KFS 11: 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.
KFS 11
Largest movements
- Receivables within one year +€39,028
up €39,028 (+11.0%), from €354,535 to €393,563
of which Other amounts receivable: +€52,760
- Tangible fixed assets +€23,961
up €23,961 (+50.6%), from €47,353 to €71,313
of which Land and buildings: +€13,791
- Cash +€21,755
up €21,755 (+15.6%), from €139,422 to €161,177
mainly Net result for the year (+€142,631) and Other debts (+€38,548)
- Deferred charges and accrued income -€11,202
down €11,202 (-67.2%), from €16,661 to €5,458
- Reserves +€100,965
up €100,965 (+26.8%), from €377,351 to €478,317
of which Distributable reserves: +€100,965
- Trade debts -€46,149
down €46,149 (-42.1%), from €109,593 to €63,445
- Other debts +€38,548
up €38,548 (+177%), from €21,718 to €60,266
- Contributions -€18,600
down €18,600 (-100%), from €18,600 to €0
- Tax, wage and social debts -€9,670
down €9,670 (-14.3%), from €67,650 to €57,980
of which Taxes: -€10,941
- Gross operating margin +€105,450
up €105,450 (+25.8%), from €409,260 to €514,711
- Taxes +€26,777
up €26,777 (+103%), from €25,949 to €52,726
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 | €594,912 | €660,008 | +€65,095 | +10.9% |
| Fixed assets | 21/28 | €57,853 | €79,713 | +€21,861 | +37.8% |
| Intangible fixed assets | 21 | €10,500 | €8,400 | -€2,100 | -20.0% |
| Tangible fixed assets | 22/27 | €47,353 | €71,313 | +€23,961 | +50.6% |
| Land and buildings | 22 | €25,777 | €39,568 | +€13,791 | +53.5% |
| Plant, machinery and equipment | 23 | €10,621 | €9,834 | -€787 | -7.4% |
| Furniture and vehicles | 24 | €10,955 | €21,912 | +€10,957 | +100% |
| Current assets | 29/58 | €537,060 | €580,294 | +€43,235 | +8.1% |
| Stocks and contracts in progress | 3 | €26,442 | €20,096 | -€6,346 | -24.0% |
| Stocks | 30/36 | €26,442 | €20,096 | -€6,346 | -24.0% |
| Amounts receivable within one year | 40/41 | €354,535 | €393,563 | +€39,028 | +11.0% |
| Trade receivables | 40 | €42,226 | €28,495 | -€13,731 | -32.5% |
| Other amounts receivable | 41 | €312,309 | €365,069 | +€52,760 | +16.9% |
| Cash at bank and in hand | 54/58 | €139,422 | €161,177 | +€21,755 | +15.6% |
| Deferred charges and accrued income | 490/1 | €16,661 | €5,458 | -€11,202 | -67.2% |
| Total equity and liabilities | 10/49 | €594,912 | €660,008 | +€65,095 | +10.9% |
| Equity | 10/15 | €395,951 | €478,317 | +€82,365 | +20.8% |
| Contributions | 10/11 | €18,600 | €0 | -€18,600 | -100% |
| Reserves | 13 | €377,351 | €478,317 | +€100,965 | +26.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €377,351 | €478,317 | +€100,965 | +26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €198,961 | €181,691 | -€17,270 | -8.7% |
| Amounts payable within one year | 42/48 | €198,961 | €181,691 | -€17,270 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €109,593 | €63,445 | -€46,149 | -42.1% |
| Suppliers | 440/4 | €109,593 | €63,445 | -€46,149 | -42.1% |
| Taxes, remuneration and social security | 45 | €67,650 | €57,980 | -€9,670 | -14.3% |
| Taxes | 450/3 | €29,507 | €18,566 | -€10,941 | -37.1% |
| Remuneration and social security | 454/9 | €38,143 | €39,415 | +€1,271 | +3.3% |
| Other amounts payable | 47/48 | €21,718 | €60,266 | +€38,548 | +177% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €284,933 | €280,427 | -€4,506 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,658 | €18,876 | +€3,218 | +20.6% |
| Other operating charges | 640/8 | €6,338 | €10,615 | +€4,277 | +67.5% |
| Non-recurring operating charges | 66A | €168 | €1,031 | +€863 | +514% |
| Gross operating margin | 9900 | €409,260 | €514,711 | +€105,450 | +25.8% |
| Operating profit (loss) | 9901 | €102,164 | €203,762 | +€101,597 | +99.4% |
| Financial income | 75/76B | €4,459 | €4,842 | +€383 | +8.6% |
| Recurring financial income | 75 | €4,459 | €4,842 | +€383 | +8.6% |
| Financial charges | 65/66B | €14,580 | €13,246 | -€1,334 | -9.2% |
| Recurring financial charges | 65 | €14,580 | €13,246 | -€1,334 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €92,043 | €195,357 | +€103,314 | +112% |
| Income taxes | 67/77 | €25,949 | €52,726 | +€26,777 | +103% |
| Profit (loss) for the period | 9904 | €66,094 | €142,631 | +€76,537 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €66,094 | €142,631 | +€76,537 | +116% |
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 19 October 2026 via checked.be.