KAYAK: 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.
KAYAK
Largest movements
- Stocks and contracts +€46,255
up €46,255 (+26.4%), from €174,995 to €221,250
- Receivables within one year -€21,029
down €21,029 (-60.0%), from €35,049 to €14,020
- Tangible fixed assets +€8,128
up €8,128 (+190%), from €4,284 to €12,412
of which Furniture and vehicles: +€8,640
- Cash -€8,028
down €8,028 (-59.5%), from €13,501 to €5,473
mainly Stocks and contracts (-€46,255) and Net result for the year (-€41,045)
- Trade debts +€64,218
up €64,218 (+195%), from €32,871 to €97,089
- Reserves -€41,045
down €41,045 (-56.9%), from €72,145 to €31,100
of which Distributable reserves: -€41,045
- Short-term financial debts +€9,451
up €9,451 (+50.7%), from €18,626 to €28,077
- Tax, wage and social debts -€5,270
down €5,270 (-23.6%), from €22,319 to €17,049
of which Taxes: -€6,464
- Current portion of long-term debt -€5,083
no longer reported in 2025 (was €5,083)
- Staff costs -€20,920
down €20,920 (-24.2%), from €86,287 to €65,367
- Gross operating margin -€19,099
down €19,099 (-31.3%), from €61,073 to €41,974
- Financial charges +€3,445
up €3,445 (+73.5%), from €4,688 to €8,133
of which Financial charges: +€3,312
- Depreciation +€2,356
up €2,356 (+457%), from €515 to €2,872
- Other operating charges +€1,474
up €1,474 (+59.0%), from €2,497 to €3,970
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 | €228,605 | €253,932 | +€25,327 | +11.1% |
| Fixed assets | 21/28 | €5,061 | €13,189 | +€8,128 | +161% |
| Tangible fixed assets | 22/27 | €4,284 | €12,412 | +€8,128 | +190% |
| Furniture and vehicles | 24 | €798 | €9,437 | +€8,640 | +1,083% |
| Other tangible fixed assets | 26 | €3,486 | €2,974 | -€511 | -14.7% |
| Financial fixed assets | 28 | €777 | €777 | = | 0.0% |
| Current assets | 29/58 | €223,545 | €240,743 | +€17,199 | +7.7% |
| Stocks and contracts in progress | 3 | €174,995 | €221,250 | +€46,255 | +26.4% |
| Stocks | 30/36 | €174,995 | €221,250 | +€46,255 | +26.4% |
| Amounts receivable within one year | 40/41 | €35,049 | €14,020 | -€21,029 | -60.0% |
| Trade receivables | 40 | €35,049 | €14,020 | -€21,029 | -60.0% |
| Cash at bank and in hand | 54/58 | €13,501 | €5,473 | -€8,028 | -59.5% |
| Total equity and liabilities | 10/49 | €228,605 | €253,932 | +€25,327 | +11.1% |
| Equity | 10/15 | €97,508 | €56,463 | -€41,045 | -42.1% |
| Contributions | 10/11 | €25,363 | €25,363 | = | 0.0% |
| Reserves | 13 | €72,145 | €31,100 | -€41,045 | -56.9% |
| Tax-exempt reserves | 132 | €22,650 | €22,650 | = | 0.0% |
| Distributable reserves | 133 | €49,495 | €8,450 | -€41,045 | -82.9% |
| Amounts payable | 17/49 | €131,097 | €197,469 | +€66,372 | +50.6% |
| Amounts payable within one year | 42/48 | €131,097 | €197,469 | +€66,372 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €5,083 | - | -€5,083 | |
| Financial debts | 43 | €18,626 | €28,077 | +€9,451 | +50.7% |
| Credit institutions | 430/8 | €18,626 | €28,077 | +€9,451 | +50.7% |
| Trade debts | 44 | €32,871 | €97,089 | +€64,218 | +195% |
| Suppliers | 440/4 | €32,871 | €97,089 | +€64,218 | +195% |
| Taxes, remuneration and social security | 45 | €22,319 | €17,049 | -€5,270 | -23.6% |
| Taxes | 450/3 | €19,221 | €12,757 | -€6,464 | -33.6% |
| Remuneration and social security | 454/9 | €3,098 | €4,292 | +€1,194 | +38.6% |
| Other amounts payable | 47/48 | €52,198 | €55,254 | +€3,057 | +5.9% |
| Non-recurring operating income | 76A | €88 | - | -€88 | |
| Remuneration, social security and pensions | 62 | €86,287 | €65,367 | -€20,920 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €515 | €2,872 | +€2,356 | +457% |
| Other operating charges | 640/8 | €2,497 | €3,970 | +€1,474 | +59.0% |
| Non-recurring operating charges | 66A | €8,763 | €2,677 | -€6,085 | -69.4% |
| Gross operating margin | 9900 | €61,073 | €41,974 | -€19,099 | -31.3% |
| Operating profit (loss) | 9901 | -€36,989 | -€32,913 | +€4,076 | +11.0% |
| Financial charges | 65/66B | €4,688 | €8,133 | +€3,445 | +73.5% |
| Recurring financial charges | 65 | €4,688 | €8,000 | +€3,312 | +70.7% |
| Non-recurring financial charges | 66B | - | €133 | +€133 | |
| Profit (loss) for the period before taxes | 9903 | -€41,677 | -€41,045 | +€631 | +1.5% |
| Profit (loss) for the period | 9904 | -€41,677 | -€41,045 | +€631 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,677 | -€41,045 | +€631 | +1.5% |
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.