K.D.M.W.: 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.
What changed
K.D.M.W.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,487
2024 · -€3,754-€19,732
Equity
€814,412
2024 · €836,269-€21,857
Cash
€12,965
2024 · €80,708-€67,744
Balance sheet total
€2.7m
2024 · €2.7m+€8,863
Largest movements
Assets
- Tangible fixed assets +€81,661
up €81,661 (+3.2%), from €2.5m to €2.6m
of which Land and buildings: +€73,052
- Cash -€67,744
down €67,744 (-83.9%), from €80,708 to €12,965
mainly Debts after one year (-€193,546) and Investment in fixed assets (net) (-€192,137)
Equity and liabilities
- Other debts +€221,991
up €221,991 (+65.1%), from €340,848 to €562,839
- Debts after one year -€193,546
down €193,546 (-22.2%), from €870,255 to €676,708
- Reserves -€31,122
down €31,122 (-4.4%), from €711,885 to €680,764
of which Tax-exempt reserves: -€31,122
Income statement
- Gross operating margin -€251,372
down €251,372 (-63.9%), from €393,141 to €141,769
- Write-downs -€186,188
no longer reported in 2025 (was €186,188)
- Staff costs -€21,756
down €21,756 (-48.1%), from €45,246 to €23,490
- Financial income +€8,400
up €8,400 (+1,037%), from €810 to €9,210
- Taxes -€8,147
down €8,147 (-69.7%), from €11,697 to €3,550
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.
Result 2024
-€3,754
Gross operating margin
-€251,372
Staff costs
+€21,756
Depreciation
+€3,698
Write-downs
+€186,188
Other operating charges
+€7,517
Other operating items
+€805
Financial income
+€8,400
Financial charges
-€4,872
Taxes
+€8,147
Result 2025
-€23,487
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€297,599
Investment
-€192,137
Financing
-€173,206
Cash 2024
€80,708
From operations (derived)
+€297,599
Net result for the year
-€23,487
Depreciation
+€110,477
Receivables within one year
+€155
Deferred charges and accrued income
+€4,899
Provisions
-€16,025
Trade debts
-€14,232
Tax, wage and social debts
+€797
Advances received
+€600
Other debts
+€221,991
Accrued charges and deferred income
+€12,425
Investment (derived)
-€192,137
Investment in fixed assets (net)
-€192,137
Financing
-€173,206
Debts after one year
-€193,546
Current portion of long-term debt
+€18,711
Contributions, distributions and other
+€1,630
Cash 2025
€12,965
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,659,195 | €2,668,058 | +€8,863 | +0.3% |
| Fixed assets | 21/28 | €2,519,763 | €2,601,424 | +€81,661 | +3.2% |
| Tangible fixed assets | 22/27 | €2,519,613 | €2,601,274 | +€81,661 | +3.2% |
| Land and buildings | 22 | €1,990,143 | €2,063,194 | +€73,052 | +3.7% |
| Plant, machinery and equipment | 23 | €2,824 | €31,726 | +€28,902 | +1,023% |
| Furniture and vehicles | 24 | €526,646 | €506,353 | -€20,293 | -3.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €139,432 | €66,634 | -€72,798 | -52.2% |
| Amounts receivable within one year | 40/41 | €48,827 | €48,672 | -€155 | -0.3% |
| Trade receivables | 40 | €46,820 | €46,665 | -€155 | -0.3% |
| Other amounts receivable | 41 | €2,007 | €2,007 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80,708 | €12,965 | -€67,744 | -83.9% |
| Deferred charges and accrued income | 490/1 | €9,896 | €4,997 | -€4,899 | -49.5% |
| Total equity and liabilities | 10/49 | €2,659,195 | €2,668,058 | +€8,863 | +0.3% |
| Equity | 10/15 | €836,269 | €814,412 | -€21,857 | -2.6% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Capital | 10 | €87,000 | €87,000 | = | 0.0% |
| Issued capital | 100 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €711,885 | €680,764 | -€31,122 | -4.4% |
| Non-distributable reserves | 130/1 | €8,700 | €8,700 | = | 0.0% |
| Legal reserve | 130 | €8,700 | €8,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €703,185 | €672,064 | -€31,122 | -4.4% |
| Profit (loss) carried forward | 14 | €37,384 | €46,649 | +€9,265 | +24.8% |
| Provisions and deferred taxes | 16 | €301,958 | €285,933 | -€16,025 | -5.3% |
| Deferred taxes | 168 | €301,958 | €285,933 | -€16,025 | -5.3% |
| Amounts payable | 17/49 | €1,520,968 | €1,567,712 | +€46,744 | +3.1% |
| Amounts payable after more than one year | 17 | €870,255 | €676,708 | -€193,546 | -22.2% |
| Financial debts | 170/4 | €870,255 | €676,708 | -€193,546 | -22.2% |
| Amounts payable within one year | 42/48 | €633,486 | €861,352 | +€227,866 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €221,818 | €240,529 | +€18,711 | +8.4% |
| Trade debts | 44 | €33,847 | €19,615 | -€14,232 | -42.0% |
| Suppliers | 440/4 | €33,847 | €19,615 | -€14,232 | -42.0% |
| Advances received on contracts in progress | 46 | €10,058 | €10,658 | +€600 | +6.0% |
| Taxes, remuneration and social security | 45 | €26,914 | €27,712 | +€797 | +3.0% |
| Taxes | 450/3 | €21,339 | €27,712 | +€6,373 | +29.9% |
| Remuneration and social security | 454/9 | €5,575 | - | -€5,575 | |
| Other amounts payable | 47/48 | €340,848 | €562,839 | +€221,991 | +65.1% |
| Accrued charges and deferred income | 492/3 | €17,228 | €29,652 | +€12,425 | +72.1% |
| Non-recurring operating income | 76A | €2,006 | €1,622 | -€384 | -19.1% |
| Remuneration, social security and pensions | 62 | €45,246 | €23,490 | -€21,756 | -48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,175 | €110,477 | -€3,698 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €186,188 | - | -€186,188 | |
| Other operating charges | 640/8 | €29,068 | €21,552 | -€7,517 | -25.9% |
| Non-recurring operating charges | 66A | €805 | - | -€805 | |
| Gross operating margin | 9900 | €393,141 | €141,769 | -€251,372 | -63.9% |
| Operating profit (loss) | 9901 | €17,658 | -€13,749 | -€31,408 | |
| Financial income | 75/76B | €810 | €9,210 | +€8,400 | +1,037% |
| Recurring financial income | 75 | €810 | €9,210 | +€8,400 | +1,037% |
| Financial charges | 65/66B | €26,551 | €31,422 | +€4,872 | +18.3% |
| Recurring financial charges | 65 | €26,551 | €31,422 | +€4,872 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,082 | -€35,962 | -€27,880 | -345% |
| Transfer from deferred taxes | 780 | €16,025 | €16,025 | = | 0.0% |
| Income taxes | 67/77 | €11,697 | €3,550 | -€8,147 | -69.7% |
| Profit (loss) for the period | 9904 | -€3,754 | -€23,487 | -€19,732 | -526% |
| Transfer from tax-exempt reserves | 789 | €31,122 | €31,122 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,368 | €7,635 | -€19,732 | -72.1% |
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 30 October 2026 via checked.be.