KSL: 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.
KSL
Largest movements
- Stocks and contracts -€9,059
down €9,059 (-15.3%), from €59,118 to €50,059
- Receivables within one year +€4,825
new in 2025: €4,825
- Tangible fixed assets -€2,178
down €2,178 (-48.1%), from €4,525 to €2,347
- Trade debts +€50,691
up €50,691 (+74.5%), from €68,084 to €118,775
- Profit (loss) carried forward -€41,277
down €41,277 (-29.1%), from -€141,990 to -€183,266
- Other debts -€8,654
down €8,654 (-26.0%), from €33,304 to €24,650
- Short-term financial debts -€6,101
down €6,101 (-22.9%), from €26,656 to €20,555
- Tax, wage and social debts -€1,210
down €1,210 (-11.6%), from €10,454 to €9,244
of which Taxes: -€4,237
- Staff costs +€5,582
up €5,582 (+10.1%), from €55,171 to €60,753
- Other operating charges +€1,081
up €1,081 (+102.5%), from €1,055 to €2,137
- Gross operating margin -€744
down €744 (-2.6%), from €28,889 to €28,145
- Financial charges +€532
up €532 (+13.9%), from €3,822 to €4,354
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,856 | €60,305 | -€6,550 | -9.8% |
| Fixed assets | 21/28 | €7,487 | €5,309 | -€2,178 | -29.1% |
| Tangible fixed assets | 22/27 | €4,525 | €2,347 | -€2,178 | -48.1% |
| Plant, machinery and equipment | 23 | €4,525 | €2,347 | -€2,178 | -48.1% |
| Financial fixed assets | 28 | €2,963 | €2,963 | = | 0.0% |
| Current assets | 29/58 | €59,369 | €54,996 | -€4,372 | -7.4% |
| Stocks and contracts in progress | 3 | €59,118 | €50,059 | -€9,059 | -15.3% |
| Stocks | 30/36 | €59,118 | €50,059 | -€9,059 | -15.3% |
| Amounts receivable within one year | 40/41 | - | €4,825 | +€4,825 | |
| Trade receivables | 40 | - | €4,825 | +€4,825 | |
| Deferred charges and accrued income | 490/1 | €250 | €112 | -€138 | -55.2% |
| Total equity and liabilities | 10/49 | €66,856 | €60,305 | -€6,550 | -9.8% |
| Equity | 10/15 | -€76,990 | -€118,266 | -€41,277 | -53.6% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,990 | -€183,266 | -€41,277 | -29.1% |
| Amounts payable | 17/49 | €143,846 | €178,572 | +€34,726 | +24.1% |
| Amounts payable within one year | 42/48 | €143,846 | €178,572 | +€34,726 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €5,348 | €5,348 | = | 0.0% |
| Financial debts | 43 | €26,656 | €20,555 | -€6,101 | -22.9% |
| Other loans | 439 | €26,656 | €20,555 | -€6,101 | -22.9% |
| Trade debts | 44 | €68,084 | €118,775 | +€50,691 | +74.5% |
| Suppliers | 440/4 | €68,084 | €118,775 | +€50,691 | +74.5% |
| Taxes, remuneration and social security | 45 | €10,454 | €9,244 | -€1,210 | -11.6% |
| Taxes | 450/3 | €10,454 | €6,217 | -€4,237 | -40.5% |
| Remuneration and social security | 454/9 | - | €3,027 | +€3,027 | |
| Other amounts payable | 47/48 | €33,304 | €24,650 | -€8,654 | -26.0% |
| Remuneration, social security and pensions | 62 | €55,171 | €60,753 | +€5,582 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,908 | €2,178 | +€271 | +14.2% |
| Other operating charges | 640/8 | €1,055 | €2,137 | +€1,081 | +102.5% |
| Gross operating margin | 9900 | €28,889 | €28,145 | -€744 | -2.6% |
| Operating profit (loss) | 9901 | -€29,245 | -€36,923 | -€7,678 | -26.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -96.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -96.7% |
| Financial charges | 65/66B | €3,822 | €4,354 | +€532 | +13.9% |
| Recurring financial charges | 65 | €3,822 | €4,354 | +€532 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,064 | -€41,277 | -€8,213 | -24.8% |
| Profit (loss) for the period | 9904 | -€33,064 | -€41,277 | -€8,213 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,064 | -€41,277 | -€8,213 | -24.8% |
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 8 October 2026 via checked.be.