KMO FOCUS: 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.
KMO FOCUS
Largest movements
- Cash -€56,928
down €56,928 (-26.8%), from €212,293 to €155,365
mainly Trade debts (-€55,245) and Investment in fixed assets (net) (-€54,424)
- Tangible fixed assets +€47,532
up €47,532 (+823.9%), from €5,769 to €53,301
of which Furniture and vehicles: +€48,745
- Receivables within one year +€33,416
up €33,416 (+5.4%), from €622,335 to €655,751
of which Trade receivables: +€34,086
- Trade debts -€55,245
down €55,245 (-16.0%), from €344,348 to €289,103
- Reserves +€41,517
up €41,517 (+14.2%), from €292,090 to €333,607
of which Distributable reserves: +€41,517
- Debts after one year +€30,667
new in 2025: €30,667
- Tax, wage and social debts +€15,498
up €15,498 (+16.6%), from €93,382 to €108,880
of which Taxes: +€11,003
- Accrued charges and deferred income -€14,270
down €14,270 (-37.3%), from €38,266 to €23,995
- Gross operating margin +€77,866
up €77,866 (+11.2%), from €697,718 to €775,584
- Staff costs +€63,056
up €63,056 (+10.2%), from €620,783 to €683,839
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 | €844,471 | €870,715 | +€26,244 | +3.1% |
| Fixed assets | 21/28 | €5,769 | €53,301 | +€47,532 | +823.9% |
| Tangible fixed assets | 22/27 | €5,769 | €53,301 | +€47,532 | +823.9% |
| Plant, machinery and equipment | 23 | €2,724 | €1,512 | -€1,213 | -44.5% |
| Furniture and vehicles | 24 | €3,045 | €51,790 | +€48,745 | +1600.9% |
| Current assets | 29/58 | €838,702 | €817,413 | -€21,288 | -2.5% |
| Amounts receivable within one year | 40/41 | €622,335 | €655,751 | +€33,416 | +5.4% |
| Trade receivables | 40 | €621,621 | €655,707 | +€34,086 | +5.5% |
| Other amounts receivable | 41 | €714 | €43 | -€671 | -93.9% |
| Cash at bank and in hand | 54/58 | €212,293 | €155,365 | -€56,928 | -26.8% |
| Deferred charges and accrued income | 490/1 | €4,073 | €6,298 | +€2,225 | +54.6% |
| Total equity and liabilities | 10/49 | €844,471 | €870,715 | +€26,244 | +3.1% |
| Equity | 10/15 | €310,682 | €352,199 | +€41,517 | +13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €292,090 | €333,607 | +€41,517 | +14.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €405 | €405 | = | 0.0% |
| Distributable reserves | 133 | €289,826 | €331,343 | +€41,517 | +14.3% |
| Amounts payable | 17/49 | €533,789 | €518,516 | -€15,273 | -2.9% |
| Amounts payable after more than one year | 17 | - | €30,667 | +€30,667 | |
| Financial debts | 170/4 | - | €30,667 | +€30,667 | |
| Amounts payable within one year | 42/48 | €495,524 | €463,854 | -€31,670 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €10,810 | +€10,810 | |
| Trade debts | 44 | €344,348 | €289,103 | -€55,245 | -16.0% |
| Suppliers | 440/4 | €344,348 | €289,103 | -€55,245 | -16.0% |
| Taxes, remuneration and social security | 45 | €93,382 | €108,880 | +€15,498 | +16.6% |
| Taxes | 450/3 | €31,157 | €42,159 | +€11,003 | +35.3% |
| Remuneration and social security | 454/9 | €62,225 | €66,720 | +€4,495 | +7.2% |
| Other amounts payable | 47/48 | €57,794 | €55,062 | -€2,732 | -4.7% |
| Accrued charges and deferred income | 492/3 | €38,266 | €23,995 | -€14,270 | -37.3% |
| Non-recurring operating income | 76A | - | €18,026 | +€18,026 | |
| Remuneration, social security and pensions | 62 | €620,783 | €683,839 | +€63,056 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,012 | €6,892 | -€2,120 | -23.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €362 | €1,973 | +€1,612 | +445.8% |
| Other operating charges | 640/8 | €1,096 | €825 | -€271 | -24.7% |
| Non-recurring operating charges | 66A | €0 | €38 | +€38 | |
| Gross operating margin | 9900 | €697,718 | €775,584 | +€77,866 | +11.2% |
| Operating profit (loss) | 9901 | €66,466 | €82,017 | +€15,551 | +23.4% |
| Financial income | 75/76B | €706 | €3,198 | +€2,492 | +352.9% |
| Recurring financial income | 75 | €706 | €3,198 | +€2,492 | +352.9% |
| Financial charges | 65/66B | €11,685 | €13,147 | +€1,462 | +12.5% |
| Recurring financial charges | 65 | €11,685 | €13,147 | +€1,462 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €55,487 | €72,068 | +€16,581 | +29.9% |
| Income taxes | 67/77 | €24,293 | €30,551 | +€6,258 | +25.8% |
| Profit (loss) for the period | 9904 | €31,194 | €41,517 | +€10,323 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,194 | €41,517 | +€10,323 | +33.1% |
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 12 October 2026 via checked.be.