KIPAN: 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.
KIPAN
Largest movements
- Stocks and contracts +€1.2m
up €1.2m (+1197.5%), from €99,938 to €1.3m
of which Stocks: +€968,737
- Tangible fixed assets +€640,092
up €640,092 (+431.3%), from €148,425 to €788,517
- Receivables within one year +€566,244
up €566,244 (+157.2%), from €360,259 to €926,502
of which Other amounts receivable: +€477,503
- Cash +€112,307
up €112,307 (+355.4%), from €31,598 to €143,905
mainly Trade debts (+€2.2m) and Other debts (+€1.0m)
- Trade debts +€2.2m
up €2.2m (+662.6%), from €327,966 to €2.5m
- Other debts +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward -€714,853
down €714,853 (-153.3%), from -€466,405 to -€1.2m
- Short-term financial debts -€159,688
down €159,688 (-31.3%), from €509,688 to €350,000
- Tax, wage and social debts +€84,754
up €84,754 (+130.8%), from €64,803 to €149,556
of which Remuneration and social security: +€84,531
- Gross operating margin +€918,611
up €918,611 (+866.1%), from €106,057 to €1.0m
- Staff costs +€889,004
up €889,004 (+143.3%), from €620,267 to €1.5m
- Depreciation +€112,982
up €112,982 (+244.3%), from €46,250 to €159,231
- Other operating charges +€21,453
up €21,453 (+130.4%), from €16,458 to €37,911
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 | €653,094 | €3,167,721 | +€2.5m | +385.0% |
| Fixed assets | 21/28 | €161,299 | €795,859 | +€634,560 | +393.4% |
| Intangible fixed assets | 21 | €12,872 | €7,120 | -€5,752 | -44.7% |
| Tangible fixed assets | 22/27 | €148,425 | €788,517 | +€640,092 | +431.3% |
| Land and buildings | 22 | €64,338 | €63,097 | -€1,242 | -1.9% |
| Plant, machinery and equipment | 23 | €82,860 | €249,550 | +€166,689 | +201.2% |
| Furniture and vehicles | 24 | €1,227 | €6,196 | +€4,970 | +405.2% |
| Leasing and similar rights | 25 | - | €163,892 | +€163,892 | |
| Other tangible fixed assets | 26 | - | €305,783 | +€305,783 | |
| Financial fixed assets | 28 | €2 | €222 | +€220 | +11835.5% |
| Current assets | 29/58 | €491,795 | €2,371,862 | +€1.9m | +382.3% |
| Stocks and contracts in progress | 3 | €99,938 | €1,296,661 | +€1.2m | +1197.5% |
| Stocks | 30/36 | €99,938 | €1,068,675 | +€968,737 | +969.3% |
| Contracts in progress | 37 | €0 | €227,986 | +€227,986 | |
| Amounts receivable within one year | 40/41 | €360,259 | €926,502 | +€566,244 | +157.2% |
| Trade receivables | 40 | €325,446 | €414,187 | +€88,741 | +27.3% |
| Other amounts receivable | 41 | €34,813 | €512,316 | +€477,503 | +1371.6% |
| Cash at bank and in hand | 54/58 | €31,598 | €143,905 | +€112,307 | +355.4% |
| Deferred charges and accrued income | 490/1 | €0 | €4,793 | +€4,793 | |
| Total equity and liabilities | 10/49 | €653,094 | €3,167,721 | +€2.5m | +385.0% |
| Equity | 10/15 | -€346,319 | -€1,061,172 | -€714,853 | -206.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €20,086 | €20,086 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,086 | €10,086 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€466,405 | -€1,181,258 | -€714,853 | -153.3% |
| Amounts payable | 17/49 | €999,413 | €4,228,893 | +€3.2m | +323.1% |
| Amounts payable after more than one year | 17 | €27,806 | €89,925 | +€62,119 | +223.4% |
| Financial debts | 170/4 | €27,806 | €89,925 | +€62,119 | +223.4% |
| Amounts payable within one year | 42/48 | €971,607 | €4,090,425 | +€3.1m | +321.0% |
| Current portion of amounts payable after more than one year | 42 | €69,151 | €66,441 | -€2,709 | -3.9% |
| Financial debts | 43 | €509,688 | €350,000 | -€159,688 | -31.3% |
| Credit institutions | 430/8 | €509,688 | €350,000 | -€159,688 | -31.3% |
| Trade debts | 44 | €327,966 | €2,501,009 | +€2.2m | +662.6% |
| Suppliers | 440/4 | €327,966 | €2,501,009 | +€2.2m | +662.6% |
| Taxes, remuneration and social security | 45 | €64,803 | €149,556 | +€84,754 | +130.8% |
| Taxes | 450/3 | €247 | €470 | +€223 | +90.3% |
| Remuneration and social security | 454/9 | €64,556 | €149,087 | +€84,531 | +130.9% |
| Other amounts payable | 47/48 | - | €1,023,417 | +€1.0m | |
| Accrued charges and deferred income | 492/3 | €0 | €48,543 | +€48,543 | |
| Non-recurring operating income | 76A | - | €8,183 | +€8,183 | |
| Remuneration, social security and pensions | 62 | €620,267 | €1,509,271 | +€889,004 | +143.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,250 | €159,231 | +€112,982 | +244.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,775 | -€395 | -€7,170 | |
| Other operating charges | 640/8 | €16,458 | €37,911 | +€21,453 | +130.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €106,057 | €1,024,668 | +€918,611 | +866.1% |
| Operating profit (loss) | 9901 | -€583,692 | -€681,350 | -€97,657 | -16.7% |
| Financial income | 75/76B | €257 | €5,301 | +€5,043 | +1959.3% |
| Recurring financial income | 75 | €257 | €5,301 | +€5,043 | +1959.3% |
| Financial charges | 65/66B | €31,029 | €38,333 | +€7,305 | +23.5% |
| Recurring financial charges | 65 | €31,029 | €38,333 | +€7,305 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | -€614,464 | -€714,383 | -€99,919 | -16.3% |
| Income taxes | 67/77 | €247 | €470 | +€223 | +90.3% |
| Profit (loss) for the period | 9904 | -€614,711 | -€714,853 | -€100,142 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€614,711 | -€714,853 | -€100,142 | -16.3% |
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 5 October 2026 via checked.be.