KCW: 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.
What changed
KCW
NACE 47.221, Retail sale of meat and meat products, excluding game and poultry
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€56,788
2024 · €60,172-€3,384
Equity
€417,135
2024 · €423,016-€5,881
Cash
€86,969
2024 · €88,237-€1,268
Balance sheet total
€504,527
2024 · €608,301-€103,773
Largest movements
Assets
- Tangible fixed assets -€93,530
down €93,530 (-19.9%), from €471,009 to €377,479
of which Furniture and vehicles: -€113,891
Equity and liabilities
- Debts after one year -€75,000
no longer reported in 2025 (was €75,000)
- Trade debts -€12,539
down €12,539 (-29.1%), from €43,098 to €30,559
Income statement
- Gross operating margin +€34,723
up €34,723 (+8.3%), from €418,341 to €453,065
- Staff costs +€33,559
up €33,559 (+18.2%), from €184,294 to €217,854
- Depreciation +€11,447
up €11,447 (+8.2%), from €140,273 to €151,720
- Financial charges -€4,666
down €4,666 (-62.3%), from €7,492 to €2,826
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.
Result 2024
€60,172
Gross operating margin
+€34,723
Staff costs
-€33,559
Depreciation
-€11,447
Other operating charges
-€21
Financial income
-€47
Financial charges
+€4,666
Taxes
+€2,300
Result 2025
€56,788
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.
From operations
+€194,590
Investment
-€58,190
Financing
-€137,668
Cash 2024
€88,237
From operations (derived)
+€194,590
Net result for the year
+€56,788
Depreciation
+€151,720
Stocks and contracts
+€4,392
Receivables within one year
+€2,035
Deferred charges and accrued income
+€2,548
Provisions
-€4,379
Trade debts
-€12,539
Tax, wage and social debts
-€1,124
Other debts
-€4,977
Accrued charges and deferred income
+€127
Investment (derived)
-€58,190
Investment in fixed assets (net)
-€58,190
Financing
-€137,668
Debts after one year
-€75,000
Contributions, distributions and other
-€62,668
Cash 2025
€86,969
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €608,301 | €504,527 | -€103,773 | -17.1% |
| Fixed assets | 21/28 | €471,414 | €377,884 | -€93,530 | -19.8% |
| Tangible fixed assets | 22/27 | €471,009 | €377,479 | -€93,530 | -19.9% |
| Plant, machinery and equipment | 23 | €47,694 | €75,874 | +€28,181 | +59.1% |
| Furniture and vehicles | 24 | €398,614 | €284,723 | -€113,891 | -28.6% |
| Other tangible fixed assets | 26 | €24,702 | €16,882 | -€7,820 | -31.7% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €136,886 | €126,643 | -€10,244 | -7.5% |
| Stocks and contracts in progress | 3 | €28,058 | €23,665 | -€4,392 | -15.7% |
| Stocks | 30/36 | €28,058 | €23,665 | -€4,392 | -15.7% |
| Amounts receivable within one year | 40/41 | €14,555 | €12,520 | -€2,035 | -14.0% |
| Trade receivables | 40 | €9,392 | €10,071 | +€678 | +7.2% |
| Other amounts receivable | 41 | €5,163 | €2,450 | -€2,714 | -52.6% |
| Cash at bank and in hand | 54/58 | €88,237 | €86,969 | -€1,268 | -1.4% |
| Deferred charges and accrued income | 490/1 | €6,036 | €3,488 | -€2,548 | -42.2% |
| Total equity and liabilities | 10/49 | €608,301 | €504,527 | -€103,773 | -17.1% |
| Equity | 10/15 | €423,016 | €417,135 | -€5,881 | -1.4% |
| Contributions | 10/11 | €4,940 | €4,940 | = | 0.0% |
| Reserves | 13 | €418,076 | €412,195 | -€5,881 | -1.4% |
| Tax-exempt reserves | 132 | €44,850 | €31,712 | -€13,138 | -29.3% |
| Distributable reserves | 133 | €373,226 | €380,483 | +€7,258 | +1.9% |
| Provisions and deferred taxes | 16 | €14,950 | €10,571 | -€4,379 | -29.3% |
| Deferred taxes | 168 | €14,950 | €10,571 | -€4,379 | -29.3% |
| Amounts payable | 17/49 | €170,335 | €76,821 | -€93,513 | -54.9% |
| Amounts payable after more than one year | 17 | €75,000 | - | -€75,000 | |
| Financial debts | 170/4 | €75,000 | - | -€75,000 | |
| Amounts payable within one year | 42/48 | €94,802 | €76,161 | -€18,641 | -19.7% |
| Trade debts | 44 | €43,098 | €30,559 | -€12,539 | -29.1% |
| Suppliers | 440/4 | €43,098 | €30,559 | -€12,539 | -29.1% |
| Taxes, remuneration and social security | 45 | €32,265 | €31,141 | -€1,124 | -3.5% |
| Taxes | 450/3 | €6,439 | €4,840 | -€1,598 | -24.8% |
| Remuneration and social security | 454/9 | €25,826 | €26,300 | +€474 | +1.8% |
| Other amounts payable | 47/48 | €19,439 | €14,462 | -€4,977 | -25.6% |
| Accrued charges and deferred income | 492/3 | €533 | €660 | +€127 | +23.9% |
| Remuneration, social security and pensions | 62 | €184,294 | €217,854 | +€33,559 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,273 | €151,720 | +€11,447 | +8.2% |
| Other operating charges | 640/8 | €712 | €733 | +€21 | +2.9% |
| Gross operating margin | 9900 | €418,341 | €453,065 | +€34,723 | +8.3% |
| Operating profit (loss) | 9901 | €93,061 | €82,758 | -€10,303 | -11.1% |
| Financial income | 75/76B | €85 | €38 | -€47 | -55.3% |
| Recurring financial income | 75 | €85 | €38 | -€47 | -55.3% |
| Financial charges | 65/66B | €7,492 | €2,826 | -€4,666 | -62.3% |
| Recurring financial charges | 65 | €7,492 | €2,826 | -€4,666 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €85,655 | €79,970 | -€5,685 | -6.6% |
| Transfer from deferred taxes | 780 | €4,379 | €4,379 | = | 0.0% |
| Income taxes | 67/77 | €29,862 | €27,562 | -€2,300 | -7.7% |
| Profit (loss) for the period | 9904 | €60,172 | €56,788 | -€3,384 | -5.6% |
| Transfer from tax-exempt reserves | 789 | €13,138 | €13,138 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,310 | €69,926 | -€3,384 | -4.6% |
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 11 October 2026 via checked.be.