KGR: 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.
KGR
Largest movements
- Stocks and contracts -€48,527
down €48,527 (-37.7%), from €128,589 to €80,061
- Intangible fixed assets -€33,716
down €33,716 (-42.4%), from €79,526 to €45,810
- Cash -€29,994
down €29,994 (-57.4%), from €52,250 to €22,256
mainly Net result for the year (-€76,617) and Debts after one year (-€57,045)
- Current investments -€10,601
no longer reported in 2025 (was €10,601)
- Tangible fixed assets -€7,916
down €7,916 (-1.6%), from €484,982 to €477,066
of which Land and buildings: -€30,840
- Profit (loss) carried forward -€76,617
down €76,617 (-24.4%), from -€313,917 to -€390,534
- Debts after one year -€57,045
down €57,045 (-16.1%), from €354,178 to €297,133
- Short-term financial debts +€10,738
up €10,738 (+27.1%), from €39,567 to €50,305
- Gross operating margin -€33,304
down €33,304 (-35.3%), from €94,275 to €60,971
- Financial income -€15,921
down €15,921 (-67.7%), from €23,523 to €7,601
- Financial charges -€3,308
down €3,308 (-24.6%), from €13,422 to €10,114
- Depreciation -€2,951
down €2,951 (-3.0%), from €99,639 to €96,688
- Staff costs -€2,616
down €2,616 (-7.3%), from €35,620 to €33,004
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 | €757,889 | €626,806 | -€131,083 | -17.3% |
| Fixed assets | 21/28 | €564,558 | €522,926 | -€41,632 | -7.4% |
| Intangible fixed assets | 21 | €79,526 | €45,810 | -€33,716 | -42.4% |
| Tangible fixed assets | 22/27 | €484,982 | €477,066 | -€7,916 | -1.6% |
| Land and buildings | 22 | €400,920 | €370,080 | -€30,840 | -7.7% |
| Furniture and vehicles | 24 | €17,584 | €59,057 | +€41,473 | +236% |
| Other tangible fixed assets | 26 | €66,478 | €47,929 | -€18,549 | -27.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €193,331 | €103,881 | -€89,451 | -46.3% |
| Stocks and contracts in progress | 3 | €128,589 | €80,061 | -€48,527 | -37.7% |
| Stocks | 30/36 | €128,589 | €80,061 | -€48,527 | -37.7% |
| Amounts receivable within one year | 40/41 | €228 | €130 | -€98 | -42.8% |
| Other amounts receivable | 41 | €228 | €130 | -€98 | -42.8% |
| Current investments | 50/53 | €10,601 | - | -€10,601 | |
| Cash at bank and in hand | 54/58 | €52,250 | €22,256 | -€29,994 | -57.4% |
| Deferred charges and accrued income | 490/1 | €1,664 | €1,433 | -€230 | -13.8% |
| Total equity and liabilities | 10/49 | €757,889 | €626,806 | -€131,083 | -17.3% |
| Equity | 10/15 | €344,027 | €267,409 | -€76,617 | -22.3% |
| Contributions | 10/11 | €148,800 | €148,800 | = | 0.0% |
| Reserves | 13 | €509,144 | €509,144 | = | 0.0% |
| Distributable reserves | 133 | €509,144 | €509,144 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€313,917 | -€390,534 | -€76,617 | -24.4% |
| Amounts payable | 17/49 | €413,862 | €359,397 | -€54,465 | -13.2% |
| Amounts payable after more than one year | 17 | €354,178 | €297,133 | -€57,045 | -16.1% |
| Financial debts | 170/4 | €354,178 | €297,133 | -€57,045 | -16.1% |
| Amounts payable within one year | 42/48 | €59,684 | €62,264 | +€2,580 | +4.3% |
| Financial debts | 43 | €39,567 | €50,305 | +€10,738 | +27.1% |
| Other loans | 439 | €39,567 | €50,305 | +€10,738 | +27.1% |
| Trade debts | 44 | €6,664 | €4,536 | -€2,128 | -31.9% |
| Suppliers | 440/4 | €6,664 | €4,536 | -€2,128 | -31.9% |
| Taxes, remuneration and social security | 45 | €10,523 | €6,383 | -€4,141 | -39.3% |
| Taxes | 450/3 | €5,161 | €3,984 | -€1,177 | -22.8% |
| Remuneration and social security | 454/9 | €5,362 | €2,398 | -€2,964 | -55.3% |
| Other amounts payable | 47/48 | €2,930 | €1,040 | -€1,889 | -64.5% |
| Remuneration, social security and pensions | 62 | €35,620 | €33,004 | -€2,616 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,639 | €96,688 | -€2,951 | -3.0% |
| Other operating charges | 640/8 | €4,902 | €5,085 | +€183 | +3.7% |
| Gross operating margin | 9900 | €94,275 | €60,971 | -€33,304 | -35.3% |
| Operating profit (loss) | 9901 | -€45,887 | -€73,806 | -€27,919 | -60.8% |
| Financial income | 75/76B | €23,523 | €7,601 | -€15,921 | -67.7% |
| Recurring financial income | 75 | €23,523 | €7,601 | -€15,921 | -67.7% |
| Financial charges | 65/66B | €13,422 | €10,114 | -€3,308 | -24.6% |
| Recurring financial charges | 65 | €13,422 | €10,114 | -€3,308 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€35,786 | -€76,319 | -€40,533 | -113% |
| Income taxes | 67/77 | €285 | €298 | +€13 | +4.6% |
| Profit (loss) for the period | 9904 | -€36,072 | -€76,617 | -€40,546 | -112% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,072 | -€76,617 | -€40,546 | -112% |
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.