KDS: 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.
KDS
Largest movements
- Tangible fixed assets +€492,263
up €492,263 (+20.0%), from €2.5m to €3.0m
of which Land and buildings: +€475,767
- Current investments -€280,000
no longer reported in 2025 (was €280,000)
- Cash -€127,060
down €127,060 (-50.3%), from €252,449 to €125,389
mainly Investment in fixed assets (net) (-€549,788) and Receivables within one year (-€10,735)
- Other debts +€71,811
up €71,811 (+17.7%), from €405,886 to €477,697
- Gross operating margin -€283,496
down €283,496 (-48.9%), from €579,731 to €296,235
- Other operating charges -€176,445
down €176,445 (-90.4%), from €195,289 to €18,844
- Depreciation -€92,836
down €92,836 (-61.7%), from €150,361 to €57,525
- Staff costs -€10,518
down €10,518 (-7.1%), from €148,616 to €138,098
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 | €3,098,749 | €3,164,995 | +€66,247 | +2.1% |
| Fixed assets | 21/28 | €2,464,115 | €2,956,378 | +€492,263 | +20.0% |
| Tangible fixed assets | 22/27 | €2,464,003 | €2,956,266 | +€492,263 | +20.0% |
| Land and buildings | 22 | €2,335,846 | €2,811,613 | +€475,767 | +20.4% |
| Plant, machinery and equipment | 23 | €107,515 | €131,917 | +€24,402 | +22.7% |
| Furniture and vehicles | 24 | €20,642 | €12,735 | -€7,907 | -38.3% |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €634,634 | €208,618 | -€426,016 | -67.1% |
| Stocks and contracts in progress | 3 | €49,185 | €27,094 | -€22,091 | -44.9% |
| Stocks | 30/36 | €49,185 | €27,094 | -€22,091 | -44.9% |
| Amounts receivable within one year | 40/41 | €42,529 | €53,264 | +€10,735 | +25.2% |
| Trade receivables | 40 | €21,937 | €43,764 | +€21,827 | +99.5% |
| Other amounts receivable | 41 | €20,592 | €9,500 | -€11,092 | -53.9% |
| Current investments | 50/53 | €280,000 | - | -€280,000 | |
| Cash at bank and in hand | 54/58 | €252,449 | €125,389 | -€127,060 | -50.3% |
| Deferred charges and accrued income | 490/1 | €10,471 | €2,871 | -€7,600 | -72.6% |
| Total equity and liabilities | 10/49 | €3,098,749 | €3,164,995 | +€66,247 | +2.1% |
| Equity | 10/15 | €1,545,035 | €1,547,131 | +€2,095 | +0.1% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €845,035 | €847,131 | +€2,095 | +0.2% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,015 | €38,015 | = | 0.0% |
| Distributable reserves | 133 | €737,021 | €739,116 | +€2,095 | +0.3% |
| Amounts payable | 17/49 | €1,553,713 | €1,617,865 | +€64,151 | +4.1% |
| Amounts payable after more than one year | 17 | €1,101,315 | €1,101,315 | = | 0.0% |
| Financial debts | 170/4 | €1,101,315 | €1,101,315 | = | 0.0% |
| Amounts payable within one year | 42/48 | €448,348 | €513,803 | +€65,456 | +14.6% |
| Trade debts | 44 | €10,699 | €5,077 | -€5,622 | -52.6% |
| Suppliers | 440/4 | €10,699 | €5,077 | -€5,622 | -52.6% |
| Taxes, remuneration and social security | 45 | €31,763 | €31,030 | -€733 | -2.3% |
| Taxes | 450/3 | €24,868 | €27,928 | +€3,060 | +12.3% |
| Remuneration and social security | 454/9 | €6,895 | €3,102 | -€3,793 | -55.0% |
| Other amounts payable | 47/48 | €405,886 | €477,697 | +€71,811 | +17.7% |
| Accrued charges and deferred income | 492/3 | €4,051 | €2,746 | -€1,304 | -32.2% |
| Remuneration, social security and pensions | 62 | €148,616 | €138,098 | -€10,518 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,361 | €57,525 | -€92,836 | -61.7% |
| Other operating charges | 640/8 | €195,289 | €18,844 | -€176,445 | -90.4% |
| Gross operating margin | 9900 | €579,731 | €296,235 | -€283,496 | -48.9% |
| Operating profit (loss) | 9901 | €85,465 | €81,768 | -€3,697 | -4.3% |
| Financial income | 75/76B | €105 | €5,638 | +€5,534 | +5277.6% |
| Recurring financial income | 75 | €105 | €5,638 | +€5,534 | +5277.6% |
| Financial charges | 65/66B | €79,589 | €81,993 | +€2,404 | +3.0% |
| Recurring financial charges | 65 | €79,589 | €81,993 | +€2,404 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €5,981 | €5,414 | -€567 | -9.5% |
| Income taxes | 67/77 | €1,872 | €3,319 | +€1,446 | +77.2% |
| Profit (loss) for the period | 9904 | €4,109 | €2,095 | -€2,013 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,109 | €2,095 | -€2,013 | -49.0% |
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 7 October 2026 via checked.be.