KDG-PROJECTS: 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-PROJECTS
Largest movements
- Cash +€26,551
up €26,551 (+10.9%), from €242,819 to €269,370
mainly Net result for the year (+€16,697) and Depreciation (+€11,107)
- Tangible fixed assets -€8,107
down €8,107 (-25.9%), from €31,249 to €23,142
of which Land and buildings: -€9,026
- Reserves +€16,697
up €16,697 (+9.8%), from €170,381 to €187,077
- Gross operating margin -€19,414
down €19,414 (-35.2%), from €55,079 to €35,665
- Taxes -€5,049
down €5,049 (-41.3%), from €12,223 to €7,174
- Financial income +€837
up €837 (+157.4%), from €532 to €1,369
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 | €316,304 | €332,856 | +€16,552 | +5.2% |
| Fixed assets | 21/28 | €31,249 | €23,142 | -€8,107 | -25.9% |
| Tangible fixed assets | 22/27 | €31,249 | €23,142 | -€8,107 | -25.9% |
| Land and buildings | 22 | €27,390 | €18,364 | -€9,026 | -33.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €3,859 | €4,778 | +€919 | +23.8% |
| Current assets | 29/58 | €285,055 | €309,715 | +€24,659 | +8.7% |
| Amounts receivable within one year | 40/41 | €40,381 | €38,590 | -€1,791 | -4.4% |
| Trade receivables | 40 | €36,310 | €27,830 | -€8,480 | -23.4% |
| Other amounts receivable | 41 | €4,071 | €10,760 | +€6,689 | +164.3% |
| Cash at bank and in hand | 54/58 | €242,819 | €269,370 | +€26,551 | +10.9% |
| Deferred charges and accrued income | 490/1 | €1,856 | €1,755 | -€101 | -5.4% |
| Total equity and liabilities | 10/49 | €316,304 | €332,856 | +€16,552 | +5.2% |
| Equity | 10/15 | €305,278 | €321,975 | +€16,697 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,381 | €187,077 | +€16,697 | +9.8% |
| Distributable reserves | 133 | €170,381 | €187,077 | +€16,697 | +9.8% |
| Profit (loss) carried forward | 14 | €116,297 | €116,297 | = | 0.0% |
| Amounts payable | 17/49 | €11,026 | €10,882 | -€144 | -1.3% |
| Amounts payable within one year | 42/48 | €9,473 | €9,046 | -€427 | -4.5% |
| Trade debts | 44 | €414 | €422 | +€8 | +2.0% |
| Suppliers | 440/4 | €414 | €422 | +€8 | +2.0% |
| Taxes, remuneration and social security | 45 | €9,059 | €8,136 | -€922 | -10.2% |
| Taxes | 450/3 | €9,059 | €8,136 | -€922 | -10.2% |
| Other amounts payable | 47/48 | - | €487 | +€487 | |
| Accrued charges and deferred income | 492/3 | €1,553 | €1,836 | +€282 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,665 | €11,107 | +€442 | +4.1% |
| Other operating charges | 640/8 | €1,707 | €1,744 | +€37 | +2.2% |
| Gross operating margin | 9900 | €55,079 | €35,665 | -€19,414 | -35.2% |
| Operating profit (loss) | 9901 | €42,706 | €22,814 | -€19,893 | -46.6% |
| Financial income | 75/76B | €532 | €1,369 | +€837 | +157.4% |
| Recurring financial income | 75 | €532 | €1,369 | +€837 | +157.4% |
| Financial charges | 65/66B | €441 | €312 | -€129 | -29.2% |
| Recurring financial charges | 65 | €441 | €312 | -€129 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €42,798 | €23,870 | -€18,927 | -44.2% |
| Income taxes | 67/77 | €12,223 | €7,174 | -€5,049 | -41.3% |
| Profit (loss) for the period | 9904 | €30,575 | €16,697 | -€13,878 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,575 | €16,697 | -€13,878 | -45.4% |
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 11 October 2026 via checked.be.