KATALYST: 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.
KATALYST
Largest movements
- Tangible fixed assets +€35,149
up €35,149 (+87.0%), from €40,378 to €75,527
of which Furniture and vehicles: +€42,274
- Cash +€23,500
up €23,500 (+143.6%), from €16,364 to €39,864
mainly Debts after one year (+€26,869) and Depreciation (+€24,133)
- Receivables within one year -€22,148
down €22,148 (-37.9%), from €58,368 to €36,221
of which Trade receivables: -€19,596
- Current investments +€15,135
up €15,135 (+6.4%), from €234,996 to €250,130
- Debts after one year +€26,869
new in 2025: €26,869
- Reserves +€16,517
up €16,517 (+9.0%), from €184,243 to €200,760
of which Distributable reserves: +€16,517
- Current portion of long-term debt +€12,252
new in 2025: €12,252
- Tax, wage and social debts -€4,927
down €4,927 (-97.4%), from €5,058 to €131
of which Taxes: -€4,927
- Gross operating margin +€11,326
up €11,326 (+27.9%), from €40,631 to €51,957
- Depreciation +€10,766
up €10,766 (+80.5%), from €13,367 to €24,133
- Financial charges +€1,604
up €1,604 (+1206.8%), from €133 to €1,737
- Taxes -€1,426
down €1,426 (-18.9%), from €7,532 to €6,106
- Staff costs -€558
down €558 (-15.2%), from €3,668 to €3,110
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 | €366,724 | €419,054 | +€52,331 | +14.3% |
| Fixed assets | 21/28 | €40,378 | €75,527 | +€35,149 | +87.0% |
| Tangible fixed assets | 22/27 | €40,378 | €75,527 | +€35,149 | +87.0% |
| Plant, machinery and equipment | 23 | €24,160 | €18,224 | -€5,936 | -24.6% |
| Furniture and vehicles | 24 | €12,649 | €54,923 | +€42,274 | +334.2% |
| Other tangible fixed assets | 26 | €3,569 | €2,379 | -€1,190 | -33.3% |
| Current assets | 29/58 | €326,346 | €343,528 | +€17,182 | +5.3% |
| Stocks and contracts in progress | 3 | €16,089 | €16,732 | +€643 | +4.0% |
| Stocks | 30/36 | €16,089 | €16,732 | +€643 | +4.0% |
| Amounts receivable within one year | 40/41 | €58,368 | €36,221 | -€22,148 | -37.9% |
| Trade receivables | 40 | €27,908 | €8,313 | -€19,596 | -70.2% |
| Other amounts receivable | 41 | €30,460 | €27,908 | -€2,552 | -8.4% |
| Current investments | 50/53 | €234,996 | €250,130 | +€15,135 | +6.4% |
| Cash at bank and in hand | 54/58 | €16,364 | €39,864 | +€23,500 | +143.6% |
| Deferred charges and accrued income | 490/1 | €528 | €580 | +€52 | +9.9% |
| Total equity and liabilities | 10/49 | €366,724 | €419,054 | +€52,331 | +14.3% |
| Equity | 10/15 | €360,565 | €377,082 | +€16,517 | +4.6% |
| Contributions | 10/11 | €136,200 | €136,200 | = | 0.0% |
| Reserves | 13 | €184,243 | €200,760 | +€16,517 | +9.0% |
| Non-distributable reserves | 130/1 | €19,072 | €19,072 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,072 | €19,072 | = | 0.0% |
| Distributable reserves | 133 | €165,171 | €181,688 | +€16,517 | +10.0% |
| Profit (loss) carried forward | 14 | €40,122 | €40,122 | = | 0.0% |
| Amounts payable | 17/49 | €6,159 | €41,973 | +€35,814 | +581.5% |
| Amounts payable after more than one year | 17 | - | €26,869 | +€26,869 | |
| Financial debts | 170/4 | - | €26,869 | +€26,869 | |
| Amounts payable within one year | 42/48 | €6,159 | €14,440 | +€8,281 | +134.4% |
| Current portion of amounts payable after more than one year | 42 | - | €12,252 | +€12,252 | |
| Trade debts | 44 | €1,032 | €1,981 | +€948 | +91.9% |
| Suppliers | 440/4 | €1,032 | €1,981 | +€948 | +91.9% |
| Taxes, remuneration and social security | 45 | €5,058 | €131 | -€4,927 | -97.4% |
| Taxes | 450/3 | €5,022 | €95 | -€4,927 | -98.1% |
| Remuneration and social security | 454/9 | €36 | €36 | = | 0.0% |
| Other amounts payable | 47/48 | €69 | €76 | +€8 | +11.0% |
| Accrued charges and deferred income | 492/3 | - | €664 | +€664 | |
| Non-recurring operating income | 76A | - | €32,810 | +€32,810 | |
| Remuneration, social security and pensions | 62 | €3,668 | €3,110 | -€558 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,367 | €24,133 | +€10,766 | +80.5% |
| Other operating charges | 640/8 | €1,986 | €2,213 | +€226 | +11.4% |
| Gross operating margin | 9900 | €40,631 | €51,957 | +€11,326 | +27.9% |
| Operating profit (loss) | 9901 | €21,610 | €22,501 | +€891 | +4.1% |
| Financial income | 75/76B | €1,730 | €1,859 | +€129 | +7.5% |
| Recurring financial income | 75 | €1,730 | €1,859 | +€129 | +7.5% |
| Financial charges | 65/66B | €133 | €1,737 | +€1,604 | +1206.8% |
| Recurring financial charges | 65 | €133 | €1,737 | +€1,604 | +1206.8% |
| Profit (loss) for the period before taxes | 9903 | €23,207 | €22,623 | -€584 | -2.5% |
| Income taxes | 67/77 | €7,532 | €6,106 | -€1,426 | -18.9% |
| Profit (loss) for the period | 9904 | €15,675 | €16,517 | +€842 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,675 | €16,517 | +€842 | +5.4% |
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 30 September 2026 via checked.be.