K & D: what changed
What changed
K & D
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€3,942
2024 · -€8,707+€12,649
Equity
€64,280
2024 · €68,338-€4,058
Cash
€17,017
2024 · €11,610+€5,407
Balance sheet total
€154,329
2024 · €162,784-€8,455
Largest movements
Assets
- Stocks and contracts -€10,732
down €10,732 (-50.3%), from €21,350 to €10,618
- Tangible fixed assets -€7,064
down €7,064 (-5.7%), from €123,817 to €116,753
of which Land and buildings: -€4,506
- Cash +€5,407
up €5,407 (+46.6%), from €11,610 to €17,017
mainly Stocks and contracts (+€10,732) and Depreciation (+€9,311)
- Receivables within one year +€2,498
up €2,498 (+42.0%), from €5,947 to €8,445
of which Other amounts receivable: +€1,491
Equity and liabilities
- Debts after one year -€7,864
down €7,864 (-10.6%), from €74,018 to €66,154
- Reserves -€4,058
down €4,058 (-7.1%), from €57,300 to €53,242
- Other debts +€1,700
up €1,700 (+21.3%), from €7,999 to €9,699
Income statement
- Gross operating margin +€13,119
up €13,119 (+369%), from €3,554 to €16,673
- Taxes +€394
new in 2025: €394
- Depreciation +€300
up €300 (+3.3%), from €9,011 to €9,311
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€8,707
Gross operating margin
+€13,119
Depreciation
-€300
Other operating charges
+€92
Financial income
-€27
Financial charges
+€159
Taxes
-€394
Result 2025
€3,942
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€23,374
Investment
-€2,247
Financing
-€15,720
Cash 2024
€11,610
From operations (derived)
+€23,374
Net result for the year
+€3,942
Depreciation
+€9,311
Stocks and contracts
+€10,732
Receivables within one year
-€2,498
Deferred charges and accrued income
-€1,436
Trade debts
+€1,610
Other debts
+€1,700
Accrued charges and deferred income
+€13
Investment (derived)
-€2,247
Investment in fixed assets (net)
-€2,247
Financing
-€15,720
Debts after one year
-€7,864
Current portion of long-term debt
+€144
Contributions, distributions and other
-€8,000
Cash 2025
€17,017
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €162,784 | €154,329 | -€8,455 | -5.2% |
| Fixed assets | 21/28 | €123,817 | €116,753 | -€7,064 | -5.7% |
| Tangible fixed assets | 22/27 | €123,817 | €116,753 | -€7,064 | -5.7% |
| Land and buildings | 22 | €112,445 | €107,939 | -€4,506 | -4.0% |
| Plant, machinery and equipment | 23 | €9,737 | €6,524 | -€3,213 | -33.0% |
| Furniture and vehicles | 24 | €1,636 | €2,291 | +€655 | +40.1% |
| Current assets | 29/58 | €38,966 | €37,576 | -€1,391 | -3.6% |
| Stocks and contracts in progress | 3 | €21,350 | €10,618 | -€10,732 | -50.3% |
| Contracts in progress | 37 | €21,350 | €10,618 | -€10,732 | -50.3% |
| Amounts receivable within one year | 40/41 | €5,947 | €8,445 | +€2,498 | +42.0% |
| Trade receivables | 40 | - | €1,007 | +€1,007 | |
| Other amounts receivable | 41 | €5,947 | €7,438 | +€1,491 | +25.1% |
| Cash at bank and in hand | 54/58 | €11,610 | €17,017 | +€5,407 | +46.6% |
| Deferred charges and accrued income | 490/1 | €59 | €1,495 | +€1,436 | +2,424% |
| Total equity and liabilities | 10/49 | €162,784 | €154,329 | -€8,455 | -5.2% |
| Equity | 10/15 | €68,338 | €64,280 | -€4,058 | -5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €57,300 | €53,242 | -€4,058 | -7.1% |
| Distributable reserves | 133 | €57,300 | €53,242 | -€4,058 | -7.1% |
| Profit (loss) carried forward | 14 | €4,838 | €4,838 | = | 0.0% |
| Amounts payable | 17/49 | €94,446 | €90,048 | -€4,397 | -4.7% |
| Amounts payable after more than one year | 17 | €74,018 | €66,154 | -€7,864 | -10.6% |
| Financial debts | 170/4 | €74,018 | €66,154 | -€7,864 | -10.6% |
| Amounts payable within one year | 42/48 | €20,172 | €23,627 | +€3,454 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €7,720 | €7,864 | +€144 | +1.9% |
| Trade debts | 44 | €2,053 | €3,663 | +€1,610 | +78.4% |
| Suppliers | 440/4 | €2,053 | €3,663 | +€1,610 | +78.4% |
| Taxes, remuneration and social security | 45 | €2,400 | €2,400 | = | 0.0% |
| Taxes | 450/3 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €7,999 | €9,699 | +€1,700 | +21.3% |
| Accrued charges and deferred income | 492/3 | €255 | €268 | +€13 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,011 | €9,311 | +€300 | +3.3% |
| Other operating charges | 640/8 | €1,454 | €1,363 | -€92 | -6.3% |
| Gross operating margin | 9900 | €3,554 | €16,673 | +€13,119 | +369% |
| Operating profit (loss) | 9901 | -€6,912 | €5,999 | +€12,911 | |
| Financial income | 75/76B | €55 | €28 | -€27 | -48.9% |
| Recurring financial income | 75 | €55 | €28 | -€27 | -48.9% |
| Financial charges | 65/66B | €1,850 | €1,691 | -€159 | -8.6% |
| Recurring financial charges | 65 | €1,850 | €1,691 | -€159 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,707 | €4,336 | +€13,044 | |
| Income taxes | 67/77 | - | €394 | +€394 | |
| Profit (loss) for the period | 9904 | -€8,707 | €3,942 | +€12,649 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,707 | €3,942 | +€12,649 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.