K&L: what changed
Two fiscal 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&L
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-33.2%), from €6.0m to €4.0m
of which Other amounts receivable: -€2.0m
- Debts after one year -€2.5m
down €2.5m (-55.4%), from €4.6m to €2.0m
- Other debts +€1.5m
new in 2025: €1.5m
- Reserves -€1.1m
down €1.1m (-35.4%), from €3.1m to €2.0m
of which Distributable reserves: -€1.1m
- Financial income +€226,360
up €226,360 (+76.3%), from €296,708 to €523,067
- Financial charges -€141,253
down €141,253 (-22.6%), from €625,471 to €484,218
- Taxes +€99,021
up €99,021 (+243.5%), from €40,660 to €139,681
- Gross operating margin +€28,978
up €28,978 (+5.0%), from €581,535 to €610,513
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 | €8,230,179 | €6,140,808 | -€2.1m | -25.4% |
| Fixed assets | 21/28 | €2,017,342 | €1,972,954 | -€44,388 | -2.2% |
| Tangible fixed assets | 22/27 | €2,017,342 | €1,972,954 | -€44,388 | -2.2% |
| Land and buildings | 22 | €2,017,342 | €1,972,954 | -€44,388 | -2.2% |
| Current assets | 29/58 | €6,212,837 | €4,167,853 | -€2.0m | -32.9% |
| Amounts receivable within one year | 40/41 | €6,046,817 | €4,038,736 | -€2.0m | -33.2% |
| Trade receivables | 40 | €44,507 | €46,082 | +€1,574 | +3.5% |
| Other amounts receivable | 41 | €6,002,310 | €3,992,655 | -€2.0m | -33.5% |
| Cash at bank and in hand | 54/58 | €154,474 | €117,182 | -€37,292 | -24.1% |
| Deferred charges and accrued income | 490/1 | €11,546 | €11,935 | +€389 | +3.4% |
| Total equity and liabilities | 10/49 | €8,230,179 | €6,140,808 | -€2.1m | -25.4% |
| Equity | 10/15 | €3,229,081 | €2,147,685 | -€1.1m | -33.5% |
| Contributions | 10/11 | €173,750 | €173,750 | = | 0.0% |
| Capital | 10 | €173,750 | €173,750 | = | 0.0% |
| Issued capital | 100 | €173,750 | €173,750 | = | 0.0% |
| Reserves | 13 | €3,055,331 | €1,973,935 | -€1.1m | -35.4% |
| Non-distributable reserves | 130/1 | €17,375 | €17,375 | = | 0.0% |
| Legal reserve | 130 | €17,375 | €17,375 | = | 0.0% |
| Distributable reserves | 133 | €3,037,956 | €1,956,560 | -€1.1m | -35.6% |
| Amounts payable | 17/49 | €5,001,098 | €3,993,123 | -€1.0m | -20.2% |
| Amounts payable after more than one year | 17 | €4,578,481 | €2,043,737 | -€2.5m | -55.4% |
| Financial debts | 170/4 | €4,578,481 | €2,043,737 | -€2.5m | -55.4% |
| Amounts payable within one year | 42/48 | €410,729 | €1,936,947 | +€1.5m | +371.6% |
| Current portion of amounts payable after more than one year | 42 | €406,976 | €389,283 | -€17,693 | -4.3% |
| Trade debts | 44 | €3,753 | €47,664 | +€43,912 | +1170.2% |
| Suppliers | 440/4 | €3,753 | €47,664 | +€43,912 | +1170.2% |
| Other amounts payable | 47/48 | - | €1,500,000 | +€1.5m | |
| Accrued charges and deferred income | 492/3 | €11,889 | €12,439 | +€550 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,388 | €44,388 | +€0 | 0.0% |
| Other operating charges | 640/8 | €45,658 | €46,689 | +€1,031 | +2.3% |
| Gross operating margin | 9900 | €581,535 | €610,513 | +€28,978 | +5.0% |
| Operating profit (loss) | 9901 | €491,489 | €519,436 | +€27,947 | +5.7% |
| Financial income | 75/76B | €296,708 | €523,067 | +€226,360 | +76.3% |
| Recurring financial income | 75 | €296,708 | €523,067 | +€226,360 | +76.3% |
| Financial charges | 65/66B | €625,471 | €484,218 | -€141,253 | -22.6% |
| Recurring financial charges | 65 | €625,471 | €484,218 | -€141,253 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €162,726 | €558,285 | +€395,559 | +243.1% |
| Income taxes | 67/77 | €40,660 | €139,681 | +€99,021 | +243.5% |
| Profit (loss) for the period | 9904 | €122,066 | €418,604 | +€296,538 | +242.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,066 | €418,604 | +€296,538 | +242.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.