K-W-C: 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-W-C
Largest movements
- Tangible fixed assets -€209,364
down €209,364 (-22.4%), from €933,076 to €723,713
of which Leasing and similar rights: -€219,671
- Receivables within one year +€126,816
up €126,816 (+60.5%), from €209,605 to €336,421
of which Trade receivables: +€130,812
- Profit (loss) carried forward -€299,259
down €299,259 (-7176.3%), from -€4,170 to -€303,429
- Short-term financial debts +€262,784
new in 2025: €262,784
- Debts after one year -€145,059
down €145,059 (-19.3%), from €751,072 to €606,013
- Trade debts +€119,026
up €119,026 (+79.8%), from €149,150 to €268,176
- Current portion of long-term debt -€11,728
down €11,728 (-6.9%), from €171,070 to €159,341
- Gross operating margin -€234,611
down €234,611 (-51.4%), from €456,069 to €221,459
- Staff costs +€59,762
up €59,762 (+20.4%), from €292,503 to €352,265
- Other operating charges -€4,938
down €4,938 (-39.6%), from €12,463 to €7,525
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 | €1,161,421 | €1,078,856 | -€82,565 | -7.1% |
| Fixed assets | 21/28 | €937,211 | €727,524 | -€209,687 | -22.4% |
| Intangible fixed assets | 21 | €323 | €0 | -€323 | -100.0% |
| Tangible fixed assets | 22/27 | €933,076 | €723,713 | -€209,364 | -22.4% |
| Plant, machinery and equipment | 23 | €57,209 | €43,861 | -€13,348 | -23.3% |
| Furniture and vehicles | 24 | €114,647 | €138,302 | +€23,655 | +20.6% |
| Leasing and similar rights | 25 | €761,220 | €541,550 | -€219,671 | -28.9% |
| Financial fixed assets | 28 | €3,812 | €3,812 | = | 0.0% |
| Current assets | 29/58 | €224,210 | €351,332 | +€127,122 | +56.7% |
| Amounts receivable within one year | 40/41 | €209,605 | €336,421 | +€126,816 | +60.5% |
| Trade receivables | 40 | €205,609 | €336,421 | +€130,812 | +63.6% |
| Other amounts receivable | 41 | €3,997 | €0 | -€3,997 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,512 | €3,868 | -€2,644 | -40.6% |
| Deferred charges and accrued income | 490/1 | €8,093 | €11,043 | +€2,950 | +36.5% |
| Total equity and liabilities | 10/49 | €1,161,421 | €1,078,856 | -€82,565 | -7.1% |
| Equity | 10/15 | €42,628 | -€256,632 | -€299,259 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,798 | €41,798 | = | 0.0% |
| Distributable reserves | 133 | €41,798 | €41,798 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,170 | -€303,429 | -€299,259 | -7176.3% |
| Amounts payable | 17/49 | €1,118,793 | €1,335,488 | +€216,694 | +19.4% |
| Amounts payable after more than one year | 17 | €751,072 | €606,013 | -€145,059 | -19.3% |
| Financial debts | 170/4 | €751,072 | €606,013 | -€145,059 | -19.3% |
| Amounts payable within one year | 42/48 | €367,722 | €729,475 | +€361,753 | +98.4% |
| Current portion of amounts payable after more than one year | 42 | €171,070 | €159,341 | -€11,728 | -6.9% |
| Financial debts | 43 | - | €262,784 | +€262,784 | |
| Credit institutions | 430/8 | - | €262,784 | +€262,784 | |
| Trade debts | 44 | €149,150 | €268,176 | +€119,026 | +79.8% |
| Suppliers | 440/4 | €149,150 | €268,176 | +€119,026 | +79.8% |
| Taxes, remuneration and social security | 45 | €46,044 | €39,173 | -€6,871 | -14.9% |
| Taxes | 450/3 | €37,990 | €28,607 | -€9,382 | -24.7% |
| Remuneration and social security | 454/9 | €8,054 | €10,566 | +€2,511 | +31.2% |
| Other amounts payable | 47/48 | €1,458 | €0 | -€1,458 | -100.0% |
| Remuneration, social security and pensions | 62 | €292,503 | €352,265 | +€59,762 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,382 | €122,732 | +€1,349 | +1.1% |
| Other operating charges | 640/8 | €12,463 | €7,525 | -€4,938 | -39.6% |
| Non-recurring operating charges | 66A | €3,044 | €4,514 | +€1,470 | +48.3% |
| Gross operating margin | 9900 | €456,069 | €221,459 | -€234,611 | -51.4% |
| Operating profit (loss) | 9901 | €26,677 | -€265,576 | -€292,254 | |
| Financial income | 75/76B | €78 | €1,139 | +€1,061 | +1355.1% |
| Recurring financial income | 75 | €78 | €1,139 | +€1,061 | +1355.1% |
| Financial charges | 65/66B | €30,926 | €34,822 | +€3,896 | +12.6% |
| Recurring financial charges | 65 | €30,926 | €34,822 | +€3,896 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,170 | -€299,259 | -€295,089 | -7076.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€4,170 | -€299,259 | -€295,089 | -7076.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,170 | -€299,259 | -€295,089 | -7076.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.