Kuaga: 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.
Kuaga
Largest movements
- Receivables within one year -€199,847
down €199,847 (-81.1%), from €246,447 to €46,601
of which Other amounts receivable: -€203,437
- Stocks and contracts +€64,041
up €64,041 (+41.7%), from €153,488 to €217,529
- Tangible fixed assets -€56,021
down €56,021 (-7.8%), from €716,817 to €660,796
- Cash +€54,617
up €54,617 (+104.7%), from €52,178 to €106,794
mainly Receivables within one year (+€199,847) and Net result for the year (+€76,185)
- Tax, wage and social debts -€187,992
down €187,992 (-73.5%), from €255,819 to €67,828
of which Taxes: -€198,677
- Reserves +€76,185
up €76,185 (+15.7%), from €484,720 to €560,905
of which Distributable reserves: +€76,185
- Debts after one year -€56,776
down €56,776 (-14.3%), from €398,375 to €341,599
- Provisions +€48,823
new in 2025: €48,823
- Provisions +€48,823
new in 2025: €48,823
- Staff costs +€35,949
up €35,949 (+23.2%), from €154,729 to €190,679
- Gross operating margin +€34,629
up €34,629 (+8.1%), from €427,782 to €462,411
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 | €1,253,188 | €1,123,134 | -€130,054 | -10.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €719,915 | €663,174 | -€56,741 | -7.9% |
| Intangible fixed assets | 21 | €2,898 | €2,178 | -€720 | -24.8% |
| Tangible fixed assets | 22/27 | €716,817 | €660,796 | -€56,021 | -7.8% |
| Land and buildings | 22 | €536,885 | €511,030 | -€25,855 | -4.8% |
| Plant, machinery and equipment | 23 | €154,924 | €132,627 | -€22,297 | -14.4% |
| Furniture and vehicles | 24 | €25,008 | €17,139 | -€7,869 | -31.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €533,274 | €459,960 | -€73,313 | -13.7% |
| Stocks and contracts in progress | 3 | €153,488 | €217,529 | +€64,041 | +41.7% |
| Stocks | 30/36 | €153,488 | €217,529 | +€64,041 | +41.7% |
| Amounts receivable within one year | 40/41 | €246,447 | €46,601 | -€199,847 | -81.1% |
| Trade receivables | 40 | €36,851 | €40,442 | +€3,591 | +9.7% |
| Other amounts receivable | 41 | €209,596 | €6,159 | -€203,437 | -97.1% |
| Current investments | 50/53 | €79,000 | €85,734 | +€6,734 | +8.5% |
| Cash at bank and in hand | 54/58 | €52,178 | €106,794 | +€54,617 | +104.7% |
| Deferred charges and accrued income | 490/1 | €2,161 | €3,303 | +€1,142 | +52.9% |
| Total equity and liabilities | 10/49 | €1,253,188 | €1,123,134 | -€130,054 | -10.4% |
| Equity | 10/15 | €514,720 | €590,905 | +€76,185 | +14.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €484,720 | €560,905 | +€76,185 | +15.7% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,150 | €20,150 | = | 0.0% |
| Distributable reserves | 133 | €456,570 | €532,755 | +€76,185 | +16.7% |
| Provisions and deferred taxes | 16 | - | €48,823 | +€48,823 | |
| Provisions for liabilities and charges | 160/5 | - | €48,823 | +€48,823 | |
| Other liabilities and charges | 164/5 | - | €48,823 | +€48,823 | |
| Amounts payable | 17/49 | €738,468 | €483,406 | -€255,062 | -34.5% |
| Amounts payable after more than one year | 17 | €398,375 | €341,599 | -€56,776 | -14.3% |
| Financial debts | 170/4 | €398,375 | €341,599 | -€56,776 | -14.3% |
| Amounts payable within one year | 42/48 | €333,024 | €139,878 | -€193,146 | -58.0% |
| Current portion of amounts payable after more than one year | 42 | €52,883 | €52,993 | +€110 | +0.2% |
| Trade debts | 44 | €1,944 | €5,576 | +€3,633 | +186.9% |
| Suppliers | 440/4 | €1,944 | €5,576 | +€3,633 | +186.9% |
| Advances received on contracts in progress | 46 | €199 | €199 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €255,819 | €67,828 | -€187,992 | -73.5% |
| Taxes | 450/3 | €229,370 | €30,693 | -€198,677 | -86.6% |
| Remuneration and social security | 454/9 | €26,449 | €37,135 | +€10,686 | +40.4% |
| Other amounts payable | 47/48 | €22,179 | €13,282 | -€8,897 | -40.1% |
| Accrued charges and deferred income | 492/3 | €7,070 | €1,929 | -€5,141 | -72.7% |
| Remuneration, social security and pensions | 62 | €154,729 | €190,679 | +€35,949 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,710 | €70,887 | -€1,823 | -2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €48,823 | +€48,823 | |
| Other operating charges | 640/8 | €23,123 | €18,964 | -€4,160 | -18.0% |
| Gross operating margin | 9900 | €427,782 | €462,411 | +€34,629 | +8.1% |
| Operating profit (loss) | 9901 | €177,219 | €133,059 | -€44,160 | -24.9% |
| Financial income | 75/76B | €916 | €3,766 | +€2,850 | +311.2% |
| Recurring financial income | 75 | €916 | €3,766 | +€2,850 | +311.2% |
| Financial charges | 65/66B | €15,171 | €17,192 | +€2,021 | +13.3% |
| Recurring financial charges | 65 | €15,171 | €17,192 | +€2,021 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €162,965 | €119,634 | -€43,331 | -26.6% |
| Income taxes | 67/77 | €42,089 | €43,449 | +€1,360 | +3.2% |
| Profit (loss) for the period | 9904 | €120,876 | €76,185 | -€44,690 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,876 | €76,185 | -€44,690 | -37.0% |
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 3 October 2026 via checked.be.