KDW MGMT: 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 MGMT
Largest movements
- Current investments +€115,000
up €115,000 (+144%), from €80,000 to €195,000
- Cash -€30,223
down €30,223 (-71.1%), from €42,515 to €12,292
mainly Current investments (-€115,000) and Receivables within one year (-€29,040)
- Receivables within one year +€29,040
up €29,040 (+141%), from €20,570 to €49,610
- Tangible fixed assets +€5,100
new in 2025: €5,100
- Reserves +€100,777
up €100,777 (+78.6%), from €128,137 to €228,914
- Tax, wage and social debts +€14,903
up €14,903 (+140%), from €10,622 to €25,525
- Other debts +€2,960
up €2,960 (+69.2%), from €4,275 to €7,235
- Gross operating margin +€43,573
up €43,573 (+43.9%), from €99,293 to €142,866
- Taxes +€13,685
up €13,685 (+50.5%), from €27,121 to €40,806
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 | €143,613 | €262,562 | +€118,949 | +82.8% |
| Fixed assets | 21/28 | €528 | €5,628 | +€5,100 | +966% |
| Tangible fixed assets | 22/27 | - | €5,100 | +€5,100 | |
| Other tangible fixed assets | 26 | - | €5,100 | +€5,100 | |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €143,085 | €256,934 | +€113,849 | +79.6% |
| Amounts receivable within one year | 40/41 | €20,570 | €49,610 | +€29,040 | +141% |
| Trade receivables | 40 | €20,570 | €49,610 | +€29,040 | +141% |
| Current investments | 50/53 | €80,000 | €195,000 | +€115,000 | +144% |
| Cash at bank and in hand | 54/58 | €42,515 | €12,292 | -€30,223 | -71.1% |
| Deferred charges and accrued income | 490/1 | - | €32 | +€32 | |
| Total equity and liabilities | 10/49 | €143,613 | €262,562 | +€118,949 | +82.8% |
| Equity | 10/15 | €128,237 | €229,014 | +€100,777 | +78.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €128,137 | €228,914 | +€100,777 | +78.6% |
| Distributable reserves | 133 | €128,137 | €228,914 | +€100,777 | +78.6% |
| Amounts payable | 17/49 | €15,376 | €33,548 | +€18,172 | +118% |
| Amounts payable within one year | 42/48 | €15,218 | €33,167 | +€17,949 | +118% |
| Trade debts | 44 | €321 | €407 | +€86 | +26.8% |
| Suppliers | 440/4 | €321 | €407 | +€86 | +26.8% |
| Taxes, remuneration and social security | 45 | €10,622 | €25,525 | +€14,903 | +140% |
| Taxes | 450/3 | €10,622 | €25,525 | +€14,903 | +140% |
| Other amounts payable | 47/48 | €4,275 | €7,235 | +€2,960 | +69.2% |
| Accrued charges and deferred income | 492/3 | €158 | €381 | +€223 | +141% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €193 | +€193 | |
| Other operating charges | 640/8 | €555 | €565 | +€10 | +1.8% |
| Gross operating margin | 9900 | €99,293 | €142,866 | +€43,573 | +43.9% |
| Operating profit (loss) | 9901 | €98,738 | €142,108 | +€43,370 | +43.9% |
| Financial charges | 65/66B | €158 | €525 | +€367 | +232% |
| Recurring financial charges | 65 | €158 | €525 | +€367 | +232% |
| Profit (loss) for the period before taxes | 9903 | €98,580 | €141,583 | +€43,003 | +43.6% |
| Income taxes | 67/77 | €27,121 | €40,806 | +€13,685 | +50.5% |
| Profit (loss) for the period | 9904 | €71,459 | €100,777 | +€29,318 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,459 | €100,777 | +€29,318 | +41.0% |
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 28 October 2026 via checked.be.