KQIRA: 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.
KQIRA
Largest movements
- Tangible fixed assets -€26,081
down €26,081 (-18.1%), from €144,456 to €118,375
of which Plant, machinery and equipment: -€29,790
- Cash +€8,644
up €8,644 (+18.6%), from €46,401 to €55,045
mainly Depreciation (+€39,494) and Trade debts (+€18,929)
- Intangible fixed assets -€7,000
down €7,000 (-22.2%), from €31,500 to €24,500
- Debts after one year -€43,690
down €43,690 (-62.3%), from €70,159 to €26,469
- Trade debts +€18,929
up €18,929 (+97.2%), from €19,480 to €38,409
- Current portion of long-term debt -€10,438
down €10,438 (-19.3%), from €54,128 to €43,690
- Other debts +€5,703
up €5,703 (+30.3%), from €18,825 to €24,528
- Tax, wage and social debts +€4,958
up €4,958 (+17.5%), from €28,347 to €33,305
of which Remuneration and social security: +€3,783
- Gross operating margin -€24,955
down €24,955 (-13.1%), from €190,593 to €165,639
- Staff costs +€11,064
up €11,064 (+11.6%), from €95,446 to €106,510
- Depreciation -€6,287
down €6,287 (-13.7%), from €45,781 to €39,494
- Taxes +€3,980
new in 2025: €3,980
- Other operating charges +€2,666
up €2,666 (+34.2%), from €7,797 to €10,463
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 | €239,904 | €217,090 | -€22,815 | -9.5% |
| Fixed assets | 21/28 | €177,006 | €143,925 | -€33,081 | -18.7% |
| Intangible fixed assets | 21 | €31,500 | €24,500 | -€7,000 | -22.2% |
| Tangible fixed assets | 22/27 | €144,456 | €118,375 | -€26,081 | -18.1% |
| Land and buildings | 22 | €1,216 | €977 | -€239 | -19.7% |
| Plant, machinery and equipment | 23 | €140,236 | €110,447 | -€29,790 | -21.2% |
| Furniture and vehicles | 24 | - | €6,952 | +€6,952 | |
| Leasing and similar rights | 25 | €3,004 | - | -€3,004 | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €62,898 | €73,164 | +€10,266 | +16.3% |
| Stocks and contracts in progress | 3 | €8,450 | €7,345 | -€1,105 | -13.1% |
| Stocks | 30/36 | €8,450 | €7,345 | -€1,105 | -13.1% |
| Amounts receivable within one year | 40/41 | €1,731 | €3,375 | +€1,644 | +95.0% |
| Trade receivables | 40 | - | €1,657 | +€1,657 | |
| Other amounts receivable | 41 | €1,731 | €1,717 | -€13 | -0.8% |
| Cash at bank and in hand | 54/58 | €46,401 | €55,045 | +€8,644 | +18.6% |
| Deferred charges and accrued income | 490/1 | €6,317 | €7,400 | +€1,083 | +17.1% |
| Total equity and liabilities | 10/49 | €239,904 | €217,090 | -€22,815 | -9.5% |
| Equity | 10/15 | €48,965 | €50,688 | +€1,724 | +3.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,965 | €30,688 | +€1,724 | +6.0% |
| Amounts payable | 17/49 | €190,940 | €166,401 | -€24,538 | -12.9% |
| Amounts payable after more than one year | 17 | €70,159 | €26,469 | -€43,690 | -62.3% |
| Financial debts | 170/4 | €70,159 | €26,469 | -€43,690 | -62.3% |
| Amounts payable within one year | 42/48 | €120,781 | €139,933 | +€19,152 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €54,128 | €43,690 | -€10,438 | -19.3% |
| Trade debts | 44 | €19,480 | €38,409 | +€18,929 | +97.2% |
| Suppliers | 440/4 | €19,480 | €38,409 | +€18,929 | +97.2% |
| Taxes, remuneration and social security | 45 | €28,347 | €33,305 | +€4,958 | +17.5% |
| Taxes | 450/3 | €22,972 | €24,147 | +€1,175 | +5.1% |
| Remuneration and social security | 454/9 | €5,375 | €9,158 | +€3,783 | +70.4% |
| Other amounts payable | 47/48 | €18,825 | €24,528 | +€5,703 | +30.3% |
| Remuneration, social security and pensions | 62 | €95,446 | €106,510 | +€11,064 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,781 | €39,494 | -€6,287 | -13.7% |
| Other operating charges | 640/8 | €7,797 | €10,463 | +€2,666 | +34.2% |
| Gross operating margin | 9900 | €190,593 | €165,639 | -€24,955 | -13.1% |
| Operating profit (loss) | 9901 | €41,569 | €9,172 | -€32,397 | -77.9% |
| Financial income | 75/76B | - | €149 | +€149 | |
| Recurring financial income | 75 | - | €149 | +€149 | |
| Financial charges | 65/66B | €5,613 | €3,618 | -€1,995 | -35.5% |
| Recurring financial charges | 65 | €5,613 | €3,618 | -€1,995 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €35,957 | €5,703 | -€30,253 | -84.1% |
| Income taxes | 67/77 | - | €3,980 | +€3,980 | |
| Profit (loss) for the period | 9904 | €35,957 | €1,724 | -€34,233 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,957 | €1,724 | -€34,233 | -95.2% |
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 21 October 2026 via checked.be.