KSDC: 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.
KSDC
Largest movements
- Cash +€928,881
up €928,881 (+874.3%), from €106,243 to €1.0m
mainly Current investments (+€677,874) and Net result for the year (+€303,362)
- Current investments -€677,874
down €677,874 (-100.0%), from €677,874 to €0
- Receivables within one year -€39,844
down €39,844 (-27.7%), from €143,904 to €104,060
of which Other amounts receivable: -€43,426
- Intangible fixed assets -€35,758
down €35,758 (-100.0%), from €35,758 to €0
- Tangible fixed assets -€30,146
down €30,146 (-3.3%), from €927,088 to €896,942
of which Land and buildings: -€27,309
- Reserves +€184,913
up €184,913 (+11.0%), from €1.7m to €1.9m
of which Tax-exempt reserves: +€147,350
- Tax, wage and social debts -€120,649
down €120,649 (-64.7%), from €186,533 to €65,883
- Other debts +€76,442
up €76,442, from €0 to €76,442
- Financial income +€362,585
up €362,585 (+1344.3%), from €26,972 to €389,557
- Gross operating margin -€112,172
down €112,172 (-67.4%), from €166,535 to €54,363
- Taxes +€86,516
up €86,516 (+715.3%), from €12,095 to €98,611
- Depreciation -€45,395
down €45,395 (-59.2%), from €76,623 to €31,229
- Financial charges +€5,690
up €5,690 (+187.4%), from €3,037 to €8,727
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 | €1,891,659 | €2,038,550 | +€146,891 | +7.8% |
| Fixed assets | 21/28 | €962,846 | €896,942 | -€65,905 | -6.8% |
| Intangible fixed assets | 21 | €35,758 | €0 | -€35,758 | -100.0% |
| Tangible fixed assets | 22/27 | €927,088 | €896,942 | -€30,146 | -3.3% |
| Land and buildings | 22 | €918,809 | €891,500 | -€27,309 | -3.0% |
| Furniture and vehicles | 24 | €7,402 | €4,658 | -€2,744 | -37.1% |
| Other tangible fixed assets | 26 | €877 | €785 | -€93 | -10.6% |
| Current assets | 29/58 | €928,813 | €1,141,608 | +€212,795 | +22.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €143,904 | €104,060 | -€39,844 | -27.7% |
| Trade receivables | 40 | €98,394 | €101,977 | +€3,582 | +3.6% |
| Other amounts receivable | 41 | €45,510 | €2,083 | -€43,426 | -95.4% |
| Current investments | 50/53 | €677,874 | €0 | -€677,874 | -100.0% |
| Cash at bank and in hand | 54/58 | €106,243 | €1,035,124 | +€928,881 | +874.3% |
| Deferred charges and accrued income | 490/1 | €792 | €2,424 | +€1,632 | +206.0% |
| Total equity and liabilities | 10/49 | €1,891,659 | €2,038,550 | +€146,891 | +7.8% |
| Equity | 10/15 | €1,694,886 | €1,879,798 | +€184,913 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,676,286 | €1,861,198 | +€184,913 | +11.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €147,350 | +€147,350 | |
| Distributable reserves | 133 | €1,676,286 | €1,713,848 | +€37,563 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €196,774 | €158,752 | -€38,022 | -19.3% |
| Amounts payable within one year | 42/48 | €195,079 | €158,752 | -€36,327 | -18.6% |
| Financial debts | 43 | €5,372 | €6,728 | +€1,356 | +25.3% |
| Credit institutions | 430/8 | €5,372 | €6,728 | +€1,356 | +25.3% |
| Trade debts | 44 | €3,174 | €9,698 | +€6,524 | +205.5% |
| Suppliers | 440/4 | €3,174 | €9,698 | +€6,524 | +205.5% |
| Taxes, remuneration and social security | 45 | €186,533 | €65,883 | -€120,649 | -64.7% |
| Taxes | 450/3 | €186,533 | €65,883 | -€120,649 | -64.7% |
| Other amounts payable | 47/48 | €0 | €76,442 | +€76,442 | |
| Accrued charges and deferred income | 492/3 | €1,695 | €0 | -€1,695 | -100.0% |
| Non-recurring operating income | 76A | - | €44,716 | +€44,716 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,623 | €31,229 | -€45,395 | -59.2% |
| Other operating charges | 640/8 | €2,867 | €1,773 | -€1,094 | -38.2% |
| Non-recurring operating charges | 66A | - | €218 | +€218 | |
| Gross operating margin | 9900 | €166,535 | €54,363 | -€112,172 | -67.4% |
| Operating profit (loss) | 9901 | €87,044 | €21,142 | -€65,902 | -75.7% |
| Financial income | 75/76B | €26,972 | €389,557 | +€362,585 | +1344.3% |
| Recurring financial income | 75 | €26,972 | €389,557 | +€362,585 | +1344.3% |
| Financial charges | 65/66B | €3,037 | €8,727 | +€5,690 | +187.4% |
| Recurring financial charges | 65 | €3,037 | €8,727 | +€5,690 | +187.4% |
| Profit (loss) for the period before taxes | 9903 | €110,980 | €401,973 | +€290,993 | +262.2% |
| Income taxes | 67/77 | €12,095 | €98,611 | +€86,516 | +715.3% |
| Profit (loss) for the period | 9904 | €98,885 | €303,362 | +€204,477 | +206.8% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,885 | €156,012 | +€57,127 | +57.8% |
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 30 September 2026 via checked.be.