Kathoja: what changed
Two financial 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.
Kathoja
Largest movements
- Current investments +€153,431
up €153,431 (+5.8%), from €2.6m to €2.8m
- Tangible fixed assets +€121,640
up €121,640 (+15.9%), from €764,399 to €886,039
of which Land and buildings: +€140,561
- Cash -€111,959
down €111,959 (-33.6%), from €333,616 to €221,658
mainly Investment in fixed assets (net) (-€240,303) and Current investments (-€153,431)
- Reserves +€171,811
up €171,811 (+10.0%), from €1.7m to €1.9m
of which Distributable reserves: +€176,559
- Financial income +€176,359
up €176,359 (+262%), from €67,304 to €243,663
- Taxes +€50,453
up €50,453 (+169%), from €29,834 to €80,287
- Depreciation +€23,909
up €23,909 (+25.2%), from €94,754 to €118,663
- Other operating charges +€12,354
up €12,354 (+42.7%), from €28,906 to €41,259
- Gross operating margin -€11,958
down €11,958 (-6.3%), from €189,236 to €177,278
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.
Derived cash bridge
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 | €3,772,659 | €3,968,331 | +€195,672 | +5.2% |
| Fixed assets | 21/28 | €764,399 | €886,039 | +€121,640 | +15.9% |
| Tangible fixed assets | 22/27 | €764,399 | €886,039 | +€121,640 | +15.9% |
| Land and buildings | 22 | €698,071 | €838,632 | +€140,561 | +20.1% |
| Furniture and vehicles | 24 | €66,329 | €47,408 | -€18,921 | -28.5% |
| Current assets | 29/58 | €3,008,260 | €3,082,292 | +€74,032 | +2.5% |
| Amounts receivable within one year | 40/41 | €21,300 | €50,078 | +€28,777 | +135% |
| Trade receivables | 40 | €5,556 | €30,955 | +€25,399 | +457% |
| Other amounts receivable | 41 | €15,744 | €19,122 | +€3,378 | +21.5% |
| Current investments | 50/53 | €2,642,815 | €2,796,246 | +€153,431 | +5.8% |
| Cash at bank and in hand | 54/58 | €333,616 | €221,658 | -€111,959 | -33.6% |
| Deferred charges and accrued income | 490/1 | €10,528 | €14,310 | +€3,783 | +35.9% |
| Total equity and liabilities | 10/49 | €3,772,659 | €3,968,331 | +€195,672 | +5.2% |
| Equity | 10/15 | €3,622,374 | €3,794,184 | +€171,811 | +4.7% |
| Contributions | 10/11 | €1,903,186 | €1,903,186 | = | 0.0% |
| Reserves | 13 | €1,719,188 | €1,890,999 | +€171,811 | +10.0% |
| Tax-exempt reserves | 132 | €397,985 | €393,237 | -€4,748 | -1.2% |
| Distributable reserves | 133 | €1,321,202 | €1,497,761 | +€176,559 | +13.4% |
| Provisions and deferred taxes | 16 | €126,828 | €125,246 | -€1,583 | -1.2% |
| Deferred taxes | 168 | €126,828 | €125,246 | -€1,583 | -1.2% |
| Amounts payable | 17/49 | €23,457 | €48,901 | +€25,444 | +108% |
| Amounts payable after more than one year | 17 | €0 | €1,000 | +€1,000 | |
| Other amounts payable | 178/9 | €0 | €1,000 | +€1,000 | |
| Amounts payable within one year | 42/48 | €21,019 | €45,463 | +€24,444 | +116% |
| Trade debts | 44 | €20,092 | €39,805 | +€19,713 | +98.1% |
| Suppliers | 440/4 | €20,092 | €39,805 | +€19,713 | +98.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €928 | €5,658 | +€4,730 | +510% |
| Accrued charges and deferred income | 492/3 | €2,438 | €2,438 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,754 | €118,663 | +€23,909 | +25.2% |
| Other operating charges | 640/8 | €28,906 | €41,259 | +€12,354 | +42.7% |
| Gross operating margin | 9900 | €189,236 | €177,278 | -€11,958 | -6.3% |
| Operating profit (loss) | 9901 | €65,577 | €17,357 | -€48,220 | -73.5% |
| Financial income | 75/76B | €67,304 | €243,663 | +€176,359 | +262% |
| Recurring financial income | 75 | €67,304 | €243,663 | +€176,359 | +262% |
| Financial charges | 65/66B | €8,531 | €10,504 | +€1,973 | +23.1% |
| Recurring financial charges | 65 | €8,531 | €10,504 | +€1,973 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €124,350 | €250,516 | +€126,165 | +101% |
| Transfer from deferred taxes | 780 | €625 | €1,583 | +€958 | +153% |
| Income taxes | 67/77 | €29,834 | €80,287 | +€50,453 | +169% |
| Profit (loss) for the period | 9904 | €95,141 | €171,811 | +€76,670 | +80.6% |
| Transfer from tax-exempt reserves | 789 | €1,875 | €4,748 | +€2,873 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €97,016 | €176,559 | +€79,542 | +82.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.