KSA GROUP: 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.
KSA GROUP
Largest movements
- Stocks and contracts +€6,850
up €6,850 (+23.7%), from €28,945 to €35,795
- Tangible fixed assets +€1,641
up €1,641 (+14.7%), from €11,128 to €12,769
of which Plant, machinery and equipment: +€1,293
- Receivables within one year +€980
up €980 (+55.4%), from €1,771 to €2,751
- Cash +€878
up €878 (+115%), from €765 to €1,643
mainly Trade debts (+€8,479) and Depreciation (+€8,253)
- Trade debts +€8,479
up €8,479 (+161%), from €5,274 to €13,753
- Other debts +€4,434
up €4,434 (+14.1%), from €31,335 to €35,769
- Profit (loss) carried forward -€2,942
down €2,942 (-40.0%), from -€7,360 to -€10,302
- Depreciation +€2,177
up €2,177 (+35.8%), from €6,076 to €8,253
- Other operating charges +€812
up €812 (+77.1%), from €1,053 to €1,866
- Financial charges +€238
up €238 (+47.4%), from €502 to €740
- Taxes -€171
no longer reported in 2025 (was €171)
- Gross operating margin -€121
down €121 (-1.5%), from €8,037 to €7,916
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 | €44,249 | €54,219 | +€9,970 | +22.5% |
| Fixed assets | 21/28 | €11,128 | €12,769 | +€1,641 | +14.7% |
| Tangible fixed assets | 22/27 | €11,128 | €12,769 | +€1,641 | +14.7% |
| Plant, machinery and equipment | 23 | €2,024 | €3,317 | +€1,293 | +63.9% |
| Furniture and vehicles | 24 | €9,104 | €9,452 | +€348 | +3.8% |
| Current assets | 29/58 | €33,121 | €41,451 | +€8,329 | +25.1% |
| Stocks and contracts in progress | 3 | €28,945 | €35,795 | +€6,850 | +23.7% |
| Stocks | 30/36 | €28,945 | €35,795 | +€6,850 | +23.7% |
| Amounts receivable within one year | 40/41 | €1,771 | €2,751 | +€980 | +55.4% |
| Other amounts receivable | 41 | €1,771 | €2,751 | +€980 | +55.4% |
| Cash at bank and in hand | 54/58 | €765 | €1,643 | +€878 | +115% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,261 | -€379 | -23.1% |
| Total equity and liabilities | 10/49 | €44,249 | €54,219 | +€9,970 | +22.5% |
| Equity | 10/15 | €7,640 | €4,698 | -€2,942 | -38.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,360 | -€10,302 | -€2,942 | -40.0% |
| Amounts payable | 17/49 | €36,609 | €49,522 | +€12,912 | +35.3% |
| Amounts payable within one year | 42/48 | €36,609 | €49,522 | +€12,912 | +35.3% |
| Trade debts | 44 | €5,274 | €13,753 | +€8,479 | +161% |
| Suppliers | 440/4 | €5,274 | €13,753 | +€8,479 | +161% |
| Other amounts payable | 47/48 | €31,335 | €35,769 | +€4,434 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,076 | €8,253 | +€2,177 | +35.8% |
| Other operating charges | 640/8 | €1,053 | €1,866 | +€812 | +77.1% |
| Gross operating margin | 9900 | €8,037 | €7,916 | -€121 | -1.5% |
| Operating profit (loss) | 9901 | €908 | -€2,202 | -€3,110 | |
| Financial charges | 65/66B | €502 | €740 | +€238 | +47.4% |
| Recurring financial charges | 65 | €502 | €740 | +€238 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €406 | -€2,942 | -€3,348 | |
| Income taxes | 67/77 | €171 | - | -€171 | |
| Profit (loss) for the period | 9904 | €235 | -€2,942 | -€3,177 | |
| Profit (loss) for the period to be appropriated | 9905 | €235 | -€2,942 | -€3,177 |
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 20 October 2026 via checked.be.