KDG: 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.
KDG
Largest movements
- Receivables within one year +€48,484
up €48,484 (+143%), from €33,934 to €82,418
of which Other amounts receivable: +€29,296
- Cash -€13,072
down €13,072 (-30.2%), from €43,243 to €30,171
mainly Receivables within one year (-€48,484) and Debts after one year (-€33,581)
- Reserves +€44,892
up €44,892 (+42.5%), from €105,710 to €150,602
- Debts after one year -€33,581
down €33,581 (-20.7%), from €161,858 to €128,277
- Current portion of long-term debt +€13,571
up €13,571 (+196%), from €6,939 to €20,510
- Tax, wage and social debts +€9,789
up €9,789 (+51.3%), from €19,076 to €28,865
- Gross operating margin +€17,805
up €17,805 (+24.4%), from €73,072 to €90,877
- Taxes +€11,312
up €11,312 (+170%), from €6,660 to €17,971
- Depreciation +€5,573
up €5,573 (+40.8%), from €13,653 to €19,227
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.
Derived cash bridge
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 | €318,926 | €354,439 | +€35,514 | +11.1% |
| Fixed assets | 21/28 | €238,279 | €237,779 | -€500 | -0.2% |
| Tangible fixed assets | 22/27 | €238,279 | €237,779 | -€500 | -0.2% |
| Land and buildings | 22 | €237,945 | €224,459 | -€13,487 | -5.7% |
| Plant, machinery and equipment | 23 | €333 | €979 | +€645 | +194% |
| Furniture and vehicles | 24 | - | €12,341 | +€12,341 | |
| Current assets | 29/58 | €80,647 | €116,661 | +€36,014 | +44.7% |
| Amounts receivable within one year | 40/41 | €33,934 | €82,418 | +€48,484 | +143% |
| Trade receivables | 40 | - | €19,188 | +€19,188 | |
| Other amounts receivable | 41 | €33,934 | €63,229 | +€29,296 | +86.3% |
| Cash at bank and in hand | 54/58 | €43,243 | €30,171 | -€13,072 | -30.2% |
| Deferred charges and accrued income | 490/1 | €3,470 | €4,072 | +€602 | +17.4% |
| Total equity and liabilities | 10/49 | €318,926 | €354,439 | +€35,514 | +11.1% |
| Equity | 10/15 | €111,910 | €156,802 | +€44,892 | +40.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,710 | €150,602 | +€44,892 | +42.5% |
| Distributable reserves | 133 | €105,710 | €150,602 | +€44,892 | +42.5% |
| Provisions and deferred taxes | 16 | €15,000 | €15,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €15,000 | €15,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable | 17/49 | €192,015 | €182,637 | -€9,378 | -4.9% |
| Amounts payable after more than one year | 17 | €161,858 | €128,277 | -€33,581 | -20.7% |
| Financial debts | 170/4 | €161,858 | €128,277 | -€33,581 | -20.7% |
| Amounts payable within one year | 42/48 | €30,158 | €53,665 | +€23,507 | +77.9% |
| Current portion of amounts payable after more than one year | 42 | €6,939 | €20,510 | +€13,571 | +196% |
| Trade debts | 44 | €4,143 | €4,290 | +€147 | +3.5% |
| Suppliers | 440/4 | €4,143 | €4,290 | +€147 | +3.5% |
| Taxes, remuneration and social security | 45 | €19,076 | €28,865 | +€9,789 | +51.3% |
| Taxes | 450/3 | €19,076 | €28,865 | +€9,789 | +51.3% |
| Accrued charges and deferred income | 492/3 | - | €696 | +€696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,653 | €19,227 | +€5,573 | +40.8% |
| Other operating charges | 640/8 | €5,170 | €4,622 | -€549 | -10.6% |
| Gross operating margin | 9900 | €73,072 | €90,877 | +€17,805 | +24.4% |
| Operating profit (loss) | 9901 | €54,249 | €67,029 | +€12,780 | +23.6% |
| Financial income | 75/76B | €132 | - | -€132 | |
| Recurring financial income | 75 | €132 | - | -€132 | |
| Financial charges | 65/66B | €4,644 | €4,165 | -€478 | -10.3% |
| Recurring financial charges | 65 | €4,644 | €4,165 | -€478 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €49,737 | €62,864 | +€13,127 | +26.4% |
| Income taxes | 67/77 | €6,660 | €17,971 | +€11,312 | +170% |
| Profit (loss) for the period | 9904 | €43,077 | €44,892 | +€1,815 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,077 | €44,892 | +€1,815 | +4.2% |
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 17 October 2026 via checked.be.