K-WAY: 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-WAY
Largest movements
- Tangible fixed assets +€377,564
up €377,564 (+1,985%), from €19,021 to €396,585
of which Land and buildings: +€386,913
- Cash -€107,743
down €107,743 (-65.5%), from €164,558 to €56,815
mainly Investment in fixed assets (net) (-€381,874) and Receivables within one year (-€32,343)
- Receivables within one year +€32,343
up €32,343 (+606%), from €5,335 to €37,678
of which Trade receivables: +€33,188
- Debts after one year +€308,746
up €308,746, from €0 to €308,746
- Reserves -€14,796
down €14,796 (-8.6%), from €172,165 to €157,369
- Gross operating margin +€16,301
up €16,301, from -€15,290 to €1,011
- Depreciation -€16,042
down €16,042 (-78.8%), from €20,351 to €4,309
- Financial charges +€3,344
up €3,344 (+345%), from €970 to €4,314
- Other operating charges +€3,215
up €3,215 (+193%), from €1,665 to €4,880
- Financial income +€217
up €217 (+4,331%), from €5 to €222
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 | €212,338 | €514,796 | +€302,458 | +142% |
| Fixed assets | 21/28 | €41,521 | €419,085 | +€377,564 | +909% |
| Tangible fixed assets | 22/27 | €19,021 | €396,585 | +€377,564 | +1,985% |
| Land and buildings | 22 | - | €386,913 | +€386,913 | |
| Plant, machinery and equipment | 23 | €3,872 | €2,207 | -€1,665 | -43.0% |
| Furniture and vehicles | 24 | €15,149 | €7,465 | -€7,684 | -50.7% |
| Financial fixed assets | 28 | €22,500 | €22,500 | = | 0.0% |
| Current assets | 29/58 | €170,817 | €95,711 | -€75,106 | -44.0% |
| Amounts receivable within one year | 40/41 | €5,335 | €37,678 | +€32,343 | +606% |
| Trade receivables | 40 | €3,392 | €36,580 | +€33,188 | +978% |
| Other amounts receivable | 41 | €1,943 | €1,097 | -€845 | -43.5% |
| Cash at bank and in hand | 54/58 | €164,558 | €56,815 | -€107,743 | -65.5% |
| Deferred charges and accrued income | 490/1 | €925 | €1,218 | +€293 | +31.7% |
| Total equity and liabilities | 10/49 | €212,338 | €514,796 | +€302,458 | +142% |
| Equity | 10/15 | €190,765 | €175,969 | -€14,796 | -7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,165 | €157,369 | -€14,796 | -8.6% |
| Distributable reserves | 133 | €172,165 | €157,369 | -€14,796 | -8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,573 | €338,827 | +€317,254 | +1,471% |
| Amounts payable after more than one year | 17 | €0 | €308,746 | +€308,746 | |
| Financial debts | 170/4 | €0 | €308,746 | +€308,746 | |
| Amounts payable within one year | 42/48 | €21,573 | €30,081 | +€8,508 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €14,379 | €17,079 | +€2,700 | +18.8% |
| Trade debts | 44 | €1,641 | €5,234 | +€3,592 | +219% |
| Suppliers | 440/4 | €1,641 | €5,234 | +€3,592 | +219% |
| Taxes, remuneration and social security | 45 | €3,835 | €6,102 | +€2,268 | +59.1% |
| Taxes | 450/3 | €3,835 | €6,102 | +€2,268 | +59.1% |
| Other amounts payable | 47/48 | €1,718 | €1,666 | -€52 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,351 | €4,309 | -€16,042 | -78.8% |
| Other operating charges | 640/8 | €1,665 | €4,880 | +€3,215 | +193% |
| Non-recurring operating charges | 66A | - | €742 | +€742 | |
| Gross operating margin | 9900 | -€15,290 | €1,011 | +€16,301 | |
| Operating profit (loss) | 9901 | -€37,307 | -€8,921 | +€28,386 | +76.1% |
| Financial income | 75/76B | €5 | €222 | +€217 | +4,331% |
| Recurring financial income | 75 | €5 | €222 | +€217 | +4,331% |
| Financial charges | 65/66B | €970 | €4,314 | +€3,344 | +345% |
| Recurring financial charges | 65 | €970 | €4,314 | +€3,344 | +345% |
| Profit (loss) for the period before taxes | 9903 | -€38,272 | -€13,014 | +€25,258 | +66.0% |
| Income taxes | 67/77 | €189 | €116 | -€72 | -38.3% |
| Profit (loss) for the period | 9904 | -€38,461 | -€13,130 | +€25,330 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,461 | -€13,130 | +€25,330 | +65.9% |
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 16 October 2026 via checked.be.