KAM: 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.
KAM
Largest movements
- Receivables after one year -€475,000
down €475,000 (-25.4%), from €1.9m to €1.4m
- Other debts +€537,918
up €537,918 (+105.4%), from €510,123 to €1.0m
- Profit (loss) carried forward -€514,851
down €514,851, from €497,792 to -€17,060
- Current portion of long-term debt -€425,579
down €425,579 (-61.6%), from €690,499 to €264,920
- Debts after one year -€164,920
down €164,920 (-9.2%), from €1.8m to €1.6m
- Financial charges +€23,890
up €23,890 (+36.7%), from €65,106 to €88,996
- Gross operating margin +€9,020
up €9,020 (+16.6%), from €54,299 to €63,319
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 | €3,616,613 | €3,071,059 | -€545,554 | -15.1% |
| Fixed assets | 21/28 | €1,677,969 | €1,664,918 | -€13,051 | -0.8% |
| Tangible fixed assets | 22/27 | €177,969 | €164,918 | -€13,051 | -7.3% |
| Land and buildings | 22 | €177,969 | €164,918 | -€13,051 | -7.3% |
| Financial fixed assets | 28 | €1,500,000 | €1,500,000 | = | 0.0% |
| Current assets | 29/58 | €1,938,644 | €1,406,141 | -€532,503 | -27.5% |
| Amounts receivable after more than one year | 29 | €1,871,131 | €1,396,131 | -€475,000 | -25.4% |
| Other amounts receivable | 291 | €1,871,131 | €1,396,131 | -€475,000 | -25.4% |
| Amounts receivable within one year | 40/41 | €33,848 | - | -€33,848 | |
| Other amounts receivable | 41 | €33,848 | - | -€33,848 | |
| Cash at bank and in hand | 54/58 | €33,075 | €9,421 | -€23,654 | -71.5% |
| Deferred charges and accrued income | 490/1 | €589 | €589 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,616,613 | €3,071,059 | -€545,554 | -15.1% |
| Equity | 10/15 | €584,211 | €69,359 | -€514,851 | -88.1% |
| Contributions | 10/11 | €86,419 | €86,419 | = | 0.0% |
| Profit (loss) carried forward | 14 | €497,792 | -€17,060 | -€514,851 | |
| Amounts payable | 17/49 | €3,032,402 | €3,001,700 | -€30,703 | -1.0% |
| Amounts payable after more than one year | 17 | €1,796,794 | €1,631,874 | -€164,920 | -9.2% |
| Financial debts | 170/4 | €1,796,794 | €1,631,874 | -€164,920 | -9.2% |
| Amounts payable within one year | 42/48 | €1,201,285 | €1,314,138 | +€112,853 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €690,499 | €264,920 | -€425,579 | -61.6% |
| Trade debts | 44 | €664 | €1,178 | +€514 | +77.4% |
| Suppliers | 440/4 | €664 | €1,178 | +€514 | +77.4% |
| Other amounts payable | 47/48 | €510,123 | €1,048,041 | +€537,918 | +105.4% |
| Accrued charges and deferred income | 492/3 | €34,323 | €55,688 | +€21,365 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,051 | €13,051 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,164 | €1,123 | -€41 | -3.5% |
| Gross operating margin | 9900 | €54,299 | €63,319 | +€9,020 | +16.6% |
| Operating profit (loss) | 9901 | €40,084 | €49,144 | +€9,061 | +22.6% |
| Financial income | 75/76B | €589 | €0 | -€589 | -100.0% |
| Recurring financial income | 75 | €589 | €0 | -€589 | -100.0% |
| Financial charges | 65/66B | €65,106 | €88,996 | +€23,890 | +36.7% |
| Recurring financial charges | 65 | €65,106 | €88,996 | +€23,890 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | -€24,433 | -€39,851 | -€15,418 | -63.1% |
| Profit (loss) for the period | 9904 | -€24,433 | -€39,851 | -€15,418 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,433 | -€39,851 | -€15,418 | -63.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.