Kathy: 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.
Kathy
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+67.9%), from €2.7m to €4.5m
of which Land and buildings: +€1.8m
- Cash -€121,980
down €121,980 (-46.1%), from €264,696 to €142,716
mainly Investment in fixed assets (net) (-€2.3m) and Contributions, distributions and other (-€1.0m)
- Debts after one year +€1.7m
new in 2025: €1.7m
- Contributions -€1.0m
down €1.0m (-31.2%), from €3.2m to €2.2m
- Other debts +€669,163
up €669,163 (+199.7%), from €335,053 to €1.0m
- Profit (loss) carried forward +€200,019
up €200,019 (+95.7%), from -€209,054 to -€9,035
- Current portion of long-term debt +€89,895
new in 2025: €89,895
- Gross operating margin +€371,365
up €371,365 (+71.9%), from €516,545 to €887,910
- Depreciation +€225,624
up €225,624 (+77.5%), from €291,312 to €516,936
- Taxes +€30,911
up €30,911 (+59.4%), from €52,017 to €82,928
- Financial charges +€24,489
up €24,489 (+87.3%), from €28,063 to €52,551
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 | €3,507,616 | €5,218,226 | +€1.7m | +48.8% |
| Fixed assets | 21/28 | €3,026,931 | €4,853,206 | +€1.8m | +60.3% |
| Tangible fixed assets | 22/27 | €2,658,357 | €4,464,632 | +€1.8m | +67.9% |
| Land and buildings | 22 | €2,655,487 | €4,462,745 | +€1.8m | +68.1% |
| Furniture and vehicles | 24 | €2,870 | €1,887 | -€983 | -34.3% |
| Financial fixed assets | 28 | €368,574 | €388,574 | +€20,000 | +5.4% |
| Current assets | 29/58 | €480,685 | €365,019 | -€115,666 | -24.1% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,729 | €41,767 | +€4,038 | +10.7% |
| Trade receivables | 40 | €37,693 | €34,631 | -€3,062 | -8.1% |
| Other amounts receivable | 41 | €36 | €7,136 | +€7,100 | +19548.5% |
| Cash at bank and in hand | 54/58 | €264,696 | €142,716 | -€121,980 | -46.1% |
| Deferred charges and accrued income | 490/1 | €78,260 | €80,536 | +€2,276 | +2.9% |
| Total equity and liabilities | 10/49 | €3,507,616 | €5,218,226 | +€1.7m | +48.8% |
| Equity | 10/15 | €3,062,118 | €2,262,138 | -€799,981 | -26.1% |
| Contributions | 10/11 | €3,200,300 | €2,200,300 | -€1.0m | -31.2% |
| Capital | 10 | €3,200,300 | €2,200,300 | -€1.0m | -31.2% |
| Issued capital | 100 | €3,200,300 | €2,200,300 | -€1.0m | -31.2% |
| Reserves | 13 | €70,873 | €70,873 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,776 | €52,776 | = | 0.0% |
| Legal reserve | 130 | €52,776 | €52,776 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,096 | €18,096 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,054 | -€9,035 | +€200,019 | +95.7% |
| Amounts payable | 17/49 | €445,498 | €2,956,088 | +€2.5m | +563.5% |
| Amounts payable after more than one year | 17 | - | €1,695,470 | +€1.7m | |
| Financial debts | 170/4 | - | €1,695,470 | +€1.7m | |
| Amounts payable within one year | 42/48 | €379,883 | €1,205,532 | +€825,649 | +217.3% |
| Current portion of amounts payable after more than one year | 42 | - | €89,895 | +€89,895 | |
| Trade debts | 44 | €32,830 | €99,393 | +€66,563 | +202.8% |
| Suppliers | 440/4 | €32,830 | €99,393 | +€66,563 | +202.8% |
| Taxes, remuneration and social security | 45 | €12,000 | €12,028 | +€28 | +0.2% |
| Taxes | 450/3 | €12,000 | €12,028 | +€28 | +0.2% |
| Other amounts payable | 47/48 | €335,053 | €1,004,216 | +€669,163 | +199.7% |
| Accrued charges and deferred income | 492/3 | €65,615 | €55,087 | -€10,528 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291,312 | €516,936 | +€225,624 | +77.5% |
| Other operating charges | 640/8 | €38,990 | €40,375 | +€1,385 | +3.6% |
| Gross operating margin | 9900 | €516,545 | €887,910 | +€371,365 | +71.9% |
| Operating profit (loss) | 9901 | €186,243 | €330,598 | +€144,356 | +77.5% |
| Financial income | 75/76B | €4,900 | €4,900 | +€0 | 0.0% |
| Recurring financial income | 75 | €4,900 | €4,900 | +€0 | 0.0% |
| Financial charges | 65/66B | €28,063 | €52,551 | +€24,489 | +87.3% |
| Recurring financial charges | 65 | €28,063 | €52,551 | +€24,489 | +87.3% |
| Profit (loss) for the period before taxes | 9903 | €163,080 | €282,947 | +€119,867 | +73.5% |
| Income taxes | 67/77 | €52,017 | €82,928 | +€30,911 | +59.4% |
| Profit (loss) for the period | 9904 | €111,063 | €200,019 | +€88,956 | +80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €111,063 | €200,019 | +€88,956 | +80.1% |
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 5 October 2026 via checked.be.