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
- Tangible fixed assets +€273,908
new in 2025: €273,908
- Receivables within one year +€39,208
up €39,208 (+97.9%), from €40,030 to €79,238
of which Trade receivables: +€71,780
- Cash +€15,549
up €15,549 (+16.5%), from €94,209 to €109,758
mainly Net result for the year (+€235,228) and Debts after one year (+€45,877)
- Profit (loss) carried forward +€235,228
up €235,228 (+380.3%), from €61,859 to €297,087
- Debts after one year +€45,877
up €45,877 (+254.9%), from €18,000 to €63,877
- Trade debts +€29,841
up €29,841 (+96.1%), from €31,062 to €60,903
- Tax, wage and social debts +€14,720
up €14,720 (+90.2%), from €16,318 to €31,038
of which Taxes: +€10,457
- Gross operating margin +€276,394
up €276,394 (+355.5%), from €77,758 to €354,152
- Taxes +€52,246
up €52,246 (+337.4%), from €15,486 to €67,733
- Staff costs +€25,527
new in 2025: €25,527
- Depreciation +€25,004
new in 2025: €25,004
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 | €137,239 | €462,905 | +€325,665 | +237.3% |
| Fixed assets | 21/28 | - | €273,908 | +€273,908 | |
| Tangible fixed assets | 22/27 | - | €273,908 | +€273,908 | |
| Plant, machinery and equipment | 23 | - | €273,908 | +€273,908 | |
| Current assets | 29/58 | €137,239 | €188,996 | +€51,757 | +37.7% |
| Amounts receivable within one year | 40/41 | €40,030 | €79,238 | +€39,208 | +97.9% |
| Trade receivables | 40 | €7,293 | €79,073 | +€71,780 | +984.2% |
| Other amounts receivable | 41 | €32,737 | €165 | -€32,572 | -99.5% |
| Cash at bank and in hand | 54/58 | €94,209 | €109,758 | +€15,549 | +16.5% |
| Deferred charges and accrued income | 490/1 | €3,000 | €0 | -€3,000 | -100.0% |
| Total equity and liabilities | 10/49 | €137,239 | €462,905 | +€325,665 | +237.3% |
| Equity | 10/15 | €71,859 | €307,087 | +€235,228 | +327.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,859 | €297,087 | +€235,228 | +380.3% |
| Amounts payable | 17/49 | €65,380 | €155,818 | +€90,438 | +138.3% |
| Amounts payable after more than one year | 17 | €18,000 | €63,877 | +€45,877 | +254.9% |
| Other amounts payable | 178/9 | €18,000 | €63,877 | +€45,877 | +254.9% |
| Amounts payable within one year | 42/48 | €47,380 | €91,942 | +€44,561 | +94.1% |
| Trade debts | 44 | €31,062 | €60,903 | +€29,841 | +96.1% |
| Suppliers | 440/4 | €31,062 | €60,903 | +€29,841 | +96.1% |
| Taxes, remuneration and social security | 45 | €16,318 | €31,038 | +€14,720 | +90.2% |
| Taxes | 450/3 | €16,318 | €26,775 | +€10,457 | +64.1% |
| Remuneration and social security | 454/9 | - | €4,264 | +€4,264 | |
| Remuneration, social security and pensions | 62 | - | €25,527 | +€25,527 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €25,004 | +€25,004 | |
| Other operating charges | 640/8 | €387 | €528 | +€140 | +36.2% |
| Gross operating margin | 9900 | €77,758 | €354,152 | +€276,394 | +355.5% |
| Operating profit (loss) | 9901 | €77,371 | €303,093 | +€225,722 | +291.7% |
| Financial income | 75/76B | €25 | €0 | -€25 | -100.0% |
| Recurring financial income | 75 | €25 | €0 | -€25 | -100.0% |
| Financial charges | 65/66B | €50 | €132 | +€82 | +162.8% |
| Recurring financial charges | 65 | €50 | €132 | +€82 | +162.8% |
| Profit (loss) for the period before taxes | 9903 | €77,346 | €302,960 | +€225,615 | +291.7% |
| Income taxes | 67/77 | €15,486 | €67,733 | +€52,246 | +337.4% |
| Profit (loss) for the period | 9904 | €61,859 | €235,228 | +€173,369 | +280.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,859 | €235,228 | +€173,369 | +280.3% |
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 8 October 2026 via checked.be.