K.M.N.: 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.N.
Largest movements
- Receivables within one year -€142,286
down €142,286 (-28.6%), from €497,098 to €354,812
of which Trade receivables: -€150,771
- Cash -€88,278
down €88,278 (-22.3%), from €396,300 to €308,022
mainly Investment in fixed assets (net) (-€195,041) and Current portion of long-term debt (-€185,989)
- Tangible fixed assets +€54,756
up €54,756 (+15.7%), from €349,834 to €404,589
of which Furniture and vehicles: +€33,381
- Stocks and contracts +€51,301
up €51,301 (+40.5%), from €126,641 to €177,941
- Deferred charges and accrued income -€37,951
down €37,951 (-88.8%), from €42,754 to €4,803
- Current portion of long-term debt -€185,989
down €185,989 (-55.6%), from €334,713 to €148,724
- Profit (loss) carried forward +€173,789
up €173,789 (+26.2%), from €663,103 to €836,892
- Debts after one year -€111,622
down €111,622 (-23.8%), from €469,111 to €357,489
- Gross operating margin +€25,603
up €25,603 (+5.6%), from €457,420 to €483,023
- Depreciation +€21,842
up €21,842 (+18.4%), from €118,444 to €140,286
- Financial charges -€13,085
down €13,085 (-37.6%), from €34,784 to €21,700
- Staff costs +€4,900
up €4,900 (+6.3%), from €77,916 to €82,817
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 | €2,133,897 | €1,971,439 | -€162,459 | -7.6% |
| Fixed assets | 21/28 | €1,071,105 | €1,125,861 | +€54,756 | +5.1% |
| Tangible fixed assets | 22/27 | €349,834 | €404,589 | +€54,756 | +15.7% |
| Land and buildings | 22 | €18,995 | €30,866 | +€11,872 | +62.5% |
| Plant, machinery and equipment | 23 | €14,676 | €24,179 | +€9,503 | +64.8% |
| Furniture and vehicles | 24 | €316,163 | €349,544 | +€33,381 | +10.6% |
| Financial fixed assets | 28 | €721,272 | €721,272 | = | 0.0% |
| Current assets | 29/58 | €1,062,792 | €845,578 | -€217,214 | -20.4% |
| Stocks and contracts in progress | 3 | €126,641 | €177,941 | +€51,301 | +40.5% |
| Stocks | 30/36 | €126,641 | €177,941 | +€51,301 | +40.5% |
| Amounts receivable within one year | 40/41 | €497,098 | €354,812 | -€142,286 | -28.6% |
| Trade receivables | 40 | €419,637 | €268,866 | -€150,771 | -35.9% |
| Other amounts receivable | 41 | €77,461 | €85,946 | +€8,485 | +11.0% |
| Cash at bank and in hand | 54/58 | €396,300 | €308,022 | -€88,278 | -22.3% |
| Deferred charges and accrued income | 490/1 | €42,754 | €4,803 | -€37,951 | -88.8% |
| Total equity and liabilities | 10/49 | €2,133,897 | €1,971,439 | -€162,459 | -7.6% |
| Equity | 10/15 | €1,150,215 | €1,324,005 | +€173,789 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €468,512 | €468,512 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,000 | €48,000 | = | 0.0% |
| Distributable reserves | 133 | €418,652 | €418,652 | = | 0.0% |
| Profit (loss) carried forward | 14 | €663,103 | €836,892 | +€173,789 | +26.2% |
| Amounts payable | 17/49 | €983,682 | €647,434 | -€336,248 | -34.2% |
| Amounts payable after more than one year | 17 | €469,111 | €357,489 | -€111,622 | -23.8% |
| Financial debts | 170/4 | €469,111 | €357,489 | -€111,622 | -23.8% |
| Amounts payable within one year | 42/48 | €514,571 | €289,945 | -€224,626 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €334,713 | €148,724 | -€185,989 | -55.6% |
| Trade debts | 44 | €69,386 | €57,157 | -€12,229 | -17.6% |
| Suppliers | 440/4 | €69,386 | €57,157 | -€12,229 | -17.6% |
| Advances received on contracts in progress | 46 | €1,578 | €1,578 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €50,386 | €35,232 | -€15,153 | -30.1% |
| Taxes | 450/3 | €22,591 | €9,377 | -€13,214 | -58.5% |
| Remuneration and social security | 454/9 | €27,794 | €25,855 | -€1,939 | -7.0% |
| Other amounts payable | 47/48 | €58,509 | €47,254 | -€11,255 | -19.2% |
| Non-recurring operating income | 76A | €16,871 | - | -€16,871 | |
| Remuneration, social security and pensions | 62 | €77,916 | €82,817 | +€4,900 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,444 | €140,286 | +€21,842 | +18.4% |
| Other operating charges | 640/8 | €4,991 | €4,950 | -€41 | -0.8% |
| Gross operating margin | 9900 | €457,420 | €483,023 | +€25,603 | +5.6% |
| Operating profit (loss) | 9901 | €256,069 | €254,971 | -€1,098 | -0.4% |
| Financial income | 75/76B | €223 | €68 | -€156 | -69.7% |
| Recurring financial income | 75 | €223 | €68 | -€156 | -69.7% |
| Financial charges | 65/66B | €34,784 | €21,700 | -€13,085 | -37.6% |
| Recurring financial charges | 65 | €34,784 | €21,700 | -€13,085 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €221,508 | €233,339 | +€11,831 | +5.3% |
| Income taxes | 67/77 | €62,001 | €59,550 | -€2,451 | -4.0% |
| Profit (loss) for the period | 9904 | €159,507 | €173,789 | +€14,283 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €159,507 | €173,789 | +€14,283 | +9.0% |
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 28 October 2026 via checked.be.