KIRMAN: 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.
KIRMAN
Largest movements
- Tangible fixed assets -€30,721
down €30,721 (-6.1%), from €499,599 to €468,877
of which Land and buildings: -€23,430
- Stocks and contracts -€18,762
down €18,762 (-18.0%), from €104,311 to €85,549
- Receivables within one year -€14,851
down €14,851 (-40.3%), from €36,815 to €21,964
of which Other amounts receivable: -€14,960
- Cash -€7,261
down €7,261 (-21.5%), from €33,776 to €26,515
mainly Debts after one year (-€59,370) and Contributions, distributions and other (-€34,742)
- Debts after one year -€59,370
down €59,370 (-30.1%), from €197,171 to €137,801
of which Financial debts: -€59,370
- Investment grants -€34,742
no longer reported in 2025 (was €34,742)
- Profit (loss) carried forward +€26,334
up €26,334 (+54.8%), from €48,085 to €74,420
- Provisions -€17,913
no longer reported in 2025 (was €17,913)
- Trade debts +€7,199
up €7,199 (+5.0%), from €143,986 to €151,185
- Financial income +€32,338
up €32,338 (+1326.9%), from €2,437 to €34,775
- Gross operating margin -€20,738
down €20,738 (-5.8%), from €355,429 to €334,691
- Staff costs +€19,464
up €19,464 (+7.3%), from €266,854 to €286,318
- Taxes +€5,666
up €5,666 (+107.1%), from €5,292 to €10,957
- Depreciation -€4,412
down €4,412 (-11.3%), from €39,074 to €34,662
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 | €679,452 | €607,857 | -€71,595 | -10.5% |
| Fixed assets | 21/28 | €500,247 | €469,525 | -€30,721 | -6.1% |
| Tangible fixed assets | 22/27 | €499,599 | €468,877 | -€30,721 | -6.1% |
| Land and buildings | 22 | €461,475 | €438,045 | -€23,430 | -5.1% |
| Plant, machinery and equipment | 23 | €8,064 | €9,321 | +€1,257 | +15.6% |
| Furniture and vehicles | 24 | €30,060 | €21,511 | -€8,549 | -28.4% |
| Financial fixed assets | 28 | €648 | €648 | = | 0.0% |
| Current assets | 29/58 | €179,206 | €138,332 | -€40,874 | -22.8% |
| Stocks and contracts in progress | 3 | €104,311 | €85,549 | -€18,762 | -18.0% |
| Stocks | 30/36 | €104,311 | €85,549 | -€18,762 | -18.0% |
| Amounts receivable within one year | 40/41 | €36,815 | €21,964 | -€14,851 | -40.3% |
| Trade receivables | 40 | €15,805 | €15,914 | +€110 | +0.7% |
| Other amounts receivable | 41 | €21,010 | €6,050 | -€14,960 | -71.2% |
| Cash at bank and in hand | 54/58 | €33,776 | €26,515 | -€7,261 | -21.5% |
| Deferred charges and accrued income | 490/1 | €4,303 | €4,303 | = | 0.0% |
| Total equity and liabilities | 10/49 | €679,452 | €607,857 | -€71,595 | -10.5% |
| Equity | 10/15 | €215,523 | €207,115 | -€8,408 | -3.9% |
| Contributions | 10/11 | €89,000 | €89,000 | = | 0.0% |
| Reserves | 13 | €43,695 | €43,695 | = | 0.0% |
| Distributable reserves | 133 | €43,695 | €43,695 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,085 | €74,420 | +€26,334 | +54.8% |
| Investment grants | 15 | €34,742 | - | -€34,742 | |
| Provisions and deferred taxes | 16 | €17,913 | - | -€17,913 | |
| Deferred taxes | 168 | €17,913 | - | -€17,913 | |
| Amounts payable | 17/49 | €446,017 | €400,742 | -€45,274 | -10.2% |
| Amounts payable after more than one year | 17 | €197,171 | €137,801 | -€59,370 | -30.1% |
| Financial debts | 170/4 | €175,171 | €115,801 | -€59,370 | -33.9% |
| Other amounts payable | 178/9 | €22,000 | €22,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €248,846 | €262,942 | +€14,096 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €57,340 | €59,371 | +€2,031 | +3.5% |
| Financial debts | 43 | €2,537 | €2,537 | = | 0.0% |
| Credit institutions | 430/8 | €2,537 | €2,537 | = | 0.0% |
| Trade debts | 44 | €143,986 | €151,185 | +€7,199 | +5.0% |
| Suppliers | 440/4 | €143,986 | €151,185 | +€7,199 | +5.0% |
| Taxes, remuneration and social security | 45 | €44,983 | €49,849 | +€4,866 | +10.8% |
| Taxes | 450/3 | €11,192 | €13,939 | +€2,747 | +24.5% |
| Remuneration and social security | 454/9 | €33,791 | €35,910 | +€2,119 | +6.3% |
| Remuneration, social security and pensions | 62 | €266,854 | €286,318 | +€19,464 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,074 | €34,662 | -€4,412 | -11.3% |
| Other operating charges | 640/8 | €14,629 | €14,988 | +€360 | +2.5% |
| Non-recurring operating charges | 66A | €53 | - | -€53 | |
| Gross operating margin | 9900 | €355,429 | €334,691 | -€20,738 | -5.8% |
| Operating profit (loss) | 9901 | €34,820 | -€1,277 | -€36,097 | |
| Financial income | 75/76B | €2,437 | €34,775 | +€32,338 | +1326.9% |
| Recurring financial income | 75 | €2,437 | €34,775 | +€32,338 | +1326.9% |
| Financial charges | 65/66B | €12,635 | €14,120 | +€1,485 | +11.8% |
| Recurring financial charges | 65 | €12,635 | €14,120 | +€1,485 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €24,622 | €19,378 | -€5,244 | -21.3% |
| Transfer from deferred taxes | 780 | €1,195 | €17,913 | +€16,718 | +1398.8% |
| Income taxes | 67/77 | €5,292 | €10,957 | +€5,666 | +107.1% |
| Profit (loss) for the period | 9904 | €20,526 | €26,334 | +€5,809 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,526 | €26,334 | +€5,809 | +28.3% |
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 5 October 2026 via checked.be.