KGF: 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.
KGF
Largest movements
- Tangible fixed assets -€13,243
down €13,243 (-21.0%), from €63,025 to €49,782
- Cash -€3,651
down €3,651 (-17.4%), from €21,000 to €17,350
mainly Contributions, distributions and other (-€91,467) and Debts after one year (-€24,686)
- Other debts +€57,791
up €57,791 (+59.8%), from €96,664 to €154,455
- Reserves -€47,575
down €47,575 (-92.4%), from €51,467 to €3,891
- Debts after one year -€24,686
down €24,686 (-22.8%), from €108,084 to €83,398
- Gross operating margin -€21,755
down €21,755 (-19.8%), from €109,634 to €87,879
- Financial income +€7,156
up €7,156 (+175%), from €4,089 to €11,245
- Financial charges -€4,617
down €4,617 (-16.2%), from €28,538 to €23,922
- Taxes -€2,581
down €2,581 (-13.5%), from €19,084 to €16,503
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 | €328,112 | €311,485 | -€16,626 | -5.1% |
| Fixed assets | 21/28 | €265,410 | €252,962 | -€12,447 | -4.7% |
| Tangible fixed assets | 22/27 | €63,025 | €49,782 | -€13,243 | -21.0% |
| Furniture and vehicles | 24 | €63,025 | €49,782 | -€13,243 | -21.0% |
| Financial fixed assets | 28 | €202,385 | €203,180 | +€795 | +0.4% |
| Current assets | 29/58 | €62,702 | €58,523 | -€4,179 | -6.7% |
| Amounts receivable within one year | 40/41 | €41,583 | €41,173 | -€410 | -1.0% |
| Trade receivables | 40 | €41,567 | €38,038 | -€3,529 | -8.5% |
| Other amounts receivable | 41 | €16 | €3,135 | +€3,119 | +19,894% |
| Cash at bank and in hand | 54/58 | €21,000 | €17,350 | -€3,651 | -17.4% |
| Deferred charges and accrued income | 490/1 | €119 | - | -€119 | |
| Total equity and liabilities | 10/49 | €328,112 | €311,485 | -€16,626 | -5.1% |
| Equity | 10/15 | €57,467 | €9,891 | -€47,575 | -82.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €51,467 | €3,891 | -€47,575 | -92.4% |
| Distributable reserves | 133 | €51,467 | €3,891 | -€47,575 | -92.4% |
| Provisions and deferred taxes | 16 | €24,095 | €24,858 | +€762 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €24,095 | €24,858 | +€762 | +3.2% |
| Other liabilities and charges | 164/5 | €24,095 | €24,858 | +€762 | +3.2% |
| Amounts payable | 17/49 | €246,549 | €276,736 | +€30,187 | +12.2% |
| Amounts payable after more than one year | 17 | €108,084 | €83,398 | -€24,686 | -22.8% |
| Financial debts | 170/4 | €108,084 | €83,398 | -€24,686 | -22.8% |
| Amounts payable within one year | 42/48 | €138,387 | €193,338 | +€54,952 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €24,362 | €24,686 | +€324 | +1.3% |
| Financial debts | 43 | €1,358 | - | -€1,358 | |
| Other loans | 439 | €1,358 | - | -€1,358 | |
| Trade debts | 44 | €109 | €568 | +€459 | +422% |
| Suppliers | 440/4 | €109 | €568 | +€459 | +422% |
| Taxes, remuneration and social security | 45 | €15,894 | €13,629 | -€2,265 | -14.2% |
| Taxes | 450/3 | €15,894 | €13,629 | -€2,265 | -14.2% |
| Other amounts payable | 47/48 | €96,664 | €154,455 | +€57,791 | +59.8% |
| Accrued charges and deferred income | 492/3 | €78 | - | -€78 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,154 | €13,243 | +€89 | +0.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €588 | €762 | +€174 | +29.7% |
| Other operating charges | 640/8 | €892 | €804 | -€89 | -9.9% |
| Gross operating margin | 9900 | €109,634 | €87,879 | -€21,755 | -19.8% |
| Operating profit (loss) | 9901 | €95,000 | €73,070 | -€21,930 | -23.1% |
| Financial income | 75/76B | €4,089 | €11,245 | +€7,156 | +175% |
| Recurring financial income | 75 | €4,089 | €11,245 | +€7,156 | +175% |
| Financial charges | 65/66B | €28,538 | €23,922 | -€4,617 | -16.2% |
| Recurring financial charges | 65 | €28,538 | €23,922 | -€4,617 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €70,551 | €60,394 | -€10,157 | -14.4% |
| Income taxes | 67/77 | €19,084 | €16,503 | -€2,581 | -13.5% |
| Profit (loss) for the period | 9904 | €51,467 | €43,891 | -€7,575 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,467 | €43,891 | -€7,575 | -14.7% |
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 14 October 2026 via checked.be.