K41: 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.
K41
Largest movements
- Stocks and contracts +€13,511
up €13,511 (+2.3%), from €587,312 to €600,823
- Debts after one year +€20,698
up €20,698 (+3.1%), from €677,498 to €698,197
- Profit (loss) carried forward -€8,384
down €8,384 (-8.0%), from -€105,082 to -€113,465
- Gross operating margin +€1,919
up €1,919 (+53.8%), from -€3,567 to -€1,648
- Financial charges +€1,051
up €1,051 (+22.4%), from €4,687 to €5,738
- Other operating charges -€251
down €251 (-32.2%), from €778 to €528
- Depreciation +€213
up €213 (+83.0%), from €257 to €470
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 | €595,268 | €605,059 | +€9,791 | +1.6% |
| Fixed assets | 21/28 | €2,094 | €1,624 | -€470 | -22.5% |
| Tangible fixed assets | 22/27 | €2,094 | €1,624 | -€470 | -22.5% |
| Plant, machinery and equipment | 23 | €2,094 | €1,624 | -€470 | -22.5% |
| Current assets | 29/58 | €593,174 | €603,435 | +€10,261 | +1.7% |
| Stocks and contracts in progress | 3 | €587,312 | €600,823 | +€13,511 | +2.3% |
| Stocks | 30/36 | €587,312 | €600,823 | +€13,511 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,791 | - | -€1,791 | |
| Other amounts receivable | 41 | €1,791 | - | -€1,791 | |
| Cash at bank and in hand | 54/58 | €4,071 | €2,612 | -€1,459 | -35.8% |
| Total equity and liabilities | 10/49 | €595,268 | €605,059 | +€9,791 | +1.6% |
| Equity | 10/15 | -€86,395 | -€94,778 | -€8,384 | -9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87 | €87 | = | 0.0% |
| Distributable reserves | 133 | €87 | €87 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,082 | -€113,465 | -€8,384 | -8.0% |
| Amounts payable | 17/49 | €681,663 | €699,837 | +€18,174 | +2.7% |
| Amounts payable after more than one year | 17 | €677,498 | €698,197 | +€20,698 | +3.1% |
| Financial debts | 170/4 | €677,498 | €698,197 | +€20,698 | +3.1% |
| Amounts payable within one year | 42/48 | €4,165 | €1,641 | -€2,524 | -60.6% |
| Trade debts | 44 | €4,165 | €1,641 | -€2,524 | -60.6% |
| Suppliers | 440/4 | €4,165 | €1,641 | -€2,524 | -60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257 | €470 | +€213 | +83.0% |
| Other operating charges | 640/8 | €778 | €528 | -€251 | -32.2% |
| Gross operating margin | 9900 | -€3,567 | -€1,648 | +€1,919 | +53.8% |
| Operating profit (loss) | 9901 | -€4,602 | -€2,646 | +€1,957 | +42.5% |
| Financial charges | 65/66B | €4,687 | €5,738 | +€1,051 | +22.4% |
| Recurring financial charges | 65 | €4,687 | €5,738 | +€1,051 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,289 | -€8,384 | +€906 | +9.7% |
| Profit (loss) for the period | 9904 | -€9,289 | -€8,384 | +€906 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,289 | -€8,384 | +€906 | +9.7% |
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 5 October 2026 via checked.be.