KBW: 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.
KBW
Largest movements
- Cash +€390,837
up €390,837 (+1083.0%), from €36,088 to €426,926
mainly Current investments (+€350,000) and Net result for the year (+€44,632)
- Current investments -€350,000
down €350,000 (-100.0%), from €350,000 to €0
- Other debts +€20,560
up €20,560 (+81.1%), from €25,352 to €45,913
- Reserves +€10,440
up €10,440 (+2.6%), from €394,861 to €405,301
- Gross operating margin -€53,283
down €53,283 (-43.6%), from €122,077 to €68,794
- Taxes -€18,097
down €18,097 (-49.0%), from €36,928 to €18,831
- Financial income +€2,736
up €2,736 (+110.1%), from €2,486 to €5,222
- Financial charges -€1,753
down €1,753 (-36.7%), from €4,770 to €3,018
- Staff costs +€1,234
up €1,234, from €0 to €1,234
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 | €434,489 | €471,534 | +€37,045 | +8.5% |
| Fixed assets | 21/28 | €20,385 | €18,304 | -€2,081 | -10.2% |
| Tangible fixed assets | 22/27 | €20,385 | €18,304 | -€2,081 | -10.2% |
| Plant, machinery and equipment | 23 | €3,675 | €4,575 | +€899 | +24.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €16,710 | €13,730 | -€2,980 | -17.8% |
| Current assets | 29/58 | €414,104 | €453,230 | +€39,126 | +9.4% |
| Amounts receivable within one year | 40/41 | €25,315 | €22,692 | -€2,623 | -10.4% |
| Trade receivables | 40 | €7,950 | €6,600 | -€1,351 | -17.0% |
| Other amounts receivable | 41 | €17,365 | €16,092 | -€1,273 | -7.3% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €36,088 | €426,926 | +€390,837 | +1083.0% |
| Deferred charges and accrued income | 490/1 | €2,700 | €3,612 | +€912 | +33.8% |
| Total equity and liabilities | 10/49 | €434,489 | €471,534 | +€37,045 | +8.5% |
| Equity | 10/15 | €406,985 | €417,425 | +€10,440 | +2.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €394,861 | €405,301 | +€10,440 | +2.6% |
| Distributable reserves | 133 | €394,861 | €405,301 | +€10,440 | +2.6% |
| Profit (loss) carried forward | 14 | €124 | €124 | = | 0.0% |
| Amounts payable | 17/49 | €27,504 | €54,109 | +€26,605 | +96.7% |
| Amounts payable within one year | 42/48 | €27,504 | €54,109 | +€26,605 | +96.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €894 | €2,650 | +€1,755 | +196.3% |
| Suppliers | 440/4 | €894 | €2,650 | +€1,755 | +196.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,258 | €5,547 | +€4,289 | +341.0% |
| Taxes | 450/3 | €1,258 | €2,847 | +€1,589 | +126.3% |
| Remuneration and social security | 454/9 | €0 | €2,700 | +€2,700 | |
| Other amounts payable | 47/48 | €25,352 | €45,913 | +€20,560 | +81.1% |
| Remuneration, social security and pensions | 62 | €0 | €1,234 | +€1,234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,404 | €4,462 | +€59 | +1.3% |
| Other operating charges | 640/8 | €2,153 | €1,838 | -€315 | -14.6% |
| Gross operating margin | 9900 | €122,077 | €68,794 | -€53,283 | -43.6% |
| Operating profit (loss) | 9901 | €115,520 | €61,259 | -€54,261 | -47.0% |
| Financial income | 75/76B | €2,486 | €5,222 | +€2,736 | +110.1% |
| Recurring financial income | 75 | €2,486 | €5,222 | +€2,736 | +110.1% |
| Financial charges | 65/66B | €4,770 | €3,018 | -€1,753 | -36.7% |
| Recurring financial charges | 65 | €4,770 | €3,018 | -€1,753 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €113,235 | €63,463 | -€49,772 | -44.0% |
| Income taxes | 67/77 | €36,928 | €18,831 | -€18,097 | -49.0% |
| Profit (loss) for the period | 9904 | €76,307 | €44,632 | -€31,675 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,307 | €44,632 | -€31,675 | -41.5% |
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 10 October 2026 via checked.be.