KDB 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.
KDB MANAGEMENT
Largest movements
- Receivables within one year +€208,904
up €208,904 (+3598.2%), from €5,806 to €214,709
of which Other amounts receivable: +€159,634
- Tangible fixed assets -€79,734
down €79,734 (-8.2%), from €971,469 to €891,735
- Deferred charges and accrued income -€31,505
down €31,505 (-93.9%), from €33,554 to €2,049
- Cash -€12,693
down €12,693 (-21.3%), from €59,714 to €47,021
mainly Contributions, distributions and other (-€812,640) and Receivables within one year (-€208,904)
- Short-term financial debts +€860,000
up €860,000 (+614.3%), from €140,000 to €1.0m
- Reserves -€650,000
down €650,000 (-94.3%), from €688,996 to €38,996
of which Distributable reserves: -€650,000
- Profit (loss) carried forward -€139,723
down €139,723 (-81.7%), from €170,921 to €31,198
- Gross operating margin +€89,825
up €89,825 (+142.9%), from €62,863 to €152,689
- Depreciation -€11,093
down €11,093 (-11.7%), from €94,910 to €83,817
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 | €1,070,543 | €1,155,514 | +€84,972 | +7.9% |
| Fixed assets | 21/28 | €971,469 | €891,735 | -€79,734 | -8.2% |
| Tangible fixed assets | 22/27 | €971,469 | €891,735 | -€79,734 | -8.2% |
| Land and buildings | 22 | €971,469 | €891,735 | -€79,734 | -8.2% |
| Current assets | 29/58 | €99,074 | €263,780 | +€164,706 | +166.2% |
| Amounts receivable within one year | 40/41 | €5,806 | €214,709 | +€208,904 | +3598.2% |
| Trade receivables | 40 | €5,440 | €54,709 | +€49,270 | +905.7% |
| Other amounts receivable | 41 | €366 | €160,000 | +€159,634 | +43606.3% |
| Cash at bank and in hand | 54/58 | €59,714 | €47,021 | -€12,693 | -21.3% |
| Deferred charges and accrued income | 490/1 | €33,554 | €2,049 | -€31,505 | -93.9% |
| Total equity and liabilities | 10/49 | €1,070,543 | €1,155,514 | +€84,972 | +7.9% |
| Equity | 10/15 | €921,918 | €132,195 | -€789,723 | -85.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €688,996 | €38,996 | -€650,000 | -94.3% |
| Non-distributable reserves | 130/1 | €38,996 | €38,996 | = | 0.0% |
| Legal reserve | 130 | €38,996 | €38,996 | = | 0.0% |
| Distributable reserves | 133 | €650,000 | - | -€650,000 | |
| Profit (loss) carried forward | 14 | €170,921 | €31,198 | -€139,723 | -81.7% |
| Amounts payable | 17/49 | €148,625 | €1,023,320 | +€874,695 | +588.5% |
| Amounts payable after more than one year | 17 | - | €11,000 | +€11,000 | |
| Other amounts payable | 178/9 | - | €11,000 | +€11,000 | |
| Amounts payable within one year | 42/48 | €147,735 | €1,007,443 | +€859,708 | +581.9% |
| Financial debts | 43 | €140,000 | €1,000,000 | +€860,000 | +614.3% |
| Other loans | 439 | €140,000 | €1,000,000 | +€860,000 | +614.3% |
| Trade debts | 44 | €6,676 | €1,268 | -€5,408 | -81.0% |
| Suppliers | 440/4 | €6,676 | €1,268 | -€5,408 | -81.0% |
| Taxes, remuneration and social security | 45 | - | €6,175 | +€6,175 | |
| Taxes | 450/3 | - | €6,175 | +€6,175 | |
| Other amounts payable | 47/48 | €1,059 | - | -€1,059 | |
| Accrued charges and deferred income | 492/3 | €890 | €4,877 | +€3,987 | +447.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,910 | €83,817 | -€11,093 | -11.7% |
| Other operating charges | 640/8 | €37,966 | €38,407 | +€441 | +1.2% |
| Gross operating margin | 9900 | €62,863 | €152,689 | +€89,825 | +142.9% |
| Operating profit (loss) | 9901 | -€70,013 | €30,464 | +€100,477 | |
| Financial income | 75/76B | - | €197 | +€197 | |
| Recurring financial income | 75 | - | €197 | +€197 | |
| Financial charges | 65/66B | €6,254 | €7,745 | +€1,491 | +23.8% |
| Recurring financial charges | 65 | €6,254 | €7,745 | +€1,491 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | -€76,267 | €22,917 | +€99,183 | |
| Profit (loss) for the period | 9904 | -€76,267 | €22,917 | +€99,183 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,267 | €22,917 | +€99,183 |
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 7 October 2026 via checked.be.