KAWAN: 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.
KAWAN
Largest movements
- Cash -€42,091
down €42,091 (-46.1%), from €91,347 to €49,256
mainly Receivables within one year (-€22,720) and Net result for the year (-€20,507)
- Receivables within one year +€22,720
up €22,720 (+83.4%), from €27,250 to €49,971
of which Trade receivables: +€17,701
- Deferred charges and accrued income +€16,088
new in 2025: €16,088
- Tangible fixed assets -€4,088
down €4,088 (-25.3%), from €16,144 to €12,055
of which Other tangible fixed assets: -€2,690
- Profit (loss) carried forward -€20,507
down €20,507 (-30.2%), from €67,932 to €47,425
- Other debts -€12,201
down €12,201 (-84.6%), from €14,424 to €2,223
- Accrued charges and deferred income +€11,585
up €11,585 (+70.5%), from €16,430 to €28,015
- Trade debts +€9,658
up €9,658 (+667.3%), from €1,447 to €11,106
- Tax, wage and social debts +€4,094
up €4,094 (+26.6%), from €15,408 to €19,503
- Gross operating margin -€88,393
down €88,393, from €77,299 to -€11,094
- Taxes -€15,163
down €15,163 (-99.1%), from €15,298 to €136
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 | €134,741 | €127,370 | -€7,371 | -5.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €16,144 | €12,055 | -€4,088 | -25.3% |
| Tangible fixed assets | 22/27 | €16,144 | €12,055 | -€4,088 | -25.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €3,460 | €2,062 | -€1,398 | -40.4% |
| Other tangible fixed assets | 26 | €12,684 | €9,994 | -€2,690 | -21.2% |
| Current assets | 29/58 | €118,597 | €115,315 | -€3,283 | -2.8% |
| Amounts receivable within one year | 40/41 | €27,250 | €49,971 | +€22,720 | +83.4% |
| Trade receivables | 40 | €22,405 | €40,106 | +€17,701 | +79.0% |
| Other amounts receivable | 41 | €4,845 | €9,864 | +€5,019 | +103.6% |
| Cash at bank and in hand | 54/58 | €91,347 | €49,256 | -€42,091 | -46.1% |
| Deferred charges and accrued income | 490/1 | - | €16,088 | +€16,088 | |
| Total equity and liabilities | 10/49 | €134,741 | €127,370 | -€7,371 | -5.5% |
| Equity | 10/15 | €87,031 | €66,524 | -€20,507 | -23.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €99 | €99 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,932 | €47,425 | -€20,507 | -30.2% |
| Amounts payable | 17/49 | €47,710 | €60,846 | +€13,136 | +27.5% |
| Amounts payable within one year | 42/48 | €31,280 | €32,831 | +€1,552 | +5.0% |
| Trade debts | 44 | €1,447 | €11,106 | +€9,658 | +667.3% |
| Suppliers | 440/4 | €1,447 | €11,106 | +€9,658 | +667.3% |
| Taxes, remuneration and social security | 45 | €15,408 | €19,503 | +€4,094 | +26.6% |
| Taxes | 450/3 | €15,408 | €19,503 | +€4,094 | +26.6% |
| Other amounts payable | 47/48 | €14,424 | €2,223 | -€12,201 | -84.6% |
| Accrued charges and deferred income | 492/3 | €16,430 | €28,015 | +€11,585 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,282 | €4,088 | -€193 | -4.5% |
| Other operating charges | 640/8 | - | €304 | +€304 | |
| Non-recurring operating charges | 66A | - | €1,115 | +€1,115 | |
| Gross operating margin | 9900 | €77,299 | -€11,094 | -€88,393 | |
| Operating profit (loss) | 9901 | €73,018 | -€16,602 | -€89,620 | |
| Financial income | 75/76B | €209 | - | -€209 | |
| Recurring financial income | 75 | €209 | - | -€209 | |
| Financial charges | 65/66B | €3,189 | €3,770 | +€581 | +18.2% |
| Recurring financial charges | 65 | €3,189 | €3,770 | +€581 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €70,037 | -€20,372 | -€90,409 | |
| Income taxes | 67/77 | €15,298 | €136 | -€15,163 | -99.1% |
| Profit (loss) for the period | 9904 | €54,739 | -€20,507 | -€75,246 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,739 | -€20,507 | -€75,246 |
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 30 September 2026 via checked.be.