K.W.J.: 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.J.
Largest movements
- Cash +€37,889
up €37,889 (+208%), from €18,212 to €56,102
mainly Receivables within one year (+€35,919) and Trade debts (+€27,663)
- Receivables within one year -€35,919
down €35,919 (-24.4%), from €147,390 to €111,471
of which Trade receivables: -€46,122
- Tangible fixed assets -€12,087
down €12,087 (-19.4%), from €62,433 to €50,346
of which Leasing and similar rights: -€11,524
- Trade debts +€27,663
up €27,663 (+58.9%), from €46,984 to €74,647
- Reserves -€21,892
down €21,892 (-26.4%), from €82,877 to €60,985
of which Distributable reserves: -€21,892
- Debts after one year -€14,599
down €14,599 (-62.5%), from €23,375 to €8,776
- Current portion of long-term debt +€7,820
up €7,820 (+56.1%), from €13,951 to €21,772
- Advances received -€7,458
no longer reported in 2025 (was €7,458)
- Gross operating margin +€63,534
up €63,534 (+19.6%), from €324,034 to €387,568
- Financial charges +€4,571
up €4,571 (+153%), from €2,988 to €7,559
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 | €278,138 | €264,465 | -€13,673 | -4.9% |
| Fixed assets | 21/28 | €67,881 | €55,443 | -€12,438 | -18.3% |
| Intangible fixed assets | 21 | €380 | €29 | -€351 | -92.4% |
| Tangible fixed assets | 22/27 | €62,433 | €50,346 | -€12,087 | -19.4% |
| Land and buildings | 22 | €8,978 | €8,502 | -€476 | -5.3% |
| Plant, machinery and equipment | 23 | €1,554 | €1,126 | -€428 | -27.6% |
| Furniture and vehicles | 24 | €10,428 | €10,770 | +€342 | +3.3% |
| Leasing and similar rights | 25 | €41,473 | €29,948 | -€11,524 | -27.8% |
| Financial fixed assets | 28 | €5,068 | €5,068 | = | 0.0% |
| Current assets | 29/58 | €210,257 | €209,022 | -€1,235 | -0.6% |
| Stocks and contracts in progress | 3 | €31,372 | €30,842 | -€530 | -1.7% |
| Stocks | 30/36 | €31,372 | €30,842 | -€530 | -1.7% |
| Amounts receivable within one year | 40/41 | €147,390 | €111,471 | -€35,919 | -24.4% |
| Trade receivables | 40 | €138,074 | €91,952 | -€46,122 | -33.4% |
| Other amounts receivable | 41 | €9,316 | €19,519 | +€10,203 | +110% |
| Cash at bank and in hand | 54/58 | €18,212 | €56,102 | +€37,889 | +208% |
| Deferred charges and accrued income | 490/1 | €13,283 | €10,608 | -€2,676 | -20.1% |
| Total equity and liabilities | 10/49 | €278,138 | €264,465 | -€13,673 | -4.9% |
| Equity | 10/15 | €151,341 | €129,200 | -€22,142 | -14.6% |
| Contributions | 10/11 | €63,750 | €63,750 | = | 0.0% |
| Reserves | 13 | €82,877 | €60,985 | -€21,892 | -26.4% |
| Non-distributable reserves | 130/1 | €6,375 | €6,375 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,375 | €6,375 | = | 0.0% |
| Distributable reserves | 133 | €76,502 | €54,610 | -€21,892 | -28.6% |
| Investment grants | 15 | €4,714 | €4,464 | -€250 | -5.3% |
| Amounts payable | 17/49 | €126,797 | €135,266 | +€8,469 | +6.7% |
| Amounts payable after more than one year | 17 | €23,375 | €8,776 | -€14,599 | -62.5% |
| Financial debts | 170/4 | €23,375 | €8,776 | -€14,599 | -62.5% |
| Amounts payable within one year | 42/48 | €103,421 | €126,489 | +€23,068 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €13,951 | €21,772 | +€7,820 | +56.1% |
| Trade debts | 44 | €46,984 | €74,647 | +€27,663 | +58.9% |
| Suppliers | 440/4 | €46,984 | €74,647 | +€27,663 | +58.9% |
| Advances received on contracts in progress | 46 | €7,458 | - | -€7,458 | |
| Taxes, remuneration and social security | 45 | €35,028 | €30,071 | -€4,957 | -14.2% |
| Taxes | 450/3 | €168 | €1,470 | +€1,302 | +777% |
| Remuneration and social security | 454/9 | €34,860 | €28,601 | -€6,259 | -18.0% |
| Non-recurring operating income | 76A | €2,840 | €328 | -€2,512 | -88.4% |
| Remuneration, social security and pensions | 62 | €382,289 | €384,819 | +€2,530 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,931 | €15,853 | +€922 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,690 | - | -€3,690 | |
| Other operating charges | 640/8 | €2,270 | €2,726 | +€456 | +20.1% |
| Non-recurring operating charges | 66A | €1,861 | - | -€1,861 | |
| Gross operating margin | 9900 | €324,034 | €387,568 | +€63,534 | +19.6% |
| Operating profit (loss) | 9901 | -€81,008 | -€15,831 | +€65,177 | +80.5% |
| Financial income | 75/76B | €1,401 | €1,497 | +€97 | +6.9% |
| Recurring financial income | 75 | €1,401 | €1,497 | +€97 | +6.9% |
| Financial charges | 65/66B | €2,988 | €7,559 | +€4,571 | +153% |
| Recurring financial charges | 65 | €2,988 | €7,559 | +€4,571 | +153% |
| Profit (loss) for the period before taxes | 9903 | -€82,595 | -€21,892 | +€60,703 | +73.5% |
| Profit (loss) for the period | 9904 | -€82,595 | -€21,892 | +€60,703 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,595 | -€21,892 | +€60,703 | +73.5% |
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 29 October 2026 via checked.be.