KD Management: 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.
KD Management
Largest movements
- Receivables within one year -€122,330
down €122,330 (-94.6%), from €129,380 to €7,050
of which Other amounts receivable: -€124,230
- Receivables after one year -€50,000
down €50,000 (-54.8%), from €91,250 to €41,250
- Tangible fixed assets +€38,166
up €38,166 (+1.8%), from €2.1m to €2.2m
of which Land and buildings: +€50,783
- Short-term financial debts -€440,952
down €440,952 (-95.8%), from €460,259 to €19,307
- Other debts +€182,606
up €182,606 (+384.4%), from €47,500 to €230,106
- Reserves +€173,000
up €173,000 (+54.9%), from €315,160 to €488,160
of which Distributable reserves: +€173,000
- Debts after one year -€65,776
down €65,776 (-6.3%), from €1.0m to €970,237
- Gross operating margin +€177,042
up €177,042 (+86.0%), from €205,954 to €382,996
- Taxes +€46,673
up €46,673 (+122.5%), from €38,113 to €84,786
- Depreciation +€31,381
up €31,381 (+63.1%), from €49,768 to €81,148
- Financial charges +€7,931
up €7,931 (+27.0%), from €29,363 to €37,294
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 | €2,429,993 | €2,304,959 | -€125,035 | -5.1% |
| Fixed assets | 21/28 | €2,148,484 | €2,186,650 | +€38,166 | +1.8% |
| Tangible fixed assets | 22/27 | €2,148,434 | €2,186,600 | +€38,166 | +1.8% |
| Land and buildings | 22 | €2,104,143 | €2,154,926 | +€50,783 | +2.4% |
| Furniture and vehicles | 24 | €44,291 | €31,674 | -€12,617 | -28.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €281,509 | €118,309 | -€163,200 | -58.0% |
| Amounts receivable after more than one year | 29 | €91,250 | €41,250 | -€50,000 | -54.8% |
| Other amounts receivable | 291 | €91,250 | €41,250 | -€50,000 | -54.8% |
| Amounts receivable within one year | 40/41 | €129,380 | €7,050 | -€122,330 | -94.6% |
| Trade receivables | 40 | €5,100 | €7,000 | +€1,900 | +37.3% |
| Other amounts receivable | 41 | €124,280 | €50 | -€124,230 | -100.0% |
| Cash at bank and in hand | 54/58 | €57,173 | €67,532 | +€10,359 | +18.1% |
| Deferred charges and accrued income | 490/1 | €3,706 | €2,476 | -€1,229 | -33.2% |
| Total equity and liabilities | 10/49 | €2,429,993 | €2,304,959 | -€125,035 | -5.1% |
| Equity | 10/15 | €784,985 | €958,298 | +€173,313 | +22.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €315,160 | €488,160 | +€173,000 | +54.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €313,300 | €486,300 | +€173,000 | +55.2% |
| Profit (loss) carried forward | 14 | €457,425 | €457,738 | +€313 | +0.1% |
| Amounts payable | 17/49 | €1,645,008 | €1,346,661 | -€298,348 | -18.1% |
| Amounts payable after more than one year | 17 | €1,036,014 | €970,237 | -€65,776 | -6.3% |
| Financial debts | 170/4 | €1,036,014 | €970,237 | -€65,776 | -6.3% |
| Amounts payable within one year | 42/48 | €607,619 | €376,423 | -€231,196 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €76,650 | €86,406 | +€9,757 | +12.7% |
| Financial debts | 43 | €460,259 | €19,307 | -€440,952 | -95.8% |
| Credit institutions | 430/8 | €460,259 | €19,307 | -€440,952 | -95.8% |
| Trade debts | 44 | €8,250 | €2,577 | -€5,673 | -68.8% |
| Suppliers | 440/4 | €8,250 | €2,577 | -€5,673 | -68.8% |
| Taxes, remuneration and social security | 45 | €14,961 | €38,027 | +€23,065 | +154.2% |
| Taxes | 450/3 | €14,961 | €38,027 | +€23,065 | +154.2% |
| Other amounts payable | 47/48 | €47,500 | €230,106 | +€182,606 | +384.4% |
| Accrued charges and deferred income | 492/3 | €1,375 | - | -€1,375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,768 | €81,148 | +€31,381 | +63.1% |
| Other operating charges | 640/8 | €3,227 | €6,620 | +€3,394 | +105.2% |
| Gross operating margin | 9900 | €205,954 | €382,996 | +€177,042 | +86.0% |
| Operating profit (loss) | 9901 | €152,960 | €295,227 | +€142,267 | +93.0% |
| Financial income | 75/76B | €2,634 | €166 | -€2,468 | -93.7% |
| Recurring financial income | 75 | €2,634 | €166 | -€2,468 | -93.7% |
| Financial charges | 65/66B | €29,363 | €37,294 | +€7,931 | +27.0% |
| Recurring financial charges | 65 | €29,363 | €37,294 | +€7,931 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €126,231 | €258,099 | +€131,868 | +104.5% |
| Income taxes | 67/77 | €38,113 | €84,786 | +€46,673 | +122.5% |
| Profit (loss) for the period | 9904 | €88,118 | €173,313 | +€85,195 | +96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €88,118 | €173,313 | +€85,195 | +96.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.