KT21: 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.
KT21
Largest movements
- Tangible fixed assets +€105,022
up €105,022 (+49.1%), from €213,914 to €318,936
of which Land and buildings: +€107,116
- Cash -€62,215
down €62,215 (-76.1%), from €81,748 to €19,533
mainly Investment in fixed assets (net) (-€132,895) and Contributions, distributions and other (-€66,400)
- Current investments +€9,064
up €9,064 (+6.3%), from €145,000 to €154,064
- Other debts +€35,649
up €35,649 (+699.4%), from €5,097 to €40,746
- Current portion of long-term debt +€21,110
up €21,110 (+96.2%), from €21,951 to €43,061
- Debts after one year +€19,087
up €19,087 (+66.7%), from €28,595 to €47,682
- Reserves -€18,900
down €18,900 (-5.4%), from €349,980 to €331,080
- Tax, wage and social debts -€5,728
down €5,728 (-32.1%), from €17,865 to €12,137
- Gross operating margin -€19,655
down €19,655 (-15.7%), from €125,463 to €105,808
- Financial income +€16,833
up €16,833 (+312.6%), from €5,385 to €22,218
- Other operating charges +€14,313
up €14,313 (+281.0%), from €5,093 to €19,406
- Taxes -€5,060
down €5,060 (-15.0%), from €33,697 to €28,637
- Depreciation +€4,606
up €4,606 (+19.8%), from €23,267 to €27,873
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 | €461,164 | €515,348 | +€54,184 | +11.7% |
| Fixed assets | 21/28 | €213,914 | €318,936 | +€105,022 | +49.1% |
| Tangible fixed assets | 22/27 | €213,914 | €318,936 | +€105,022 | +49.1% |
| Land and buildings | 22 | €177,445 | €284,561 | +€107,116 | +60.4% |
| Plant, machinery and equipment | 23 | €3,552 | €2,692 | -€860 | -24.2% |
| Furniture and vehicles | 24 | €25,807 | €24,573 | -€1,234 | -4.8% |
| Other tangible fixed assets | 26 | €7,110 | €7,110 | = | 0.0% |
| Current assets | 29/58 | €247,250 | €196,412 | -€50,838 | -20.6% |
| Amounts receivable within one year | 40/41 | €20,502 | €21,988 | +€1,486 | +7.2% |
| Trade receivables | 40 | €20,502 | €21,981 | +€1,479 | +7.2% |
| Other amounts receivable | 41 | - | €7 | +€7 | |
| Current investments | 50/53 | €145,000 | €154,064 | +€9,064 | +6.3% |
| Cash at bank and in hand | 54/58 | €81,748 | €19,533 | -€62,215 | -76.1% |
| Deferred charges and accrued income | 490/1 | - | €827 | +€827 | |
| Total equity and liabilities | 10/49 | €461,164 | €515,348 | +€54,184 | +11.7% |
| Equity | 10/15 | €382,731 | €364,423 | -€18,308 | -4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,980 | €331,080 | -€18,900 | -5.4% |
| Distributable reserves | 133 | €349,980 | €331,080 | -€18,900 | -5.4% |
| Profit (loss) carried forward | 14 | €14,151 | €14,743 | +€592 | +4.2% |
| Amounts payable | 17/49 | €78,433 | €150,925 | +€72,492 | +92.4% |
| Amounts payable after more than one year | 17 | €28,595 | €47,682 | +€19,087 | +66.7% |
| Financial debts | 170/4 | €28,595 | €47,682 | +€19,087 | +66.7% |
| Amounts payable within one year | 42/48 | €49,838 | €103,243 | +€53,405 | +107.2% |
| Current portion of amounts payable after more than one year | 42 | €21,951 | €43,061 | +€21,110 | +96.2% |
| Trade debts | 44 | €4,925 | €7,299 | +€2,374 | +48.2% |
| Suppliers | 440/4 | €4,925 | €7,299 | +€2,374 | +48.2% |
| Taxes, remuneration and social security | 45 | €17,865 | €12,137 | -€5,728 | -32.1% |
| Taxes | 450/3 | €17,865 | €12,137 | -€5,728 | -32.1% |
| Other amounts payable | 47/48 | €5,097 | €40,746 | +€35,649 | +699.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,267 | €27,873 | +€4,606 | +19.8% |
| Other operating charges | 640/8 | €5,093 | €19,406 | +€14,313 | +281.0% |
| Gross operating margin | 9900 | €125,463 | €105,808 | -€19,655 | -15.7% |
| Operating profit (loss) | 9901 | €97,103 | €58,529 | -€38,574 | -39.7% |
| Financial income | 75/76B | €5,385 | €22,218 | +€16,833 | +312.6% |
| Recurring financial income | 75 | €5,385 | €22,218 | +€16,833 | +312.6% |
| Financial charges | 65/66B | €2,470 | €4,018 | +€1,548 | +62.7% |
| Recurring financial charges | 65 | €2,470 | €4,018 | +€1,548 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | €100,018 | €76,729 | -€23,289 | -23.3% |
| Income taxes | 67/77 | €33,697 | €28,637 | -€5,060 | -15.0% |
| Profit (loss) for the period | 9904 | €66,321 | €48,092 | -€18,229 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,321 | €48,092 | -€18,229 | -27.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.