KS-CONSTRUCT: 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.
KS-CONSTRUCT
Largest movements
- Tangible fixed assets +€150,847
up €150,847 (+104%), from €145,387 to €296,234
of which Land and buildings: +€149,658
- Receivables within one year +€130,564
up €130,564 (+43.9%), from €297,263 to €427,827
of which Trade receivables: +€107,982
- Cash -€110,284
down €110,284 (-46.3%), from €238,027 to €127,744
mainly Investment in fixed assets (net) (-€214,090) and Receivables within one year (-€130,564)
- Reserves +€110,293
up €110,293 (+24.8%), from €444,336 to €554,629
of which Distributable reserves: +€110,293
- Trade debts +€47,332
up €47,332 (+53.8%), from €87,968 to €135,300
- Debts after one year -€27,968
down €27,968 (-29.3%), from €95,436 to €67,468
- Other debts +€25,000
up €25,000, from €0 to €25,000
- Short-term financial debts +€16,833
new in 2025: €16,833
- Gross operating margin +€137,393
up €137,393 (+48.4%), from €283,808 to €421,201
- Other operating charges -€93,084
down €93,084 (-92.2%), from €100,992 to €7,909
- Financial charges +€91,423
up €91,423, from -€80,306 to €11,117
- Staff costs +€44,628
up €44,628 (+40.8%), from €109,473 to €154,100
- Depreciation +€28,450
up €28,450 (+81.8%), from €34,793 to €63,243
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 | €700,152 | €870,774 | +€170,622 | +24.4% |
| Fixed assets | 21/28 | €147,787 | €298,634 | +€150,847 | +102% |
| Tangible fixed assets | 22/27 | €145,387 | €296,234 | +€150,847 | +104% |
| Land and buildings | 22 | €72,440 | €222,098 | +€149,658 | +207% |
| Plant, machinery and equipment | 23 | €22,327 | €26,869 | +€4,541 | +20.3% |
| Furniture and vehicles | 24 | €13,214 | €16,567 | +€3,353 | +25.4% |
| Other tangible fixed assets | 26 | €37,405 | €30,700 | -€6,705 | -17.9% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €552,365 | €572,140 | +€19,775 | +3.6% |
| Stocks and contracts in progress | 3 | €15,748 | €13,693 | -€2,055 | -13.1% |
| Stocks | 30/36 | €15,748 | €13,693 | -€2,055 | -13.1% |
| Amounts receivable within one year | 40/41 | €297,263 | €427,827 | +€130,564 | +43.9% |
| Trade receivables | 40 | €231,605 | €339,587 | +€107,982 | +46.6% |
| Other amounts receivable | 41 | €65,659 | €88,240 | +€22,582 | +34.4% |
| Cash at bank and in hand | 54/58 | €238,027 | €127,744 | -€110,284 | -46.3% |
| Deferred charges and accrued income | 490/1 | €1,326 | €2,876 | +€1,550 | +117% |
| Total equity and liabilities | 10/49 | €700,152 | €870,774 | +€170,622 | +24.4% |
| Equity | 10/15 | €462,936 | €573,229 | +€110,293 | +23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €444,336 | €554,629 | +€110,293 | +24.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €423,726 | €534,019 | +€110,293 | +26.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €237,216 | €297,544 | +€60,329 | +25.4% |
| Amounts payable after more than one year | 17 | €95,436 | €67,468 | -€27,968 | -29.3% |
| Financial debts | 170/4 | €95,436 | €67,468 | -€27,968 | -29.3% |
| Amounts payable within one year | 42/48 | €141,779 | €230,076 | +€88,297 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €26,799 | €27,968 | +€1,169 | +4.4% |
| Financial debts | 43 | - | €16,833 | +€16,833 | |
| Credit institutions | 430/8 | - | €16,833 | +€16,833 | |
| Trade debts | 44 | €87,968 | €135,300 | +€47,332 | +53.8% |
| Suppliers | 440/4 | €87,968 | €135,300 | +€47,332 | +53.8% |
| Taxes, remuneration and social security | 45 | €27,013 | €24,975 | -€2,037 | -7.5% |
| Taxes | 450/3 | €1,485 | €3,854 | +€2,370 | +160% |
| Remuneration and social security | 454/9 | €25,528 | €21,121 | -€4,407 | -17.3% |
| Other amounts payable | 47/48 | €0 | €25,000 | +€25,000 | |
| Non-recurring operating income | 76A | €0 | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €109,473 | €154,100 | +€44,628 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,793 | €63,243 | +€28,450 | +81.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €100,992 | €7,909 | -€93,084 | -92.2% |
| Non-recurring operating charges | 66A | €3,221 | €2,629 | -€592 | -18.4% |
| Gross operating margin | 9900 | €283,808 | €421,201 | +€137,393 | +48.4% |
| Operating profit (loss) | 9901 | €35,329 | €193,320 | +€157,991 | +447% |
| Financial income | 75/76B | €1,933 | €1,515 | -€418 | -21.6% |
| Recurring financial income | 75 | €1,933 | €1,515 | -€418 | -21.6% |
| Financial charges | 65/66B | -€80,306 | €11,117 | +€91,423 | |
| Recurring financial charges | 65 | -€80,306 | €11,117 | +€91,423 | |
| Profit (loss) for the period before taxes | 9903 | €117,568 | €183,717 | +€66,149 | +56.3% |
| Income taxes | 67/77 | €35,701 | €48,424 | +€12,724 | +35.6% |
| Profit (loss) for the period | 9904 | €81,867 | €135,293 | +€53,426 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,867 | €135,293 | +€53,426 | +65.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.