K & G: 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 & G
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+31.1%), from €3.4m to €4.4m
- Deferred charges and accrued income +€622,331
up €622,331 (+126%), from €493,087 to €1.1m
- Receivables within one year +€392,849
up €392,849 (+63.6%), from €617,276 to €1.0m
of which Trade receivables: +€386,472
- Cash +€83,317
up €83,317 (+25.6%), from €326,076 to €409,392
- Accrued charges and deferred income +€1.8m
up €1.8m (+42.9%), from €4.2m to €6.0m
- Trade debts +€263,542
up €263,542 (+236%), from €111,822 to €375,364
- Gross operating margin +€183,361
up €183,361 (+81.2%), from €225,743 to €409,104
- Staff costs +€89,278
up €89,278 (+73.5%), from €121,549 to €210,827
- Financial charges +€26,462
up €26,462 (+309%), from €8,564 to €35,027
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,818,058 | €6,961,972 | +€2.1m | +44.5% |
| Fixed assets | 21/28 | €10,317 | €8,697 | -€1,619 | -15.7% |
| Tangible fixed assets | 22/27 | €7,759 | €4,200 | -€3,559 | -45.9% |
| Plant, machinery and equipment | 23 | €7,759 | €4,200 | -€3,559 | -45.9% |
| Financial fixed assets | 28 | €2,558 | €4,498 | +€1,940 | +75.8% |
| Current assets | 29/58 | €4,807,741 | €6,953,275 | +€2.1m | +44.6% |
| Stocks and contracts in progress | 3 | €3,371,302 | €4,418,340 | +€1.0m | +31.1% |
| Stocks | 30/36 | €3,371,302 | €4,418,340 | +€1.0m | +31.1% |
| Amounts receivable within one year | 40/41 | €617,276 | €1,010,124 | +€392,849 | +63.6% |
| Trade receivables | 40 | €546,036 | €932,508 | +€386,472 | +70.8% |
| Other amounts receivable | 41 | €71,240 | €77,616 | +€6,376 | +9.0% |
| Cash at bank and in hand | 54/58 | €326,076 | €409,392 | +€83,317 | +25.6% |
| Deferred charges and accrued income | 490/1 | €493,087 | €1,115,418 | +€622,331 | +126% |
| Total equity and liabilities | 10/49 | €4,818,058 | €6,961,972 | +€2.1m | +44.5% |
| Equity | 10/15 | €201,415 | €204,304 | +€2,890 | +1.4% |
| Contributions | 10/11 | €19,200 | €19,200 | = | 0.0% |
| Reserves | 13 | €182,215 | €185,104 | +€2,890 | +1.6% |
| Distributable reserves | 133 | €182,215 | €185,104 | +€2,890 | +1.6% |
| Amounts payable | 17/49 | €4,616,643 | €6,757,668 | +€2.1m | +46.4% |
| Amounts payable within one year | 42/48 | €432,337 | €777,509 | +€345,172 | +79.8% |
| Financial debts | 43 | €222,000 | €250,000 | +€28,000 | +12.6% |
| Credit institutions | 430/8 | €222,000 | €250,000 | +€28,000 | +12.6% |
| Trade debts | 44 | €111,822 | €375,364 | +€263,542 | +236% |
| Suppliers | 440/4 | €111,822 | €375,364 | +€263,542 | +236% |
| Advances received on contracts in progress | 46 | €69,000 | €85,500 | +€16,500 | +23.9% |
| Taxes, remuneration and social security | 45 | €18,522 | €12,150 | -€6,371 | -34.4% |
| Taxes | 450/3 | €18,522 | €12,150 | -€6,371 | -34.4% |
| Other amounts payable | 47/48 | €10,994 | €54,495 | +€43,501 | +396% |
| Accrued charges and deferred income | 492/3 | €4,184,306 | €5,980,160 | +€1.8m | +42.9% |
| Non-recurring operating income | 76A | €12,430 | €40,873 | +€28,443 | +229% |
| Remuneration, social security and pensions | 62 | €121,549 | €210,827 | +€89,278 | +73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,059 | €3,559 | +€2,501 | +236% |
| Other operating charges | 640/8 | €2,813 | €4,342 | +€1,529 | +54.4% |
| Non-recurring operating charges | 66A | €72,878 | €141,845 | +€68,967 | +94.6% |
| Gross operating margin | 9900 | €225,743 | €409,104 | +€183,361 | +81.2% |
| Operating profit (loss) | 9901 | €27,444 | €48,530 | +€21,086 | +76.8% |
| Financial income | 75/76B | €489 | €1,594 | +€1,105 | +226% |
| Recurring financial income | 75 | €489 | €1,594 | +€1,105 | +226% |
| Financial charges | 65/66B | €8,564 | €35,027 | +€26,462 | +309% |
| Recurring financial charges | 65 | €8,564 | €35,027 | +€26,462 | +309% |
| Profit (loss) for the period before taxes | 9903 | €19,368 | €15,097 | -€4,271 | -22.1% |
| Income taxes | 67/77 | €10,306 | €12,208 | +€1,902 | +18.5% |
| Profit (loss) for the period | 9904 | €9,062 | €2,890 | -€6,173 | -68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,062 | €2,890 | -€6,173 | -68.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.