KM21: 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.
KM21
Largest movements
- Stocks and contracts +€51,482
up €51,482 (+151%), from €34,015 to €85,497
- Tangible fixed assets -€13,748
down €13,748 (-5.3%), from €259,264 to €245,516
of which Land and buildings: -€9,512
- Debts after one year +€56,231
up €56,231 (+28.2%), from €199,490 to €255,721
of which Other amounts payable: +€69,060
- Current portion of long-term debt -€19,757
down €19,757 (-60.6%), from €32,586 to €12,829
- Tax, wage and social debts +€3,697
up €3,697 (+21.6%), from €17,079 to €20,775
of which Taxes: +€2,382
- Gross operating margin +€6,792
up €6,792 (+8.4%), from €81,307 to €88,099
- Staff costs +€4,633
up €4,633 (+7.6%), from €60,618 to €65,250
- Financial charges +€2,025
up €2,025 (+49.2%), from €4,112 to €6,137
- Other operating charges +€1,292
up €1,292 (+40.4%), from €3,198 to €4,489
- Depreciation +€1,228
up €1,228 (+9.8%), from €12,521 to €13,748
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,544 | €344,042 | +€38,498 | +12.6% |
| Fixed assets | 21/28 | €267,514 | €253,766 | -€13,748 | -5.1% |
| Tangible fixed assets | 22/27 | €259,264 | €245,516 | -€13,748 | -5.3% |
| Land and buildings | 22 | €239,190 | €229,678 | -€9,512 | -4.0% |
| Plant, machinery and equipment | 23 | €19,380 | €15,452 | -€3,928 | -20.3% |
| Furniture and vehicles | 24 | €694 | €386 | -€309 | -44.4% |
| Financial fixed assets | 28 | €8,250 | €8,250 | = | 0.0% |
| Current assets | 29/58 | €38,030 | €90,276 | +€52,246 | +137% |
| Stocks and contracts in progress | 3 | €34,015 | €85,497 | +€51,482 | +151% |
| Stocks | 30/36 | €34,015 | €85,497 | +€51,482 | +151% |
| Amounts receivable within one year | 40/41 | €197 | €584 | +€387 | +196% |
| Other amounts receivable | 41 | €197 | €584 | +€387 | +196% |
| Cash at bank and in hand | 54/58 | €3,818 | €3,820 | +€2 | +0.1% |
| Deferred charges and accrued income | 490/1 | - | €375 | +€375 | |
| Total equity and liabilities | 10/49 | €305,544 | €344,042 | +€38,498 | +12.6% |
| Equity | 10/15 | €11,430 | €9,903 | -€1,527 | -13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,170 | -€8,697 | -€1,527 | -21.3% |
| Amounts payable | 17/49 | €294,115 | €334,139 | +€40,024 | +13.6% |
| Amounts payable after more than one year | 17 | €199,490 | €255,721 | +€56,231 | +28.2% |
| Financial debts | 170/4 | €137,490 | €124,661 | -€12,829 | -9.3% |
| Other amounts payable | 178/9 | €62,000 | €131,060 | +€69,060 | +111% |
| Amounts payable within one year | 42/48 | €94,624 | €78,418 | -€16,206 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €32,586 | €12,829 | -€19,757 | -60.6% |
| Trade debts | 44 | €15,731 | €17,049 | +€1,318 | +8.4% |
| Suppliers | 440/4 | €15,731 | €17,049 | +€1,318 | +8.4% |
| Taxes, remuneration and social security | 45 | €17,079 | €20,775 | +€3,697 | +21.6% |
| Taxes | 450/3 | €11,627 | €14,010 | +€2,382 | +20.5% |
| Remuneration and social security | 454/9 | €5,451 | €6,766 | +€1,314 | +24.1% |
| Other amounts payable | 47/48 | €29,229 | €27,765 | -€1,464 | -5.0% |
| Remuneration, social security and pensions | 62 | €60,618 | €65,250 | +€4,633 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,521 | €13,748 | +€1,228 | +9.8% |
| Other operating charges | 640/8 | €3,198 | €4,489 | +€1,292 | +40.4% |
| Gross operating margin | 9900 | €81,307 | €88,099 | +€6,792 | +8.4% |
| Operating profit (loss) | 9901 | €4,971 | €4,610 | -€360 | -7.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,112 | €6,137 | +€2,025 | +49.2% |
| Recurring financial charges | 65 | €4,112 | €6,137 | +€2,025 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €858 | -€1,527 | -€2,385 | |
| Profit (loss) for the period | 9904 | €858 | -€1,527 | -€2,385 | |
| Profit (loss) for the period to be appropriated | 9905 | €858 | -€1,527 | -€2,385 |
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 24 October 2026 via checked.be.