KURSAD: 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.
KURSAD
Largest movements
- Receivables within one year +€125,055
up €125,055 (+200%), from €62,404 to €187,459
of which Trade receivables: +€122,692
- Cash -€72,678
down €72,678 (-60.8%), from €119,517 to €46,839
mainly Receivables within one year (-€125,055) and Stocks and contracts (-€15,550)
- Stocks and contracts +€15,550
new in 2025: €15,550
- Trade debts +€41,462
up €41,462 (+191%), from €21,677 to €63,139
- Tax, wage and social debts +€21,479
up €21,479 (+161%), from €13,370 to €34,849
of which Remuneration and social security: +€19,482
- Profit (loss) carried forward +€4,200
up €4,200 (+3.0%), from €141,805 to €146,005
- Gross operating margin -€67,648
down €67,648 (-60.0%), from €112,781 to €45,133
- Staff costs -€35,099
down €35,099 (-52.4%), from €67,016 to €31,917
- Taxes -€8,639
down €8,639 (-81.2%), from €10,636 to €1,997
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 | €196,052 | €263,193 | +€67,141 | +34.2% |
| Fixed assets | 21/28 | €14,131 | €13,345 | -€786 | -5.6% |
| Tangible fixed assets | 22/27 | €14,131 | €13,345 | -€786 | -5.6% |
| Plant, machinery and equipment | 23 | €5,682 | €4,965 | -€716 | -12.6% |
| Furniture and vehicles | 24 | €8,449 | €8,379 | -€70 | -0.8% |
| Current assets | 29/58 | €181,921 | €249,848 | +€67,926 | +37.3% |
| Stocks and contracts in progress | 3 | - | €15,550 | +€15,550 | |
| Contracts in progress | 37 | - | €15,550 | +€15,550 | |
| Amounts receivable within one year | 40/41 | €62,404 | €187,459 | +€125,055 | +200% |
| Trade receivables | 40 | €48,317 | €171,008 | +€122,692 | +254% |
| Other amounts receivable | 41 | €14,088 | €16,450 | +€2,363 | +16.8% |
| Cash at bank and in hand | 54/58 | €119,517 | €46,839 | -€72,678 | -60.8% |
| Total equity and liabilities | 10/49 | €196,052 | €263,193 | +€67,141 | +34.2% |
| Equity | 10/15 | €151,805 | €156,005 | +€4,200 | +2.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,805 | €146,005 | +€4,200 | +3.0% |
| Amounts payable | 17/49 | €44,247 | €107,188 | +€62,941 | +142% |
| Amounts payable within one year | 42/48 | €44,247 | €107,188 | +€62,941 | +142% |
| Trade debts | 44 | €21,677 | €63,139 | +€41,462 | +191% |
| Suppliers | 440/4 | €21,677 | €63,139 | +€41,462 | +191% |
| Advances received on contracts in progress | 46 | €9,200 | €9,200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €13,370 | €34,849 | +€21,479 | +161% |
| Taxes | 450/3 | €416 | €2,414 | +€1,997 | +480% |
| Remuneration and social security | 454/9 | €12,953 | €32,435 | +€19,482 | +150% |
| Remuneration, social security and pensions | 62 | €67,016 | €31,917 | -€35,099 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,649 | €3,786 | +€136 | +3.7% |
| Other operating charges | 640/8 | €1,877 | €2,997 | +€1,121 | +59.7% |
| Gross operating margin | 9900 | €112,781 | €45,133 | -€67,648 | -60.0% |
| Operating profit (loss) | 9901 | €40,239 | €6,433 | -€33,806 | -84.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €144 | €237 | +€93 | +64.8% |
| Recurring financial charges | 65 | €144 | €237 | +€93 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | €40,095 | €6,197 | -€33,898 | -84.5% |
| Income taxes | 67/77 | €10,636 | €1,997 | -€8,639 | -81.2% |
| Profit (loss) for the period | 9904 | €29,459 | €4,200 | -€25,260 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,459 | €4,200 | -€25,260 | -85.7% |
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.