KAUFFMAN: 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.
What changed
KAUFFMAN
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€285,097
2024 · €348,164-€63,067
Equity
€2.6m
2024 · €2.4m+€285,097
Cash
€667,297
2024 · €801,889-€134,592
Balance sheet total
€9.9m
2024 · €10.5m-€584,371
Largest movements
Assets
- Tangible fixed assets -€480,494
down €480,494 (-9.2%), from €5.2m to €4.8m
- Cash -€134,592
down €134,592 (-16.8%), from €801,889 to €667,297
mainly Investment in fixed assets (net) (-€559,291) and Trade debts (-€471,627)
Equity and liabilities
- Trade debts -€471,627
down €471,627 (-21.0%), from €2.2m to €1.8m
- Profit (loss) carried forward +€469,635
up €469,635, from -€225,266 to €244,369
- Debts after one year -€257,528
down €257,528 (-8.2%), from €3.1m to €2.9m
- Reserves -€184,539
down €184,539 (-13.6%), from €1.4m to €1.2m
of which Tax-exempt reserves: -€197,400
Income statement
- Other operating income -€458,667
down €458,667 (-38.6%), from €1.2m to €729,740
- Goods and materials -€420,351
down €420,351 (-3.6%), from €11.8m to €11.4m
of which Purchases: -€652,446
- Turnover -€282,593
down €282,593 (-1.7%), from €16.6m to €16.3m
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.
Result 2024
€348,164
Turnover
-€282,593
Other operating income
-€458,667
Goods and materials
+€420,351
Services and other goods
+€80,052
Staff costs
-€3,638
Depreciation
+€44,729
Write-downs
+€8,155
Other operating charges
+€152,930
Other operating items
-€32,593
Financial income
+€308
Financial charges
+€43,621
Taxes
-€42,085
Deferred taxes and other
+€6,361
Result 2025
€285,097
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.
From operations
+€818,564
Investment
-€559,291
Financing
-€393,865
Cash 2024
€801,889
From operations (derived)
+€818,564
Net result for the year
+€285,097
Depreciation
+€1.0m
Receivables after one year
-€54,000
Stocks and contracts
+€9,347
Receivables within one year
-€144
Deferred charges and accrued income
+€4,149
Provisions
-€65,800
Trade debts
-€471,627
Tax, wage and social debts
+€91,733
Other debts
-€12,795
Accrued charges and deferred income
-€17,113
Investment (derived)
-€559,291
Investment in fixed assets (net)
-€559,291
Financing
-€393,865
Debts after one year
-€257,528
Current portion of long-term debt
-€101,421
Short-term financial debts
-€34,917
Cash 2025
€667,297
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,485,334 | €9,900,964 | -€584,371 | -5.6% |
| Fixed assets | 21/28 | €5,756,498 | €5,266,072 | -€490,426 | -8.5% |
| Intangible fixed assets | 21 | €494,724 | €484,792 | -€9,932 | -2.0% |
| Tangible fixed assets | 22/27 | €5,245,123 | €4,764,629 | -€480,494 | -9.2% |
| Land and buildings | 22 | €3,000,317 | €2,863,433 | -€136,884 | -4.6% |
| Plant, machinery and equipment | 23 | €142,537 | €87,735 | -€54,802 | -38.4% |
| Furniture and vehicles | 24 | €450,814 | €239,464 | -€211,350 | -46.9% |
| Leasing and similar rights | 25 | €712,078 | €563,994 | -€148,084 | -20.8% |
| Other tangible fixed assets | 26 | €939,377 | €862,211 | -€77,166 | -8.2% |
| Assets under construction and advance payments | 27 | - | €147,792 | +€147,792 | |
| Financial fixed assets | 28 | €16,650 | €16,650 | = | 0.0% |
| Other financial fixed assets | 284/8 | €16,650 | €16,650 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €16,650 | €16,650 | = | 0.0% |
| Current assets | 29/58 | €4,728,837 | €4,634,892 | -€93,944 | -2.0% |
| Amounts receivable after more than one year | 29 | €570,000 | €624,000 | +€54,000 | +9.5% |
| Other amounts receivable | 291 | €570,000 | €624,000 | +€54,000 | +9.5% |
| Stocks and contracts in progress | 3 | €437,846 | €428,499 | -€9,347 | -2.1% |
| Stocks | 30/36 | €437,846 | €428,499 | -€9,347 | -2.1% |
| Work in progress | 32 | €81,067 | €129,542 | +€48,475 | +59.8% |
| Goods purchased for resale | 34 | €356,779 | €298,957 | -€57,822 | -16.2% |
| Amounts receivable within one year | 40/41 | €2,839,590 | €2,839,734 | +€144 | 0.0% |
| Trade receivables | 40 | €2,739,233 | €2,717,675 | -€21,558 | -0.8% |
| Other amounts receivable | 41 | €100,357 | €122,059 | +€21,702 | +21.6% |
| Cash at bank and in hand | 54/58 | €801,889 | €667,297 | -€134,592 | -16.8% |
| Deferred charges and accrued income | 490/1 | €79,512 | €75,363 | -€4,149 | -5.2% |
| Total equity and liabilities | 10/49 | €10,485,334 | €9,900,964 | -€584,371 | -5.6% |
| Equity | 10/15 | €2,351,464 | €2,636,561 | +€285,097 | +12.1% |
| Contributions | 10/11 | €1,215,909 | €1,215,909 | = | 0.0% |
| Capital | 10 | €1,215,909 | €1,215,909 | = | 0.0% |
| Issued capital | 100 | €1,215,909 | €1,215,909 | = | 0.0% |
| Reserves | 13 | €1,360,821 | €1,176,282 | -€184,539 | -13.6% |
| Non-distributable reserves | 130/1 | €67,030 | €79,892 | +€12,862 | +19.2% |
| Legal reserve | 130 | €67,030 | €79,892 | +€12,862 | +19.2% |
| Tax-exempt reserves | 132 | €1,293,791 | €1,096,391 | -€197,400 | -15.3% |
| Profit (loss) carried forward | 14 | -€225,266 | €244,369 | +€469,635 | |
| Provisions and deferred taxes | 16 | €431,264 | €365,464 | -€65,800 | -15.3% |
| Deferred taxes | 168 | €431,264 | €365,464 | -€65,800 | -15.3% |
| Amounts payable | 17/49 | €7,702,607 | €6,898,940 | -€803,667 | -10.4% |
| Amounts payable after more than one year | 17 | €3,136,343 | €2,878,816 | -€257,528 | -8.2% |
| Financial debts | 170/4 | €3,136,343 | €2,878,816 | -€257,528 | -8.2% |
| Leasing and similar obligations | 172 | €534,037 | €449,742 | -€84,296 | -15.8% |
| Credit institutions | 173 | €2,602,306 | €2,429,074 | -€173,232 | -6.7% |
| Amounts payable within one year | 42/48 | €4,524,139 | €3,995,112 | -€529,027 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €661,027 | €559,606 | -€101,421 | -15.3% |
| Financial debts | 43 | €1,032,898 | €997,981 | -€34,917 | -3.4% |
| Credit institutions | 430/8 | €860,000 | €860,000 | = | 0.0% |
| Other loans | 439 | €172,898 | €137,981 | -€34,917 | -20.2% |
| Trade debts | 44 | €2,246,617 | €1,774,991 | -€471,627 | -21.0% |
| Suppliers | 440/4 | €2,246,617 | €1,774,991 | -€471,627 | -21.0% |
| Taxes, remuneration and social security | 45 | €385,419 | €477,151 | +€91,733 | +23.8% |
| Taxes | 450/3 | €122,938 | €153,115 | +€30,177 | +24.5% |
| Remuneration and social security | 454/9 | €262,480 | €324,036 | +€61,556 | +23.5% |
| Other amounts payable | 47/48 | €198,178 | €185,383 | -€12,795 | -6.5% |
| Accrued charges and deferred income | 492/3 | €42,125 | €25,012 | -€17,113 | -40.6% |
| Operating income | 70/76A | €17,834,310 | €17,060,458 | -€773,852 | -4.3% |
| Turnover | 70 | €16,564,836 | €16,282,243 | -€282,593 | -1.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €81,067 | €48,475 | -€32,593 | -40.2% |
| Other operating income | 74 | €1,188,407 | €729,740 | -€458,667 | -38.6% |
| Operating charges | 60/66A | €17,326,414 | €16,623,835 | -€702,580 | -4.1% |
| Goods for resale, raw materials and consumables | 60 | €11,814,218 | €11,393,868 | -€420,351 | -3.6% |
| Purchases | 600/8 | €11,988,492 | €11,336,046 | -€652,446 | -5.4% |
| Change in stocks: decrease (increase) | 609 | -€174,273 | €57,822 | +€232,095 | |
| Services and other goods | 61 | €1,950,414 | €1,870,362 | -€80,052 | -4.1% |
| Remuneration, social security and pensions | 62 | €2,083,534 | €2,087,172 | +€3,638 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,094,446 | €1,049,717 | -€44,729 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,110 | €955 | -€8,155 | -89.5% |
| Other operating charges | 640/8 | €374,692 | €221,761 | -€152,930 | -40.8% |
| Operating profit (loss) | 9901 | €507,895 | €436,623 | -€71,273 | -14.0% |
| Financial income | 75/76B | €623 | €931 | +€308 | +49.3% |
| Recurring financial income | 75 | €623 | €931 | +€308 | +49.3% |
| Income from financial fixed assets | 750 | €112 | €154 | +€43 | +38.2% |
| Other financial income | 752/9 | €511 | €776 | +€265 | +51.8% |
| Financial charges | 65/66B | €218,568 | €174,947 | -€43,621 | -20.0% |
| Recurring financial charges | 65 | €218,568 | €174,947 | -€43,621 | -20.0% |
| Debt charges | 650 | €217,449 | €173,721 | -€43,728 | -20.1% |
| Other financial charges | 652/9 | €1,119 | €1,226 | +€107 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €289,950 | €262,606 | -€27,344 | -9.4% |
| Transfer from deferred taxes | 780 | €59,439 | €65,800 | +€6,361 | +10.7% |
| Income taxes | 67/77 | €1,225 | €43,310 | +€42,085 | +3435.5% |
| Taxes | 670/3 | €1,225 | €43,310 | +€42,085 | +3435.5% |
| Profit (loss) for the period | 9904 | €348,164 | €285,097 | -€63,067 | -18.1% |
| Transfer from tax-exempt reserves | 789 | €178,316 | €197,400 | +€19,084 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €526,480 | €482,497 | -€43,983 | -8.4% |
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 5 October 2026 via checked.be.