KGSA: 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.
KGSA
Largest movements
- Cash +€259,597
new in 2025: €259,597
mainly Trade debts (+€191,804) and Depreciation (+€115,280)
- Stocks and contracts -€21,794
down €21,794 (-34.3%), from €63,572 to €41,778
- Tangible fixed assets -€21,367
down €21,367 (-4.2%), from €514,152 to €492,785
of which Plant, machinery and equipment: -€25,977
- Intangible fixed assets -€15,422
down €15,422 (-18.2%), from €84,766 to €69,343
- Trade debts +€191,804
up €191,804 (+145.3%), from €132,025 to €323,829
- Debts after one year -€61,566
down €61,566 (-15.2%), from €403,778 to €342,211
of which Financial debts: -€37,732
- Short-term financial debts +€25,696
up €25,696 (+28.5%), from €90,182 to €115,877
- Reserves +€19,912
up €19,912 (+93.0%), from €21,405 to €41,317
- Current portion of long-term debt +€18,229
up €18,229 (+25.5%), from €71,592 to €89,821
- Gross operating margin -€170,896
down €170,896 (-24.3%), from €703,098 to €532,202
- Staff costs -€127,881
down €127,881 (-27.6%), from €463,069 to €335,188
- Depreciation -€29,377
down €29,377 (-20.3%), from €144,658 to €115,280
- Financial charges -€24,094
down €24,094 (-48.8%), from €49,328 to €25,234
- Other operating charges +€11,085
up €11,085 (+57.1%), from €19,410 to €30,495
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 | €850,854 | €1,050,663 | +€199,809 | +23.5% |
| Fixed assets | 21/28 | €600,218 | €563,428 | -€36,790 | -6.1% |
| Intangible fixed assets | 21 | €84,766 | €69,343 | -€15,422 | -18.2% |
| Tangible fixed assets | 22/27 | €514,152 | €492,785 | -€21,367 | -4.2% |
| Plant, machinery and equipment | 23 | €225,819 | €199,842 | -€25,977 | -11.5% |
| Furniture and vehicles | 24 | €239,047 | €264,301 | +€25,254 | +10.6% |
| Leasing and similar rights | 25 | €36,890 | €28,642 | -€8,248 | -22.4% |
| Assets under construction and advance payments | 27 | €12,396 | €0 | -€12,396 | -100.0% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €250,637 | €487,235 | +€236,598 | +94.4% |
| Stocks and contracts in progress | 3 | €63,572 | €41,778 | -€21,794 | -34.3% |
| Stocks | 30/36 | €63,572 | €41,778 | -€21,794 | -34.3% |
| Amounts receivable within one year | 40/41 | €183,874 | €183,835 | -€39 | 0.0% |
| Trade receivables | 40 | €169,326 | €182,574 | +€13,248 | +7.8% |
| Other amounts receivable | 41 | €14,548 | €1,261 | -€13,287 | -91.3% |
| Cash at bank and in hand | 54/58 | - | €259,597 | +€259,597 | |
| Deferred charges and accrued income | 490/1 | €3,190 | €2,025 | -€1,166 | -36.5% |
| Total equity and liabilities | 10/49 | €850,854 | €1,050,663 | +€199,809 | +23.5% |
| Equity | 10/15 | €103,845 | €123,060 | +€19,215 | +18.5% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €21,405 | €41,317 | +€19,912 | +93.0% |
| Distributable reserves | 133 | €21,405 | €41,317 | +€19,912 | +93.0% |
| Investment grants | 15 | €2,441 | €1,743 | -€697 | -28.6% |
| Amounts payable | 17/49 | €747,009 | €927,603 | +€180,594 | +24.2% |
| Amounts payable after more than one year | 17 | €403,778 | €342,211 | -€61,566 | -15.2% |
| Financial debts | 170/4 | €346,033 | €308,302 | -€37,732 | -10.9% |
| Other amounts payable | 178/9 | €57,744 | €33,909 | -€23,835 | -41.3% |
| Amounts payable within one year | 42/48 | €339,780 | €583,591 | +€243,811 | +71.8% |
| Current portion of amounts payable after more than one year | 42 | €71,592 | €89,821 | +€18,229 | +25.5% |
| Financial debts | 43 | €90,182 | €115,877 | +€25,696 | +28.5% |
| Credit institutions | 430/8 | €90,182 | €115,877 | +€25,696 | +28.5% |
| Trade debts | 44 | €132,025 | €323,829 | +€191,804 | +145.3% |
| Suppliers | 440/4 | €132,025 | €323,829 | +€191,804 | +145.3% |
| Taxes, remuneration and social security | 45 | €45,981 | €54,064 | +€8,083 | +17.6% |
| Taxes | 450/3 | €15,856 | €26,969 | +€11,113 | +70.1% |
| Remuneration and social security | 454/9 | €30,125 | €27,095 | -€3,029 | -10.1% |
| Accrued charges and deferred income | 492/3 | €3,451 | €1,800 | -€1,651 | -47.8% |
| Remuneration, social security and pensions | 62 | €463,069 | €335,188 | -€127,881 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,658 | €115,280 | -€29,377 | -20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €275 | €0 | -€275 | -100.0% |
| Other operating charges | 640/8 | €19,410 | €30,495 | +€11,085 | +57.1% |
| Gross operating margin | 9900 | €703,098 | €532,202 | -€170,896 | -24.3% |
| Operating profit (loss) | 9901 | €75,687 | €51,239 | -€24,448 | -32.3% |
| Financial income | 75/76B | €1,647 | €1,763 | +€117 | +7.1% |
| Recurring financial income | 75 | €1,647 | €1,763 | +€117 | +7.1% |
| Financial charges | 65/66B | €49,328 | €25,234 | -€24,094 | -48.8% |
| Recurring financial charges | 65 | €49,328 | €25,234 | -€24,094 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €28,006 | €27,768 | -€237 | -0.8% |
| Income taxes | 67/77 | €6,601 | €7,856 | +€1,255 | +19.0% |
| Profit (loss) for the period | 9904 | €21,405 | €19,912 | -€1,492 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,405 | €19,912 | -€1,492 | -7.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.