KDG MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€15,000
up €15,000 (+534%), from €2,809 to €17,809
of which Trade receivables: +€15,000
- Tangible fixed assets -€3,284
down €3,284 (-68.5%), from €4,793 to €1,510
of which Furniture and vehicles: -€2,784
- Cash +€2,147
up €2,147 (+39.0%), from €5,503 to €7,650
mainly Net result for the year (+€11,514) and Depreciation (+€3,284)
- Reserves +€11,514
new in 2025: €11,514
- Other debts +€2,099
up €2,099 (+19.2%), from €10,923 to €13,022
- Tax, wage and social debts +€901
up €901, from €0 to €901
- Trade debts -€651
down €651 (-18.5%), from €3,525 to €2,873
- Gross operating margin +€18,594
up €18,594, from -€1,496 to €17,099
- Taxes +€1,151
new in 2025: €1,151
- Other operating charges +€865
up €865 (+307%), from €282 to €1,147
- Depreciation -€827
down €827 (-20.1%), from €4,110 to €3,284
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 | €13,106 | €26,969 | +€13,864 | +106% |
| Fixed assets | 21/28 | €4,793 | €1,510 | -€3,284 | -68.5% |
| Tangible fixed assets | 22/27 | €4,793 | €1,510 | -€3,284 | -68.5% |
| Plant, machinery and equipment | 23 | €1,075 | €575 | -€500 | -46.5% |
| Furniture and vehicles | 24 | €3,718 | €934 | -€2,784 | -74.9% |
| Current assets | 29/58 | €8,312 | €25,460 | +€17,147 | +206% |
| Amounts receivable within one year | 40/41 | €2,809 | €17,809 | +€15,000 | +534% |
| Trade receivables | 40 | €2,809 | €17,809 | +€15,000 | +534% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,503 | €7,650 | +€2,147 | +39.0% |
| Total equity and liabilities | 10/49 | €13,106 | €26,969 | +€13,864 | +106% |
| Equity | 10/15 | -€1,342 | €10,172 | +€11,514 | |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | - | €11,514 | +€11,514 | |
| Distributable reserves | 133 | - | €11,514 | +€11,514 | |
| Profit (loss) carried forward | 14 | -€14,342 | -€14,342 | = | 0.0% |
| Amounts payable | 17/49 | €14,448 | €16,797 | +€2,349 | +16.3% |
| Amounts payable within one year | 42/48 | €14,448 | €16,797 | +€2,349 | +16.3% |
| Trade debts | 44 | €3,525 | €2,873 | -€651 | -18.5% |
| Suppliers | 440/4 | €3,525 | €2,873 | -€651 | -18.5% |
| Taxes, remuneration and social security | 45 | €0 | €901 | +€901 | |
| Taxes | 450/3 | €0 | €901 | +€901 | |
| Other amounts payable | 47/48 | €10,923 | €13,022 | +€2,099 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,110 | €3,284 | -€827 | -20.1% |
| Other operating charges | 640/8 | €282 | €1,147 | +€865 | +307% |
| Gross operating margin | 9900 | -€1,496 | €17,099 | +€18,594 | |
| Operating profit (loss) | 9901 | -€5,888 | €12,669 | +€18,556 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €14 | €3 | -€12 | -81.0% |
| Recurring financial charges | 65 | €14 | €3 | -€12 | -81.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,897 | €12,666 | +€18,563 | |
| Income taxes | 67/77 | - | €1,151 | +€1,151 | |
| Profit (loss) for the period | 9904 | -€5,897 | €11,514 | +€17,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,897 | €11,514 | +€17,411 |
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 19 October 2026 via checked.be.