Clean for kW: 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.
Clean for kW
Largest movements
- Tangible fixed assets +€25,381
up €25,381 (+41.6%), from €61,032 to €86,413
of which Leasing and similar rights: +€30,099
- Stocks and contracts +€11,687
up €11,687 (+776%), from €1,507 to €13,194
- Cash -€5,735
down €5,735 (-41.4%), from €13,837 to €8,102
mainly Investment in fixed assets (net) (-€45,431) and Stocks and contracts (-€11,687)
- Deferred charges and accrued income +€3,812
new in 2025: €3,812
- Receivables within one year -€3,729
down €3,729 (-28.2%), from €13,212 to €9,484
of which Other amounts receivable: -€2,286
- Current portion of long-term debt +€14,524
up €14,524 (+249%), from €5,841 to €20,366
- Profit (loss) carried forward +€9,550
up €9,550 (+86.3%), from -€11,070 to -€1,520
- Debts after one year +€8,188
up €8,188 (+10.6%), from €76,899 to €85,087
- Trade debts -€2,796
down €2,796 (-99.6%), from €2,807 to €11
- Gross operating margin +€66,892
up €66,892 (+153%), from €43,620 to €110,512
- Staff costs +€34,953
up €34,953 (+84.7%), from €41,243 to €76,195
- Depreciation +€9,766
up €9,766 (+95.0%), from €10,284 to €20,050
- Financial charges +€1,292
up €1,292 (+43.9%), from €2,941 to €4,233
of which Financial charges: +€1,777
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 | €89,589 | €121,005 | +€31,416 | +35.1% |
| Fixed assets | 21/28 | €61,032 | €86,413 | +€25,381 | +41.6% |
| Tangible fixed assets | 22/27 | €61,032 | €86,413 | +€25,381 | +41.6% |
| Land and buildings | 22 | €4,149 | €4,798 | +€649 | +15.6% |
| Plant, machinery and equipment | 23 | €49,396 | €45,021 | -€4,374 | -8.9% |
| Furniture and vehicles | 24 | €7,488 | €6,494 | -€993 | -13.3% |
| Leasing and similar rights | 25 | - | €30,099 | +€30,099 | |
| Current assets | 29/58 | €28,557 | €34,592 | +€6,035 | +21.1% |
| Stocks and contracts in progress | 3 | €1,507 | €13,194 | +€11,687 | +776% |
| Stocks | 30/36 | €1,507 | €13,194 | +€11,687 | +776% |
| Amounts receivable within one year | 40/41 | €13,212 | €9,484 | -€3,729 | -28.2% |
| Trade receivables | 40 | €10,926 | €9,484 | -€1,442 | -13.2% |
| Other amounts receivable | 41 | €2,286 | - | -€2,286 | |
| Cash at bank and in hand | 54/58 | €13,837 | €8,102 | -€5,735 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €3,812 | +€3,812 | |
| Total equity and liabilities | 10/49 | €89,589 | €121,005 | +€31,416 | +35.1% |
| Equity | 10/15 | -€8,433 | €1,117 | +€9,550 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €636 | €636 | = | 0.0% |
| Distributable reserves | 133 | €636 | €636 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,070 | -€1,520 | +€9,550 | +86.3% |
| Amounts payable | 17/49 | €98,022 | €119,888 | +€21,866 | +22.3% |
| Amounts payable after more than one year | 17 | €76,899 | €85,087 | +€8,188 | +10.6% |
| Financial debts | 170/4 | €76,899 | €85,087 | +€8,188 | +10.6% |
| Amounts payable within one year | 42/48 | €21,123 | €34,014 | +€12,891 | +61.0% |
| Current portion of amounts payable after more than one year | 42 | €5,841 | €20,366 | +€14,524 | +249% |
| Trade debts | 44 | €2,807 | €11 | -€2,796 | -99.6% |
| Suppliers | 440/4 | €2,807 | €11 | -€2,796 | -99.6% |
| Taxes, remuneration and social security | 45 | €7,867 | €8,722 | +€855 | +10.9% |
| Taxes | 450/3 | €4,139 | €2,977 | -€1,162 | -28.1% |
| Remuneration and social security | 454/9 | €3,728 | €5,745 | +€2,017 | +54.1% |
| Other amounts payable | 47/48 | €4,608 | €4,916 | +€308 | +6.7% |
| Accrued charges and deferred income | 492/3 | - | €788 | +€788 | |
| Remuneration, social security and pensions | 62 | €41,243 | €76,195 | +€34,953 | +84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,284 | €20,050 | +€9,766 | +95.0% |
| Other operating charges | 640/8 | €148 | €332 | +€183 | +124% |
| Gross operating margin | 9900 | €43,620 | €110,512 | +€66,892 | +153% |
| Operating profit (loss) | 9901 | -€8,055 | €13,935 | +€21,990 | |
| Financial income | 75/76B | €81 | €14 | -€67 | -82.8% |
| Recurring financial income | 75 | €81 | €14 | -€67 | -82.8% |
| Financial charges | 65/66B | €2,941 | €4,233 | +€1,292 | +43.9% |
| Recurring financial charges | 65 | €2,456 | €4,233 | +€1,777 | +72.4% |
| Non-recurring financial charges | 66B | €485 | - | -€485 | |
| Profit (loss) for the period before taxes | 9903 | -€10,915 | €9,716 | +€20,630 | |
| Income taxes | 67/77 | €155 | €166 | +€10 | +6.7% |
| Profit (loss) for the period | 9904 | -€11,070 | €9,550 | +€20,620 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,070 | €9,550 | +€20,620 |
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 29 October 2026 via checked.be.