K.F.O.: 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.F.O.
Largest movements
- Cash +€135,331
up €135,331 (+68.7%), from €196,997 to €332,328
mainly Net result for the year (+€72,051) and Receivables within one year (+€60,330)
- Receivables within one year -€60,330
down €60,330 (-21.7%), from €277,631 to €217,302
of which Other amounts receivable: -€75,117
- Profit (loss) carried forward +€72,051
up €72,051 (+12.7%), from €567,325 to €639,375
- Financial income +€61,976
up €61,976 (+2,038%), from €3,041 to €65,016
- Gross operating margin +€15,490
up €15,490 (+3,440%), from €450 to €15,940
- Depreciation -€360
down €360 (-13.2%), from €2,722 to €2,362
- Financial charges -€343
down €343 (-47.9%), from €717 to €373
- Other operating charges +€212
up €212 (+3.6%), from €5,959 to €6,170
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 | €623,231 | €695,870 | +€72,639 | +11.7% |
| Fixed assets | 21/28 | €148,602 | €146,240 | -€2,362 | -1.6% |
| Tangible fixed assets | 22/27 | €120,002 | €117,640 | -€2,362 | -2.0% |
| Land and buildings | 22 | €118,464 | €116,758 | -€1,706 | -1.4% |
| Plant, machinery and equipment | 23 | €1,327 | €883 | -€445 | -33.5% |
| Furniture and vehicles | 24 | €211 | - | -€211 | |
| Financial fixed assets | 28 | €28,600 | €28,600 | = | 0.0% |
| Current assets | 29/58 | €474,628 | €549,630 | +€75,002 | +15.8% |
| Amounts receivable within one year | 40/41 | €277,631 | €217,302 | -€60,330 | -21.7% |
| Trade receivables | 40 | €111,658 | €126,445 | +€14,787 | +13.2% |
| Other amounts receivable | 41 | €165,973 | €90,857 | -€75,117 | -45.3% |
| Cash at bank and in hand | 54/58 | €196,997 | €332,328 | +€135,331 | +68.7% |
| Total equity and liabilities | 10/49 | €623,231 | €695,870 | +€72,639 | +11.7% |
| Equity | 10/15 | €599,485 | €671,535 | +€72,051 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,560 | €13,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,700 | €11,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €567,325 | €639,375 | +€72,051 | +12.7% |
| Amounts payable | 17/49 | €23,746 | €24,335 | +€589 | +2.5% |
| Amounts payable within one year | 42/48 | €23,746 | €24,335 | +€589 | +2.5% |
| Trade debts | 44 | €18,451 | €18,358 | -€93 | -0.5% |
| Suppliers | 440/4 | €18,451 | €18,358 | -€93 | -0.5% |
| Taxes, remuneration and social security | 45 | €5,295 | €5,977 | +€682 | +12.9% |
| Taxes | 450/3 | €5,295 | €5,977 | +€682 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,722 | €2,362 | -€360 | -13.2% |
| Other operating charges | 640/8 | €5,959 | €6,170 | +€212 | +3.6% |
| Gross operating margin | 9900 | €450 | €15,940 | +€15,490 | +3,440% |
| Operating profit (loss) | 9901 | -€8,230 | €7,408 | +€15,638 | |
| Financial income | 75/76B | €3,041 | €65,016 | +€61,976 | +2,038% |
| Recurring financial income | 75 | €3,041 | €65,016 | +€61,976 | +2,038% |
| Financial charges | 65/66B | €717 | €373 | -€343 | -47.9% |
| Recurring financial charges | 65 | €717 | €373 | -€343 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,907 | €72,051 | +€77,957 | |
| Profit (loss) for the period | 9904 | -€5,907 | €72,051 | +€77,957 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,907 | €72,051 | +€77,957 |
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 31 October 2026 via checked.be.