KING GRADING: what changed
Two fiscal 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.
KING GRADING
Largest movements
- Stocks and contracts -€5,562
no longer reported in 2025 (was €5,562)
- Intangible fixed assets -€2,820
down €2,820 (-45.0%), from €6,266 to €3,446
- Receivables within one year -€1,196
no longer reported in 2025 (was €1,196)
- Tangible fixed assets -€871
down €871 (-46.1%), from €1,889 to €1,018
of which Plant, machinery and equipment: -€813
- Cash +€544
up €544 (+247.9%), from €220 to €764
mainly Other debts (+€10,903) and Stocks and contracts (+€5,562)
- Other debts +€10,903
up €10,903 (+30.9%), from €35,317 to €46,220
- Debts after one year -€8,440
down €8,440 (-74.6%), from €11,315 to €2,875
- Trade debts -€7,164
down €7,164 (-99.5%), from €7,198 to €33
- Profit (loss) carried forward -€4,253
down €4,253 (-6.6%), from -€64,731 to -€68,983
- Investment grants -€1,000
down €1,000 (-45.0%), from €2,222 to €1,222
- Gross operating margin +€9,957
up €9,957, from -€6,896 to €3,061
- Write-downs +€3,559
new in 2025: €3,559
- Depreciation -€253
down €253 (-6.4%), from €3,943 to €3,691
- Financial charges -€250
down €250 (-27.5%), from €909 to €659
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 | €15,167 | €5,228 | -€9,939 | -65.5% |
| Fixed assets | 21/28 | €8,154 | €4,464 | -€3,691 | -45.3% |
| Intangible fixed assets | 21 | €6,266 | €3,446 | -€2,820 | -45.0% |
| Tangible fixed assets | 22/27 | €1,889 | €1,018 | -€871 | -46.1% |
| Plant, machinery and equipment | 23 | €1,831 | €1,018 | -€813 | -44.4% |
| Furniture and vehicles | 24 | €58 | - | -€58 | |
| Current assets | 29/58 | €7,012 | €764 | -€6,248 | -89.1% |
| Stocks and contracts in progress | 3 | €5,562 | - | -€5,562 | |
| Stocks | 30/36 | €5,562 | - | -€5,562 | |
| Amounts receivable within one year | 40/41 | €1,196 | - | -€1,196 | |
| Other amounts receivable | 41 | €1,196 | - | -€1,196 | |
| Cash at bank and in hand | 54/58 | €220 | €764 | +€544 | +247.9% |
| Deferred charges and accrued income | 490/1 | €35 | - | -€35 | |
| Total equity and liabilities | 10/49 | €15,167 | €5,228 | -€9,939 | -65.5% |
| Equity | 10/15 | -€47,509 | -€52,761 | -€5,253 | -11.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,731 | -€68,983 | -€4,253 | -6.6% |
| Investment grants | 15 | €2,222 | €1,222 | -€1,000 | -45.0% |
| Amounts payable | 17/49 | €62,675 | €57,989 | -€4,686 | -7.5% |
| Amounts payable after more than one year | 17 | €11,315 | €2,875 | -€8,440 | -74.6% |
| Financial debts | 170/4 | €11,315 | €2,875 | -€8,440 | -74.6% |
| Amounts payable within one year | 42/48 | €51,360 | €55,114 | +€3,754 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €8,168 | €8,440 | +€272 | +3.3% |
| Trade debts | 44 | €7,198 | €33 | -€7,164 | -99.5% |
| Suppliers | 440/4 | €7,198 | €33 | -€7,164 | -99.5% |
| Taxes, remuneration and social security | 45 | €678 | €421 | -€257 | -38.0% |
| Taxes | 450/3 | €678 | €421 | -€257 | -38.0% |
| Other amounts payable | 47/48 | €35,317 | €46,220 | +€10,903 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,943 | €3,691 | -€253 | -6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,559 | +€3,559 | |
| Other operating charges | 640/8 | €399 | €406 | +€6 | +1.6% |
| Gross operating margin | 9900 | -€6,896 | €3,061 | +€9,957 | |
| Operating profit (loss) | 9901 | -€11,238 | -€4,594 | +€6,645 | +59.1% |
| Financial income | 75/76B | €1,004 | €1,000 | -€4 | -0.4% |
| Recurring financial income | 75 | €1,004 | €1,000 | -€4 | -0.4% |
| Financial charges | 65/66B | €909 | €659 | -€250 | -27.5% |
| Recurring financial charges | 65 | €909 | €659 | -€250 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,143 | -€4,253 | +€6,890 | +61.8% |
| Profit (loss) for the period | 9904 | -€11,143 | -€4,253 | +€6,890 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,143 | -€4,253 | +€6,890 | +61.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.