KSH: 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.
KSH
Largest movements
- Cash +€131,855
up €131,855 (+97.0%), from €136,001 to €267,856
mainly Net result for the year (+€125,736) and Current investments (+€75,000)
- Tangible fixed assets +€77,961
up €77,961 (+97.6%), from €79,861 to €157,823
of which Furniture and vehicles: +€39,461
- Current investments -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Receivables within one year -€50,808
down €50,808 (-72.5%), from €70,051 to €19,243
of which Trade receivables: -€61,623
- Stocks and contracts +€7,740
up €7,740 (+9.1%), from €84,760 to €92,500
- Reserves +€124,877
up €124,877 (+41.3%), from €302,150 to €427,027
- Other debts -€14,096
down €14,096 (-18.7%), from €75,282 to €61,185
- Debts after one year -€11,880
down €11,880 (-70.4%), from €16,864 to €4,984
- Gross operating margin +€6,971
up €6,971 (+3.9%), from €178,867 to €185,838
- Financial charges -€2,034
down €2,034 (-28.2%), from €7,224 to €5,190
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 | €447,578 | €540,051 | +€92,472 | +20.7% |
| Fixed assets | 21/28 | €79,871 | €157,833 | +€77,961 | +97.6% |
| Tangible fixed assets | 22/27 | €79,861 | €157,823 | +€77,961 | +97.6% |
| Land and buildings | 22 | €4,430 | €27,163 | +€22,733 | +513.1% |
| Plant, machinery and equipment | 23 | €13,075 | €28,843 | +€15,768 | +120.6% |
| Furniture and vehicles | 24 | €62,356 | €101,817 | +€39,461 | +63.3% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €367,707 | €382,218 | +€14,511 | +3.9% |
| Stocks and contracts in progress | 3 | €84,760 | €92,500 | +€7,740 | +9.1% |
| Stocks | 30/36 | €84,760 | €92,500 | +€7,740 | +9.1% |
| Amounts receivable within one year | 40/41 | €70,051 | €19,243 | -€50,808 | -72.5% |
| Trade receivables | 40 | €62,329 | €706 | -€61,623 | -98.9% |
| Other amounts receivable | 41 | €7,722 | €18,537 | +€10,815 | +140.1% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €136,001 | €267,856 | +€131,855 | +97.0% |
| Deferred charges and accrued income | 490/1 | €1,896 | €2,620 | +€724 | +38.2% |
| Total equity and liabilities | 10/49 | €447,578 | €540,051 | +€92,472 | +20.7% |
| Equity | 10/15 | €314,650 | €439,527 | +€124,877 | +39.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €302,150 | €427,027 | +€124,877 | +41.3% |
| Distributable reserves | 133 | €302,150 | €427,027 | +€124,877 | +41.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €132,929 | €100,524 | -€32,405 | -24.4% |
| Amounts payable after more than one year | 17 | €16,864 | €4,984 | -€11,880 | -70.4% |
| Financial debts | 170/4 | €16,864 | €4,984 | -€11,880 | -70.4% |
| Amounts payable within one year | 42/48 | €115,504 | €95,393 | -€20,112 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €11,765 | €11,880 | +€115 | +1.0% |
| Trade debts | 44 | €3,850 | €2,680 | -€1,170 | -30.4% |
| Suppliers | 440/4 | €3,850 | €2,680 | -€1,170 | -30.4% |
| Taxes, remuneration and social security | 45 | €24,607 | €19,647 | -€4,960 | -20.2% |
| Taxes | 450/3 | €24,607 | €19,647 | -€4,960 | -20.2% |
| Other amounts payable | 47/48 | €75,282 | €61,185 | -€14,096 | -18.7% |
| Accrued charges and deferred income | 492/3 | €561 | €147 | -€414 | -73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,144 | €24,176 | -€968 | -3.8% |
| Other operating charges | 640/8 | €887 | €1,104 | +€217 | +24.5% |
| Gross operating margin | 9900 | €178,867 | €185,838 | +€6,971 | +3.9% |
| Operating profit (loss) | 9901 | €152,836 | €160,558 | +€7,722 | +5.1% |
| Financial income | 75/76B | €2,382 | €2,496 | +€114 | +4.8% |
| Recurring financial income | 75 | €2,382 | €2,496 | +€114 | +4.8% |
| Financial charges | 65/66B | €7,224 | €5,190 | -€2,034 | -28.2% |
| Recurring financial charges | 65 | €7,224 | €5,190 | -€2,034 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €147,994 | €157,864 | +€9,870 | +6.7% |
| Income taxes | 67/77 | €32,827 | €32,128 | -€699 | -2.1% |
| Profit (loss) for the period | 9904 | €115,167 | €125,736 | +€10,569 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €115,167 | €125,736 | +€10,569 | +9.2% |
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 11 October 2026 via checked.be.