KGA Initiative: 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.
KGA Initiative
Largest movements
- Tangible fixed assets +€46,674
up €46,674 (+286%), from €16,309 to €62,983
of which Furniture and vehicles: +€40,036
- Cash +€5,522
up €5,522 (+377%), from €1,464 to €6,986
mainly Debts after one year (+€33,145) and Net result for the year (+€27,904)
- Receivables within one year +€5,302
up €5,302 (+57.3%), from €9,248 to €14,550
- Debts after one year +€33,145
up €33,145, from €0 to €33,145
- Tax, wage and social debts +€23,491
up €23,491 (+250%), from €9,405 to €32,896
of which Taxes: +€24,032
- Reserves -€16,486
down €16,486 (-37.1%), from €44,390 to €27,904
- Other debts +€10,277
up €10,277 (+509%), from €2,019 to €12,296
- Current portion of long-term debt +€6,610
up €6,610 (+97.0%), from €6,811 to €13,421
- Gross operating margin +€31,826
up €31,826 (+143%), from €22,227 to €54,053
- Taxes +€8,906
up €8,906 (+272%), from €3,269 to €12,175
- Depreciation +€2,434
up €2,434 (+27.5%), from €8,843 to €11,276
- Financial charges +€895
up €895 (+136%), from €658 to €1,553
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 | €67,233 | €124,546 | +€57,313 | +85.2% |
| Fixed assets | 21/28 | €56,309 | €102,983 | +€46,674 | +82.9% |
| Tangible fixed assets | 22/27 | €16,309 | €62,983 | +€46,674 | +286% |
| Land and buildings | 22 | - | €7,740 | +€7,740 | |
| Plant, machinery and equipment | 23 | €2,434 | €1,331 | -€1,103 | -45.3% |
| Furniture and vehicles | 24 | €13,875 | €53,912 | +€40,036 | +289% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €10,924 | €21,563 | +€10,639 | +97.4% |
| Amounts receivable within one year | 40/41 | €9,248 | €14,550 | +€5,302 | +57.3% |
| Trade receivables | 40 | €9,248 | €14,550 | +€5,302 | +57.3% |
| Cash at bank and in hand | 54/58 | €1,464 | €6,986 | +€5,522 | +377% |
| Deferred charges and accrued income | 490/1 | €213 | €27 | -€185 | -87.3% |
| Total equity and liabilities | 10/49 | €67,233 | €124,546 | +€57,313 | +85.2% |
| Equity | 10/15 | €47,390 | €30,904 | -€16,486 | -34.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €44,390 | €27,904 | -€16,486 | -37.1% |
| Distributable reserves | 133 | €44,390 | €27,904 | -€16,486 | -37.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €19,843 | €93,642 | +€73,799 | +372% |
| Amounts payable after more than one year | 17 | €0 | €33,145 | +€33,145 | |
| Financial debts | 170/4 | €0 | €33,145 | +€33,145 | |
| Amounts payable within one year | 42/48 | €19,515 | €60,497 | +€40,983 | +210% |
| Current portion of amounts payable after more than one year | 42 | €6,811 | €13,421 | +€6,610 | +97.0% |
| Trade debts | 44 | €1,279 | €1,884 | +€605 | +47.3% |
| Suppliers | 440/4 | €1,279 | €1,884 | +€605 | +47.3% |
| Taxes, remuneration and social security | 45 | €9,405 | €32,896 | +€23,491 | +250% |
| Taxes | 450/3 | €8,864 | €32,896 | +€24,032 | +271% |
| Remuneration and social security | 454/9 | €541 | €0 | -€541 | -100% |
| Other amounts payable | 47/48 | €2,019 | €12,296 | +€10,277 | +509% |
| Accrued charges and deferred income | 492/3 | €329 | €0 | -€329 | -100% |
| Non-recurring operating income | 76A | - | €3,700 | +€3,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,843 | €11,276 | +€2,434 | +27.5% |
| Other operating charges | 640/8 | €834 | €1,145 | +€311 | +37.3% |
| Gross operating margin | 9900 | €22,227 | €54,053 | +€31,826 | +143% |
| Operating profit (loss) | 9901 | €12,551 | €41,632 | +€29,081 | +232% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €658 | €1,553 | +€895 | +136% |
| Recurring financial charges | 65 | €658 | €1,553 | +€895 | +136% |
| Profit (loss) for the period before taxes | 9903 | €11,893 | €40,079 | +€28,186 | +237% |
| Income taxes | 67/77 | €3,269 | €12,175 | +€8,906 | +272% |
| Profit (loss) for the period | 9904 | €8,624 | €27,904 | +€19,279 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €8,624 | €27,904 | +€19,279 | +224% |
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 27 October 2026 via checked.be.