KDW: 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.
KDW
Largest movements
- Cash +€90,550
up €90,550 (+299.1%), from €30,271 to €120,822
mainly Other debts (+€44,145) and Receivables within one year (+€36,262)
- Receivables within one year -€36,262
down €36,262 (-47.5%), from €76,401 to €40,139
of which Trade receivables: -€27,544
- Tangible fixed assets -€9,397
down €9,397 (-4.8%), from €195,229 to €185,832
of which Plant, machinery and equipment: -€8,742
- Other debts +€44,145
up €44,145 (+8.9%), from €497,996 to €542,141
- Gross operating margin -€28,148
down €28,148 (-50.2%), from €56,092 to €27,944
- Write-downs -€14,242
no longer reported in 2025 (was €14,242)
- Financial charges -€12,954
down €12,954 (-52.7%), from €24,593 to €11,640
- Taxes -€903
down €903 (-37.4%), from €2,415 to €1,512
- Depreciation +€655
up €655 (+7.5%), from €8,742 to €9,397
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 | €650,053 | €690,249 | +€40,197 | +6.2% |
| Fixed assets | 21/28 | €195,229 | €185,832 | -€9,397 | -4.8% |
| Tangible fixed assets | 22/27 | €195,229 | €185,832 | -€9,397 | -4.8% |
| Plant, machinery and equipment | 23 | €73,428 | €64,686 | -€8,742 | -11.9% |
| Furniture and vehicles | 24 | €121,801 | €121,145 | -€655 | -0.5% |
| Current assets | 29/58 | €454,824 | €504,418 | +€49,594 | +10.9% |
| Stocks and contracts in progress | 3 | €348,152 | €343,457 | -€4,695 | -1.3% |
| Stocks | 30/36 | €348,152 | €343,457 | -€4,695 | -1.3% |
| Amounts receivable within one year | 40/41 | €76,401 | €40,139 | -€36,262 | -47.5% |
| Trade receivables | 40 | €28,416 | €872 | -€27,544 | -96.9% |
| Other amounts receivable | 41 | €47,985 | €39,267 | -€8,718 | -18.2% |
| Cash at bank and in hand | 54/58 | €30,271 | €120,822 | +€90,550 | +299.1% |
| Total equity and liabilities | 10/49 | €650,053 | €690,249 | +€40,197 | +6.2% |
| Equity | 10/15 | €144,681 | €146,080 | +€1,400 | +1.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,681 | €80,080 | +€1,400 | +1.8% |
| Amounts payable | 17/49 | €505,372 | €544,169 | +€38,797 | +7.7% |
| Amounts payable within one year | 42/48 | €505,372 | €544,169 | +€38,797 | +7.7% |
| Trade debts | 44 | €4,754 | €309 | -€4,445 | -93.5% |
| Suppliers | 440/4 | €4,754 | €309 | -€4,445 | -93.5% |
| Taxes, remuneration and social security | 45 | €2,622 | €1,719 | -€903 | -34.4% |
| Taxes | 450/3 | €2,622 | €1,719 | -€903 | -34.4% |
| Other amounts payable | 47/48 | €497,996 | €542,141 | +€44,145 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,742 | €9,397 | +€655 | +7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,242 | - | -€14,242 | |
| Other operating charges | 640/8 | €3,765 | €3,995 | +€230 | +6.1% |
| Gross operating margin | 9900 | €56,092 | €27,944 | -€28,148 | -50.2% |
| Operating profit (loss) | 9901 | €29,343 | €14,551 | -€14,792 | -50.4% |
| Financial charges | 65/66B | €24,593 | €11,640 | -€12,954 | -52.7% |
| Recurring financial charges | 65 | €24,593 | €11,640 | -€12,954 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €4,750 | €2,912 | -€1,838 | -38.7% |
| Income taxes | 67/77 | €2,415 | €1,512 | -€903 | -37.4% |
| Profit (loss) for the period | 9904 | €2,335 | €1,400 | -€935 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,335 | €1,400 | -€935 | -40.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.