K.R.M.: 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.R.M.
Largest movements
- Financial fixed assets -€1.8m
down €1.8m (-28.3%), from €6.4m to €4.6m
- Receivables within one year +€1.0m
up €1.0m (+347%), from €293,752 to €1.3m
of which Other amounts receivable: +€998,248
- Current investments +€443,637
up €443,637 (+111%), from €397,985 to €841,622
- Reserves +€1.5m
up €1.5m (+41.0%), from €3.6m to €5.1m
of which Distributable reserves: +€1.4m
- Short-term financial debts -€880,000
down €880,000 (-100%), from €880,000 to €0
- Debts after one year -€729,167
down €729,167 (-28.3%), from €2.6m to €1.9m
- Other debts -€159,609
down €159,609 (-56.1%), from €284,270 to €124,661
- Financial income +€1.1m
up €1.1m (+1,507%), from €75,589 to €1.2m
- Gross operating margin +€108,946
up €108,946 (+22.7%), from €480,568 to €589,513
- Financial charges +€21,264
up €21,264 (+15.8%), from €134,414 to €155,678
- Taxes +€15,213
up €15,213 (+20.3%), from €74,859 to €90,072
- Depreciation +€7,583
up €7,583 (+13.4%), from €56,745 to €64,328
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 | €7,517,541 | €7,281,552 | -€235,989 | -3.1% |
| Fixed assets | 21/28 | €6,801,348 | €5,064,207 | -€1.7m | -25.5% |
| Tangible fixed assets | 22/27 | €431,855 | €497,799 | +€65,944 | +15.3% |
| Land and buildings | 22 | €390,545 | €401,503 | +€10,958 | +2.8% |
| Furniture and vehicles | 24 | €41,310 | €96,297 | +€54,986 | +133% |
| Financial fixed assets | 28 | €6,369,493 | €4,566,408 | -€1.8m | -28.3% |
| Current assets | 29/58 | €716,193 | €2,217,345 | +€1.5m | +210% |
| Amounts receivable within one year | 40/41 | €293,752 | €1,313,175 | +€1.0m | +347% |
| Trade receivables | 40 | - | €21,175 | +€21,175 | |
| Other amounts receivable | 41 | €293,752 | €1,292,000 | +€998,248 | +340% |
| Current investments | 50/53 | €397,985 | €841,622 | +€443,637 | +111% |
| Cash at bank and in hand | 54/58 | €24,456 | €62,548 | +€38,092 | +156% |
| Total equity and liabilities | 10/49 | €7,517,541 | €7,281,552 | -€235,989 | -3.1% |
| Equity | 10/15 | €3,690,884 | €5,182,158 | +€1.5m | +40.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,640,884 | €5,132,158 | +€1.5m | +41.0% |
| Tax-exempt reserves | 132 | €241,550 | €325,750 | +€84,200 | +34.9% |
| Distributable reserves | 133 | €3,399,334 | €4,806,408 | +€1.4m | +41.4% |
| Amounts payable | 17/49 | €3,826,657 | €2,099,394 | -€1.7m | -45.1% |
| Amounts payable after more than one year | 17 | €2,579,445 | €1,850,278 | -€729,167 | -28.3% |
| Financial debts | 170/4 | €2,579,445 | €1,850,278 | -€729,167 | -28.3% |
| Amounts payable within one year | 42/48 | €1,247,212 | €249,057 | -€998,155 | -80.0% |
| Current portion of amounts payable after more than one year | 42 | €56,667 | €56,667 | = | 0.0% |
| Financial debts | 43 | €880,000 | €0 | -€880,000 | -100% |
| Credit institutions | 430/8 | €880,000 | €0 | -€880,000 | -100% |
| Trade debts | 44 | €3,343 | €3,051 | -€292 | -8.7% |
| Suppliers | 440/4 | €3,343 | €3,051 | -€292 | -8.7% |
| Taxes, remuneration and social security | 45 | €22,932 | €64,678 | +€41,747 | +182% |
| Taxes | 450/3 | €20,807 | €64,303 | +€43,497 | +209% |
| Remuneration and social security | 454/9 | €2,125 | €375 | -€1,750 | -82.4% |
| Other amounts payable | 47/48 | €284,270 | €124,661 | -€159,609 | -56.1% |
| Accrued charges and deferred income | 492/3 | - | €59 | +€59 | |
| Non-recurring operating income | 76A | - | €24,793 | +€24,793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,745 | €64,328 | +€7,583 | +13.4% |
| Other operating charges | 640/8 | €3,751 | €2,976 | -€775 | -20.7% |
| Gross operating margin | 9900 | €480,568 | €589,513 | +€108,946 | +22.7% |
| Operating profit (loss) | 9901 | €420,072 | €522,210 | +€102,138 | +24.3% |
| Financial income | 75/76B | €75,589 | €1,214,813 | +€1.1m | +1,507% |
| Recurring financial income | 75 | €75,589 | €1,214,813 | +€1.1m | +1,507% |
| Financial charges | 65/66B | €134,414 | €155,678 | +€21,264 | +15.8% |
| Recurring financial charges | 65 | €134,414 | €155,678 | +€21,264 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €361,247 | €1,581,346 | +€1.2m | +338% |
| Income taxes | 67/77 | €74,859 | €90,072 | +€15,213 | +20.3% |
| Profit (loss) for the period | 9904 | €286,388 | €1,491,274 | +€1.2m | +421% |
| Transfer from tax-exempt reserves | 789 | €63,150 | - | -€63,150 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | €84,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €265,338 | €1,407,074 | +€1.1m | +430% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.