KSD: 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.
KSD
Largest movements
- Tangible fixed assets -€210,758
down €210,758 (-7.9%), from €2.7m to €2.5m
of which Land and buildings: -€210,758
- Cash -€35,949
down €35,949 (-47.6%), from €75,595 to €39,646
mainly Debts after one year (-€207,738) and Other debts (-€37,485)
- Receivables within one year +€29,129
up €29,129 (+543%), from €5,367 to €34,496
of which Other amounts receivable: +€29,129
- Debts after one year -€207,738
down €207,738 (-15.2%), from €1.4m to €1.2m
- Other debts -€37,485
down €37,485 (-23.9%), from €156,588 to €119,102
- Gross operating margin -€88,804
down €88,804 (-25.2%), from €352,463 to €263,659
- Other operating charges -€23,697
down €23,697 (-64.2%), from €36,934 to €13,238
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 | €2,751,083 | €2,533,775 | -€217,309 | -7.9% |
| Fixed assets | 21/28 | €2,662,560 | €2,451,803 | -€210,758 | -7.9% |
| Tangible fixed assets | 22/27 | €2,662,060 | €2,451,303 | -€210,758 | -7.9% |
| Land and buildings | 22 | €2,662,060 | €2,451,303 | -€210,758 | -7.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €88,523 | €81,972 | -€6,551 | -7.4% |
| Amounts receivable within one year | 40/41 | €5,367 | €34,496 | +€29,129 | +543% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,367 | €34,496 | +€29,129 | +543% |
| Cash at bank and in hand | 54/58 | €75,595 | €39,646 | -€35,949 | -47.6% |
| Deferred charges and accrued income | 490/1 | €7,561 | €7,830 | +€269 | +3.6% |
| Total equity and liabilities | 10/49 | €2,751,083 | €2,533,775 | -€217,309 | -7.9% |
| Equity | 10/15 | €928,531 | €945,885 | +€17,354 | +1.9% |
| Contributions | 10/11 | €900,000 | €900,000 | = | 0.0% |
| Capital | 10 | €900,000 | €900,000 | = | 0.0% |
| Issued capital | 100 | €900,000 | €900,000 | = | 0.0% |
| Reserves | 13 | €28,531 | €45,885 | +€17,354 | +60.8% |
| Tax-exempt reserves | 132 | €61 | €61 | = | 0.0% |
| Distributable reserves | 133 | €28,470 | €45,824 | +€17,354 | +61.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,822,552 | €1,587,889 | -€234,663 | -12.9% |
| Amounts payable after more than one year | 17 | €1,369,252 | €1,161,514 | -€207,738 | -15.2% |
| Financial debts | 170/4 | €1,369,252 | €1,161,514 | -€207,738 | -15.2% |
| Amounts payable within one year | 42/48 | €453,300 | €426,375 | -€26,925 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €204,699 | €207,738 | +€3,039 | +1.5% |
| Trade debts | 44 | €2,014 | €2,185 | +€171 | +8.5% |
| Suppliers | 440/4 | €2,014 | €2,185 | +€171 | +8.5% |
| Advances received on contracts in progress | 46 | €90,000 | €90,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €7,350 | +€7,350 | |
| Taxes | 450/3 | - | €7,350 | +€7,350 | |
| Other amounts payable | 47/48 | €156,588 | €119,102 | -€37,485 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,477 | €210,758 | -€720 | -0.3% |
| Other operating charges | 640/8 | €36,934 | €13,238 | -€23,697 | -64.2% |
| Gross operating margin | 9900 | €352,463 | €263,659 | -€88,804 | -25.2% |
| Operating profit (loss) | 9901 | €104,051 | €39,664 | -€64,387 | -61.9% |
| Financial income | 75/76B | €43 | €55 | +€12 | +28.3% |
| Recurring financial income | 75 | €43 | €55 | +€12 | +28.3% |
| Financial charges | 65/66B | €25,212 | €22,352 | -€2,861 | -11.3% |
| Recurring financial charges | 65 | €25,212 | €22,352 | -€2,861 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €78,882 | €17,367 | -€61,515 | -78.0% |
| Income taxes | 67/77 | - | €13 | +€13 | |
| Profit (loss) for the period | 9904 | €78,882 | €17,354 | -€61,528 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,882 | €17,354 | -€61,528 | -78.0% |
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 15 October 2026 via checked.be.