KAYHAN: 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.
KAYHAN
Largest movements
- Receivables within one year +€28,895
up €28,895 (+308.5%), from €9,366 to €38,261
of which Other amounts receivable: +€23,730
- Tangible fixed assets +€13,435
up €13,435 (+52.4%), from €25,640 to €39,075
of which Land and buildings: +€8,034
- Cash -€2,588
down €2,588 (-8.6%), from €30,099 to €27,511
mainly Contributions, distributions and other (-€34,659) and Receivables within one year (-€28,895)
- Stocks and contracts -€2,460
down €2,460 (-33.4%), from €7,362 to €4,902
- Profit (loss) carried forward -€23,615
down €23,615 (-48.5%), from €48,713 to €25,098
- Debts after one year +€22,005
new in 2025: €22,005
- Tax, wage and social debts +€17,776
up €17,776 (+223.1%), from €7,966 to €25,742
of which Taxes: +€15,616
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Current portion of long-term debt +€5,683
new in 2025: €5,683
- Gross operating margin +€29,941
up €29,941 (+103.4%), from €28,970 to €58,911
- Taxes +€6,550
up €6,550 (+134.6%), from €4,866 to €11,416
- Staff costs +€6,122
up €6,122 (+102.0%), from €6,001 to €12,124
- Financial income +€5,417
up €5,417 (+107489.9%), from €5 to €5,423
- Depreciation -€2,859
down €2,859 (-21.2%), from €13,497 to €10,638
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 | €73,267 | €110,549 | +€37,282 | +50.9% |
| Fixed assets | 21/28 | €26,440 | €39,875 | +€13,435 | +50.8% |
| Tangible fixed assets | 22/27 | €25,640 | €39,075 | +€13,435 | +52.4% |
| Land and buildings | 22 | €8,419 | €16,453 | +€8,034 | +95.4% |
| Plant, machinery and equipment | 23 | €3,276 | €4,330 | +€1,054 | +32.2% |
| Furniture and vehicles | 24 | - | €7,810 | +€7,810 | |
| Other tangible fixed assets | 26 | €13,946 | €10,483 | -€3,463 | -24.8% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €46,826 | €70,674 | +€23,847 | +50.9% |
| Stocks and contracts in progress | 3 | €7,362 | €4,902 | -€2,460 | -33.4% |
| Stocks | 30/36 | €7,362 | €4,902 | -€2,460 | -33.4% |
| Amounts receivable within one year | 40/41 | €9,366 | €38,261 | +€28,895 | +308.5% |
| Trade receivables | 40 | - | €5,165 | +€5,165 | |
| Other amounts receivable | 41 | €9,366 | €33,096 | +€23,730 | +253.4% |
| Cash at bank and in hand | 54/58 | €30,099 | €27,511 | -€2,588 | -8.6% |
| Total equity and liabilities | 10/49 | €73,267 | €110,549 | +€37,282 | +50.9% |
| Equity | 10/15 | €56,773 | €45,558 | -€11,215 | -19.8% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,713 | €25,098 | -€23,615 | -48.5% |
| Amounts payable | 17/49 | €16,494 | €64,991 | +€48,497 | +294.0% |
| Amounts payable after more than one year | 17 | - | €22,005 | +€22,005 | |
| Financial debts | 170/4 | - | €22,005 | +€22,005 | |
| Amounts payable within one year | 42/48 | €16,494 | €42,985 | +€26,491 | +160.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,683 | +€5,683 | |
| Trade debts | 44 | €8,528 | €11,560 | +€3,033 | +35.6% |
| Suppliers | 440/4 | €8,528 | €11,560 | +€3,033 | +35.6% |
| Taxes, remuneration and social security | 45 | €7,966 | €25,742 | +€17,776 | +223.1% |
| Taxes | 450/3 | €7,966 | €23,582 | +€15,616 | +196.0% |
| Remuneration and social security | 454/9 | - | €2,160 | +€2,160 | |
| Remuneration, social security and pensions | 62 | €6,001 | €12,124 | +€6,122 | +102.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,497 | €10,638 | -€2,859 | -21.2% |
| Other operating charges | 640/8 | €1,807 | €4,592 | +€2,785 | +154.1% |
| Gross operating margin | 9900 | €28,970 | €58,911 | +€29,941 | +103.4% |
| Operating profit (loss) | 9901 | €7,665 | €31,558 | +€23,893 | +311.7% |
| Financial income | 75/76B | €5 | €5,423 | +€5,417 | +107489.9% |
| Recurring financial income | 75 | €5 | €5,423 | +€5,417 | +107489.9% |
| Financial charges | 65/66B | €846 | €2,120 | +€1,274 | +150.6% |
| Recurring financial charges | 65 | €846 | €2,120 | +€1,274 | +150.6% |
| Profit (loss) for the period before taxes | 9903 | €6,824 | €34,860 | +€28,036 | +410.8% |
| Income taxes | 67/77 | €4,866 | €11,416 | +€6,550 | +134.6% |
| Profit (loss) for the period | 9904 | €1,958 | €23,444 | +€21,486 | +1097.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,958 | €23,444 | +€21,486 | +1097.6% |
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 7 October 2026 via checked.be.