Kiaan: 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.
Kiaan
Largest movements
- Current investments +€12.3m
new in 2025: €12.3m
- Financial fixed assets -€4.4m
down €4.4m (-100.0%), from €4.4m to €0
- Cash -€3.5m
down €3.5m (-90.8%), from €3.8m to €352,627
mainly Current investments (-€12.3m) and Contributions, distributions and other (-€215,000)
- Reserves +€4.6m
up €4.6m (+99.3%), from €4.6m to €9.2m
of which Distributable reserves: +€4.4m
- Financial income +€1.2m
up €1.2m (+34.9%), from €3.6m to €4.8m
of which Non-recurring financial income: +€4.7m
- Taxes -€78,465
down €78,465 (-46.7%), from €168,029 to €89,564
- Gross operating margin +€26,129
up €26,129 (+25.1%), from €104,047 to €130,176
- Staff costs -€20,801
down €20,801 (-24.6%), from €84,401 to €63,600
- Depreciation -€9,467
down €9,467 (-100.0%), from €9,467 to €0
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 | €8,654,717 | €13,074,157 | +€4.4m | +51.1% |
| Fixed assets | 21/28 | €4,370,828 | €0 | -€4.4m | -100.0% |
| Tangible fixed assets | 22/27 | €13,828 | €0 | -€13,828 | -100.0% |
| Plant, machinery and equipment | 23 | €5,036 | €0 | -€5,036 | -100.0% |
| Furniture and vehicles | 24 | €8,792 | €0 | -€8,792 | -100.0% |
| Financial fixed assets | 28 | €4,357,000 | €0 | -€4.4m | -100.0% |
| Current assets | 29/58 | €4,283,890 | €13,074,157 | +€8.8m | +205.2% |
| Amounts receivable after more than one year | 29 | €312,957 | €312,957 | = | 0.0% |
| Other amounts receivable | 291 | €312,957 | €312,957 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,963 | €90,948 | -€32,015 | -26.0% |
| Trade receivables | 40 | €122,963 | €90,942 | -€32,021 | -26.0% |
| Other amounts receivable | 41 | €0 | €6 | +€6 | |
| Current investments | 50/53 | - | €12,279,180 | +€12.3m | |
| Cash at bank and in hand | 54/58 | €3,838,225 | €352,627 | -€3.5m | -90.8% |
| Deferred charges and accrued income | 490/1 | €9,745 | €38,445 | +€28,700 | +294.5% |
| Total equity and liabilities | 10/49 | €8,654,717 | €13,074,157 | +€4.4m | +51.1% |
| Equity | 10/15 | €8,236,276 | €12,814,522 | +€4.6m | +55.6% |
| Contributions | 10/11 | €3,626,000 | €3,626,000 | = | 0.0% |
| Capital | 10 | €3,626,000 | €3,626,000 | = | 0.0% |
| Issued capital | 100 | €3,626,000 | €3,626,000 | = | 0.0% |
| Reserves | 13 | €4,610,276 | €9,188,522 | +€4.6m | +99.3% |
| Non-distributable reserves | 130/1 | €230,514 | €362,600 | +€132,086 | +57.3% |
| Legal reserve | 130 | €230,514 | €362,600 | +€132,086 | +57.3% |
| Distributable reserves | 133 | €4,379,762 | €8,825,922 | +€4.4m | +101.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €418,441 | €259,635 | -€158,806 | -38.0% |
| Amounts payable within one year | 42/48 | €418,441 | €250,715 | -€167,726 | -40.1% |
| Trade debts | 44 | €32,899 | €12,513 | -€20,386 | -62.0% |
| Suppliers | 440/4 | €32,899 | €12,513 | -€20,386 | -62.0% |
| Taxes, remuneration and social security | 45 | €318,408 | €231,267 | -€87,142 | -27.4% |
| Taxes | 450/3 | €305,573 | €231,267 | -€74,306 | -24.3% |
| Remuneration and social security | 454/9 | €12,836 | €0 | -€12,836 | -100.0% |
| Other amounts payable | 47/48 | €67,134 | €6,936 | -€60,198 | -89.7% |
| Accrued charges and deferred income | 492/3 | - | €8,920 | +€8,920 | |
| Remuneration, social security and pensions | 62 | €84,401 | €63,600 | -€20,801 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,467 | €0 | -€9,467 | -100.0% |
| Other operating charges | 640/8 | €449 | €1,152 | +€702 | +156.3% |
| Gross operating margin | 9900 | €104,047 | €130,176 | +€26,129 | +25.1% |
| Operating profit (loss) | 9901 | €9,730 | €65,425 | +€55,695 | +572.4% |
| Financial income | 75/76B | €3,572,192 | €4,818,307 | +€1.2m | +34.9% |
| Recurring financial income | 75 | €3,572,192 | €112,350 | -€3.5m | -96.9% |
| Non-recurring financial income | 76B | - | €4,705,957 | +€4.7m | |
| Financial charges | 65/66B | €44 | €922 | +€879 | +2019.7% |
| Recurring financial charges | 65 | €44 | €922 | +€879 | +2019.7% |
| Profit (loss) for the period before taxes | 9903 | €3,581,878 | €4,882,810 | +€1.3m | +36.3% |
| Income taxes | 67/77 | €168,029 | €89,564 | -€78,465 | -46.7% |
| Profit (loss) for the period | 9904 | €3,413,849 | €4,793,246 | +€1.4m | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,413,849 | €4,793,246 | +€1.4m | +40.4% |
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 6 October 2026 via checked.be.