KDB CONSULT: 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.
KDB CONSULT
Largest movements
- Receivables within one year +€45,217
up €45,217 (+330.6%), from €13,678 to €58,895
of which Trade receivables: +€45,163
- Current investments -€33,587
down €33,587 (-17.2%), from €195,578 to €161,991
- Cash -€22,372
down €22,372 (-24.3%), from €92,096 to €69,724
mainly Receivables within one year (-€45,217) and Debts after one year (-€42,194)
- Tangible fixed assets -€8,463
down €8,463 (-1.9%), from €441,264 to €432,801
of which Land and buildings: -€10,641
- Reserves +€43,347
up €43,347 (+20.6%), from €210,043 to €253,391
- Debts after one year -€42,194
down €42,194 (-29.4%), from €143,567 to €101,373
- Other debts -€41,214
down €41,214 (-36.2%), from €113,915 to €72,701
- Advances received +€19,378
new in 2025: €19,378
- Trade debts +€17,466
up €17,466 (+1216.4%), from €1,436 to €18,902
- Gross operating margin -€12,862
down €12,862 (-12.7%), from €101,538 to €88,676
- Financial income -€6,268
down €6,268 (-56.7%), from €11,050 to €4,782
- Financial charges -€4,663
down €4,663 (-40.9%), from €11,412 to €6,749
- Taxes -€4,061
down €4,061 (-18.8%), from €21,614 to €17,553
- Other operating charges -€1,129
down €1,129 (-38.4%), from €2,939 to €1,810
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 | €747,909 | €728,540 | -€19,370 | -2.6% |
| Fixed assets | 21/28 | €441,264 | €432,801 | -€8,463 | -1.9% |
| Tangible fixed assets | 22/27 | €441,264 | €432,801 | -€8,463 | -1.9% |
| Land and buildings | 22 | €440,872 | €430,231 | -€10,641 | -2.4% |
| Furniture and vehicles | 24 | €392 | €0 | -€392 | -100.0% |
| Other tangible fixed assets | 26 | - | €2,570 | +€2,570 | |
| Current assets | 29/58 | €306,645 | €295,739 | -€10,907 | -3.6% |
| Amounts receivable within one year | 40/41 | €13,678 | €58,895 | +€45,217 | +330.6% |
| Trade receivables | 40 | €12,150 | €57,313 | +€45,163 | +371.7% |
| Other amounts receivable | 41 | €1,528 | €1,583 | +€54 | +3.6% |
| Current investments | 50/53 | €195,578 | €161,991 | -€33,587 | -17.2% |
| Cash at bank and in hand | 54/58 | €92,096 | €69,724 | -€22,372 | -24.3% |
| Deferred charges and accrued income | 490/1 | €5,293 | €5,129 | -€165 | -3.1% |
| Total equity and liabilities | 10/49 | €747,909 | €728,540 | -€19,370 | -2.6% |
| Equity | 10/15 | €416,020 | €459,367 | +€43,347 | +10.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €210,043 | €253,391 | +€43,347 | +20.6% |
| Distributable reserves | 133 | €210,043 | €253,391 | +€43,347 | +20.6% |
| Profit (loss) carried forward | 14 | €199,776 | €199,776 | = | 0.0% |
| Amounts payable | 17/49 | €331,890 | €269,172 | -€62,717 | -18.9% |
| Amounts payable after more than one year | 17 | €143,567 | €101,373 | -€42,194 | -29.4% |
| Financial debts | 170/4 | €143,567 | €101,373 | -€42,194 | -29.4% |
| Amounts payable within one year | 42/48 | €187,955 | €167,799 | -€20,156 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €51,177 | €34,194 | -€16,983 | -33.2% |
| Financial debts | 43 | - | €1,178 | +€1,178 | |
| Credit institutions | 430/8 | - | €1,178 | +€1,178 | |
| Trade debts | 44 | €1,436 | €18,902 | +€17,466 | +1216.4% |
| Suppliers | 440/4 | €1,436 | €18,902 | +€17,466 | +1216.4% |
| Advances received on contracts in progress | 46 | - | €19,378 | +€19,378 | |
| Taxes, remuneration and social security | 45 | €21,427 | €21,446 | +€19 | +0.1% |
| Taxes | 450/3 | €21,427 | €21,446 | +€19 | +0.1% |
| Other amounts payable | 47/48 | €113,915 | €72,701 | -€41,214 | -36.2% |
| Accrued charges and deferred income | 492/3 | €367 | €0 | -€367 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,887 | €23,198 | +€311 | +1.4% |
| Other operating charges | 640/8 | €2,939 | €1,810 | -€1,129 | -38.4% |
| Gross operating margin | 9900 | €101,538 | €88,676 | -€12,862 | -12.7% |
| Operating profit (loss) | 9901 | €75,711 | €63,668 | -€12,044 | -15.9% |
| Financial income | 75/76B | €11,050 | €4,782 | -€6,268 | -56.7% |
| Recurring financial income | 75 | €11,050 | €4,782 | -€6,268 | -56.7% |
| Financial charges | 65/66B | €11,412 | €6,749 | -€4,663 | -40.9% |
| Recurring financial charges | 65 | €11,412 | €6,749 | -€4,663 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €75,350 | €61,701 | -€13,649 | -18.1% |
| Income taxes | 67/77 | €21,614 | €17,553 | -€4,061 | -18.8% |
| Profit (loss) for the period | 9904 | €53,736 | €44,147 | -€9,588 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,736 | €44,147 | -€9,588 | -17.8% |
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 9 October 2026 via checked.be.