KABEL: 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.
KABEL
Largest movements
- Tangible fixed assets +€264,527
up €264,527 (+29.2%), from €904,622 to €1.2m
- Cash -€236,278
down €236,278 (-62.5%), from €378,346 to €142,068
mainly Investment in fixed assets (net) (-€337,625) and Other debts (-€209,566)
- Receivables within one year -€111,206
down €111,206 (-20.8%), from €535,580 to €424,374
of which Other amounts receivable: -€117,402
- Other debts -€209,566
down €209,566 (-74.8%), from €279,996 to €70,430
- Reserves +€69,654
up €69,654 (+21.5%), from €323,758 to €393,412
- Debts after one year +€32,175
up €32,175 (+3.9%), from €832,597 to €864,772
- Trade debts +€31,793
up €31,793 (+112%), from €28,393 to €60,186
- Gross operating margin +€36,969
up €36,969 (+10.3%), from €357,298 to €394,268
- Financial charges -€23,889
down €23,889 (-39.9%), from €59,839 to €35,950
- Staff costs +€21,621
up €21,621 (+31.3%), from €68,977 to €90,599
- Depreciation +€16,174
up €16,174 (+28.4%), from €56,925 to €73,098
- Other operating charges +€6,147
up €6,147 (+68.4%), from €8,981 to €15,128
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 | €1,822,700 | €1,740,288 | -€82,412 | -4.5% |
| Fixed assets | 21/28 | €904,622 | €1,169,149 | +€264,527 | +29.2% |
| Tangible fixed assets | 22/27 | €904,622 | €1,169,149 | +€264,527 | +29.2% |
| Land and buildings | 22 | €852,191 | €980,762 | +€128,572 | +15.1% |
| Plant, machinery and equipment | 23 | €174 | €0 | -€174 | -100% |
| Furniture and vehicles | 24 | €43,462 | €8,954 | -€34,508 | -79.4% |
| Leasing and similar rights | 25 | - | €130,233 | +€130,233 | |
| Other tangible fixed assets | 26 | €8,795 | €49,200 | +€40,405 | +459% |
| Current assets | 29/58 | €918,078 | €571,138 | -€346,939 | -37.8% |
| Amounts receivable within one year | 40/41 | €535,580 | €424,374 | -€111,206 | -20.8% |
| Trade receivables | 40 | €6,384 | €12,580 | +€6,195 | +97.0% |
| Other amounts receivable | 41 | €529,195 | €411,794 | -€117,402 | -22.2% |
| Cash at bank and in hand | 54/58 | €378,346 | €142,068 | -€236,278 | -62.5% |
| Deferred charges and accrued income | 490/1 | €4,152 | €4,697 | +€545 | +13.1% |
| Total equity and liabilities | 10/49 | €1,822,700 | €1,740,288 | -€82,412 | -4.5% |
| Equity | 10/15 | €524,177 | €593,831 | +€69,654 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €323,758 | €393,412 | +€69,654 | +21.5% |
| Distributable reserves | 133 | €323,758 | €393,412 | +€69,654 | +21.5% |
| Profit (loss) carried forward | 14 | €181,819 | €181,819 | = | 0.0% |
| Amounts payable | 17/49 | €1,298,522 | €1,146,457 | -€152,066 | -11.7% |
| Amounts payable after more than one year | 17 | €832,597 | €864,772 | +€32,175 | +3.9% |
| Financial debts | 170/4 | €832,597 | €864,772 | +€32,175 | +3.9% |
| Amounts payable within one year | 42/48 | €442,239 | €258,981 | -€183,258 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €69,077 | €75,695 | +€6,618 | +9.6% |
| Financial debts | 43 | €595 | €2,174 | +€1,579 | +266% |
| Credit institutions | 430/8 | €595 | €2,174 | +€1,579 | +266% |
| Trade debts | 44 | €28,393 | €60,186 | +€31,793 | +112% |
| Suppliers | 440/4 | €28,393 | €60,186 | +€31,793 | +112% |
| Taxes, remuneration and social security | 45 | €64,179 | €50,495 | -€13,684 | -21.3% |
| Taxes | 450/3 | €50,987 | €31,854 | -€19,133 | -37.5% |
| Remuneration and social security | 454/9 | €13,192 | €18,641 | +€5,449 | +41.3% |
| Other amounts payable | 47/48 | €279,996 | €70,430 | -€209,566 | -74.8% |
| Accrued charges and deferred income | 492/3 | €23,686 | €22,704 | -€983 | -4.1% |
| Non-recurring operating income | 76A | - | €71,858 | +€71,858 | |
| Remuneration, social security and pensions | 62 | €68,977 | €90,599 | +€21,621 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,925 | €73,098 | +€16,174 | +28.4% |
| Other operating charges | 640/8 | €8,981 | €15,128 | +€6,147 | +68.4% |
| Non-recurring operating charges | 66A | €19,000 | €1,668 | -€17,332 | -91.2% |
| Gross operating margin | 9900 | €357,298 | €394,268 | +€36,969 | +10.3% |
| Operating profit (loss) | 9901 | €203,416 | €213,775 | +€10,360 | +5.1% |
| Financial income | 75/76B | €24,347 | €22,463 | -€1,884 | -7.7% |
| Recurring financial income | 75 | €24,347 | €22,463 | -€1,884 | -7.7% |
| Financial charges | 65/66B | €59,839 | €35,950 | -€23,889 | -39.9% |
| Recurring financial charges | 65 | €59,839 | €35,950 | -€23,889 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €167,924 | €200,288 | +€32,364 | +19.3% |
| Income taxes | 67/77 | €57,204 | €57,073 | -€131 | -0.2% |
| Profit (loss) for the period | 9904 | €110,720 | €143,216 | +€32,496 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,720 | €143,216 | +€32,496 | +29.3% |
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 21 October 2026 via checked.be.