KAY GROUP: 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.
KAY GROUP
Largest movements
- Stocks and contracts -€231,933
no longer reported in 2025 (was €231,933)
- Tangible fixed assets +€49,377
up €49,377 (+35.7%), from €138,128 to €187,505
of which Land and buildings: +€50,260
- Cash -€4,374
down €4,374 (-33.5%), from €13,070 to €8,696
mainly Short-term financial debts (-€179,892) and Investment in fixed assets (net) (-€57,826)
- Short-term financial debts -€179,892
no longer reported in 2025 (was €179,892)
- Profit (loss) carried forward -€9,143
down €9,143 (-35.6%), from -€25,667 to -€34,810
- Debts after one year +€4,000
up €4,000 (+2.4%), from €165,000 to €169,000
- Gross operating margin +€17,233
up €17,233, from -€16,420 to €812
- Depreciation +€2,294
up €2,294 (+41.3%), from €5,555 to €7,849
- Other operating charges +€912
up €912 (+87.2%), from €1,046 to €1,957
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 | €383,132 | €196,951 | -€186,181 | -48.6% |
| Fixed assets | 21/28 | €138,128 | €188,105 | +€49,977 | +36.2% |
| Tangible fixed assets | 22/27 | €138,128 | €187,505 | +€49,377 | +35.7% |
| Land and buildings | 22 | €136,293 | €186,552 | +€50,260 | +36.9% |
| Furniture and vehicles | 24 | €1,836 | €953 | -€883 | -48.1% |
| Financial fixed assets | 28 | - | €600 | +€600 | |
| Current assets | 29/58 | €245,004 | €8,845 | -€236,158 | -96.4% |
| Stocks and contracts in progress | 3 | €231,933 | - | -€231,933 | |
| Stocks | 30/36 | €231,933 | - | -€231,933 | |
| Cash at bank and in hand | 54/58 | €13,070 | €8,696 | -€4,374 | -33.5% |
| Deferred charges and accrued income | 490/1 | - | €149 | +€149 | |
| Total equity and liabilities | 10/49 | €383,132 | €196,951 | -€186,181 | -48.6% |
| Equity | 10/15 | €35,833 | €26,690 | -€9,143 | -25.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,667 | -€34,810 | -€9,143 | -35.6% |
| Amounts payable | 17/49 | €347,299 | €170,261 | -€177,038 | -51.0% |
| Amounts payable after more than one year | 17 | €165,000 | €169,000 | +€4,000 | +2.4% |
| Other amounts payable | 178/9 | €165,000 | €169,000 | +€4,000 | +2.4% |
| Amounts payable within one year | 42/48 | €182,249 | €1,261 | -€180,988 | -99.3% |
| Financial debts | 43 | €179,892 | - | -€179,892 | |
| Credit institutions | 430/8 | €179,892 | - | -€179,892 | |
| Trade debts | 44 | - | €1,079 | +€1,079 | |
| Suppliers | 440/4 | - | €1,079 | +€1,079 | |
| Other amounts payable | 47/48 | €2,357 | €182 | -€2,175 | -92.3% |
| Accrued charges and deferred income | 492/3 | €50 | - | -€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,555 | €7,849 | +€2,294 | +41.3% |
| Other operating charges | 640/8 | €1,046 | €1,957 | +€912 | +87.2% |
| Gross operating margin | 9900 | -€16,420 | €812 | +€17,233 | |
| Operating profit (loss) | 9901 | -€23,021 | -€8,994 | +€14,027 | +60.9% |
| Financial charges | 65/66B | €212 | €149 | -€63 | -29.6% |
| Recurring financial charges | 65 | €212 | €149 | -€63 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,233 | -€9,143 | +€14,090 | +60.6% |
| Profit (loss) for the period | 9904 | -€23,233 | -€9,143 | +€14,090 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,233 | -€9,143 | +€14,090 | +60.6% |
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.