KSM: 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.
KSM
Largest movements
- Receivables within one year +€10,105
up €10,105 (+560.6%), from €1,802 to €11,907
of which Trade receivables: +€9,900
- Cash -€4,401
down €4,401 (-13.2%), from €33,220 to €28,819
mainly Receivables within one year (-€10,105) and Investment in fixed assets (net) (-€4,767)
- Financial fixed assets +€2,520
new in 2025: €2,520
- Tangible fixed assets +€1,658
up €1,658 (+60.8%), from €2,730 to €4,388
of which Plant, machinery and equipment: +€1,934
- Tax, wage and social debts +€9,614
up €9,614 (+113.7%), from €8,456 to €18,070
of which Remuneration and social security: +€9,244
- Other debts -€3,915
down €3,915 (-91.2%), from €4,291 to €376
- Profit (loss) carried forward +€3,098
up €3,098 (+11.9%), from €26,095 to €29,193
- Trade debts +€1,594
up €1,594 (+168.8%), from €945 to €2,539
- Purchases and services -€135,919
no longer reported in 2025 (was €135,919)
- Gross operating margin +€23,156
up €23,156 (+125.1%), from €18,516 to €41,672
- Other operating charges +€16,113
up €16,113 (+2819.5%), from €571 to €16,685
- Staff costs +€8,998
up €8,998 (+82.8%), from €10,874 to €19,872
- Taxes -€2,121
down €2,121 (-62.1%), from €3,417 to €1,296
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 | €39,787 | €50,178 | +€10,391 | +26.1% |
| Fixed assets | 21/28 | €2,730 | €6,908 | +€4,178 | +153.1% |
| Tangible fixed assets | 22/27 | €2,730 | €4,388 | +€1,658 | +60.8% |
| Land and buildings | 22 | €2,060 | €1,784 | -€276 | -13.4% |
| Plant, machinery and equipment | 23 | €670 | €2,604 | +€1,934 | +288.9% |
| Financial fixed assets | 28 | - | €2,520 | +€2,520 | |
| Current assets | 29/58 | €37,057 | €43,270 | +€6,213 | +16.8% |
| Stocks and contracts in progress | 3 | €1,504 | €1,961 | +€456 | +30.3% |
| Stocks | 30/36 | €1,504 | €1,961 | +€456 | +30.3% |
| Amounts receivable within one year | 40/41 | €1,802 | €11,907 | +€10,105 | +560.6% |
| Trade receivables | 40 | €499 | €10,399 | +€9,900 | +1984.0% |
| Other amounts receivable | 41 | €1,303 | €1,508 | +€205 | +15.7% |
| Cash at bank and in hand | 54/58 | €33,220 | €28,819 | -€4,401 | -13.2% |
| Deferred charges and accrued income | 490/1 | €531 | €584 | +€53 | +9.9% |
| Total equity and liabilities | 10/49 | €39,787 | €50,178 | +€10,391 | +26.1% |
| Equity | 10/15 | €26,096 | €29,194 | +€3,098 | +11.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,095 | €29,193 | +€3,098 | +11.9% |
| Amounts payable | 17/49 | €13,691 | €20,984 | +€7,293 | +53.3% |
| Amounts payable within one year | 42/48 | €13,691 | €20,984 | +€7,293 | +53.3% |
| Trade debts | 44 | €945 | €2,539 | +€1,594 | +168.8% |
| Suppliers | 440/4 | €945 | €2,539 | +€1,594 | +168.8% |
| Taxes, remuneration and social security | 45 | €8,456 | €18,070 | +€9,614 | +113.7% |
| Taxes | 450/3 | €855 | €1,225 | +€370 | +43.2% |
| Remuneration and social security | 454/9 | €7,600 | €16,845 | +€9,244 | +121.6% |
| Other amounts payable | 47/48 | €4,291 | €376 | -€3,915 | -91.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €135,919 | - | -€135,919 | |
| Remuneration, social security and pensions | 62 | €10,874 | €19,872 | +€8,998 | +82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €507 | €588 | +€81 | +16.0% |
| Other operating charges | 640/8 | €571 | €16,685 | +€16,113 | +2819.5% |
| Gross operating margin | 9900 | €18,516 | €41,672 | +€23,156 | +125.1% |
| Operating profit (loss) | 9901 | €6,564 | €4,527 | -€2,037 | -31.0% |
| Financial income | 75/76B | €35 | - | -€35 | |
| Recurring financial income | 75 | €35 | - | -€35 | |
| Non-recurring financial income | 76B | €35 | - | -€35 | |
| Financial charges | 65/66B | €119 | €133 | +€14 | +11.7% |
| Recurring financial charges | 65 | €119 | €133 | +€14 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €6,480 | €4,394 | -€2,086 | -32.2% |
| Income taxes | 67/77 | €3,417 | €1,296 | -€2,121 | -62.1% |
| Profit (loss) for the period | 9904 | €3,063 | €3,098 | +€35 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,063 | €3,098 | +€35 | +1.1% |
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 6 October 2026 via checked.be.