KASKADE: 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.
KASKADE
Largest movements
- Stocks and contracts +€111,406
up €111,406 (+27.8%), from €400,163 to €511,569
- Tangible fixed assets -€108,822
down €108,822 (-15.8%), from €689,661 to €580,839
of which Land and buildings: -€100,001
- Cash +€42,486
up €42,486 (+23.1%), from €184,047 to €226,533
mainly Debts after one year (+€142,119) and Short-term financial debts (+€100,000)
- Debts after one year +€142,119
up €142,119 (+31.0%), from €458,345 to €600,464
of which Other amounts payable: +€200,000
- Short-term financial debts +€100,000
up €100,000 (+66.7%), from €150,000 to €250,000
- Other debts -€97,561
down €97,561 (-49.2%), from €198,467 to €100,906
- Revaluation surpluses -€73,295
down €73,295 (-20.3%), from €360,187 to €286,891
- Profit (loss) carried forward -€55,605
new in 2025: -€55,605
- Gross operating margin -€140,684
down €140,684 (-86.8%), from €162,138 to €21,454
- Depreciation +€5,295
up €5,295 (+16.5%), from €32,144 to €37,439
- Other operating charges +€3,928
up €3,928 (+100.8%), from €3,898 to €7,826
- Financial income -€3,309
down €3,309 (-24.2%), from €13,658 to €10,349
of which Financial income: -€2,882
- Financial charges +€1,844
up €1,844 (+4.6%), from €40,300 to €42,144
of which Financial charges: +€13,973
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 | €1,666,475 | €1,713,170 | +€46,695 | +2.8% |
| Fixed assets | 21/28 | €696,617 | €586,933 | -€109,684 | -15.7% |
| Intangible fixed assets | 21 | €6,050 | €5,188 | -€863 | -14.3% |
| Tangible fixed assets | 22/27 | €689,661 | €580,839 | -€108,822 | -15.8% |
| Land and buildings | 22 | €650,000 | €549,999 | -€100,001 | -15.4% |
| Plant, machinery and equipment | 23 | €38,349 | €29,982 | -€8,367 | -21.8% |
| Furniture and vehicles | 24 | €1,312 | €858 | -€454 | -34.6% |
| Financial fixed assets | 28 | €906 | €906 | = | 0.0% |
| Current assets | 29/58 | €969,858 | €1,126,237 | +€156,379 | +16.1% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,000 | = | 0.0% |
| Other amounts receivable | 291 | €180,000 | €180,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €400,163 | €511,569 | +€111,406 | +27.8% |
| Stocks | 30/36 | €400,163 | €511,569 | +€111,406 | +27.8% |
| Amounts receivable within one year | 40/41 | €193,633 | €195,481 | +€1,847 | +1.0% |
| Trade receivables | 40 | €148,949 | €179,683 | +€30,734 | +20.6% |
| Other amounts receivable | 41 | €44,684 | €15,798 | -€28,886 | -64.6% |
| Cash at bank and in hand | 54/58 | €184,047 | €226,533 | +€42,486 | +23.1% |
| Deferred charges and accrued income | 490/1 | €12,014 | €12,654 | +€640 | +5.3% |
| Total equity and liabilities | 10/49 | €1,666,475 | €1,713,170 | +€46,695 | +2.8% |
| Equity | 10/15 | €718,701 | €589,800 | -€128,901 | -17.9% |
| Contributions | 10/11 | €18,592 | €20,451 | +€1,859 | +10.0% |
| Revaluation surpluses | 12 | €360,187 | €286,891 | -€73,295 | -20.3% |
| Reserves | 13 | €339,922 | €338,063 | -€1,859 | -0.5% |
| Non-distributable reserves | 130/1 | €210,000 | €180,000 | -€30,000 | -14.3% |
| Reserves not available under the articles | 1311 | €210,000 | €180,000 | -€30,000 | -14.3% |
| Distributable reserves | 133 | €129,922 | €158,063 | +€28,141 | +21.7% |
| Profit (loss) carried forward | 14 | - | -€55,605 | -€55,605 | |
| Amounts payable | 17/49 | €947,774 | €1,123,369 | +€175,595 | +18.5% |
| Amounts payable after more than one year | 17 | €458,345 | €600,464 | +€142,119 | +31.0% |
| Financial debts | 170/4 | €458,345 | €400,464 | -€57,881 | -12.6% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €488,797 | €518,014 | +€29,218 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €56,237 | €57,881 | +€1,643 | +2.9% |
| Financial debts | 43 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Credit institutions | 430/8 | €150,000 | €250,000 | +€100,000 | +66.7% |
| Trade debts | 44 | €84,010 | €108,567 | +€24,557 | +29.2% |
| Suppliers | 440/4 | €84,010 | €108,567 | +€24,557 | +29.2% |
| Taxes, remuneration and social security | 45 | €82 | €661 | +€579 | +704.3% |
| Taxes | 450/3 | €82 | €661 | +€579 | +704.3% |
| Other amounts payable | 47/48 | €198,467 | €100,906 | -€97,561 | -49.2% |
| Accrued charges and deferred income | 492/3 | €632 | €4,891 | +€4,259 | +673.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,144 | €37,439 | +€5,295 | +16.5% |
| Other operating charges | 640/8 | €3,898 | €7,826 | +€3,928 | +100.8% |
| Gross operating margin | 9900 | €162,138 | €21,454 | -€140,684 | -86.8% |
| Operating profit (loss) | 9901 | €126,097 | -€23,811 | -€149,908 | |
| Financial income | 75/76B | €13,658 | €10,349 | -€3,309 | -24.2% |
| Recurring financial income | 75 | €13,231 | €10,349 | -€2,882 | -21.8% |
| Non-recurring financial income | 76B | €427 | - | -€427 | |
| Financial charges | 65/66B | €40,300 | €42,144 | +€1,844 | +4.6% |
| Recurring financial charges | 65 | €28,171 | €42,144 | +€13,973 | +49.6% |
| Non-recurring financial charges | 66B | €12,129 | - | -€12,129 | |
| Profit (loss) for the period before taxes | 9903 | €99,455 | -€55,605 | -€155,060 | |
| Profit (loss) for the period | 9904 | €99,455 | -€55,605 | -€155,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €99,455 | -€55,605 | -€155,060 |
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 29 September 2026 via checked.be.