K-chain: 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.
K-chain
Largest movements
- Tangible fixed assets -€19,324
down €19,324 (-2.8%), from €700,246 to €680,922
of which Land and buildings: -€20,371
- Debts after one year -€37,257
down €37,257 (-13.5%), from €275,292 to €238,035
- Other debts +€33,830
up €33,830 (+7.4%), from €457,565 to €491,395
- Profit (loss) carried forward -€16,225
down €16,225 (-18.2%), from -€88,906 to -€105,131
- Gross operating margin -€17,732
down €17,732 (-51.1%), from €34,729 to €16,997
- Depreciation +€909
up €909 (+4.1%), from €22,404 to €23,313
- Financial charges -€880
down €880 (-12.1%), from €7,303 to €6,423
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 | €703,128 | €686,871 | -€16,257 | -2.3% |
| Fixed assets | 21/28 | €700,246 | €680,922 | -€19,324 | -2.8% |
| Tangible fixed assets | 22/27 | €700,246 | €680,922 | -€19,324 | -2.8% |
| Land and buildings | 22 | €689,033 | €668,662 | -€20,371 | -3.0% |
| Furniture and vehicles | 24 | €11,213 | €12,260 | +€1,047 | +9.3% |
| Current assets | 29/58 | €2,882 | €5,949 | +€3,067 | +106.4% |
| Cash at bank and in hand | 54/58 | €1,553 | €2,124 | +€572 | +36.8% |
| Deferred charges and accrued income | 490/1 | €1,329 | €3,824 | +€2,495 | +187.7% |
| Total equity and liabilities | 10/49 | €703,128 | €686,871 | -€16,257 | -2.3% |
| Equity | 10/15 | -€68,906 | -€85,131 | -€16,225 | -23.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,906 | -€105,131 | -€16,225 | -18.2% |
| Amounts payable | 17/49 | €772,034 | €772,002 | -€32 | 0.0% |
| Amounts payable after more than one year | 17 | €275,292 | €238,035 | -€37,257 | -13.5% |
| Financial debts | 170/4 | €275,292 | €238,035 | -€37,257 | -13.5% |
| Amounts payable within one year | 42/48 | €496,742 | €531,217 | +€34,475 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €37,292 | €39,073 | +€1,781 | +4.8% |
| Trade debts | 44 | €1,885 | €749 | -€1,136 | -60.3% |
| Suppliers | 440/4 | €1,885 | €749 | -€1,136 | -60.3% |
| Other amounts payable | 47/48 | €457,565 | €491,395 | +€33,830 | +7.4% |
| Accrued charges and deferred income | 492/3 | - | €2,750 | +€2,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,404 | €23,313 | +€909 | +4.1% |
| Other operating charges | 640/8 | €3,221 | €3,486 | +€265 | +8.2% |
| Gross operating margin | 9900 | €34,729 | €16,997 | -€17,732 | -51.1% |
| Operating profit (loss) | 9901 | €9,104 | -€9,802 | -€18,906 | |
| Financial charges | 65/66B | €7,303 | €6,423 | -€880 | -12.1% |
| Recurring financial charges | 65 | €7,303 | €6,423 | -€880 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €1,801 | -€16,225 | -€18,026 | |
| Profit (loss) for the period | 9904 | €1,801 | -€16,225 | -€18,026 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,801 | -€16,225 | -€18,026 |
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 12 October 2026 via checked.be.