KUNDUZ EXPRESS: 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.
KUNDUZ EXPRESS
Largest movements
- Stocks and contracts +€19,151
up €19,151 (+227%), from €8,432 to €27,583
- Cash -€2,745
down €2,745 (-50.4%), from €5,447 to €2,702
mainly Stocks and contracts (-€19,151)
- Receivables within one year -€639
down €639 (-96.0%), from €665 to €26
- Intangible fixed assets -€600
down €600 (-16.7%), from €3,599 to €3,000
- Trade debts +€8,526
up €8,526 (+411%), from €2,075 to €10,600
- Profit (loss) carried forward +€4,455
up €4,455 (+28.9%), from -€15,427 to -€10,972
- Other debts +€1,456
new in 2025: €1,456
- Tax, wage and social debts +€607
up €607 (+4.5%), from €13,388 to €13,995
of which Taxes: +€4,331
- Gross operating margin +€10,557
up €10,557 (+34.5%), from €30,613 to €41,170
- Staff costs +€4,098
up €4,098 (+15.5%), from €26,422 to €30,520
- Other operating charges +€1,783
up €1,783 (+70.4%), from €2,532 to €4,315
- Financial charges +€1,122
up €1,122 (+706%), from €159 to €1,280
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.
Derived cash bridge
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 | €19,053 | €34,096 | +€15,043 | +79.0% |
| Fixed assets | 21/28 | €3,599 | €3,000 | -€600 | -16.7% |
| Intangible fixed assets | 21 | €3,599 | €3,000 | -€600 | -16.7% |
| Current assets | 29/58 | €15,453 | €31,096 | +€15,643 | +101% |
| Stocks and contracts in progress | 3 | €8,432 | €27,583 | +€19,151 | +227% |
| Stocks | 30/36 | €8,432 | €27,583 | +€19,151 | +227% |
| Amounts receivable within one year | 40/41 | €665 | €26 | -€639 | -96.0% |
| Other amounts receivable | 41 | €665 | €26 | -€639 | -96.0% |
| Cash at bank and in hand | 54/58 | €5,447 | €2,702 | -€2,745 | -50.4% |
| Deferred charges and accrued income | 490/1 | €909 | €785 | -€124 | -13.6% |
| Total equity and liabilities | 10/49 | €19,053 | €34,096 | +€15,043 | +79.0% |
| Equity | 10/15 | €3,590 | €8,045 | +€4,455 | +124% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €417 | €417 | = | 0.0% |
| Non-distributable reserves | 130/1 | €417 | €417 | = | 0.0% |
| Legal reserve | 130 | €417 | €417 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,427 | -€10,972 | +€4,455 | +28.9% |
| Amounts payable | 17/49 | €15,463 | €26,051 | +€10,588 | +68.5% |
| Amounts payable within one year | 42/48 | €15,463 | €26,051 | +€10,588 | +68.5% |
| Trade debts | 44 | €2,075 | €10,600 | +€8,526 | +411% |
| Suppliers | 440/4 | €2,075 | €10,600 | +€8,526 | +411% |
| Taxes, remuneration and social security | 45 | €13,388 | €13,995 | +€607 | +4.5% |
| Taxes | 450/3 | €9,039 | €13,369 | +€4,331 | +47.9% |
| Remuneration and social security | 454/9 | €4,350 | €626 | -€3,724 | -85.6% |
| Other amounts payable | 47/48 | - | €1,456 | +€1,456 | |
| Remuneration, social security and pensions | 62 | €26,422 | €30,520 | +€4,098 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €600 | €600 | = | 0.0% |
| Other operating charges | 640/8 | €2,532 | €4,315 | +€1,783 | +70.4% |
| Gross operating margin | 9900 | €30,613 | €41,170 | +€10,557 | +34.5% |
| Operating profit (loss) | 9901 | €1,059 | €5,736 | +€4,676 | +441% |
| Financial charges | 65/66B | €159 | €1,280 | +€1,122 | +706% |
| Recurring financial charges | 65 | €159 | €1,280 | +€1,122 | +706% |
| Profit (loss) for the period before taxes | 9903 | €901 | €4,455 | +€3,555 | +395% |
| Profit (loss) for the period | 9904 | €901 | €4,455 | +€3,555 | +395% |
| Profit (loss) for the period to be appropriated | 9905 | €901 | €4,455 | +€3,555 | +395% |
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 13 October 2026 via checked.be.