KCM: what changed
What changed
KCM
filed annual accounts (NBB)
Net result for the year
-€28,649
2024 · -€31,311+€2,662
Equity
-€138,200
2024 · -€109,550-€28,649
Cash
€8,156
2024 · €4,061+€4,095
Balance sheet total
€612,602
2024 · €664,148-€51,546
Largest movements
Assets
- Tangible fixed assets -€55,649
down €55,649 (-8.4%), from €659,873 to €604,224
of which Land and buildings: -€55,399
Equity and liabilities
- Debts after one year -€110,000
no longer reported in 2025 (was €110,000)
- Current portion of long-term debt +€91,146
up €91,146 (+483%), from €18,854 to €110,000
- Profit (loss) carried forward -€21,098
down €21,098 (-8.2%), from -€255,995 to -€277,093
- Reserves -€7,551
down €7,551 (-5.4%), from €140,244 to €132,693
of which Tax-exempt reserves: -€7,551
Income statement
- Depreciation -€10,648
down €10,648 (-15.6%), from €68,221 to €57,573
- Gross operating margin -€8,524
down €8,524 (-19.9%), from €42,782 to €34,258
- Financial charges -€733
down €733 (-34.3%), from €2,140 to €1,406
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.
Result 2024
-€31,311
Gross operating margin
-€8,524
Depreciation
+€10,648
Other operating charges
-€196
Financial charges
+€733
Result 2025
-€28,649
raises the resultlowers the result
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.
From operations
+€24,872
Investment
-€1,924
Financing
-€18,854
Cash 2024
€4,061
From operations (derived)
+€24,872
Net result for the year
-€28,649
Depreciation
+€57,573
Deferred charges and accrued income
-€8
Provisions
-€2,517
Trade debts
+€1,999
Other debts
-€3,525
Investment (derived)
-€1,924
Investment in fixed assets (net)
-€1,924
Financing
-€18,854
Debts after one year
-€110,000
Current portion of long-term debt
+€91,146
Cash 2025
€8,156
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €664,148 | €612,602 | -€51,546 | -7.8% |
| Fixed assets | 21/28 | €659,873 | €604,224 | -€55,649 | -8.4% |
| Tangible fixed assets | 22/27 | €659,873 | €604,224 | -€55,649 | -8.4% |
| Land and buildings | 22 | €659,123 | €603,724 | -€55,399 | -8.4% |
| Plant, machinery and equipment | 23 | €750 | €500 | -€250 | -33.3% |
| Current assets | 29/58 | €4,275 | €8,378 | +€4,103 | +96.0% |
| Cash at bank and in hand | 54/58 | €4,061 | €8,156 | +€4,095 | +101% |
| Deferred charges and accrued income | 490/1 | €214 | €223 | +€8 | +3.8% |
| Total equity and liabilities | 10/49 | €664,148 | €612,602 | -€51,546 | -7.8% |
| Equity | 10/15 | -€109,550 | -€138,200 | -€28,649 | -26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €140,244 | €132,693 | -€7,551 | -5.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,782 | €71,231 | -€7,551 | -9.6% |
| Distributable reserves | 133 | €59,602 | €59,602 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€255,995 | -€277,093 | -€21,098 | -8.2% |
| Provisions and deferred taxes | 16 | €26,261 | €23,744 | -€2,517 | -9.6% |
| Deferred taxes | 168 | €26,261 | €23,744 | -€2,517 | -9.6% |
| Amounts payable | 17/49 | €747,438 | €727,058 | -€20,380 | -2.7% |
| Amounts payable after more than one year | 17 | €110,000 | - | -€110,000 | |
| Financial debts | 170/4 | €110,000 | - | -€110,000 | |
| Amounts payable within one year | 42/48 | €636,238 | €725,858 | +€89,620 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €18,854 | €110,000 | +€91,146 | +483% |
| Trade debts | 44 | - | €1,999 | +€1,999 | |
| Suppliers | 440/4 | - | €1,999 | +€1,999 | |
| Other amounts payable | 47/48 | €617,384 | €613,859 | -€3,525 | -0.6% |
| Accrued charges and deferred income | 492/3 | €1,200 | €1,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,221 | €57,573 | -€10,648 | -15.6% |
| Other operating charges | 640/8 | €6,249 | €6,445 | +€196 | +3.1% |
| Gross operating margin | 9900 | €42,782 | €34,258 | -€8,524 | -19.9% |
| Operating profit (loss) | 9901 | -€31,688 | -€29,760 | +€1,928 | +6.1% |
| Financial charges | 65/66B | €2,140 | €1,406 | -€733 | -34.3% |
| Recurring financial charges | 65 | €2,140 | €1,406 | -€733 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | -€33,828 | -€31,167 | +€2,662 | +7.9% |
| Transfer from deferred taxes | 780 | €2,517 | €2,517 | +€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€31,311 | -€28,649 | +€2,662 | +8.5% |
| Transfer from tax-exempt reserves | 789 | €7,551 | €7,551 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,760 | -€21,098 | +€2,662 | +11.2% |
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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.