K.I.M.A.: 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.I.M.A.
Largest movements
- Current investments -€70.4m
down €70.4m (-61.0%), from €115.3m to €45.0m
- Receivables after one year -€26.0m
down €26.0m (-99.8%), from €26.1m to €54,000
- Financial fixed assets +€25.6m
up €25.6m (+97.2%), from €26.3m to €52.0m
- Receivables within one year -€6.8m
down €6.8m (-86.6%), from €7.9m to €1.0m
- Reserves -€55.0m
down €55.0m (-38.9%), from €141.2m to €86.2m
of which Distributable reserves: -€55.0m
- Profit (loss) carried forward -€28.6m
down €28.6m (-82.7%), from €34.6m to €6.0m
- Other debts +€5.0m
up €5.0m (+1,700,407%), from €294 to €5.0m
- Gross operating margin -€12.5m
down €12.5m (-72.4%), from €17.3m to €4.8m
- Taxes +€258,086
up €258,086 (+199%), from €129,547 to €387,634
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,400,929 | €98,822,164 | -€78.6m | -44.3% |
| Fixed assets | 21/28 | €26,348,691 | €51,963,560 | +€25.6m | +97.2% |
| Financial fixed assets | 28 | €26,348,691 | €51,963,560 | +€25.6m | +97.2% |
| Current assets | 29/58 | €151,052,238 | €46,858,604 | -€104.2m | -69.0% |
| Amounts receivable after more than one year | 29 | €26,054,000 | €54,000 | -€26.0m | -99.8% |
| Other amounts receivable | 291 | €26,054,000 | €54,000 | -€26.0m | -99.8% |
| Amounts receivable within one year | 40/41 | €7,855,000 | €1,049,080 | -€6.8m | -86.6% |
| Other amounts receivable | 41 | €7,855,000 | €1,049,080 | -€6.8m | -86.6% |
| Current investments | 50/53 | €115,320,616 | €44,954,005 | -€70.4m | -61.0% |
| Cash at bank and in hand | 54/58 | €807,774 | €439,460 | -€368,314 | -45.6% |
| Deferred charges and accrued income | 490/1 | €1,014,847 | €362,059 | -€652,788 | -64.3% |
| Total equity and liabilities | 10/49 | €177,400,929 | €98,822,164 | -€78.6m | -44.3% |
| Equity | 10/15 | €177,334,177 | €93,707,099 | -€83.6m | -47.2% |
| Contributions | 10/11 | €1,524,358 | €1,524,358 | = | 0.0% |
| Capital | 10 | €1,513,333 | €1,513,333 | = | 0.0% |
| Issued capital | 100 | €1,513,333 | €1,513,333 | = | 0.0% |
| Contributions outside capital | 11 | €11,025 | €11,025 | = | 0.0% |
| Share premium | 1100/10 | €11,025 | €11,025 | = | 0.0% |
| Reserves | 13 | €141,214,647 | €86,214,647 | -€55.0m | -38.9% |
| Non-distributable reserves | 130/1 | €314,647 | €314,647 | = | 0.0% |
| Legal reserve | 130 | €151,333 | €151,333 | = | 0.0% |
| Other | 1319 | €163,314 | €163,314 | = | 0.0% |
| Distributable reserves | 133 | €140,900,000 | €85,900,000 | -€55.0m | -39.0% |
| Profit (loss) carried forward | 14 | €34,595,172 | €5,968,094 | -€28.6m | -82.7% |
| Amounts payable | 17/49 | €66,752 | €5,115,065 | +€5.0m | +7,563% |
| Amounts payable within one year | 42/48 | €66,752 | €5,115,065 | +€5.0m | +7,563% |
| Trade debts | 44 | €66,458 | €113,740 | +€47,282 | +71.1% |
| Suppliers | 440/4 | €66,458 | €113,740 | +€47,282 | +71.1% |
| Taxes, remuneration and social security | 45 | - | €1,325 | +€1,325 | |
| Taxes | 450/3 | - | €1,325 | +€1,325 | |
| Other amounts payable | 47/48 | €294 | €5,000,000 | +€5.0m | +1,700,407% |
| Other operating charges | 640/8 | - | €1,404 | +€1,404 | |
| Gross operating margin | 9900 | €17,258,823 | €4,762,366 | -€12.5m | -72.4% |
| Operating profit (loss) | 9901 | €17,258,823 | €4,760,963 | -€12.5m | -72.4% |
| Financial charges | 65/66B | €100 | €408 | +€308 | +309% |
| Recurring financial charges | 65 | €100 | €408 | +€308 | +309% |
| Profit (loss) for the period before taxes | 9903 | €17,258,724 | €4,760,555 | -€12.5m | -72.4% |
| Income taxes | 67/77 | €129,547 | €387,634 | +€258,086 | +199% |
| Profit (loss) for the period | 9904 | €17,129,176 | €4,372,922 | -€12.8m | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,129,176 | €4,372,922 | -€12.8m | -74.5% |
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 27 October 2026 via checked.be.