K-construct: 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-construct
Largest movements
- Receivables within one year +€58,983
up €58,983 (+71.6%), from €82,392 to €141,375
of which Trade receivables: +€61,923
- Cash -€20,490
down €20,490 (-36.3%), from €56,454 to €35,964
mainly Receivables within one year (-€58,983) and Tax, wage and social debts (-€20,178)
- Tangible fixed assets -€6,325
down €6,325 (-21.7%), from €29,144 to €22,819
of which Plant, machinery and equipment: -€3,930
- Profit (loss) carried forward +€43,048
up €43,048, from -€43,048 to €0
- Reserves +€32,128
up €32,128 (+69.1%), from €46,468 to €78,596
of which Distributable reserves: +€32,128
- Tax, wage and social debts -€20,178
down €20,178 (-51.2%), from €39,409 to €19,231
of which Remuneration and social security: -€10,259
- Trade debts -€17,306
down €17,306 (-27.4%), from €63,063 to €45,757
- Debts after one year -€9,571
down €9,571 (-24.3%), from €39,419 to €29,848
- Gross operating margin +€162,694
up €162,694 (+118%), from €138,247 to €300,942
- Taxes +€8,565
up €8,565 (+201%), from €4,263 to €12,828
- Staff costs +€6,017
up €6,017 (+3.7%), from €163,503 to €169,521
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 | €168,813 | €201,603 | +€32,790 | +19.4% |
| Fixed assets | 21/28 | €29,169 | €22,844 | -€6,325 | -21.7% |
| Tangible fixed assets | 22/27 | €29,144 | €22,819 | -€6,325 | -21.7% |
| Plant, machinery and equipment | 23 | €5,117 | €1,187 | -€3,930 | -76.8% |
| Furniture and vehicles | 24 | €8,660 | €9,031 | +€371 | +4.3% |
| Other tangible fixed assets | 26 | €15,367 | €12,601 | -€2,766 | -18.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €139,643 | €178,759 | +€39,116 | +28.0% |
| Amounts receivable within one year | 40/41 | €82,392 | €141,375 | +€58,983 | +71.6% |
| Trade receivables | 40 | €46,903 | €108,826 | +€61,923 | +132% |
| Other amounts receivable | 41 | €35,489 | €32,550 | -€2,940 | -8.3% |
| Cash at bank and in hand | 54/58 | €56,454 | €35,964 | -€20,490 | -36.3% |
| Deferred charges and accrued income | 490/1 | €797 | €1,419 | +€622 | +78.0% |
| Total equity and liabilities | 10/49 | €168,813 | €201,603 | +€32,790 | +19.4% |
| Equity | 10/15 | €15,820 | €97,196 | +€81,376 | +514% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €46,468 | €78,596 | +€32,128 | +69.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €44,608 | €76,736 | +€32,128 | +72.0% |
| Profit (loss) carried forward | 14 | -€43,048 | €0 | +€43,048 | |
| Amounts payable | 17/49 | €152,992 | €104,407 | -€48,586 | -31.8% |
| Amounts payable after more than one year | 17 | €39,419 | €29,848 | -€9,571 | -24.3% |
| Financial debts | 170/4 | €39,419 | €29,848 | -€9,571 | -24.3% |
| Amounts payable within one year | 42/48 | €113,574 | €74,559 | -€39,015 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €11,102 | €9,571 | -€1,532 | -13.8% |
| Trade debts | 44 | €63,063 | €45,757 | -€17,306 | -27.4% |
| Suppliers | 440/4 | €63,063 | €45,757 | -€17,306 | -27.4% |
| Taxes, remuneration and social security | 45 | €39,409 | €19,231 | -€20,178 | -51.2% |
| Taxes | 450/3 | €25,135 | €15,216 | -€9,918 | -39.5% |
| Remuneration and social security | 454/9 | €14,274 | €4,014 | -€10,259 | -71.9% |
| Remuneration, social security and pensions | 62 | €163,503 | €169,521 | +€6,017 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,101 | €9,104 | -€2,997 | -24.8% |
| Other operating charges | 640/8 | €1,931 | €2,625 | +€694 | +35.9% |
| Non-recurring operating charges | 66A | €14,194 | €15,734 | +€1,539 | +10.8% |
| Gross operating margin | 9900 | €138,247 | €300,942 | +€162,694 | +118% |
| Operating profit (loss) | 9901 | -€53,483 | €103,957 | +€157,440 | |
| Financial income | 75/76B | - | €1,419 | +€1,419 | |
| Recurring financial income | 75 | - | €1,419 | +€1,419 | |
| Financial charges | 65/66B | €6,005 | €7,373 | +€1,368 | +22.8% |
| Recurring financial charges | 65 | €6,005 | €7,373 | +€1,368 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | -€59,488 | €98,004 | +€157,491 | |
| Income taxes | 67/77 | €4,263 | €12,828 | +€8,565 | +201% |
| Profit (loss) for the period | 9904 | -€63,751 | €85,176 | +€148,927 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,751 | €85,176 | +€148,927 |
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 1 November 2026 via checked.be.