KDS-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.
KDS-Projects
Largest movements
- Cash +€160,172
up €160,172 (+152.9%), from €104,779 to €264,951
mainly Receivables within one year (+€134,875) and Stocks and contracts (+€118,390)
- Receivables within one year -€134,875
down €134,875 (-89.9%), from €150,014 to €15,139
of which Trade receivables: -€134,875
- Stocks and contracts -€118,390
down €118,390 (-26.8%), from €441,490 to €323,100
- Debts after one year -€110,916
down €110,916 (-36.5%), from €303,851 to €192,936
- Reserves +€33,368
up €33,368 (+7.1%), from €467,548 to €500,916
of which Distributable reserves: +€33,368
- Other debts -€18,949
down €18,949 (-39.8%), from €47,629 to €28,680
- Other operating charges +€14,475
up €14,475 (+495.8%), from €2,920 to €17,395
- Taxes -€6,123
down €6,123 (-32.5%), from €18,840 to €12,716
- Depreciation +€4,491
up €4,491 (+27.3%), from €16,423 to €20,913
- Gross operating margin +€3,698
up €3,698 (+3.9%), from €95,956 to €99,654
- Financial charges +€2,896
up €2,896 (+23.4%), from €12,392 to €15,289
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 | €974,700 | €882,837 | -€91,863 | -9.4% |
| Fixed assets | 21/28 | €278,416 | €279,646 | +€1,230 | +0.4% |
| Tangible fixed assets | 22/27 | €278,416 | €279,646 | +€1,230 | +0.4% |
| Land and buildings | 22 | €219,298 | €223,103 | +€3,805 | +1.7% |
| Plant, machinery and equipment | 23 | - | €2,644 | +€2,644 | |
| Furniture and vehicles | 24 | €59,119 | €53,900 | -€5,219 | -8.8% |
| Current assets | 29/58 | €696,283 | €603,190 | -€93,093 | -13.4% |
| Stocks and contracts in progress | 3 | €441,490 | €323,100 | -€118,390 | -26.8% |
| Stocks | 30/36 | €441,490 | €323,100 | -€118,390 | -26.8% |
| Amounts receivable within one year | 40/41 | €150,014 | €15,139 | -€134,875 | -89.9% |
| Trade receivables | 40 | €150,000 | €15,125 | -€134,875 | -89.9% |
| Other amounts receivable | 41 | €14 | €14 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €104,779 | €264,951 | +€160,172 | +152.9% |
| Total equity and liabilities | 10/49 | €974,700 | €882,837 | -€91,863 | -9.4% |
| Equity | 10/15 | €552,548 | €585,916 | +€33,368 | +6.0% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €467,548 | €500,916 | +€33,368 | +7.1% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €324 | €324 | = | 0.0% |
| Distributable reserves | 133 | €452,351 | €485,719 | +€33,368 | +7.4% |
| Amounts payable | 17/49 | €422,152 | €296,920 | -€125,231 | -29.7% |
| Amounts payable after more than one year | 17 | €303,851 | €192,936 | -€110,916 | -36.5% |
| Financial debts | 170/4 | €303,851 | €192,936 | -€110,916 | -36.5% |
| Amounts payable within one year | 42/48 | €118,300 | €103,985 | -€14,316 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €18,104 | €11,212 | -€6,892 | -38.1% |
| Trade debts | 44 | €17,293 | €25,419 | +€8,126 | +47.0% |
| Suppliers | 440/4 | €17,293 | €25,419 | +€8,126 | +47.0% |
| Taxes, remuneration and social security | 45 | €35,274 | €38,674 | +€3,400 | +9.6% |
| Taxes | 450/3 | €35,274 | €38,674 | +€3,400 | +9.6% |
| Other amounts payable | 47/48 | €47,629 | €28,680 | -€18,949 | -39.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,423 | €20,913 | +€4,491 | +27.3% |
| Other operating charges | 640/8 | €2,920 | €17,395 | +€14,475 | +495.8% |
| Gross operating margin | 9900 | €95,956 | €99,654 | +€3,698 | +3.9% |
| Operating profit (loss) | 9901 | €76,614 | €61,346 | -€15,268 | -19.9% |
| Financial income | 75/76B | €48 | €28 | -€21 | -42.5% |
| Recurring financial income | 75 | €48 | €28 | -€21 | -42.5% |
| Financial charges | 65/66B | €12,392 | €15,289 | +€2,896 | +23.4% |
| Recurring financial charges | 65 | €12,392 | €15,289 | +€2,896 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €64,269 | €46,085 | -€18,185 | -28.3% |
| Income taxes | 67/77 | €18,840 | €12,716 | -€6,123 | -32.5% |
| Profit (loss) for the period | 9904 | €45,430 | €33,368 | -€12,062 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,430 | €33,368 | -€12,062 | -26.5% |
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 9 October 2026 via checked.be.