KIWA1: 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.
What changed
KIWA1
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,251
2024 · €9,310+€3,941
Equity
€1.1m
2024 · €1.5m-€425,657
Cash
€302,804
2024 · €290,216+€12,588
Balance sheet total
€2.2m
2024 · €2.5m-€297,373
Largest movements
Assets
- Tangible fixed assets -€268,637
down €268,637 (-17.9%), from €1.5m to €1.2m
- Receivables within one year -€26,113
down €26,113 (-4.2%), from €628,053 to €601,940
of which Other amounts receivable: -€83,976
Equity and liabilities
- Other debts +€400,000
new in 2025: €400,000
- Profit (loss) carried forward -€386,749
down €386,749 (-46.6%), from €829,206 to €442,457
- Debts after one year -€279,908
down €279,908 (-55.8%), from €501,293 to €221,386
- Tax, wage and social debts -€53,573
no longer reported in 2025 (was €53,573)
- Trade debts +€44,683
up €44,683 (+75.1%), from €59,477 to €104,160
Income statement
- Gross operating margin +€40,292
up €40,292 (+16.6%), from €243,213 to €283,505
- Taxes +€38,725
no longer reported in 2025 (was -€38,725)
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.
Result 2024
€9,310
Gross operating margin
+€40,292
Depreciation
+€2,022
Financial income
-€54
Financial charges
+€405
Taxes
-€38,725
Result 2025
€13,251
raises the resultlowers the result
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.
From operations
+€724,321
Investment
€0
Financing
-€711,733
Cash 2024
€290,216
From operations (derived)
+€724,321
Net result for the year
+€13,251
Depreciation
+€268,637
Receivables within one year
+€26,113
Deferred charges and accrued income
+€15,212
Provisions
+€10,000
Trade debts
+€44,683
Tax, wage and social debts
-€53,573
Other debts
+€400,000
Financing
-€711,733
Debts after one year
-€279,908
Current portion of long-term debt
+€7,082
Contributions, distributions and other
-€438,908
Cash 2025
€302,804
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,485,384 | €2,188,011 | -€297,373 | -12.0% |
| Fixed assets | 21/28 | €1,498,406 | €1,229,769 | -€268,637 | -17.9% |
| Tangible fixed assets | 22/27 | €1,498,406 | €1,229,769 | -€268,637 | -17.9% |
| Leasing and similar rights | 25 | €1,498,406 | €1,229,769 | -€268,637 | -17.9% |
| Current assets | 29/58 | €986,979 | €958,242 | -€28,737 | -2.9% |
| Amounts receivable within one year | 40/41 | €628,053 | €601,940 | -€26,113 | -4.2% |
| Trade receivables | 40 | €193,764 | €251,628 | +€57,864 | +29.9% |
| Other amounts receivable | 41 | €434,289 | €350,312 | -€83,976 | -19.3% |
| Cash at bank and in hand | 54/58 | €290,216 | €302,804 | +€12,588 | +4.3% |
| Deferred charges and accrued income | 490/1 | €68,710 | €53,498 | -€15,212 | -22.1% |
| Total equity and liabilities | 10/49 | €2,485,384 | €2,188,011 | -€297,373 | -12.0% |
| Equity | 10/15 | €1,543,327 | €1,117,670 | -€425,657 | -27.6% |
| Contributions | 10/11 | €450,987 | €450,987 | = | 0.0% |
| Capital | 10 | €450,987 | €450,987 | = | 0.0% |
| Issued capital | 100 | €450,987 | €450,987 | = | 0.0% |
| Reserves | 13 | €45,899 | €45,899 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,899 | €45,899 | = | 0.0% |
| Legal reserve | 130 | €45,899 | €45,899 | = | 0.0% |
| Profit (loss) carried forward | 14 | €829,206 | €442,457 | -€386,749 | -46.6% |
| Investment grants | 15 | €217,235 | €178,328 | -€38,908 | -17.9% |
| Provisions and deferred taxes | 16 | €54,889 | €64,889 | +€10,000 | +18.2% |
| Provisions for liabilities and charges | 160/5 | €54,889 | €64,889 | +€10,000 | +18.2% |
| Major repairs and maintenance | 162 | €54,889 | €64,889 | +€10,000 | +18.2% |
| Amounts payable | 17/49 | €887,168 | €1,005,453 | +€118,284 | +13.3% |
| Amounts payable after more than one year | 17 | €501,293 | €221,386 | -€279,908 | -55.8% |
| Financial debts | 170/4 | €501,293 | €221,386 | -€279,908 | -55.8% |
| Amounts payable within one year | 42/48 | €385,875 | €784,067 | +€398,192 | +103% |
| Current portion of amounts payable after more than one year | 42 | €272,825 | €279,908 | +€7,082 | +2.6% |
| Trade debts | 44 | €59,477 | €104,160 | +€44,683 | +75.1% |
| Suppliers | 440/4 | €59,477 | €104,160 | +€44,683 | +75.1% |
| Taxes, remuneration and social security | 45 | €53,573 | - | -€53,573 | |
| Taxes | 450/3 | €53,573 | - | -€53,573 | |
| Other amounts payable | 47/48 | - | €400,000 | +€400,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,658 | €268,637 | -€2,022 | -0.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,000 | €10,000 | = | 0.0% |
| Other operating charges | 640/8 | €12,500 | €12,500 | = | 0.0% |
| Gross operating margin | 9900 | €243,213 | €283,505 | +€40,292 | +16.6% |
| Operating profit (loss) | 9901 | -€49,946 | -€7,632 | +€42,314 | +84.7% |
| Financial income | 75/76B | €41,219 | €41,165 | -€54 | -0.1% |
| Recurring financial income | 75 | €41,219 | €41,165 | -€54 | -0.1% |
| Financial charges | 65/66B | €20,688 | €20,283 | -€405 | -2.0% |
| Recurring financial charges | 65 | €20,688 | €20,283 | -€405 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,415 | €13,251 | +€42,665 | |
| Income taxes | 67/77 | -€38,725 | - | +€38,725 | |
| Profit (loss) for the period | 9904 | €9,310 | €13,251 | +€3,941 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,310 | €13,251 | +€3,941 | +42.3% |
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 28 October 2026 via checked.be.