GROUP K: 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.
GROUP K
Largest movements
- Receivables within one year +€2.4m
up €2.4m (+85.9%), from €2.8m to €5.2m
of which Trade receivables: +€2.6m
- Deferred charges and accrued income +€1.1m
up €1.1m (+2,157%), from €48,939 to €1.1m
- Cash -€76,341
down €76,341 (-24.3%), from €314,163 to €237,822
mainly Receivables within one year (-€2.4m) and Deferred charges and accrued income (-€1.1m)
- Profit (loss) carried forward +€1.1m
new in 2025: €1.1m
- Trade debts +€1.0m
up €1.0m (+77.8%), from €1.3m to €2.4m
of which Suppliers: +€1.0m
- Accrued charges and deferred income +€706,732
up €706,732 (+234%), from €302,227 to €1.0m
- Tax, wage and social debts +€554,732
up €554,732 (+180%), from €308,654 to €863,386
of which Taxes: +€573,123
- Gross operating margin +€972,582
up €972,582 (+42.5%), from €2.3m to €3.3m
- Staff costs +€321,962
up €321,962 (+22.7%), from €1.4m to €1.7m
- Taxes +€175,111
up €175,111 (+81.1%), from €216,000 to €391,111
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 | €3,432,411 | €6,747,271 | +€3.3m | +96.6% |
| Fixed assets | 21/28 | €28,538 | €30,517 | +€1,979 | +6.9% |
| Tangible fixed assets | 22/27 | €15,998 | €17,977 | +€1,979 | +12.4% |
| Furniture and vehicles | 24 | €15,998 | €17,977 | +€1,979 | +12.4% |
| Financial fixed assets | 28 | €12,540 | €12,540 | = | 0.0% |
| Current assets | 29/58 | €3,403,873 | €6,716,755 | +€3.3m | +97.3% |
| Stocks and contracts in progress | 3 | €247,060 | €180,031 | -€67,029 | -27.1% |
| Stocks | 30/36 | €55,902 | - | -€55,902 | |
| Contracts in progress | 37 | €191,159 | €180,031 | -€11,128 | -5.8% |
| Amounts receivable within one year | 40/41 | €2,793,712 | €5,194,416 | +€2.4m | +85.9% |
| Trade receivables | 40 | €2,544,111 | €5,190,611 | +€2.6m | +104% |
| Other amounts receivable | 41 | €249,601 | €3,805 | -€245,796 | -98.5% |
| Cash at bank and in hand | 54/58 | €314,163 | €237,822 | -€76,341 | -24.3% |
| Deferred charges and accrued income | 490/1 | €48,939 | €1,104,485 | +€1.1m | +2,157% |
| Total equity and liabilities | 10/49 | €3,432,411 | €6,747,271 | +€3.3m | +96.6% |
| Equity | 10/15 | €1,365,598 | €2,454,449 | +€1.1m | +79.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,345,598 | €1,345,598 | = | 0.0% |
| Tax-exempt reserves | 132 | €231,550 | €168,400 | -€63,150 | -27.3% |
| Distributable reserves | 133 | €1,114,048 | €1,177,198 | +€63,150 | +5.7% |
| Profit (loss) carried forward | 14 | - | €1,088,850 | +€1.1m | |
| Amounts payable | 17/49 | €2,066,813 | €4,292,823 | +€2.2m | +108% |
| Amounts payable within one year | 42/48 | €1,764,586 | €3,283,864 | +€1.5m | +86.1% |
| Financial debts | 43 | €105,151 | €69,038 | -€36,112 | -34.3% |
| Credit institutions | 430/8 | €105,151 | €69,038 | -€36,112 | -34.3% |
| Trade debts | 44 | €1,322,310 | €2,351,271 | +€1.0m | +77.8% |
| Suppliers | 440/4 | €1,312,003 | €2,351,271 | +€1.0m | +79.2% |
| Bills of exchange payable | 441 | €10,307 | - | -€10,307 | |
| Taxes, remuneration and social security | 45 | €308,654 | €863,386 | +€554,732 | +180% |
| Taxes | 450/3 | €85,584 | €658,707 | +€573,123 | +670% |
| Remuneration and social security | 454/9 | €223,070 | €204,679 | -€18,391 | -8.2% |
| Other amounts payable | 47/48 | €28,471 | €168 | -€28,304 | -99.4% |
| Accrued charges and deferred income | 492/3 | €302,227 | €1,008,959 | +€706,732 | +234% |
| Non-recurring operating income | 76A | €4,303 | - | -€4,303 | |
| Remuneration, social security and pensions | 62 | €1,420,305 | €1,742,267 | +€321,962 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,860 | €13,278 | -€582 | -4.2% |
| Other operating charges | 640/8 | €6,281 | €3,583 | -€2,698 | -43.0% |
| Gross operating margin | 9900 | €2,286,144 | €3,258,726 | +€972,582 | +42.5% |
| Operating profit (loss) | 9901 | €845,698 | €1,499,598 | +€653,900 | +77.3% |
| Financial income | 75/76B | €14,144 | €27,127 | +€12,983 | +91.8% |
| Recurring financial income | 75 | €14,144 | €27,127 | +€12,983 | +91.8% |
| Financial charges | 65/66B | €68,810 | €46,763 | -€22,047 | -32.0% |
| Recurring financial charges | 65 | €68,810 | €46,763 | -€22,047 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €791,032 | €1,479,962 | +€688,930 | +87.1% |
| Income taxes | 67/77 | €216,000 | €391,111 | +€175,111 | +81.1% |
| Profit (loss) for the period | 9904 | €575,032 | €1,088,850 | +€513,819 | +89.4% |
| Transfer to tax-exempt reserves | 689 | €168,400 | - | -€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €406,632 | €1,088,850 | +€682,219 | +168% |
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 13 October 2026 via checked.be.