Kieskeur: 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.
Kieskeur
Largest movements
- Cash +€315,110
up €315,110 (+22.9%), from €1.4m to €1.7m
mainly Net result for the year (+€381,531) and Trade debts (+€192,389)
- Tangible fixed assets -€115,417
down €115,417 (-24.7%), from €467,344 to €351,926
of which Plant, machinery and equipment: -€67,786
- Receivables within one year -€55,262
down €55,262 (-17.6%), from €313,626 to €258,364
of which Other amounts receivable: -€69,982
- Other debts -€399,928
down €399,928 (-100.0%), from €400,000 to €72
- Reserves +€381,531
up €381,531 (+27.3%), from €1.4m to €1.8m
of which Distributable reserves: +€381,531
- Trade debts +€192,389
up €192,389 (+14.3%), from €1.3m to €1.5m
- Taxes +€120,387
up €120,387 (+36,273%), from €332 to €120,719
- Depreciation -€97,014
down €97,014 (-43.7%), from €222,034 to €125,020
- Gross operating margin -€58,587
down €58,587 (-2.9%), from €2.0m to €2.0m
- Staff costs +€38,974
up €38,974 (+3.1%), from €1.3m to €1.3m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,495,833 | €3,669,136 | +€173,303 | +5.0% |
| Fixed assets | 21/28 | €470,323 | €354,906 | -€115,417 | -24.5% |
| Tangible fixed assets | 22/27 | €467,344 | €351,926 | -€115,417 | -24.7% |
| Land and buildings | 22 | €7,612 | €3,756 | -€3,856 | -50.7% |
| Plant, machinery and equipment | 23 | €343,770 | €275,984 | -€67,786 | -19.7% |
| Furniture and vehicles | 24 | €115,962 | €72,187 | -€43,775 | -37.7% |
| Financial fixed assets | 28 | €2,980 | €2,980 | = | 0.0% |
| Current assets | 29/58 | €3,025,509 | €3,314,230 | +€288,721 | +9.5% |
| Stocks and contracts in progress | 3 | €798,946 | €819,463 | +€20,517 | +2.6% |
| Stocks | 30/36 | €798,946 | €819,463 | +€20,517 | +2.6% |
| Amounts receivable within one year | 40/41 | €313,626 | €258,364 | -€55,262 | -17.6% |
| Trade receivables | 40 | €214,917 | €229,638 | +€14,721 | +6.8% |
| Other amounts receivable | 41 | €98,709 | €28,727 | -€69,982 | -70.9% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,377,574 | €1,692,684 | +€315,110 | +22.9% |
| Deferred charges and accrued income | 490/1 | €35,364 | €43,719 | +€8,355 | +23.6% |
| Total equity and liabilities | 10/49 | €3,495,833 | €3,669,136 | +€173,303 | +5.0% |
| Equity | 10/15 | €1,593,898 | €1,975,428 | +€381,531 | +23.9% |
| Contributions | 10/11 | €198,000 | €198,000 | = | 0.0% |
| Capital | 10 | €198,000 | €198,000 | = | 0.0% |
| Issued capital | 100 | €198,000 | €198,000 | = | 0.0% |
| Reserves | 13 | €1,395,898 | €1,777,428 | +€381,531 | +27.3% |
| Non-distributable reserves | 130/1 | €21,783 | €21,783 | = | 0.0% |
| Legal reserve | 130 | €19,800 | €19,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Distributable reserves | 133 | €1,374,114 | €1,755,645 | +€381,531 | +27.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,901,935 | €1,693,708 | -€208,227 | -10.9% |
| Amounts payable within one year | 42/48 | €1,900,583 | €1,693,543 | -€207,040 | -10.9% |
| Trade debts | 44 | €1,347,914 | €1,540,302 | +€192,389 | +14.3% |
| Suppliers | 440/4 | €1,347,914 | €1,540,302 | +€192,389 | +14.3% |
| Taxes, remuneration and social security | 45 | €152,670 | €153,169 | +€499 | +0.3% |
| Taxes | 450/3 | €89 | €297 | +€208 | +233% |
| Remuneration and social security | 454/9 | €152,580 | €152,872 | +€291 | +0.2% |
| Other amounts payable | 47/48 | €400,000 | €72 | -€399,928 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,352 | €165 | -€1,187 | -87.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,265,186 | €1,304,161 | +€38,974 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,034 | €125,020 | -€97,014 | -43.7% |
| Other operating charges | 640/8 | €38,451 | €44,358 | +€5,907 | +15.4% |
| Non-recurring operating charges | 66A | €11,538 | €11,295 | -€243 | -2.1% |
| Gross operating margin | 9900 | €2,041,025 | €1,982,439 | -€58,587 | -2.9% |
| Operating profit (loss) | 9901 | €503,816 | €497,604 | -€6,212 | -1.2% |
| Financial income | 75/76B | €18,916 | €12,107 | -€6,808 | -36.0% |
| Recurring financial income | 75 | €18,916 | €12,107 | -€6,808 | -36.0% |
| Financial charges | 65/66B | €4,726 | €7,462 | +€2,736 | +57.9% |
| Recurring financial charges | 65 | €4,726 | €7,462 | +€2,736 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €518,006 | €502,250 | -€15,756 | -3.0% |
| Income taxes | 67/77 | €332 | €120,719 | +€120,387 | +36,273% |
| Profit (loss) for the period | 9904 | €517,674 | €381,531 | -€136,144 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €517,674 | €381,531 | -€136,144 | -26.3% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.