KBG: 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.
KBG
Largest movements
- Stocks and contracts +€41,350
up €41,350 (+162.2%), from €25,500 to €66,850
- Cash -€39,195
down €39,195 (-83.9%), from €46,733 to €7,538
mainly Stocks and contracts (-€41,350) and Trade debts (-€29,073)
- Receivables within one year -€24,771
down €24,771 (-32.9%), from €75,398 to €50,627
of which Other amounts receivable: -€22,693
- Tangible fixed assets -€8,188
down €8,188 (-44.6%), from €18,340 to €10,152
of which Furniture and vehicles: -€5,568
- Trade debts -€29,073
down €29,073 (-93.6%), from €31,055 to €1,982
- Short-term financial debts -€10,212
down €10,212 (-35.3%), from €28,933 to €18,721
of which Other loans: -€28,933
- Tax, wage and social debts +€10,007
up €10,007 (+138.1%), from €7,248 to €17,255
of which Remuneration and social security: +€11,959
- Debts after one year -€6,120
down €6,120 (-70.9%), from €8,632 to €2,512
- Reserves +€3,184
up €3,184 (+3.8%), from €83,389 to €86,574
of which Distributable reserves: +€4,860
- Staff costs +€23,083
up €23,083 (+64.7%), from €35,661 to €58,743
- Gross operating margin +€20,614
up €20,614 (+34.7%), from €59,434 to €80,048
- Depreciation +€1,856
up €1,856 (+29.3%), from €6,332 to €8,188
- Taxes -€1,662
down €1,662 (-41.5%), from €4,003 to €2,341
- Other operating charges +€1,044
up €1,044 (+95.4%), from €1,094 to €2,137
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 | €170,858 | €139,067 | -€31,791 | -18.6% |
| Fixed assets | 21/28 | €22,240 | €14,052 | -€8,188 | -36.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €18,340 | €10,152 | -€8,188 | -44.6% |
| Land and buildings | 22 | €1,129 | €332 | -€797 | -70.6% |
| Plant, machinery and equipment | 23 | €4,219 | €2,396 | -€1,823 | -43.2% |
| Furniture and vehicles | 24 | €12,993 | €7,424 | -€5,568 | -42.9% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €148,618 | €125,015 | -€23,603 | -15.9% |
| Stocks and contracts in progress | 3 | €25,500 | €66,850 | +€41,350 | +162.2% |
| Stocks | 30/36 | €25,500 | €66,850 | +€41,350 | +162.2% |
| Amounts receivable within one year | 40/41 | €75,398 | €50,627 | -€24,771 | -32.9% |
| Trade receivables | 40 | €14,078 | €12,000 | -€2,078 | -14.8% |
| Other amounts receivable | 41 | €61,320 | €38,627 | -€22,693 | -37.0% |
| Cash at bank and in hand | 54/58 | €46,733 | €7,538 | -€39,195 | -83.9% |
| Deferred charges and accrued income | 490/1 | €986 | €0 | -€986 | -100.0% |
| Total equity and liabilities | 10/49 | €170,858 | €139,067 | -€31,791 | -18.6% |
| Equity | 10/15 | €89,589 | €92,774 | +€3,184 | +3.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €83,389 | €86,574 | +€3,184 | +3.8% |
| Non-distributable reserves | 130/1 | €1,676 | €0 | -€1,676 | -100.0% |
| Reserves not available under the articles | 1311 | €1,676 | €0 | -€1,676 | -100.0% |
| Distributable reserves | 133 | €81,714 | €86,574 | +€4,860 | +5.9% |
| Amounts payable | 17/49 | €81,269 | €46,294 | -€34,975 | -43.0% |
| Amounts payable after more than one year | 17 | €8,632 | €2,512 | -€6,120 | -70.9% |
| Financial debts | 170/4 | €8,632 | €2,512 | -€6,120 | -70.9% |
| Amounts payable within one year | 42/48 | €72,637 | €43,782 | -€28,855 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €5,400 | €5,823 | +€423 | +7.8% |
| Financial debts | 43 | €28,933 | €18,721 | -€10,212 | -35.3% |
| Credit institutions | 430/8 | - | €18,721 | +€18,721 | |
| Other loans | 439 | €28,933 | - | -€28,933 | |
| Trade debts | 44 | €31,055 | €1,982 | -€29,073 | -93.6% |
| Suppliers | 440/4 | €31,055 | €1,982 | -€29,073 | -93.6% |
| Taxes, remuneration and social security | 45 | €7,248 | €17,255 | +€10,007 | +138.1% |
| Taxes | 450/3 | €7,248 | €5,297 | -€1,952 | -26.9% |
| Remuneration and social security | 454/9 | - | €11,959 | +€11,959 | |
| Other amounts payable | 47/48 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €35,661 | €58,743 | +€23,083 | +64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,332 | €8,188 | +€1,856 | +29.3% |
| Other operating charges | 640/8 | €1,094 | €2,137 | +€1,044 | +95.4% |
| Gross operating margin | 9900 | €59,434 | €80,048 | +€20,614 | +34.7% |
| Operating profit (loss) | 9901 | €16,348 | €10,979 | -€5,368 | -32.8% |
| Financial income | 75/76B | €3 | €238 | +€235 | +8057.5% |
| Recurring financial income | 75 | €3 | €238 | +€235 | +8057.5% |
| Financial charges | 65/66B | €6,064 | €5,693 | -€371 | -6.1% |
| Recurring financial charges | 65 | €6,064 | €5,693 | -€371 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €10,287 | €5,525 | -€4,762 | -46.3% |
| Income taxes | 67/77 | €4,003 | €2,341 | -€1,662 | -41.5% |
| Profit (loss) for the period | 9904 | €6,284 | €3,184 | -€3,099 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,284 | €3,184 | -€3,099 | -49.3% |
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 7 October 2026 via checked.be.