KDW: 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.
KDW
Largest movements
- Cash +€96,095
up €96,095 (+70.4%), from €136,543 to €232,638
mainly Trade debts (+€69,520) and Receivables within one year (+€38,411)
- Receivables within one year -€38,411
down €38,411 (-50.0%), from €76,898 to €38,487
of which Trade receivables: -€40,170
- Tangible fixed assets -€25,076
no longer reported in 2025 (was €25,076)
- Trade debts +€69,520
up €69,520 (+1,109%), from €6,270 to €75,790
- Tax, wage and social debts -€30,259
down €30,259 (-82.0%), from €36,923 to €6,664
of which Remuneration and social security: -€28,303
- Reserves +€14,798
up €14,798 (+15.0%), from €98,874 to €113,672
- Debts after one year -€12,494
no longer reported in 2025 (was €12,494)
- Current portion of long-term debt -€8,956
no longer reported in 2025 (was €8,956)
- Staff costs -€135,028
down €135,028 (-68.3%), from €197,785 to €62,757
- Gross operating margin -€83,787
down €83,787 (-37.4%), from €224,197 to €140,410
- Financial charges +€48,300
up €48,300 (+5,297%), from €912 to €49,211
of which Non-recurring financial charges: +€45,200
- Depreciation -€5,015
no longer reported in 2025 (was €5,015)
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 | €238,517 | €271,125 | +€32,608 | +13.7% |
| Fixed assets | 21/28 | €25,076 | - | -€25,076 | |
| Tangible fixed assets | 22/27 | €25,076 | - | -€25,076 | |
| Furniture and vehicles | 24 | €25,076 | - | -€25,076 | |
| Current assets | 29/58 | €213,441 | €271,125 | +€57,684 | +27.0% |
| Amounts receivable within one year | 40/41 | €76,898 | €38,487 | -€38,411 | -50.0% |
| Trade receivables | 40 | €76,833 | €36,663 | -€40,170 | -52.3% |
| Other amounts receivable | 41 | €65 | €1,824 | +€1,759 | +2,708% |
| Cash at bank and in hand | 54/58 | €136,543 | €232,638 | +€96,095 | +70.4% |
| Total equity and liabilities | 10/49 | €238,517 | €271,125 | +€32,608 | +13.7% |
| Equity | 10/15 | €173,874 | €188,672 | +€14,798 | +8.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €98,874 | €113,672 | +€14,798 | +15.0% |
| Distributable reserves | 133 | €98,874 | €113,672 | +€14,798 | +15.0% |
| Amounts payable | 17/49 | €64,643 | €82,453 | +€17,811 | +27.6% |
| Amounts payable after more than one year | 17 | €12,494 | - | -€12,494 | |
| Financial debts | 170/4 | €12,494 | - | -€12,494 | |
| Amounts payable within one year | 42/48 | €52,149 | €82,453 | +€30,305 | +58.1% |
| Current portion of amounts payable after more than one year | 42 | €8,956 | - | -€8,956 | |
| Trade debts | 44 | €6,270 | €75,790 | +€69,520 | +1,109% |
| Suppliers | 440/4 | €6,270 | €75,790 | +€69,520 | +1,109% |
| Taxes, remuneration and social security | 45 | €36,923 | €6,664 | -€30,259 | -82.0% |
| Taxes | 450/3 | €8,620 | €6,664 | -€1,957 | -22.7% |
| Remuneration and social security | 454/9 | €28,303 | - | -€28,303 | |
| Remuneration, social security and pensions | 62 | €197,785 | €62,757 | -€135,028 | -68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,015 | - | -€5,015 | |
| Other operating charges | 640/8 | €384 | €905 | +€521 | +136% |
| Non-recurring operating charges | 66A | - | €6,076 | +€6,076 | |
| Gross operating margin | 9900 | €224,197 | €140,410 | -€83,787 | -37.4% |
| Operating profit (loss) | 9901 | €21,013 | €70,672 | +€49,659 | +236% |
| Financial charges | 65/66B | €912 | €49,211 | +€48,300 | +5,297% |
| Recurring financial charges | 65 | €912 | €4,011 | +€3,100 | +340% |
| Non-recurring financial charges | 66B | - | €45,200 | +€45,200 | |
| Profit (loss) for the period before taxes | 9903 | €20,101 | €21,461 | +€1,360 | +6.8% |
| Income taxes | 67/77 | €7,454 | €6,664 | -€791 | -10.6% |
| Profit (loss) for the period | 9904 | €12,647 | €14,798 | +€2,151 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,647 | €14,798 | +€2,151 | +17.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.