KDH: 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.
KDH
Largest movements
- Receivables within one year -€23,986
down €23,986 (-25.0%), from €96,063 to €72,077
of which Other amounts receivable: -€26,836
- Cash -€11,399
down €11,399 (-17.3%), from €65,915 to €54,517
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€25,060)
- Stocks and contracts +€7,317
up €7,317 (+258.3%), from €2,833 to €10,150
of which Contracts in progress: +€4,500
- Reserves -€42,859
down €42,859 (-19.5%), from €220,141 to €177,282
of which Distributable reserves: -€42,859
- Trade debts +€11,163
up €11,163 (+184.2%), from €6,059 to €17,222
- Tax, wage and social debts -€3,760
no longer reported in 2025 (was €3,760)
- Gross operating margin -€40,311
down €40,311 (-46.6%), from €86,583 to €46,272
- Taxes -€10,775
down €10,775 (-71.1%), from €15,165 to €4,390
- Depreciation +€7,895
up €7,895 (+42.0%), from €18,795 to €26,690
- Write-downs -€7,775
new in 2025: -€7,775
- Staff costs +€3,255
up €3,255 (+29.1%), from €11,202 to €14,457
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 | €267,162 | €235,797 | -€31,366 | -11.7% |
| Fixed assets | 21/28 | €78,537 | €76,906 | -€1,630 | -2.1% |
| Tangible fixed assets | 22/27 | €78,277 | €76,646 | -€1,630 | -2.1% |
| Plant, machinery and equipment | 23 | €9,248 | €23,685 | +€14,437 | +156.1% |
| Furniture and vehicles | 24 | €19,123 | €14,155 | -€4,968 | -26.0% |
| Leasing and similar rights | 25 | €20,099 | €12,628 | -€7,470 | -37.2% |
| Other tangible fixed assets | 26 | €29,807 | €26,178 | -€3,629 | -12.2% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €188,626 | €158,890 | -€29,735 | -15.8% |
| Stocks and contracts in progress | 3 | €2,833 | €10,150 | +€7,317 | +258.3% |
| Stocks | 30/36 | €2,833 | €5,650 | +€2,817 | +99.5% |
| Contracts in progress | 37 | - | €4,500 | +€4,500 | |
| Amounts receivable within one year | 40/41 | €96,063 | €72,077 | -€23,986 | -25.0% |
| Trade receivables | 40 | €10,418 | €13,268 | +€2,850 | +27.4% |
| Other amounts receivable | 41 | €85,644 | €58,809 | -€26,836 | -31.3% |
| Current investments | 50/53 | €4,277 | €4,277 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,915 | €54,517 | -€11,399 | -17.3% |
| Deferred charges and accrued income | 490/1 | €19,538 | €17,869 | -€1,668 | -8.5% |
| Total equity and liabilities | 10/49 | €267,162 | €235,797 | -€31,366 | -11.7% |
| Equity | 10/15 | €226,341 | €183,482 | -€42,859 | -18.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €220,141 | €177,282 | -€42,859 | -19.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €218,281 | €175,422 | -€42,859 | -19.6% |
| Amounts payable | 17/49 | €40,821 | €52,314 | +€11,493 | +28.2% |
| Amounts payable after more than one year | 17 | €17,347 | €19,018 | +€1,670 | +9.6% |
| Financial debts | 170/4 | €17,347 | €19,018 | +€1,670 | +9.6% |
| Amounts payable within one year | 42/48 | €23,473 | €33,297 | +€9,823 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €13,654 | €16,075 | +€2,420 | +17.7% |
| Trade debts | 44 | €6,059 | €17,222 | +€11,163 | +184.2% |
| Suppliers | 440/4 | €6,059 | €17,222 | +€11,163 | +184.2% |
| Taxes, remuneration and social security | 45 | €3,760 | - | -€3,760 | |
| Taxes | 450/3 | €3,760 | - | -€3,760 | |
| Remuneration, social security and pensions | 62 | €11,202 | €14,457 | +€3,255 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,795 | €26,690 | +€7,895 | +42.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,775 | -€7,775 | |
| Other operating charges | 640/8 | €725 | €751 | +€26 | +3.6% |
| Gross operating margin | 9900 | €86,583 | €46,272 | -€40,311 | -46.6% |
| Operating profit (loss) | 9901 | €55,861 | €12,148 | -€43,713 | -78.3% |
| Financial income | 75/76B | €2,661 | €5,082 | +€2,422 | +91.0% |
| Recurring financial income | 75 | €2,661 | €5,082 | +€2,422 | +91.0% |
| Financial charges | 65/66B | €5,728 | €5,700 | -€29 | -0.5% |
| Recurring financial charges | 65 | €5,728 | €5,700 | -€29 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €52,793 | €11,531 | -€41,263 | -78.2% |
| Income taxes | 67/77 | €15,165 | €4,390 | -€10,775 | -71.1% |
| Profit (loss) for the period | 9904 | €37,628 | €7,141 | -€30,487 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,628 | €7,141 | -€30,487 | -81.0% |
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.