NEW KAP: 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.
NEW KAP
Largest movements
- Tangible fixed assets -€16,535
down €16,535 (-5.0%), from €331,445 to €314,910
- Cash +€9,151
up €9,151 (+407%), from €2,247 to €11,398
mainly Depreciation (+€16,535) and Net result for the year (+€9,937)
- Debts after one year -€20,299
down €20,299 (-13.1%), from €155,095 to €134,797
- Reserves +€9,937
up €9,937 (+534%), from €1,860 to €11,797
of which Distributable reserves: +€9,937
- Other debts +€4,816
up €4,816 (+13.0%), from €36,979 to €41,794
- Taxes +€2,843
up €2,843, from -€1,674 to €1,170
- Gross operating margin -€480
down €480 (-1.5%), from €31,199 to €30,719
- Financial charges -€358
down €358 (-13.1%), from €2,732 to €2,374
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.
Derived cash bridge
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 | €369,575 | €361,816 | -€7,759 | -2.1% |
| Fixed assets | 21/28 | €366,095 | €349,560 | -€16,535 | -4.5% |
| Tangible fixed assets | 22/27 | €331,445 | €314,910 | -€16,535 | -5.0% |
| Land and buildings | 22 | €331,445 | €314,910 | -€16,535 | -5.0% |
| Financial fixed assets | 28 | €34,650 | €34,650 | = | 0.0% |
| Current assets | 29/58 | €3,480 | €12,256 | +€8,776 | +252% |
| Amounts receivable within one year | 40/41 | €13 | €13 | +€0 | +0.5% |
| Trade receivables | 40 | €13 | €13 | +€0 | +0.5% |
| Cash at bank and in hand | 54/58 | €2,247 | €11,398 | +€9,151 | +407% |
| Deferred charges and accrued income | 490/1 | €1,220 | €845 | -€375 | -30.7% |
| Total equity and liabilities | 10/49 | €369,575 | €361,816 | -€7,759 | -2.1% |
| Equity | 10/15 | €144,021 | €153,958 | +€9,937 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €127,698 | €127,698 | = | 0.0% |
| Reserves | 13 | €1,860 | €11,797 | +€9,937 | +534% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €9,937 | +€9,937 | |
| Profit (loss) carried forward | 14 | -€4,137 | -€4,137 | = | 0.0% |
| Amounts payable | 17/49 | €225,554 | €207,858 | -€17,696 | -7.8% |
| Amounts payable after more than one year | 17 | €155,095 | €134,797 | -€20,299 | -13.1% |
| Financial debts | 170/4 | €155,095 | €134,797 | -€20,299 | -13.1% |
| Amounts payable within one year | 42/48 | €70,459 | €73,061 | +€2,602 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €19,965 | €20,299 | +€333 | +1.7% |
| Trade debts | 44 | €11,637 | €8,250 | -€3,387 | -29.1% |
| Suppliers | 440/4 | €11,637 | €8,250 | -€3,387 | -29.1% |
| Taxes, remuneration and social security | 45 | €1,878 | €2,719 | +€841 | +44.8% |
| Taxes | 450/3 | €1,878 | €2,719 | +€841 | +44.8% |
| Other amounts payable | 47/48 | €36,979 | €41,794 | +€4,816 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,609 | €16,535 | -€74 | -0.4% |
| Other operating charges | 640/8 | €754 | €703 | -€51 | -6.8% |
| Gross operating margin | 9900 | €31,199 | €30,719 | -€480 | -1.5% |
| Operating profit (loss) | 9901 | €13,835 | €13,481 | -€354 | -2.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -84.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -84.6% |
| Financial charges | 65/66B | €2,732 | €2,374 | -€358 | -13.1% |
| Recurring financial charges | 65 | €2,732 | €2,374 | -€358 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €11,104 | €11,107 | +€3 | 0.0% |
| Income taxes | 67/77 | -€1,674 | €1,170 | +€2,843 | |
| Profit (loss) for the period | 9904 | €12,777 | €9,937 | -€2,840 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,777 | €9,937 | -€2,840 | -22.2% |
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 19 October 2026 via checked.be.