KDM: 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.
KDM
Largest movements
- Receivables within one year +€16,554
up €16,554 (+34.5%), from €47,935 to €64,489
of which Other amounts receivable: +€8,364
- Current investments -€8,586
down €8,586 (-12.4%), from €69,000 to €60,414
- Cash +€3,186
up €3,186 (+10.8%), from €29,399 to €32,585
mainly Net result for the year (+€72,299) and Current investments (+€8,586)
- Tax, wage and social debts +€7,342
up €7,342 (+56.2%), from €13,062 to €20,405
- Trade debts +€4,743
up €4,743 (+733%), from €647 to €5,390
- Reserves +€2,299
up €2,299 (+1.7%), from €135,814 to €138,113
- Gross operating margin -€34,678
down €34,678 (-26.2%), from €132,417 to €97,740
- Taxes -€4,067
down €4,067 (-13.7%), from €29,792 to €25,725
- Financial income +€1,475
up €1,475 (+52.1%), from €2,831 to €4,305
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 | €154,190 | €166,941 | +€12,751 | +8.3% |
| Fixed assets | 21/28 | €6,973 | €7,336 | +€363 | +5.2% |
| Tangible fixed assets | 22/27 | €6,973 | €7,336 | +€363 | +5.2% |
| Furniture and vehicles | 24 | €4,841 | €5,460 | +€618 | +12.8% |
| Other tangible fixed assets | 26 | €2,132 | €1,876 | -€256 | -12.0% |
| Current assets | 29/58 | €147,217 | €159,605 | +€12,388 | +8.4% |
| Amounts receivable within one year | 40/41 | €47,935 | €64,489 | +€16,554 | +34.5% |
| Trade receivables | 40 | €15,170 | €23,360 | +€8,190 | +54.0% |
| Other amounts receivable | 41 | €32,765 | €41,129 | +€8,364 | +25.5% |
| Current investments | 50/53 | €69,000 | €60,414 | -€8,586 | -12.4% |
| Cash at bank and in hand | 54/58 | €29,399 | €32,585 | +€3,186 | +10.8% |
| Deferred charges and accrued income | 490/1 | €884 | €2,118 | +€1,234 | +140% |
| Total equity and liabilities | 10/49 | €154,190 | €166,941 | +€12,751 | +8.3% |
| Equity | 10/15 | €138,814 | €141,113 | +€2,299 | +1.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €135,814 | €138,113 | +€2,299 | +1.7% |
| Distributable reserves | 133 | €135,814 | €138,113 | +€2,299 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,376 | €25,827 | +€10,452 | +68.0% |
| Amounts payable within one year | 42/48 | €15,376 | €25,795 | +€10,419 | +67.8% |
| Trade debts | 44 | €647 | €5,390 | +€4,743 | +733% |
| Suppliers | 440/4 | €647 | €5,390 | +€4,743 | +733% |
| Taxes, remuneration and social security | 45 | €13,062 | €20,405 | +€7,342 | +56.2% |
| Taxes | 450/3 | €13,062 | €20,405 | +€7,342 | +56.2% |
| Other amounts payable | 47/48 | €1,666 | €0 | -€1,666 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €32 | +€32 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,515 | €2,475 | +€960 | +63.4% |
| Other operating charges | 640/8 | €451 | €789 | +€338 | +75.1% |
| Gross operating margin | 9900 | €132,417 | €97,740 | -€34,678 | -26.2% |
| Operating profit (loss) | 9901 | €130,451 | €94,475 | -€35,976 | -27.6% |
| Financial income | 75/76B | €2,831 | €4,305 | +€1,475 | +52.1% |
| Recurring financial income | 75 | €2,831 | €4,305 | +€1,475 | +52.1% |
| Financial charges | 65/66B | €993 | €757 | -€236 | -23.8% |
| Recurring financial charges | 65 | €993 | €757 | -€236 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €132,290 | €98,024 | -€34,266 | -25.9% |
| Income taxes | 67/77 | €29,792 | €25,725 | -€4,067 | -13.7% |
| Profit (loss) for the period | 9904 | €102,498 | €72,299 | -€30,199 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,498 | €72,299 | -€30,199 | -29.5% |
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 14 October 2026 via checked.be.