KURMAR: 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.
KURMAR
Largest movements
- Cash +€40,604
up €40,604 (+33.4%), from €121,674 to €162,279
mainly Net result for the year (+€47,101) and Other debts (+€42,352)
- Stocks and contracts +€12,287
up €12,287 (+53.7%), from €22,894 to €35,182
- Receivables within one year -€8,113
down €8,113 (-68.4%), from €11,859 to €3,746
- Other debts +€42,352
up €42,352 (+687%), from €6,169 to €48,521
- Tax, wage and social debts +€11,866
up €11,866 (+72.9%), from €16,283 to €28,149
of which Remuneration and social security: +€7,899
- Current portion of long-term debt -€6,523
down €6,523 (-57.9%), from €11,272 to €4,749
- Debts after one year -€4,749
no longer reported in 2025 (was €4,749)
- Staff costs +€28,750
up €28,750 (+14.5%), from €197,746 to €226,496
- Gross operating margin +€7,005
up €7,005 (+2.3%), from €308,642 to €315,646
- Depreciation -€4,192
down €4,192 (-15.4%), from €27,195 to €23,004
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 | €212,950 | €258,412 | +€45,462 | +21.3% |
| Fixed assets | 21/28 | €55,011 | €57,205 | +€2,194 | +4.0% |
| Tangible fixed assets | 22/27 | €53,586 | €55,780 | +€2,194 | +4.1% |
| Plant, machinery and equipment | 23 | €34,575 | €25,236 | -€9,339 | -27.0% |
| Furniture and vehicles | 24 | €11,107 | €7,129 | -€3,979 | -35.8% |
| Other tangible fixed assets | 26 | €7,903 | €23,416 | +€15,512 | +196% |
| Financial fixed assets | 28 | €1,425 | €1,425 | = | 0.0% |
| Current assets | 29/58 | €157,939 | €201,207 | +€43,268 | +27.4% |
| Stocks and contracts in progress | 3 | €22,894 | €35,182 | +€12,287 | +53.7% |
| Stocks | 30/36 | €22,894 | €35,182 | +€12,287 | +53.7% |
| Amounts receivable within one year | 40/41 | €11,859 | €3,746 | -€8,113 | -68.4% |
| Other amounts receivable | 41 | €11,859 | €3,746 | -€8,113 | -68.4% |
| Cash at bank and in hand | 54/58 | €121,674 | €162,279 | +€40,604 | +33.4% |
| Deferred charges and accrued income | 490/1 | €1,511 | - | -€1,511 | |
| Total equity and liabilities | 10/49 | €212,950 | €258,412 | +€45,462 | +21.3% |
| Equity | 10/15 | €86,664 | €86,664 | = | 0.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €65,993 | €65,993 | = | 0.0% |
| Distributable reserves | 133 | €65,993 | €65,993 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,329 | -€4,329 | = | 0.0% |
| Amounts payable | 17/49 | €126,286 | €171,748 | +€45,462 | +36.0% |
| Amounts payable after more than one year | 17 | €4,749 | - | -€4,749 | |
| Financial debts | 170/4 | €4,749 | - | -€4,749 | |
| Amounts payable within one year | 42/48 | €120,987 | €171,198 | +€50,211 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €11,272 | €4,749 | -€6,523 | -57.9% |
| Trade debts | 44 | €87,263 | €89,779 | +€2,516 | +2.9% |
| Suppliers | 440/4 | €87,263 | €89,779 | +€2,516 | +2.9% |
| Taxes, remuneration and social security | 45 | €16,283 | €28,149 | +€11,866 | +72.9% |
| Taxes | 450/3 | €13,352 | €17,318 | +€3,967 | +29.7% |
| Remuneration and social security | 454/9 | €2,932 | €10,831 | +€7,899 | +269% |
| Other amounts payable | 47/48 | €6,169 | €48,521 | +€42,352 | +687% |
| Accrued charges and deferred income | 492/3 | €550 | €550 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €197,746 | €226,496 | +€28,750 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,195 | €23,004 | -€4,192 | -15.4% |
| Other operating charges | 640/8 | €2,430 | €1,506 | -€924 | -38.0% |
| Gross operating margin | 9900 | €308,642 | €315,646 | +€7,005 | +2.3% |
| Operating profit (loss) | 9901 | €81,270 | €64,641 | -€16,630 | -20.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,789 | €2,048 | +€258 | +14.4% |
| Recurring financial charges | 65 | €1,789 | €2,048 | +€258 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €79,481 | €62,593 | -€16,888 | -21.2% |
| Income taxes | 67/77 | €13,197 | €15,492 | +€2,295 | +17.4% |
| Profit (loss) for the period | 9904 | €66,284 | €47,101 | -€19,183 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €66,284 | €47,101 | -€19,183 | -28.9% |
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 16 October 2026 via checked.be.