KBE: what changed
KBE
Largest movements
- Receivables within one year +€175,853
up €175,853 (+148%), from €118,901 to €294,754
of which Trade receivables: +€176,684
- Tangible fixed assets +€123,174
up €123,174 (+4,494%), from €2,741 to €125,915
- Cash -€11,222
down €11,222 (-63.9%), from €17,567 to €6,345
mainly Receivables within one year (-€175,853) and Investment in fixed assets (net) (-€152,753)
- Financial fixed assets +€9,000
new in 2025: €9,000
- Stocks and contracts -€4,659
down €4,659 (-22.4%), from €20,782 to €16,124
- Trade debts +€190,999
up €190,999 (+1,410%), from €13,548 to €204,547
- Debts after one year +€65,419
new in 2025: €65,419
- Current portion of long-term debt +€19,631
up €19,631 (+629%), from €3,120 to €22,751
- Profit (loss) carried forward +€9,534
up €9,534 (+12.1%), from €78,827 to €88,362
- Tax, wage and social debts +€7,586
up €7,586 (+12.5%), from €60,785 to €68,371
of which Taxes: +€18,954
- Staff costs -€36,912
down €36,912 (-36.3%), from €101,589 to €64,677
- Depreciation +€18,576
up €18,576 (+928%), from €2,002 to €20,578
- Other operating charges -€1,864
down €1,864 (-35.8%), from €5,211 to €3,346
- Gross operating margin -€1,766
down €1,766 (-1.7%), from €104,810 to €103,043
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €160,280 | €453,450 | +€293,170 | +183% |
| Fixed assets | 21/28 | €2,741 | €134,915 | +€132,174 | +4,822% |
| Tangible fixed assets | 22/27 | €2,741 | €125,915 | +€123,174 | +4,494% |
| Furniture and vehicles | 24 | €2,741 | €125,915 | +€123,174 | +4,494% |
| Financial fixed assets | 28 | - | €9,000 | +€9,000 | |
| Current assets | 29/58 | €157,539 | €318,535 | +€160,995 | +102% |
| Stocks and contracts in progress | 3 | €20,782 | €16,124 | -€4,659 | -22.4% |
| Stocks | 30/36 | €20,782 | €16,124 | -€4,659 | -22.4% |
| Amounts receivable within one year | 40/41 | €118,901 | €294,754 | +€175,853 | +148% |
| Trade receivables | 40 | €118,070 | €294,754 | +€176,684 | +150% |
| Other amounts receivable | 41 | €832 | - | -€832 | |
| Cash at bank and in hand | 54/58 | €17,567 | €6,345 | -€11,222 | -63.9% |
| Deferred charges and accrued income | 490/1 | €288 | €1,312 | +€1,024 | +355% |
| Total equity and liabilities | 10/49 | €160,280 | €453,450 | +€293,170 | +183% |
| Equity | 10/15 | €82,827 | €92,362 | +€9,534 | +11.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,827 | €88,362 | +€9,534 | +12.1% |
| Amounts payable | 17/49 | €77,453 | €361,088 | +€283,636 | +366% |
| Amounts payable after more than one year | 17 | - | €65,419 | +€65,419 | |
| Financial debts | 170/4 | - | €65,419 | +€65,419 | |
| Amounts payable within one year | 42/48 | €77,453 | €295,669 | +€218,216 | +282% |
| Current portion of amounts payable after more than one year | 42 | €3,120 | €22,751 | +€19,631 | +629% |
| Trade debts | 44 | €13,548 | €204,547 | +€190,999 | +1,410% |
| Suppliers | 440/4 | €13,548 | €204,547 | +€190,999 | +1,410% |
| Taxes, remuneration and social security | 45 | €60,785 | €68,371 | +€7,586 | +12.5% |
| Taxes | 450/3 | €37,259 | €56,213 | +€18,954 | +50.9% |
| Remuneration and social security | 454/9 | €23,526 | €12,157 | -€11,368 | -48.3% |
| Non-recurring operating income | 76A | €35,920 | €8,045 | -€27,875 | -77.6% |
| Remuneration, social security and pensions | 62 | €101,589 | €64,677 | -€36,912 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,002 | €20,578 | +€18,576 | +928% |
| Other operating charges | 640/8 | €5,211 | €3,346 | -€1,864 | -35.8% |
| Gross operating margin | 9900 | €104,810 | €103,043 | -€1,766 | -1.7% |
| Operating profit (loss) | 9901 | -€3,992 | €14,442 | +€18,434 | |
| Financial income | 75/76B | €4 | €1 | -€3 | -83.5% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -83.5% |
| Financial charges | 65/66B | €4,640 | €4,411 | -€229 | -4.9% |
| Recurring financial charges | 65 | €4,640 | €4,411 | -€229 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,629 | €10,031 | +€18,660 | |
| Income taxes | 67/77 | €597 | €497 | -€99 | -16.6% |
| Profit (loss) for the period | 9904 | -€9,225 | €9,534 | +€18,759 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,225 | €9,534 | +€18,759 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.