A. KIGGEN: 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.
A. KIGGEN
Largest movements
- Tangible fixed assets -€37,626
down €37,626 (-8.3%), from €451,027 to €413,401
of which Plant, machinery and equipment: -€21,433
- Cash -€13,801
down €13,801 (-20.6%), from €66,948 to €53,147
mainly Other debts (-€58,275) and Provisions (-€2,002)
- Other debts -€58,275
down €58,275 (-73.7%), from €79,091 to €20,817
- Gross operating margin +€23,875
up €23,875 (+62.7%), from €38,067 to €61,942
- Taxes +€1,714
up €1,714, from €0 to €1,714
- Write-downs +€1,170
new in 2025: €1,170
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 | €526,507 | €471,403 | -€55,104 | -10.5% |
| Fixed assets | 21/28 | €451,027 | €413,401 | -€37,626 | -8.3% |
| Tangible fixed assets | 22/27 | €451,027 | €413,401 | -€37,626 | -8.3% |
| Land and buildings | 22 | €312,506 | €297,522 | -€14,984 | -4.8% |
| Plant, machinery and equipment | 23 | €136,243 | €114,810 | -€21,433 | -15.7% |
| Furniture and vehicles | 24 | €2,278 | €1,069 | -€1,209 | -53.1% |
| Current assets | 29/58 | €75,481 | €58,002 | -€17,478 | -23.2% |
| Amounts receivable within one year | 40/41 | €8,265 | €4,586 | -€3,679 | -44.5% |
| Trade receivables | 40 | €3,265 | €1,300 | -€1,965 | -60.2% |
| Other amounts receivable | 41 | €5,000 | €3,286 | -€1,714 | -34.3% |
| Cash at bank and in hand | 54/58 | €66,948 | €53,147 | -€13,801 | -20.6% |
| Deferred charges and accrued income | 490/1 | €268 | €270 | +€2 | +0.7% |
| Total equity and liabilities | 10/49 | €526,507 | €471,403 | -€55,104 | -10.5% |
| Equity | 10/15 | €402,351 | €406,523 | +€4,172 | +1.0% |
| Contributions | 10/11 | €78,100 | €78,100 | = | 0.0% |
| Capital | 10 | €78,100 | €78,100 | = | 0.0% |
| Issued capital | 100 | €78,100 | €78,100 | = | 0.0% |
| Reserves | 13 | €324,251 | €328,423 | +€4,172 | +1.3% |
| Non-distributable reserves | 130/1 | €7,810 | €7,810 | = | 0.0% |
| Legal reserve | 130 | €7,810 | €7,810 | = | 0.0% |
| Tax-exempt reserves | 132 | €117,619 | €111,612 | -€6,006 | -5.1% |
| Distributable reserves | 133 | €198,822 | €209,001 | +€10,179 | +5.1% |
| Provisions and deferred taxes | 16 | €39,206 | €37,204 | -€2,002 | -5.1% |
| Deferred taxes | 168 | €39,206 | €37,204 | -€2,002 | -5.1% |
| Amounts payable | 17/49 | €84,950 | €27,676 | -€57,275 | -67.4% |
| Amounts payable within one year | 42/48 | €84,950 | €27,676 | -€57,275 | -67.4% |
| Trade debts | 44 | €4,500 | €4,500 | = | 0.0% |
| Suppliers | 440/4 | €4,500 | €4,500 | = | 0.0% |
| Advances received on contracts in progress | 46 | €1,359 | €2,359 | +€1,000 | +73.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €79,091 | €20,817 | -€58,275 | -73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,266 | €37,626 | +€360 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,170 | +€1,170 | |
| Other operating charges | 640/8 | €18,525 | €18,831 | +€306 | +1.7% |
| Gross operating margin | 9900 | €38,067 | €61,942 | +€23,875 | +62.7% |
| Operating profit (loss) | 9901 | -€17,723 | €4,315 | +€22,038 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €415 | €430 | +€15 | +3.6% |
| Recurring financial charges | 65 | €415 | €430 | +€15 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€18,138 | €3,885 | +€22,023 | |
| Transfer from deferred taxes | 780 | €2,002 | €2,002 | = | 0.0% |
| Income taxes | 67/77 | €0 | €1,714 | +€1,714 | |
| Profit (loss) for the period | 9904 | -€16,136 | €4,172 | +€20,308 | |
| Transfer from tax-exempt reserves | 789 | €6,006 | €6,006 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,130 | €10,179 | +€20,308 |
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 6 October 2026 via checked.be.