KDW 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.
KDW Projects
Largest movements
- Cash -€35,023
down €35,023 (-85.1%), from €41,172 to €6,148
mainly Other debts (-€30,727) and Receivables within one year (-€12,345)
- Receivables within one year +€12,345
up €12,345 (+423.5%), from €2,915 to €15,260
of which Trade receivables: +€13,587
- Current investments +€11,374
up €11,374 (+11.7%), from €97,056 to €108,430
- Tangible fixed assets -€10,172
down €10,172 (-19.8%), from €51,289 to €41,116
- Other debts -€30,727
down €30,727 (-40.5%), from €75,782 to €45,055
- Reserves +€27,707
up €27,707 (+52.7%), from €52,614 to €80,321
- Debts after one year -€9,433
down €9,433 (-28.1%), from €33,622 to €24,190
- Tax, wage and social debts -€9,191
down €9,191 (-43.6%), from €21,094 to €11,903
- Gross operating margin +€6,285
up €6,285 (+13.3%), from €47,112 to €53,397
- Depreciation +€4,681
up €4,681 (+61.9%), from €7,561 to €12,242
- Taxes +€2,803
up €2,803 (+33.7%), from €8,327 to €11,131
- Other operating charges -€626
down €626 (-37.1%), from €1,687 to €1,061
- Financial income +€535
up €535, from €0 to €535
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 | €194,009 | €172,758 | -€21,250 | -11.0% |
| Fixed assets | 21/28 | €51,289 | €41,116 | -€10,172 | -19.8% |
| Tangible fixed assets | 22/27 | €51,289 | €41,116 | -€10,172 | -19.8% |
| Furniture and vehicles | 24 | €51,289 | €41,116 | -€10,172 | -19.8% |
| Current assets | 29/58 | €142,720 | €131,642 | -€11,078 | -7.8% |
| Amounts receivable within one year | 40/41 | €2,915 | €15,260 | +€12,345 | +423.5% |
| Trade receivables | 40 | €0 | €13,587 | +€13,587 | |
| Other amounts receivable | 41 | €2,915 | €1,673 | -€1,242 | -42.6% |
| Current investments | 50/53 | €97,056 | €108,430 | +€11,374 | +11.7% |
| Cash at bank and in hand | 54/58 | €41,172 | €6,148 | -€35,023 | -85.1% |
| Deferred charges and accrued income | 490/1 | €1,577 | €1,803 | +€226 | +14.3% |
| Total equity and liabilities | 10/49 | €194,009 | €172,758 | -€21,250 | -11.0% |
| Equity | 10/15 | €52,714 | €80,421 | +€27,707 | +52.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €52,614 | €80,321 | +€27,707 | +52.7% |
| Distributable reserves | 133 | €52,614 | €80,321 | +€27,707 | +52.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €141,295 | €92,338 | -€48,957 | -34.6% |
| Amounts payable after more than one year | 17 | €33,622 | €24,190 | -€9,433 | -28.1% |
| Financial debts | 170/4 | €33,622 | €24,190 | -€9,433 | -28.1% |
| Amounts payable within one year | 42/48 | €107,673 | €68,148 | -€39,525 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €9,112 | €9,433 | +€321 | +3.5% |
| Trade debts | 44 | €1,686 | €1,758 | +€72 | +4.3% |
| Suppliers | 440/4 | €1,686 | €1,758 | +€72 | +4.3% |
| Taxes, remuneration and social security | 45 | €21,094 | €11,903 | -€9,191 | -43.6% |
| Taxes | 450/3 | €21,094 | €11,903 | -€9,191 | -43.6% |
| Other amounts payable | 47/48 | €75,782 | €45,055 | -€30,727 | -40.5% |
| Remuneration, social security and pensions | 62 | €260 | €327 | +€67 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,561 | €12,242 | +€4,681 | +61.9% |
| Other operating charges | 640/8 | €1,687 | €1,061 | -€626 | -37.1% |
| Gross operating margin | 9900 | €47,112 | €53,397 | +€6,285 | +13.3% |
| Operating profit (loss) | 9901 | €37,604 | €39,767 | +€2,164 | +5.8% |
| Financial income | 75/76B | €0 | €535 | +€535 | |
| Recurring financial income | 75 | €0 | €535 | +€535 | |
| Financial charges | 65/66B | €1,257 | €1,465 | +€208 | +16.6% |
| Recurring financial charges | 65 | €1,257 | €1,465 | +€208 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €36,347 | €38,838 | +€2,491 | +6.9% |
| Income taxes | 67/77 | €8,327 | €11,131 | +€2,803 | +33.7% |
| Profit (loss) for the period | 9904 | €28,020 | €27,707 | -€313 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,020 | €27,707 | -€313 | -1.1% |
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 10 October 2026 via checked.be.