KIGALO: 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.
KIGALO
Largest movements
- Tangible fixed assets -€35,135
down €35,135 (-11.5%), from €304,880 to €269,745
of which Land and buildings: -€55,656
- Receivables within one year -€26,945
down €26,945 (-7.8%), from €343,857 to €316,912
of which Other amounts receivable: -€33,934
- Deferred charges and accrued income +€9,769
up €9,769 (+72.5%), from €13,483 to €23,252
- Cash -€9,328
down €9,328 (-54.1%), from €17,235 to €7,906
mainly Debts after one year (-€60,883) and Investment in fixed assets (net) (-€54,432)
- Profit (loss) carried forward +€87,792
up €87,792, from -€85,436 to €2,356
- Debts after one year -€60,883
down €60,883 (-35.5%), from €171,340 to €110,457
- Other debts -€44,240
down €44,240 (-30.6%), from €144,741 to €100,501
- Current portion of long-term debt -€37,294
down €37,294 (-38.0%), from €98,177 to €60,883
- Tax, wage and social debts -€9,024
down €9,024 (-17.2%), from €52,316 to €43,291
of which Taxes: -€8,379
- Financial income -€33,930
down €33,930 (-99.7%), from €34,021 to €91
of which Non-recurring financial income: -€33,996
- Gross operating margin +€17,507
up €17,507 (+3.9%), from €451,475 to €468,982
- Staff costs -€10,440
down €10,440 (-3.8%), from €274,660 to €264,220
- Financial charges -€8,929
down €8,929 (-41.0%), from €21,790 to €12,861
- Depreciation +€8,574
up €8,574 (+10.5%), from €81,321 to €89,895
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 | €727,067 | €660,299 | -€66,768 | -9.2% |
| Fixed assets | 21/28 | €307,387 | €271,924 | -€35,464 | -11.5% |
| Intangible fixed assets | 21 | €1,607 | €1,278 | -€329 | -20.5% |
| Tangible fixed assets | 22/27 | €304,880 | €269,745 | -€35,135 | -11.5% |
| Land and buildings | 22 | €248,782 | €193,126 | -€55,656 | -22.4% |
| Plant, machinery and equipment | 23 | €44,392 | €50,004 | +€5,612 | +12.6% |
| Furniture and vehicles | 24 | €11,705 | €26,615 | +€14,910 | +127.4% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €419,680 | €388,375 | -€31,305 | -7.5% |
| Stocks and contracts in progress | 3 | €45,106 | €40,305 | -€4,801 | -10.6% |
| Stocks | 30/36 | €45,106 | €40,305 | -€4,801 | -10.6% |
| Amounts receivable within one year | 40/41 | €343,857 | €316,912 | -€26,945 | -7.8% |
| Trade receivables | 40 | €59,710 | €66,699 | +€6,989 | +11.7% |
| Other amounts receivable | 41 | €284,147 | €250,213 | -€33,934 | -11.9% |
| Cash at bank and in hand | 54/58 | €17,235 | €7,906 | -€9,328 | -54.1% |
| Deferred charges and accrued income | 490/1 | €13,483 | €23,252 | +€9,769 | +72.5% |
| Total equity and liabilities | 10/49 | €727,067 | €660,299 | -€66,768 | -9.2% |
| Equity | 10/15 | -€79,236 | €8,556 | +€87,792 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Profit (loss) carried forward | 14 | -€85,436 | €2,356 | +€87,792 | |
| Amounts payable | 17/49 | €806,303 | €651,743 | -€154,560 | -19.2% |
| Amounts payable after more than one year | 17 | €171,340 | €110,457 | -€60,883 | -35.5% |
| Financial debts | 170/4 | €171,340 | €110,457 | -€60,883 | -35.5% |
| Amounts payable within one year | 42/48 | €633,404 | €540,298 | -€93,105 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €98,177 | €60,883 | -€37,294 | -38.0% |
| Financial debts | 43 | €21,758 | €15,510 | -€6,248 | -28.7% |
| Credit institutions | 430/8 | €21,758 | €15,510 | -€6,248 | -28.7% |
| Trade debts | 44 | €115,292 | €113,753 | -€1,539 | -1.3% |
| Suppliers | 440/4 | €115,292 | €113,753 | -€1,539 | -1.3% |
| Advances received on contracts in progress | 46 | €201,119 | €206,359 | +€5,240 | +2.6% |
| Taxes, remuneration and social security | 45 | €52,316 | €43,291 | -€9,024 | -17.2% |
| Taxes | 450/3 | €23,034 | €14,654 | -€8,379 | -36.4% |
| Remuneration and social security | 454/9 | €29,282 | €28,637 | -€645 | -2.2% |
| Other amounts payable | 47/48 | €144,741 | €100,501 | -€44,240 | -30.6% |
| Accrued charges and deferred income | 492/3 | €1,559 | €987 | -€572 | -36.7% |
| Non-recurring operating income | 76A | - | €113 | +€113 | |
| Remuneration, social security and pensions | 62 | €274,660 | €264,220 | -€10,440 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,321 | €89,895 | +€8,574 | +10.5% |
| Other operating charges | 640/8 | €7,198 | €14,128 | +€6,930 | +96.3% |
| Gross operating margin | 9900 | €451,475 | €468,982 | +€17,507 | +3.9% |
| Operating profit (loss) | 9901 | €88,296 | €100,738 | +€12,443 | +14.1% |
| Financial income | 75/76B | €34,021 | €91 | -€33,930 | -99.7% |
| Recurring financial income | 75 | €25 | €91 | +€66 | +261.5% |
| Non-recurring financial income | 76B | €33,996 | - | -€33,996 | |
| Financial charges | 65/66B | €21,790 | €12,861 | -€8,929 | -41.0% |
| Recurring financial charges | 65 | €21,790 | €12,861 | -€8,929 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €100,527 | €87,968 | -€12,558 | -12.5% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €100,352 | €87,792 | -€12,560 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,352 | €87,792 | -€12,560 | -12.5% |
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 10 October 2026 via checked.be.