SAMUEL KALBUSCH: 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.
SAMUEL KALBUSCH
Largest movements
- Stocks and contracts +€41,333
up €41,333 (+135%), from €30,596 to €71,929
of which Contracts in progress: +€39,032
- Tangible fixed assets +€24,857
up €24,857 (+49.3%), from €50,401 to €75,258
of which Furniture and vehicles: +€24,681
- Cash +€17,881
up €17,881 (+169%), from €10,560 to €28,441
mainly Net result for the year (+€57,823) and Depreciation (+€27,729)
- Reserves +€57,823
up €57,823 (+99.8%), from €57,934 to €115,757
- Debts after one year +€21,199
up €21,199 (+117%), from €18,134 to €39,333
- Current portion of long-term debt +€8,261
up €8,261 (+142%), from €5,804 to €14,065
- Trade debts -€4,869
down €4,869 (-11.3%), from €43,210 to €38,341
- Tax, wage and social debts +€4,780
up €4,780 (+159%), from €3,000 to €7,780
of which Remuneration and social security: +€3,810
- Gross operating margin +€117,789
up €117,789 (+187%), from €62,896 to €180,685
- Staff costs +€63,156
up €63,156 (+6,186%), from €1,021 to €64,177
- Depreciation +€12,073
up €12,073 (+77.1%), from €15,656 to €27,729
- Taxes +€10,712
up €10,712 (+94.8%), from €11,295 to €22,007
- Financial charges +€5,116
up €5,116 (+62.0%), from €8,251 to €13,367
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 | €138,932 | €225,276 | +€86,344 | +62.1% |
| Fixed assets | 21/28 | €50,401 | €75,258 | +€24,857 | +49.3% |
| Tangible fixed assets | 22/27 | €50,401 | €75,258 | +€24,857 | +49.3% |
| Plant, machinery and equipment | 23 | €11,925 | €12,101 | +€176 | +1.5% |
| Furniture and vehicles | 24 | €38,476 | €63,157 | +€24,681 | +64.1% |
| Current assets | 29/58 | €88,531 | €150,018 | +€61,487 | +69.5% |
| Stocks and contracts in progress | 3 | €30,596 | €71,929 | +€41,333 | +135% |
| Stocks | 30/36 | €9,596 | €11,897 | +€2,301 | +24.0% |
| Contracts in progress | 37 | €21,000 | €60,032 | +€39,032 | +186% |
| Amounts receivable within one year | 40/41 | €44,774 | €45,013 | +€239 | +0.5% |
| Trade receivables | 40 | €24,305 | €23,473 | -€832 | -3.4% |
| Other amounts receivable | 41 | €20,469 | €21,540 | +€1,071 | +5.2% |
| Cash at bank and in hand | 54/58 | €10,560 | €28,441 | +€17,881 | +169% |
| Deferred charges and accrued income | 490/1 | €2,601 | €4,635 | +€2,034 | +78.2% |
| Total equity and liabilities | 10/49 | €138,932 | €225,276 | +€86,344 | +62.1% |
| Equity | 10/15 | €67,934 | €125,757 | +€57,823 | +85.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €57,934 | €115,757 | +€57,823 | +99.8% |
| Distributable reserves | 133 | €57,934 | €115,757 | +€57,823 | +99.8% |
| Amounts payable | 17/49 | €70,998 | €99,519 | +€28,521 | +40.2% |
| Amounts payable after more than one year | 17 | €18,134 | €39,333 | +€21,199 | +117% |
| Financial debts | 170/4 | €18,134 | €39,333 | +€21,199 | +117% |
| Amounts payable within one year | 42/48 | €52,014 | €60,186 | +€8,172 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €5,804 | €14,065 | +€8,261 | +142% |
| Trade debts | 44 | €43,210 | €38,341 | -€4,869 | -11.3% |
| Suppliers | 440/4 | €43,210 | €38,341 | -€4,869 | -11.3% |
| Taxes, remuneration and social security | 45 | €3,000 | €7,780 | +€4,780 | +159% |
| Taxes | 450/3 | €3,000 | €3,970 | +€970 | +32.3% |
| Remuneration and social security | 454/9 | - | €3,810 | +€3,810 | |
| Accrued charges and deferred income | 492/3 | €850 | - | -€850 | |
| Remuneration, social security and pensions | 62 | €1,021 | €64,177 | +€63,156 | +6,186% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,656 | €27,729 | +€12,073 | +77.1% |
| Other operating charges | 640/8 | - | €25 | +€25 | |
| Gross operating margin | 9900 | €62,896 | €180,685 | +€117,789 | +187% |
| Operating profit (loss) | 9901 | €46,219 | €88,754 | +€42,535 | +92.0% |
| Financial income | 75/76B | €3,001 | €4,443 | +€1,442 | +48.1% |
| Recurring financial income | 75 | €3,001 | €4,443 | +€1,442 | +48.1% |
| Financial charges | 65/66B | €8,251 | €13,367 | +€5,116 | +62.0% |
| Recurring financial charges | 65 | €8,251 | €13,367 | +€5,116 | +62.0% |
| Profit (loss) for the period before taxes | 9903 | €40,969 | €79,830 | +€38,861 | +94.9% |
| Income taxes | 67/77 | €11,295 | €22,007 | +€10,712 | +94.8% |
| Profit (loss) for the period | 9904 | €29,674 | €57,823 | +€28,149 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,674 | €57,823 | +€28,149 | +94.9% |
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 26 October 2026 via checked.be.