KMA: 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.
KMA
Largest movements
- Cash -€69,632
down €69,632 (-77.2%), from €90,140 to €20,507
mainly Investment in fixed assets (net) (-€58,841) and Contributions, distributions and other (-€30,000)
- Tangible fixed assets +€48,371
up €48,371 (+84.7%), from €57,135 to €105,507
of which Furniture and vehicles: +€49,741
- Receivables within one year -€6,163
down €6,163 (-10.0%), from €61,735 to €55,572
of which Trade receivables: -€12,424
- Reserves -€37,849
down €37,849 (-22.1%), from €171,471 to €133,622
- Other debts +€17,261
up €17,261 (+66.9%), from €25,810 to €43,071
- Tax, wage and social debts -€7,125
down €7,125 (-87.5%), from €8,143 to €1,019
- Gross operating margin -€29,687
down €29,687 (-79.0%), from €37,578 to €7,890
- Taxes -€11,377
down €11,377 (-90.2%), from €12,610 to €1,233
- Depreciation +€1,972
up €1,972 (+23.2%), from €8,498 to €10,470
- Financial charges +€1,487
up €1,487 (+124.6%), from €1,194 to €2,681
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 | €233,170 | €203,435 | -€29,735 | -12.8% |
| Fixed assets | 21/28 | €57,135 | €105,507 | +€48,371 | +84.7% |
| Tangible fixed assets | 22/27 | €57,135 | €105,507 | +€48,371 | +84.7% |
| Plant, machinery and equipment | 23 | €1,056 | €208 | -€848 | -80.3% |
| Furniture and vehicles | 24 | €27,465 | €77,206 | +€49,741 | +181.1% |
| Other tangible fixed assets | 26 | €28,615 | €28,092 | -€522 | -1.8% |
| Current assets | 29/58 | €176,035 | €97,928 | -€78,107 | -44.4% |
| Amounts receivable within one year | 40/41 | €61,735 | €55,572 | -€6,163 | -10.0% |
| Trade receivables | 40 | €59,152 | €46,728 | -€12,424 | -21.0% |
| Other amounts receivable | 41 | €2,582 | €8,844 | +€6,262 | +242.5% |
| Cash at bank and in hand | 54/58 | €90,140 | €20,507 | -€69,632 | -77.2% |
| Deferred charges and accrued income | 490/1 | €24,161 | €21,849 | -€2,312 | -9.6% |
| Total equity and liabilities | 10/49 | €233,170 | €203,435 | -€29,735 | -12.8% |
| Equity | 10/15 | €191,923 | €154,073 | -€37,849 | -19.7% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €171,471 | €133,622 | -€37,849 | -22.1% |
| Distributable reserves | 133 | €171,471 | €133,622 | -€37,849 | -22.1% |
| Amounts payable | 17/49 | €41,248 | €49,362 | +€8,114 | +19.7% |
| Amounts payable within one year | 42/48 | €41,248 | €49,362 | +€8,114 | +19.7% |
| Financial debts | 43 | €4,630 | €2,632 | -€1,998 | -43.2% |
| Credit institutions | 430/8 | €4,630 | €2,632 | -€1,998 | -43.2% |
| Trade debts | 44 | €2,664 | €2,640 | -€24 | -0.9% |
| Suppliers | 440/4 | €2,664 | €2,640 | -€24 | -0.9% |
| Taxes, remuneration and social security | 45 | €8,143 | €1,019 | -€7,125 | -87.5% |
| Taxes | 450/3 | €8,143 | €1,019 | -€7,125 | -87.5% |
| Other amounts payable | 47/48 | €25,810 | €43,071 | +€17,261 | +66.9% |
| Non-recurring operating income | 76A | - | €7,839 | +€7,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,498 | €10,470 | +€1,972 | +23.2% |
| Other operating charges | 640/8 | €1,449 | €1,395 | -€55 | -3.8% |
| Non-recurring operating charges | 66A | €811 | - | -€811 | |
| Gross operating margin | 9900 | €37,578 | €7,890 | -€29,687 | -79.0% |
| Operating profit (loss) | 9901 | €26,820 | -€3,974 | -€30,794 | |
| Financial income | 75/76B | €17 | €39 | +€22 | +130.2% |
| Recurring financial income | 75 | €17 | €39 | +€22 | +130.2% |
| Financial charges | 65/66B | €1,194 | €2,681 | +€1,487 | +124.6% |
| Recurring financial charges | 65 | €1,194 | €2,681 | +€1,487 | +124.6% |
| Profit (loss) for the period before taxes | 9903 | €25,643 | -€6,616 | -€32,259 | |
| Income taxes | 67/77 | €12,610 | €1,233 | -€11,377 | -90.2% |
| Profit (loss) for the period | 9904 | €13,033 | -€7,849 | -€20,882 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,033 | -€7,849 | -€20,882 |
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 7 October 2026 via checked.be.