KS RESEARCH: 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 RESEARCH
Largest movements
- Receivables within one year +€16,642
up €16,642 (+12.0%), from €138,653 to €155,294
of which Trade receivables: +€27,632
- Intangible fixed assets -€9,161
down €9,161 (-52.0%), from €17,621 to €8,460
- Cash -€1,965
down €1,965 (-25.2%), from €7,792 to €5,827
- Tax, wage and social debts +€5,494
new in 2025: €5,494
- Gross operating margin -€10,912
down €10,912 (-51.9%), from €21,029 to €10,117
- Depreciation -€6,650
down €6,650 (-42.1%), from €15,811 to €9,161
- Other operating charges -€4,316
down €4,316 (-86.8%), from €4,972 to €656
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,066 | €169,581 | +€5,515 | +3.4% |
| Fixed assets | 21/28 | €17,621 | €8,460 | -€9,161 | -52.0% |
| Intangible fixed assets | 21 | €17,621 | €8,460 | -€9,161 | -52.0% |
| Current assets | 29/58 | €146,445 | €161,122 | +€14,677 | +10.0% |
| Amounts receivable within one year | 40/41 | €138,653 | €155,294 | +€16,642 | +12.0% |
| Trade receivables | 40 | €26,473 | €54,104 | +€27,632 | +104% |
| Other amounts receivable | 41 | €112,180 | €101,190 | -€10,990 | -9.8% |
| Cash at bank and in hand | 54/58 | €7,792 | €5,827 | -€1,965 | -25.2% |
| Total equity and liabilities | 10/49 | €164,066 | €169,581 | +€5,515 | +3.4% |
| Equity | 10/15 | €163,068 | €163,068 | = | 0.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,318 | €94,318 | = | 0.0% |
| Amounts payable | 17/49 | €999 | €6,514 | +€5,515 | +552% |
| Amounts payable within one year | 42/48 | €999 | €6,514 | +€5,515 | +552% |
| Trade debts | 44 | €999 | €1,020 | +€21 | +2.1% |
| Suppliers | 440/4 | €999 | €1,020 | +€21 | +2.1% |
| Taxes, remuneration and social security | 45 | - | €5,494 | +€5,494 | |
| Taxes | 450/3 | - | €5,494 | +€5,494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,811 | €9,161 | -€6,650 | -42.1% |
| Other operating charges | 640/8 | €4,972 | €656 | -€4,316 | -86.8% |
| Gross operating margin | 9900 | €21,029 | €10,117 | -€10,912 | -51.9% |
| Operating profit (loss) | 9901 | €246 | €300 | +€54 | +22.0% |
| Financial charges | 65/66B | €246 | €300 | +€54 | +22.0% |
| Recurring financial charges | 65 | €246 | €300 | +€54 | +22.0% |
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 25 October 2026 via checked.be.