’t Kakelbos: 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.
’t Kakelbos
Largest movements
- Cash +€193,188
up €193,188 (+407%), from €47,457 to €240,645
mainly Net result for the year (+€462,192) and Depreciation (+€203,572)
- Stocks and contracts +€183,384
up €183,384 (+10,787%), from €1,700 to €185,084
- Receivables within one year -€157,897
down €157,897 (-15.2%), from €1.0m to €878,804
of which Trade receivables: -€88,113
- Tangible fixed assets +€38,997
up €38,997 (+2.1%), from €1.9m to €1.9m
of which Furniture and vehicles: +€95,221
- Reserves +€305,570
up €305,570 (+28.2%), from €1.1m to €1.4m
- Debts after one year -€113,684
down €113,684 (-12.8%), from €890,527 to €776,842
- Trade debts +€100,231
up €100,231 (+127%), from €79,092 to €179,323
- Tax, wage and social debts -€43,164
down €43,164 (-42.7%), from €101,139 to €57,975
of which Taxes: -€46,076
- Gross operating margin +€111,935
up €111,935 (+14.0%), from €797,789 to €909,724
- Depreciation +€32,573
up €32,573 (+19.0%), from €170,999 to €203,572
- Taxes +€25,667
up €25,667 (+14.6%), from €175,860 to €201,528
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 | €2,995,289 | €3,253,743 | +€258,454 | +8.6% |
| Fixed assets | 21/28 | €1,899,304 | €1,933,801 | +€34,497 | +1.8% |
| Intangible fixed assets | 21 | €16,804 | €12,304 | -€4,500 | -26.8% |
| Tangible fixed assets | 22/27 | €1,882,500 | €1,921,497 | +€38,997 | +2.1% |
| Land and buildings | 22 | €1,173,045 | €1,102,074 | -€70,971 | -6.1% |
| Plant, machinery and equipment | 23 | €701,248 | €715,995 | +€14,748 | +2.1% |
| Furniture and vehicles | 24 | €8,207 | €103,428 | +€95,221 | +1,160% |
| Current assets | 29/58 | €1,095,985 | €1,319,942 | +€223,957 | +20.4% |
| Stocks and contracts in progress | 3 | €1,700 | €185,084 | +€183,384 | +10,787% |
| Stocks | 30/36 | €1,700 | €185,084 | +€183,384 | +10,787% |
| Amounts receivable within one year | 40/41 | €1,036,702 | €878,804 | -€157,897 | -15.2% |
| Trade receivables | 40 | €527,958 | €439,845 | -€88,113 | -16.7% |
| Other amounts receivable | 41 | €508,744 | €438,960 | -€69,784 | -13.7% |
| Cash at bank and in hand | 54/58 | €47,457 | €240,645 | +€193,188 | +407% |
| Deferred charges and accrued income | 490/1 | €10,127 | €15,409 | +€5,282 | +52.2% |
| Total equity and liabilities | 10/49 | €2,995,289 | €3,253,743 | +€258,454 | +8.6% |
| Equity | 10/15 | €1,772,778 | €2,055,580 | +€282,802 | +16.0% |
| Contributions | 10/11 | €476,200 | €476,200 | = | 0.0% |
| Reserves | 13 | €1,082,481 | €1,388,052 | +€305,570 | +28.2% |
| Distributable reserves | 133 | €1,082,481 | €1,388,052 | +€305,570 | +28.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €214,097 | €191,329 | -€22,768 | -10.6% |
| Provisions and deferred taxes | 16 | €11,268 | €10,070 | -€1,198 | -10.6% |
| Deferred taxes | 168 | €11,268 | €10,070 | -€1,198 | -10.6% |
| Amounts payable | 17/49 | €1,211,243 | €1,188,093 | -€23,149 | -1.9% |
| Amounts payable after more than one year | 17 | €890,527 | €776,842 | -€113,684 | -12.8% |
| Financial debts | 170/4 | €890,527 | €776,842 | -€113,684 | -12.8% |
| Amounts payable within one year | 42/48 | €319,730 | €385,662 | +€65,932 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €113,684 | €113,684 | = | 0.0% |
| Trade debts | 44 | €79,092 | €179,323 | +€100,231 | +127% |
| Suppliers | 440/4 | €79,092 | €179,323 | +€100,231 | +127% |
| Taxes, remuneration and social security | 45 | €101,139 | €57,975 | -€43,164 | -42.7% |
| Taxes | 450/3 | €99,058 | €52,982 | -€46,076 | -46.5% |
| Remuneration and social security | 454/9 | €2,081 | €4,993 | +€2,912 | +140% |
| Other amounts payable | 47/48 | €25,814 | €34,680 | +€8,865 | +34.3% |
| Accrued charges and deferred income | 492/3 | €986 | €25,589 | +€24,602 | +2,494% |
| Non-recurring operating income | 76A | €8,000 | €0 | -€8,000 | -100% |
| Remuneration, social security and pensions | 62 | €34,104 | €38,501 | +€4,397 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,999 | €203,572 | +€32,573 | +19.0% |
| Other operating charges | 640/8 | €7,846 | €7,674 | -€172 | -2.2% |
| Gross operating margin | 9900 | €797,789 | €909,724 | +€111,935 | +14.0% |
| Operating profit (loss) | 9901 | €584,840 | €659,977 | +€75,137 | +12.8% |
| Financial income | 75/76B | €28,307 | €26,697 | -€1,610 | -5.7% |
| Recurring financial income | 75 | €28,307 | €26,697 | -€1,610 | -5.7% |
| Financial charges | 65/66B | €24,864 | €24,154 | -€711 | -2.9% |
| Recurring financial charges | 65 | €24,864 | €24,154 | -€711 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €588,284 | €662,521 | +€74,238 | +12.6% |
| Transfer from deferred taxes | 780 | €1,055 | €1,198 | +€143 | +13.5% |
| Income taxes | 67/77 | €175,860 | €201,528 | +€25,667 | +14.6% |
| Profit (loss) for the period | 9904 | €413,478 | €462,192 | +€48,713 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €413,478 | €462,192 | +€48,713 | +11.8% |
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 30 October 2026 via checked.be.