KSD: what changed
Two fiscal 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
- Cash +€42,518
up €42,518 (+160.0%), from €26,577 to €69,096
mainly Deferred charges and accrued income (+€38,172) and Net result for the year (+€27,834)
- Deferred charges and accrued income -€38,172
down €38,172 (-84.8%), from €45,011 to €6,839
- Receivables after one year +€28,854
up €28,854 (+17.3%), from €166,311 to €195,165
- Tangible fixed assets -€5,115
down €5,115 (-36.0%), from €14,199 to €9,083
of which Land and buildings: -€3,039
- Receivables within one year -€3,499
no longer reported in 2025 (was €3,499)
- Reserves +€27,834
up €27,834 (+21.4%), from €130,086 to €157,921
- Trade debts -€6,199
down €6,199 (-85.7%), from €7,237 to €1,038
- Gross operating margin +€21,587
up €21,587 (+56.0%), from €38,570 to €60,157
- Taxes +€5,105
up €5,105 (+59.9%), from €8,516 to €13,620
- Other operating charges +€3,730
up €3,730 (+42.0%), from €8,874 to €12,604
- Depreciation +€1,536
up €1,536 (+42.9%), from €3,579 to €5,115
- Financial charges +€716
up €716 (+268.4%), from €267 to €982
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.
Cash bridge derived
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 | €257,377 | €281,963 | +€24,586 | +9.6% |
| Fixed assets | 21/28 | €15,979 | €10,863 | -€5,115 | -32.0% |
| Tangible fixed assets | 22/27 | €14,199 | €9,083 | -€5,115 | -36.0% |
| Land and buildings | 22 | €10,586 | €7,547 | -€3,039 | -28.7% |
| Furniture and vehicles | 24 | €3,613 | €1,536 | -€2,077 | -57.5% |
| Financial fixed assets | 28 | €1,780 | €1,780 | = | 0.0% |
| Current assets | 29/58 | €241,399 | €271,100 | +€29,701 | +12.3% |
| Amounts receivable after more than one year | 29 | €166,311 | €195,165 | +€28,854 | +17.3% |
| Other amounts receivable | 291 | €166,311 | €195,165 | +€28,854 | +17.3% |
| Amounts receivable within one year | 40/41 | €3,499 | - | -€3,499 | |
| Other amounts receivable | 41 | €3,499 | - | -€3,499 | |
| Cash at bank and in hand | 54/58 | €26,577 | €69,096 | +€42,518 | +160.0% |
| Deferred charges and accrued income | 490/1 | €45,011 | €6,839 | -€38,172 | -84.8% |
| Total equity and liabilities | 10/49 | €257,377 | €281,963 | +€24,586 | +9.6% |
| Equity | 10/15 | €241,471 | €269,305 | +€27,834 | +11.5% |
| Reserves | 13 | €130,086 | €157,921 | +€27,834 | +21.4% |
| Distributable reserves | 133 | €130,086 | €157,921 | +€27,834 | +21.4% |
| Profit (loss) carried forward | 14 | €111,384 | €111,384 | = | 0.0% |
| Amounts payable | 17/49 | €15,907 | €12,658 | -€3,248 | -20.4% |
| Amounts payable within one year | 42/48 | €15,907 | €12,658 | -€3,248 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €3,798 | €4,000 | +€202 | +5.3% |
| Trade debts | 44 | €7,237 | €1,038 | -€6,199 | -85.7% |
| Suppliers | 440/4 | €7,237 | €1,038 | -€6,199 | -85.7% |
| Taxes, remuneration and social security | 45 | €4,872 | €7,620 | +€2,748 | +56.4% |
| Taxes | 450/3 | €4,872 | €7,620 | +€2,748 | +56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,579 | €5,115 | +€1,536 | +42.9% |
| Other operating charges | 640/8 | €8,874 | €12,604 | +€3,730 | +42.0% |
| Gross operating margin | 9900 | €38,570 | €60,157 | +€21,587 | +56.0% |
| Operating profit (loss) | 9901 | €26,117 | €42,437 | +€16,320 | +62.5% |
| Financial charges | 65/66B | €267 | €982 | +€716 | +268.4% |
| Recurring financial charges | 65 | €267 | €982 | +€716 | +268.4% |
| Profit (loss) for the period before taxes | 9903 | €25,850 | €41,455 | +€15,605 | +60.4% |
| Income taxes | 67/77 | €8,516 | €13,620 | +€5,105 | +59.9% |
| Profit (loss) for the period | 9904 | €17,334 | €27,834 | +€10,500 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,334 | €27,834 | +€10,500 | +60.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.