K.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.M.A.
Largest movements
- Cash +€168,758
up €168,758 (+3,824%), from €4,413 to €173,171
mainly Depreciation (+€127,804) and Receivables within one year (+€67,021)
- Tangible fixed assets -€125,486
down €125,486 (-18.7%), from €670,696 to €545,210
of which Land and buildings: -€106,335
- Receivables within one year -€67,021
down €67,021 (-38.3%), from €174,853 to €107,832
of which Trade receivables: -€67,021
- Current investments -€43,376
no longer reported in 2025 (was €43,376)
- Trade debts -€46,879
down €46,879 (-74.3%), from €63,088 to €16,208
- Profit (loss) carried forward -€15,105
down €15,105 (-5.3%), from -€284,247 to -€299,352
- Financial income +€66,015
up €66,015 (+119,897%), from €55 to €66,070
- Gross operating margin +€5,851
up €5,851 (+6.7%), from €87,676 to €93,527
- Other operating charges -€5,008
down €5,008 (-39.9%), from €12,552 to €7,544
- Depreciation +€1,271
up €1,271 (+1.0%), from €126,533 to €127,804
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 | €898,089 | €829,825 | -€68,264 | -7.6% |
| Fixed assets | 21/28 | €670,794 | €545,309 | -€125,486 | -18.7% |
| Tangible fixed assets | 22/27 | €670,696 | €545,210 | -€125,486 | -18.7% |
| Land and buildings | 22 | €585,074 | €478,739 | -€106,335 | -18.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €85,622 | €66,471 | -€19,150 | -22.4% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €227,295 | €284,516 | +€57,221 | +25.2% |
| Amounts receivable within one year | 40/41 | €174,853 | €107,832 | -€67,021 | -38.3% |
| Trade receivables | 40 | €172,353 | €105,332 | -€67,021 | -38.9% |
| Other amounts receivable | 41 | €2,500 | €2,500 | = | 0.0% |
| Current investments | 50/53 | €43,376 | - | -€43,376 | |
| Cash at bank and in hand | 54/58 | €4,413 | €173,171 | +€168,758 | +3,824% |
| Deferred charges and accrued income | 490/1 | €4,653 | €3,513 | -€1,139 | -24.5% |
| Total equity and liabilities | 10/49 | €898,089 | €829,825 | -€68,264 | -7.6% |
| Equity | 10/15 | -€61,095 | -€77,558 | -€16,462 | -26.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €161,652 | €160,294 | -€1,357 | -0.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,502 | €8,144 | -€1,357 | -14.3% |
| Distributable reserves | 133 | €146,000 | €146,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€284,247 | -€299,352 | -€15,105 | -5.3% |
| Provisions and deferred taxes | 16 | €4,895 | €4,196 | -€699 | -14.3% |
| Deferred taxes | 168 | €4,895 | €4,196 | -€699 | -14.3% |
| Amounts payable | 17/49 | €954,290 | €903,187 | -€51,103 | -5.4% |
| Amounts payable after more than one year | 17 | €810,000 | €810,000 | = | 0.0% |
| Financial debts | 170/4 | €810,000 | €810,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,290 | €93,187 | -€51,103 | -35.4% |
| Financial debts | 43 | €40,041 | €40,500 | +€459 | +1.1% |
| Credit institutions | 430/8 | €40,041 | €40,500 | +€459 | +1.1% |
| Trade debts | 44 | €63,088 | €16,208 | -€46,879 | -74.3% |
| Suppliers | 440/4 | €63,088 | €16,208 | -€46,879 | -74.3% |
| Taxes, remuneration and social security | 45 | €4,044 | €1,432 | -€2,611 | -64.6% |
| Taxes | 450/3 | €4,044 | €1,432 | -€2,611 | -64.6% |
| Other amounts payable | 47/48 | €37,118 | €35,046 | -€2,071 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,533 | €127,804 | +€1,271 | +1.0% |
| Other operating charges | 640/8 | €12,552 | €7,544 | -€5,008 | -39.9% |
| Gross operating margin | 9900 | €87,676 | €93,527 | +€5,851 | +6.7% |
| Operating profit (loss) | 9901 | -€51,409 | -€41,821 | +€9,588 | +18.7% |
| Financial income | 75/76B | €55 | €66,070 | +€66,015 | +119,897% |
| Recurring financial income | 75 | €55 | €66,070 | +€66,015 | +119,897% |
| Financial charges | 65/66B | €40,851 | €41,029 | +€178 | +0.4% |
| Recurring financial charges | 65 | €40,851 | €41,029 | +€178 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€92,204 | -€16,780 | +€75,425 | +81.8% |
| Transfer from deferred taxes | 780 | €699 | €699 | = | 0.0% |
| Income taxes | 67/77 | €160 | €382 | +€222 | +139% |
| Profit (loss) for the period | 9904 | -€91,665 | -€16,462 | +€75,203 | +82.0% |
| Transfer from tax-exempt reserves | 789 | €1,357 | €1,357 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,308 | -€15,105 | +€75,203 | +83.3% |
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 20 October 2026 via checked.be.