KL: 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.
KL
Largest movements
- Receivables within one year +€26,076
up €26,076 (+88.2%), from €29,549 to €55,625
- Cash +€18,559
up €18,559 (+43.2%), from €42,987 to €61,546
mainly Net result for the year (+€56,482) and Tax, wage and social debts (+€11,964)
- Tangible fixed assets -€5,775
down €5,775 (-4.7%), from €123,348 to €117,573
- Reserves +€28,000
up €28,000 (+40.7%), from €68,860 to €96,860
- Tax, wage and social debts +€11,964
up €11,964 (+192.0%), from €6,232 to €18,197
- Other debts +€8,688
up €8,688 (+7.3%), from €118,939 to €127,627
- Debts after one year -€6,833
down €6,833 (-100.0%), from €6,833 to €0
- Gross operating margin +€24,216
up €24,216 (+32.7%), from €74,046 to €98,263
- Taxes +€7,225
up €7,225 (+36.3%), from €19,922 to €27,147
- Financial charges +€2,138
up €2,138 (+43.7%), from €4,895 to €7,033
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 | €455,883 | €494,744 | +€38,861 | +8.5% |
| Fixed assets | 21/28 | €383,348 | €377,573 | -€5,775 | -1.5% |
| Tangible fixed assets | 22/27 | €123,348 | €117,573 | -€5,775 | -4.7% |
| Land and buildings | 22 | €123,348 | €117,573 | -€5,775 | -4.7% |
| Financial fixed assets | 28 | €260,000 | €260,000 | = | 0.0% |
| Current assets | 29/58 | €72,536 | €117,171 | +€44,636 | +61.5% |
| Amounts receivable within one year | 40/41 | €29,549 | €55,625 | +€26,076 | +88.2% |
| Trade receivables | 40 | €29,549 | €55,625 | +€26,076 | +88.2% |
| Cash at bank and in hand | 54/58 | €42,987 | €61,546 | +€18,559 | +43.2% |
| Total equity and liabilities | 10/49 | €455,883 | €494,744 | +€38,861 | +8.5% |
| Equity | 10/15 | €310,277 | €339,759 | +€29,482 | +9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,860 | €96,860 | +€28,000 | +40.7% |
| Distributable reserves | 133 | €68,860 | €96,860 | +€28,000 | +40.7% |
| Profit (loss) carried forward | 14 | €229,017 | €230,499 | +€1,482 | +0.6% |
| Amounts payable | 17/49 | €145,606 | €154,985 | +€9,378 | +6.4% |
| Amounts payable after more than one year | 17 | €6,833 | €0 | -€6,833 | -100.0% |
| Financial debts | 170/4 | €6,833 | €0 | -€6,833 | -100.0% |
| Amounts payable within one year | 42/48 | €138,773 | €154,985 | +€16,212 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €10,152 | €6,833 | -€3,319 | -32.7% |
| Trade debts | 44 | €3,449 | €2,327 | -€1,122 | -32.5% |
| Suppliers | 440/4 | €3,449 | €2,327 | -€1,122 | -32.5% |
| Taxes, remuneration and social security | 45 | €6,232 | €18,197 | +€11,964 | +192.0% |
| Taxes | 450/3 | €6,232 | €18,197 | +€11,964 | +192.0% |
| Other amounts payable | 47/48 | €118,939 | €127,627 | +€8,688 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,775 | €5,775 | = | 0.0% |
| Other operating charges | 640/8 | €1,491 | €1,826 | +€335 | +22.5% |
| Gross operating margin | 9900 | €74,046 | €98,263 | +€24,216 | +32.7% |
| Operating profit (loss) | 9901 | €66,781 | €90,662 | +€23,881 | +35.8% |
| Financial charges | 65/66B | €4,895 | €7,033 | +€2,138 | +43.7% |
| Recurring financial charges | 65 | €4,895 | €7,033 | +€2,138 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €61,886 | €83,629 | +€21,743 | +35.1% |
| Income taxes | 67/77 | €19,922 | €27,147 | +€7,225 | +36.3% |
| Profit (loss) for the period | 9904 | €41,964 | €56,482 | +€14,518 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,964 | €56,482 | +€14,518 | +34.6% |
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 29 September 2026 via checked.be.