K.G.-PROJECTS: 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.-PROJECTS
Largest movements
- Tangible fixed assets +€279,275
up €279,275 (+9.1%), from €3.1m to €3.4m
of which Other tangible fixed assets: +€337,381
- Cash -€39,240
down €39,240 (-53.6%), from €73,269 to €34,029
mainly Investment in fixed assets (net) (-€441,310) and Net result for the year (-€164,392)
- Other debts +€433,110
up €433,110 (+30.4%), from €1.4m to €1.9m
- Reserves -€164,323
down €164,323 (-15.2%), from €1.1m to €918,118
of which Distributable reserves: -€144,759
- Depreciation +€41,618
up €41,618 (+33.2%), from €125,416 to €167,034
- Gross operating margin -€9,650
down €9,650 (-24.6%), from €39,281 to €29,631
- Other operating charges +€7,123
up €7,123 (+51.2%), from €13,902 to €21,025
- Financial charges +€4,021
up €4,021 (+49.7%), from €8,088 to €12,109
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.
Cash bridge derived
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 | €3,179,236 | €3,417,343 | +€238,107 | +7.5% |
| Fixed assets | 21/28 | €3,084,761 | €3,359,036 | +€274,275 | +8.9% |
| Tangible fixed assets | 22/27 | €3,079,323 | €3,358,599 | +€279,275 | +9.1% |
| Land and buildings | 22 | €1,205,966 | €1,148,260 | -€57,706 | -4.8% |
| Furniture and vehicles | 24 | €525 | €125 | -€400 | -76.2% |
| Other tangible fixed assets | 26 | €1,872,832 | €2,210,214 | +€337,381 | +18.0% |
| Financial fixed assets | 28 | €5,438 | €438 | -€5,000 | -92.0% |
| Current assets | 29/58 | €94,475 | €58,307 | -€36,169 | -38.3% |
| Amounts receivable within one year | 40/41 | €16,827 | €20,271 | +€3,445 | +20.5% |
| Trade receivables | 40 | €15,918 | €15,046 | -€872 | -5.5% |
| Other amounts receivable | 41 | €909 | €5,226 | +€4,317 | +474.9% |
| Cash at bank and in hand | 54/58 | €73,269 | €34,029 | -€39,240 | -53.6% |
| Deferred charges and accrued income | 490/1 | €4,379 | €4,006 | -€373 | -8.5% |
| Total equity and liabilities | 10/49 | €3,179,236 | €3,417,343 | +€238,107 | +7.5% |
| Equity | 10/15 | €1,170,768 | €1,006,376 | -€164,392 | -14.0% |
| Contributions | 10/11 | €88,327 | €88,327 | = | 0.0% |
| Reserves | 13 | €1,082,441 | €918,118 | -€164,323 | -15.2% |
| Non-distributable reserves | 130/1 | €8,833 | €8,833 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,833 | €8,833 | = | 0.0% |
| Tax-exempt reserves | 132 | €535,229 | €515,665 | -€19,564 | -3.7% |
| Distributable reserves | 133 | €538,380 | €393,620 | -€144,759 | -26.9% |
| Profit (loss) carried forward | 14 | €0 | -€69 | -€69 | |
| Provisions and deferred taxes | 16 | €178,410 | €171,888 | -€6,521 | -3.7% |
| Deferred taxes | 168 | €178,410 | €171,888 | -€6,521 | -3.7% |
| Amounts payable | 17/49 | €1,830,059 | €2,239,079 | +€409,020 | +22.4% |
| Amounts payable after more than one year | 17 | €366,466 | €335,465 | -€31,000 | -8.5% |
| Financial debts | 170/4 | €366,466 | €335,465 | -€31,000 | -8.5% |
| Amounts payable within one year | 42/48 | €1,463,593 | €1,903,613 | +€440,020 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €31,000 | €31,000 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €4,637 | €4,674 | +€37 | +0.8% |
| Suppliers | 440/4 | €4,637 | €4,674 | +€37 | +0.8% |
| Taxes, remuneration and social security | 45 | €3,065 | €9,937 | +€6,872 | +224.2% |
| Taxes | 450/3 | €3,065 | €9,937 | +€6,872 | +224.2% |
| Other amounts payable | 47/48 | €1,424,892 | €1,858,002 | +€433,110 | +30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,416 | €167,034 | +€41,618 | +33.2% |
| Other operating charges | 640/8 | €13,902 | €21,025 | +€7,123 | +51.2% |
| Gross operating margin | 9900 | €39,281 | €29,631 | -€9,650 | -24.6% |
| Operating profit (loss) | 9901 | -€100,036 | -€158,428 | -€58,392 | -58.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €8,088 | €12,109 | +€4,021 | +49.7% |
| Recurring financial charges | 65 | €8,088 | €12,109 | +€4,021 | +49.7% |
| Profit (loss) for the period before taxes | 9903 | -€108,124 | -€170,537 | -€62,413 | -57.7% |
| Transfer from deferred taxes | 780 | €6,521 | €6,521 | = | 0.0% |
| Income taxes | 67/77 | €281 | €376 | +€95 | +33.8% |
| Profit (loss) for the period | 9904 | -€101,884 | -€164,392 | -€62,508 | -61.4% |
| Transfer from tax-exempt reserves | 789 | €19,564 | €19,564 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,320 | -€144,828 | -€62,508 | -75.9% |
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 12 October 2026 via checked.be.