KDR25: what changed
Two fiscal 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.
KDR25
Largest movements
- Cash +€66,464
up €66,464 (+52.2%), from €127,298 to €193,763
mainly Net result for the year (+€92,100) and Depreciation (+€324)
- Tangible fixed assets +€3,609
new in 2025: €3,609
- Reserves +€85,100
up €85,100 (+70.1%), from €121,356 to €206,456
- Current portion of long-term debt -€5,747
no longer reported in 2025 (was €5,747)
- Trade debts -€4,023
down €4,023 (-98.8%), from €4,073 to €50
- Tax, wage and social debts -€4,018
down €4,018 (-21.2%), from €18,993 to €14,975
of which Taxes: -€8,018
- Gross operating margin -€35,539
down €35,539 (-22.5%), from €157,726 to €122,187
- Taxes -€6,011
down €6,011 (-16.7%), from €35,993 to €29,982
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 | €155,401 | €226,554 | +€71,153 | +45.8% |
| Fixed assets | 21/28 | - | €3,609 | +€3,609 | |
| Tangible fixed assets | 22/27 | - | €3,609 | +€3,609 | |
| Furniture and vehicles | 24 | - | €3,609 | +€3,609 | |
| Current assets | 29/58 | €155,401 | €222,945 | +€67,544 | +43.5% |
| Amounts receivable within one year | 40/41 | €26,672 | €27,400 | +€727 | +2.7% |
| Trade receivables | 40 | €26,672 | €27,400 | +€727 | +2.7% |
| Cash at bank and in hand | 54/58 | €127,298 | €193,763 | +€66,464 | +52.2% |
| Deferred charges and accrued income | 490/1 | €1,430 | €1,783 | +€352 | +24.6% |
| Total equity and liabilities | 10/49 | €155,401 | €226,554 | +€71,153 | +45.8% |
| Equity | 10/15 | €126,356 | €211,456 | +€85,100 | +67.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €121,356 | €206,456 | +€85,100 | +70.1% |
| Distributable reserves | 133 | €121,356 | €206,456 | +€85,100 | +70.1% |
| Amounts payable | 17/49 | €29,045 | €15,098 | -€13,947 | -48.0% |
| Amounts payable within one year | 42/48 | €29,045 | €15,098 | -€13,947 | -48.0% |
| Current portion of amounts payable after more than one year | 42 | €5,747 | - | -€5,747 | |
| Trade debts | 44 | €4,073 | €50 | -€4,023 | -98.8% |
| Suppliers | 440/4 | €4,073 | €50 | -€4,023 | -98.8% |
| Taxes, remuneration and social security | 45 | €18,993 | €14,975 | -€4,018 | -21.2% |
| Taxes | 450/3 | €18,993 | €10,975 | -€8,018 | -42.2% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €232 | €72 | -€159 | -68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €324 | +€324 | |
| Gross operating margin | 9900 | €157,726 | €122,187 | -€35,539 | -22.5% |
| Operating profit (loss) | 9901 | €157,726 | €121,863 | -€35,863 | -22.7% |
| Financial income | 75/76B | - | €345 | +€345 | |
| Recurring financial income | 75 | - | €345 | +€345 | |
| Financial charges | 65/66B | €377 | €126 | -€251 | -66.6% |
| Recurring financial charges | 65 | €377 | €126 | -€251 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | €157,349 | €122,082 | -€35,267 | -22.4% |
| Income taxes | 67/77 | €35,993 | €29,982 | -€6,011 | -16.7% |
| Profit (loss) for the period | 9904 | €121,356 | €92,100 | -€29,256 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €121,356 | €92,100 | -€29,256 | -24.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.