
- Cash +€15,060
up €15,060 (+29.0%), from €51,979 to €67,039
mainly Debts after one year (+€67,607) and Other debts (+€22,940)
- Debts after one year +€67,607
new in 2025: €67,607
- Other debts +€22,940
new in 2025: €22,940
- Current portion of long-term debt +€19,757
new in 2025: €19,757
- Profit (loss) carried forward -€9,596
down €9,596 (-9.8%), from €98,376 to €88,781
- Trade debts +€9,207
up €9,207 (+241.5%), from €3,812 to €13,019
- Staff costs +€71,809
up €71,809 (+98.8%), from €72,718 to €144,527
- Gross operating margin +€71,249
up €71,249 (+64.1%), from €111,105 to €182,354
- Taxes -€18,768
down €18,768 (-48.4%), from €38,768 to €20,000
- Depreciation +€10,316
up €10,316 (+107.2%), from €9,627 to €19,943
- Other operating charges +€4,106
up €4,106 (+1479.7%), from €277 to €4,383
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 | €102,288 | €212,203 | +€109,915 | +107.5% |
| Fixed assets | 21/28 | €21,025 | €130,698 | +€109,673 | +521.6% |
| Tangible fixed assets | 22/27 | €21,025 | €130,698 | +€109,673 | +521.6% |
| Furniture and vehicles | 24 | €19,044 | €129,906 | +€110,862 | +582.1% |
| Other tangible fixed assets | 26 | €1,981 | €792 | -€1,189 | -60.0% |
| Current assets | 29/58 | €81,263 | €81,505 | +€242 | +0.3% |
| Stocks and contracts in progress | 3 | €6,666 | €8,024 | +€1,358 | +20.4% |
| Stocks | 30/36 | €6,666 | €8,024 | +€1,358 | +20.4% |
| Amounts receivable within one year | 40/41 | €22,618 | €6,442 | -€16,175 | -71.5% |
| Other amounts receivable | 41 | €22,618 | €6,442 | -€16,175 | -71.5% |
| Cash at bank and in hand | 54/58 | €51,979 | €67,039 | +€15,060 | +29.0% |
| Total equity and liabilities | 10/49 | €102,288 | €212,203 | +€109,915 | +107.5% |
| Equity | 10/15 | €98,476 | €88,881 | -€9,596 | -9.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Capital | 10 | €100 | €100 | = | 0.0% |
| Issued capital | 100 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €98,376 | €88,781 | -€9,596 | -9.8% |
| Amounts payable | 17/49 | €3,812 | €123,323 | +€119,511 | +3135.3% |
| Amounts payable after more than one year | 17 | - | €67,607 | +€67,607 | |
| Financial debts | 170/4 | - | €67,607 | +€67,607 | |
| Amounts payable within one year | 42/48 | €3,812 | €55,716 | +€51,904 | +1361.7% |
| Current portion of amounts payable after more than one year | 42 | - | €19,757 | +€19,757 | |
| Trade debts | 44 | €3,812 | €13,019 | +€9,207 | +241.5% |
| Suppliers | 440/4 | €3,812 | €13,019 | +€9,207 | +241.5% |
| Other amounts payable | 47/48 | - | €22,940 | +€22,940 | |
| Remuneration, social security and pensions | 62 | €72,718 | €144,527 | +€71,809 | +98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,627 | €19,943 | +€10,316 | +107.2% |
| Other operating charges | 640/8 | €277 | €4,383 | +€4,106 | +1479.7% |
| Gross operating margin | 9900 | €111,105 | €182,354 | +€71,249 | +64.1% |
| Operating profit (loss) | 9901 | €28,483 | €13,501 | -€14,983 | -52.6% |
| Financial charges | 65/66B | €229 | €3,096 | +€2,867 | +1252.2% |
| Recurring financial charges | 65 | €229 | €3,096 | +€2,867 | +1252.2% |
| Profit (loss) for the period before taxes | 9903 | €28,254 | €10,404 | -€17,850 | -63.2% |
| Income taxes | 67/77 | €38,768 | €20,000 | -€18,768 | -48.4% |
| Profit (loss) for the period | 9904 | -€10,514 | -€9,596 | +€918 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,514 | -€9,596 | +€918 | +8.7% |
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 2 October 2026 via checked.be.