EL KAWTAR: 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.
EL KAWTAR
Largest movements
- Tangible fixed assets -€5,842
down €5,842 (-30.2%), from €19,322 to €13,480
of which Plant, machinery and equipment: -€4,526
- Receivables within one year +€2,536
up €2,536 (+6,662%), from €38 to €2,574
of which Trade receivables: +€2,536
- Stocks and contracts +€1,029
up €1,029 (+26.0%), from €3,955 to €4,984
- Deferred charges and accrued income -€971
no longer reported in 2025 (was €971)
- Cash +€433
up €433 (+75.0%), from €577 to €1,010
mainly Depreciation (+€3,223) and Investment in fixed assets (net) (+€2,769)
- Profit (loss) carried forward -€7,005
down €7,005 (-90.6%), from -€7,731 to -€14,736
- Other debts +€1,900
up €1,900 (+13.7%), from €13,838 to €15,738
- Trade debts +€1,423
up €1,423 (+12.4%), from €11,448 to €12,871
- Tax, wage and social debts +€717
up €717 (+23.8%), from €3,014 to €3,731
of which Remuneration and social security: +€919
- Taxes -€2,963
no longer reported in 2025 (was €2,963)
- Staff costs -€2,635
down €2,635 (-82.1%), from €3,209 to €574
- Depreciation +€2,011
up €2,011 (+166%), from €1,212 to €3,223
- Gross operating margin +€652
up €652 (+22.8%), from -€2,854 to -€2,202
- Financial charges -€180
no longer reported in 2025 (was €180)
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 | €27,320 | €24,355 | -€2,965 | -10.9% |
| Formation expenses | 20 | €656 | €506 | -€149 | -22.8% |
| Fixed assets | 21/28 | €21,122 | €15,280 | -€5,842 | -27.7% |
| Tangible fixed assets | 22/27 | €19,322 | €13,480 | -€5,842 | -30.2% |
| Land and buildings | 22 | €4,520 | €4,063 | -€457 | -10.1% |
| Plant, machinery and equipment | 23 | €11,630 | €7,105 | -€4,526 | -38.9% |
| Furniture and vehicles | 24 | €3,172 | €2,312 | -€859 | -27.1% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €5,542 | €8,569 | +€3,027 | +54.6% |
| Stocks and contracts in progress | 3 | €3,955 | €4,984 | +€1,029 | +26.0% |
| Stocks | 30/36 | €3,955 | €4,984 | +€1,029 | +26.0% |
| Amounts receivable within one year | 40/41 | €38 | €2,574 | +€2,536 | +6,662% |
| Trade receivables | 40 | - | €2,536 | +€2,536 | |
| Other amounts receivable | 41 | €38 | €38 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €577 | €1,010 | +€433 | +75.0% |
| Deferred charges and accrued income | 490/1 | €971 | - | -€971 | |
| Total equity and liabilities | 10/49 | €27,320 | €24,355 | -€2,965 | -10.9% |
| Equity | 10/15 | -€980 | -€7,985 | -€7,005 | -714% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €550 | €550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €550 | €550 | = | 0.0% |
| Legal reserve | 130 | €550 | €550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,731 | -€14,736 | -€7,005 | -90.6% |
| Amounts payable | 17/49 | €28,300 | €32,340 | +€4,040 | +14.3% |
| Amounts payable within one year | 42/48 | €28,300 | €32,340 | +€4,040 | +14.3% |
| Trade debts | 44 | €11,448 | €12,871 | +€1,423 | +12.4% |
| Suppliers | 440/4 | €11,448 | €12,871 | +€1,423 | +12.4% |
| Taxes, remuneration and social security | 45 | €3,014 | €3,731 | +€717 | +23.8% |
| Taxes | 450/3 | €2,358 | €2,156 | -€202 | -8.6% |
| Remuneration and social security | 454/9 | €656 | €1,575 | +€919 | +140% |
| Other amounts payable | 47/48 | €13,838 | €15,738 | +€1,900 | +13.7% |
| Remuneration, social security and pensions | 62 | €3,209 | €574 | -€2,635 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,212 | €3,223 | +€2,011 | +166% |
| Other operating charges | 640/8 | €1,126 | €1,006 | -€121 | -10.7% |
| Gross operating margin | 9900 | -€2,854 | -€2,202 | +€652 | +22.8% |
| Operating profit (loss) | 9901 | -€8,402 | -€7,005 | +€1,397 | +16.6% |
| Financial charges | 65/66B | €180 | - | -€180 | |
| Recurring financial charges | 65 | €180 | - | -€180 | |
| Profit (loss) for the period before taxes | 9903 | -€8,582 | -€7,005 | +€1,577 | +18.4% |
| Income taxes | 67/77 | €2,963 | - | -€2,963 | |
| Profit (loss) for the period | 9904 | -€11,545 | -€7,005 | +€4,540 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,545 | -€7,005 | +€4,540 | +39.3% |
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 25 October 2026 via checked.be.