K W: 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 W
Largest movements
- Financial fixed assets +€268,200
up €268,200 (+128%), from €209,260 to €477,460
- Receivables within one year +€78,289
up €78,289 (+78.5%), from €99,747 to €178,036
of which Trade receivables: +€68,886
- Cash -€20,876
down €20,876 (-72.1%), from €28,967 to €8,091
mainly Investment in fixed assets (net) (-€279,660) and Receivables within one year (-€78,289)
- Tangible fixed assets -€13,042
down €13,042 (-15.8%), from €82,645 to €69,602
of which Leasing and similar rights: -€18,883
- Debts after one year +€227,680
up €227,680 (+307%), from €74,061 to €301,741
- Current portion of long-term debt +€53,918
up €53,918 (+161%), from €33,402 to €87,320
- Reserves +€25,009
up €25,009 (+9.5%), from €263,863 to €288,872
of which Distributable reserves: +€25,009
- Trade debts -€10,588
down €10,588 (-82.3%), from €12,867 to €2,279
- Accrued charges and deferred income +€9,943
up €9,943 (+128%), from €7,743 to €17,685
- Gross operating margin -€9,833
down €9,833 (-10.9%), from €90,381 to €80,548
- Other operating charges -€8,348
down €8,348 (-69.6%), from €11,997 to €3,649
- Financial charges +€6,459
up €6,459 (+125%), from €5,175 to €11,634
- Taxes -€6,046
down €6,046 (-27.7%), from €21,799 to €15,753
- Depreciation +€4,591
up €4,591 (+23.1%), from €19,911 to €24,503
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 | €443,826 | €754,495 | +€310,669 | +70.0% |
| Fixed assets | 21/28 | €291,905 | €547,062 | +€255,157 | +87.4% |
| Tangible fixed assets | 22/27 | €82,645 | €69,602 | -€13,042 | -15.8% |
| Furniture and vehicles | 24 | €7,114 | €12,954 | +€5,840 | +82.1% |
| Leasing and similar rights | 25 | €75,531 | €56,648 | -€18,883 | -25.0% |
| Financial fixed assets | 28 | €209,260 | €477,460 | +€268,200 | +128% |
| Current assets | 29/58 | €151,922 | €207,433 | +€55,512 | +36.5% |
| Stocks and contracts in progress | 3 | €22,108 | €20,257 | -€1,851 | -8.4% |
| Stocks | 30/36 | €22,108 | €20,257 | -€1,851 | -8.4% |
| Amounts receivable within one year | 40/41 | €99,747 | €178,036 | +€78,289 | +78.5% |
| Trade receivables | 40 | €99,747 | €168,633 | +€68,886 | +69.1% |
| Other amounts receivable | 41 | €0 | €9,403 | +€9,403 | |
| Cash at bank and in hand | 54/58 | €28,967 | €8,091 | -€20,876 | -72.1% |
| Deferred charges and accrued income | 490/1 | €1,100 | €1,050 | -€50 | -4.6% |
| Total equity and liabilities | 10/49 | €443,826 | €754,495 | +€310,669 | +70.0% |
| Equity | 10/15 | €283,863 | €308,872 | +€25,009 | +8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €263,863 | €288,872 | +€25,009 | +9.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €261,863 | €286,872 | +€25,009 | +9.6% |
| Amounts payable | 17/49 | €159,964 | €445,624 | +€285,660 | +179% |
| Amounts payable after more than one year | 17 | €74,061 | €301,741 | +€227,680 | +307% |
| Financial debts | 170/4 | €74,061 | €301,741 | +€227,680 | +307% |
| Amounts payable within one year | 42/48 | €78,160 | €126,198 | +€48,037 | +61.5% |
| Current portion of amounts payable after more than one year | 42 | €33,402 | €87,320 | +€53,918 | +161% |
| Trade debts | 44 | €12,867 | €2,279 | -€10,588 | -82.3% |
| Suppliers | 440/4 | €12,867 | €2,279 | -€10,588 | -82.3% |
| Taxes, remuneration and social security | 45 | €31,092 | €36,205 | +€5,113 | +16.4% |
| Taxes | 450/3 | €24,592 | €34,205 | +€9,613 | +39.1% |
| Remuneration and social security | 454/9 | €6,500 | €2,000 | -€4,500 | -69.2% |
| Other amounts payable | 47/48 | €799 | €394 | -€405 | -50.7% |
| Accrued charges and deferred income | 492/3 | €7,743 | €17,685 | +€9,943 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,911 | €24,503 | +€4,591 | +23.1% |
| Other operating charges | 640/8 | €11,997 | €3,649 | -€8,348 | -69.6% |
| Gross operating margin | 9900 | €90,381 | €80,548 | -€9,833 | -10.9% |
| Operating profit (loss) | 9901 | €58,472 | €52,396 | -€6,077 | -10.4% |
| Financial income | 75/76B | €1 | €1 | +€0 | +18.3% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +18.3% |
| Financial charges | 65/66B | €5,175 | €11,634 | +€6,459 | +125% |
| Recurring financial charges | 65 | €5,175 | €11,634 | +€6,459 | +125% |
| Profit (loss) for the period before taxes | 9903 | €53,298 | €40,762 | -€12,536 | -23.5% |
| Income taxes | 67/77 | €21,799 | €15,753 | -€6,046 | -27.7% |
| Profit (loss) for the period | 9904 | €31,499 | €25,009 | -€6,490 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,499 | €25,009 | -€6,490 | -20.6% |
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 30 October 2026 via checked.be.