KBLS: what changed
Two financial 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.
KBLS
Largest movements
- Stocks and contracts -€63,330
down €63,330 (-45.5%), from €139,096 to €75,766
of which Contracts in progress: -€54,512
- Cash -€39,924
down €39,924 (-78.4%), from €50,939 to €11,014
mainly Trade debts (-€74,760) and Receivables within one year (-€35,263)
- Receivables within one year +€35,263
up €35,263 (+20.5%), from €172,145 to €207,408
of which Trade receivables: +€24,137
- Tangible fixed assets -€13,607
down €13,607 (-23.5%), from €57,966 to €44,359
of which Furniture and vehicles: -€13,008
- Trade debts -€74,760
down €74,760 (-69.3%), from €107,943 to €33,183
- Reserves +€39,241
up €39,241 (+27.1%), from €144,578 to €183,819
- Other debts -€21,713
down €21,713 (-28.8%), from €75,445 to €53,731
- Debts after one year -€10,832
down €10,832 (-24.9%), from €43,451 to €32,619
- Accrued charges and deferred income -€10,165
down €10,165 (-77.2%), from €13,172 to €3,007
- Gross operating margin -€62,039
down €62,039 (-27.5%), from €225,989 to €163,949
- Taxes -€15,187
down €15,187 (-49.5%), from €30,675 to €15,488
- Staff costs +€3,567
up €3,567 (+4.1%), from €85,982 to €89,549
- Financial income +€2,324
up €2,324 (+3815.6%), from €61 to €2,385
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 | €422,422 | €342,631 | -€79,790 | -18.9% |
| Fixed assets | 21/28 | €58,991 | €45,384 | -€13,607 | -23.1% |
| Tangible fixed assets | 22/27 | €57,966 | €44,359 | -€13,607 | -23.5% |
| Land and buildings | 22 | €2,414 | €2,126 | -€288 | -11.9% |
| Plant, machinery and equipment | 23 | €2,647 | €2,335 | -€311 | -11.8% |
| Furniture and vehicles | 24 | €52,906 | €39,898 | -€13,008 | -24.6% |
| Financial fixed assets | 28 | €1,025 | €1,025 | = | 0.0% |
| Current assets | 29/58 | €363,430 | €297,247 | -€66,183 | -18.2% |
| Stocks and contracts in progress | 3 | €139,096 | €75,766 | -€63,330 | -45.5% |
| Stocks | 30/36 | €84,585 | €75,766 | -€8,819 | -10.4% |
| Contracts in progress | 37 | €54,512 | €0 | -€54,512 | -100.0% |
| Amounts receivable within one year | 40/41 | €172,145 | €207,408 | +€35,263 | +20.5% |
| Trade receivables | 40 | €167,665 | €191,802 | +€24,137 | +14.4% |
| Other amounts receivable | 41 | €4,480 | €15,606 | +€11,126 | +248.4% |
| Cash at bank and in hand | 54/58 | €50,939 | €11,014 | -€39,924 | -78.4% |
| Deferred charges and accrued income | 490/1 | €1,250 | €3,059 | +€1,809 | +144.7% |
| Total equity and liabilities | 10/49 | €422,422 | €342,631 | -€79,790 | -18.9% |
| Equity | 10/15 | €149,578 | €188,819 | +€39,241 | +26.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €144,578 | €183,819 | +€39,241 | +27.1% |
| Distributable reserves | 133 | €144,578 | €183,819 | +€39,241 | +27.1% |
| Amounts payable | 17/49 | €272,844 | €153,813 | -€119,031 | -43.6% |
| Amounts payable after more than one year | 17 | €43,451 | €32,619 | -€10,832 | -24.9% |
| Financial debts | 170/4 | €43,451 | €32,619 | -€10,832 | -24.9% |
| Amounts payable within one year | 42/48 | €216,221 | €118,187 | -€98,034 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €10,303 | €10,835 | +€532 | +5.2% |
| Trade debts | 44 | €107,943 | €33,183 | -€74,760 | -69.3% |
| Suppliers | 440/4 | €107,943 | €33,183 | -€74,760 | -69.3% |
| Taxes, remuneration and social security | 45 | €22,530 | €20,437 | -€2,093 | -9.3% |
| Taxes | 450/3 | €11,673 | €7,357 | -€4,316 | -37.0% |
| Remuneration and social security | 454/9 | €10,857 | €13,080 | +€2,223 | +20.5% |
| Other amounts payable | 47/48 | €75,445 | €53,731 | -€21,713 | -28.8% |
| Accrued charges and deferred income | 492/3 | €13,172 | €3,007 | -€10,165 | -77.2% |
| Non-recurring operating income | 76A | €3,146 | €0 | -€3,146 | -100.0% |
| Remuneration, social security and pensions | 62 | €85,982 | €89,549 | +€3,567 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,653 | €14,640 | +€986 | +7.2% |
| Other operating charges | 640/8 | €1,552 | €2,830 | +€1,279 | +82.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €225,989 | €163,949 | -€62,039 | -27.5% |
| Operating profit (loss) | 9901 | €124,801 | €56,930 | -€67,871 | -54.4% |
| Financial income | 75/76B | €61 | €2,385 | +€2,324 | +3815.6% |
| Recurring financial income | 75 | €61 | €2,385 | +€2,324 | +3815.6% |
| Financial charges | 65/66B | €4,333 | €4,586 | +€252 | +5.8% |
| Recurring financial charges | 65 | €4,333 | €4,586 | +€252 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €120,529 | €54,729 | -€65,800 | -54.6% |
| Income taxes | 67/77 | €30,675 | €15,488 | -€15,187 | -49.5% |
| Profit (loss) for the period | 9904 | €89,854 | €39,241 | -€50,613 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,854 | €39,241 | -€50,613 | -56.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.