KASPER: what changed
KASPER
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+115%), from €956,188 to €2.1m
of which Land and buildings: +€1.1m
- Cash +€513,426
up €513,426 (+3,957%), from €12,975 to €526,401
mainly Contributions, distributions and other (+€1.5m) and Debts after one year (+€310,911)
- Stocks and contracts +€40,810
up €40,810 (+96.6%), from €42,251 to €83,061
- Reserves +€2.2m
up €2.2m (+480%), from €455,622 to €2.6m
of which Distributable reserves: +€2.2m
- Profit (loss) carried forward -€783,016
down €783,016 (-471%), from -€166,103 to -€949,119
- Debts after one year +€310,911
up €310,911 (+82.6%), from €376,574 to €687,485
- Other debts -€113,441
down €113,441 (-37.2%), from €305,100 to €191,659
- Trade debts +€57,992
up €57,992 (+5,994%), from €968 to €58,959
- Depreciation +€100,987
up €100,987 (+413%), from €24,463 to €125,450
- Gross operating margin +€75,547
up €75,547, from -€23,603 to €51,944
- Other operating charges +€15,825
up €15,825 (+538%), from €2,940 to €18,765
- Taxes +€8,629
new in 2025: €8,629
- Financial charges -€6,499
down €6,499 (-30.3%), from €21,473 to €14,975
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,013,946 | €2,733,951 | +€1.7m | +170% |
| Formation expenses | 20 | - | €240 | +€240 | |
| Fixed assets | 21/28 | €957,928 | €2,061,885 | +€1.1m | +115% |
| Tangible fixed assets | 22/27 | €956,188 | €2,059,905 | +€1.1m | +115% |
| Land and buildings | 22 | €953,723 | €2,051,936 | +€1.1m | +115% |
| Plant, machinery and equipment | 23 | €2,466 | €2,883 | +€417 | +16.9% |
| Furniture and vehicles | 24 | - | €5,087 | +€5,087 | |
| Financial fixed assets | 28 | €1,740 | €1,980 | +€240 | +13.8% |
| Current assets | 29/58 | €56,018 | €671,826 | +€615,808 | +1,099% |
| Stocks and contracts in progress | 3 | €42,251 | €83,061 | +€40,810 | +96.6% |
| Stocks | 30/36 | €42,251 | €83,061 | +€40,810 | +96.6% |
| Amounts receivable within one year | 40/41 | €792 | €24,436 | +€23,645 | +2,987% |
| Trade receivables | 40 | €0 | €7,076 | +€7,076 | |
| Other amounts receivable | 41 | €792 | €17,360 | +€16,569 | +2,093% |
| Current investments | 50/53 | - | €17,294 | +€17,294 | |
| Cash at bank and in hand | 54/58 | €12,975 | €526,401 | +€513,426 | +3,957% |
| Deferred charges and accrued income | 490/1 | - | €20,634 | +€20,634 | |
| Total equity and liabilities | 10/49 | €1,013,946 | €2,733,951 | +€1.7m | +170% |
| Equity | 10/15 | €308,119 | €1,731,399 | +€1.4m | +462% |
| Contributions | 10/11 | €18,600 | €37,200 | +€18,600 | +100% |
| Reserves | 13 | €455,622 | €2,643,319 | +€2.2m | +480% |
| Tax-exempt reserves | 132 | - | €36,955 | +€36,955 | |
| Distributable reserves | 133 | €455,622 | €2,606,364 | +€2.2m | +472% |
| Profit (loss) carried forward | 14 | -€166,103 | -€949,119 | -€783,016 | -471% |
| Amounts payable | 17/49 | €705,827 | €1,002,552 | +€296,724 | +42.0% |
| Amounts payable after more than one year | 17 | €376,574 | €687,485 | +€310,911 | +82.6% |
| Financial debts | 170/4 | €376,574 | €687,485 | +€310,911 | +82.6% |
| Amounts payable within one year | 42/48 | €329,254 | €315,067 | -€14,187 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €23,180 | €44,080 | +€20,900 | +90.2% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €968 | €58,959 | +€57,992 | +5,994% |
| Suppliers | 440/4 | €968 | €58,959 | +€57,992 | +5,994% |
| Taxes, remuneration and social security | 45 | €6 | €20,295 | +€20,290 | +351,030% |
| Taxes | 450/3 | €6 | €20,295 | +€20,290 | +351,030% |
| Other amounts payable | 47/48 | €305,100 | €191,659 | -€113,441 | -37.2% |
| Non-recurring operating income | 76A | - | €31,763 | +€31,763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,463 | €125,450 | +€100,987 | +413% |
| Other operating charges | 640/8 | €2,940 | €18,765 | +€15,825 | +538% |
| Gross operating margin | 9900 | -€23,603 | €51,944 | +€75,547 | |
| Operating profit (loss) | 9901 | -€51,006 | -€92,271 | -€41,265 | -80.9% |
| Financial income | 75/76B | €1 | €427 | +€427 | +85,392% |
| Recurring financial income | 75 | €1 | €427 | +€427 | +85,392% |
| Financial charges | 65/66B | €21,473 | €14,975 | -€6,499 | -30.3% |
| Recurring financial charges | 65 | €21,473 | €14,975 | -€6,499 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | -€72,479 | -€106,818 | -€34,339 | -47.4% |
| Income taxes | 67/77 | - | €8,629 | +€8,629 | |
| Profit (loss) for the period | 9904 | -€72,479 | -€115,447 | -€42,969 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,479 | -€115,447 | -€42,969 | -59.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.