Kurtand: 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.
Kurtand
Largest movements
- Receivables within one year -€46,525
down €46,525 (-45.0%), from €103,289 to €56,763
- Cash -€10,074
down €10,074 (-10.7%), from €94,394 to €84,320
mainly Contributions, distributions and other (-€45,000) and Investment in fixed assets (net) (-€41,590)
- Tangible fixed assets +€9,489
up €9,489 (+8.6%), from €109,849 to €119,339
of which Plant, machinery and equipment: +€16,099
- Reserves -€45,000
down €45,000 (-30.1%), from €149,725 to €104,725
of which Distributable reserves: -€45,000
- Other debts +€25,178
up €25,178 (+147.2%), from €17,100 to €42,278
- Profit (loss) carried forward -€16,569
down €16,569 (-15.2%), from €109,071 to €92,502
- Current portion of long-term debt -€14,401
down €14,401 (-74.2%), from €19,408 to €5,008
- Debts after one year -€5,289
down €5,289 (-48.3%), from €10,945 to €5,657
- Gross operating margin -€77,897
down €77,897 (-81.4%), from €95,647 to €17,749
- Depreciation -€3,056
down €3,056 (-8.7%), from €35,157 to €32,101
- Taxes -€1,333
down €1,333 (-86.9%), from €1,534 to €201
- Financial income -€1,124
down €1,124 (-23.2%), from €4,845 to €3,721
- Other operating charges -€1,119
down €1,119 (-51.5%), from €2,173 to €1,054
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 | €322,803 | €276,649 | -€46,154 | -14.3% |
| Fixed assets | 21/28 | €111,461 | €120,950 | +€9,489 | +8.5% |
| Tangible fixed assets | 22/27 | €109,849 | €119,339 | +€9,489 | +8.6% |
| Land and buildings | 22 | €24,158 | €22,886 | -€1,272 | -5.3% |
| Plant, machinery and equipment | 23 | €62,068 | €78,167 | +€16,099 | +25.9% |
| Furniture and vehicles | 24 | €19,208 | €15,544 | -€3,664 | -19.1% |
| Leasing and similar rights | 25 | €4,415 | €2,741 | -€1,674 | -37.9% |
| Financial fixed assets | 28 | €1,611 | €1,611 | = | 0.0% |
| Current assets | 29/58 | €211,342 | €155,699 | -€55,643 | -26.3% |
| Amounts receivable within one year | 40/41 | €103,289 | €56,763 | -€46,525 | -45.0% |
| Other amounts receivable | 41 | €103,289 | €56,763 | -€46,525 | -45.0% |
| Cash at bank and in hand | 54/58 | €94,394 | €84,320 | -€10,074 | -10.7% |
| Deferred charges and accrued income | 490/1 | €13,659 | €14,615 | +€956 | +7.0% |
| Total equity and liabilities | 10/49 | €322,803 | €276,649 | -€46,154 | -14.3% |
| Equity | 10/15 | €271,202 | €209,632 | -€61,569 | -22.7% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €149,725 | €104,725 | -€45,000 | -30.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,365 | €6,365 | = | 0.0% |
| Distributable reserves | 133 | €141,500 | €96,500 | -€45,000 | -31.8% |
| Profit (loss) carried forward | 14 | €109,071 | €92,502 | -€16,569 | -15.2% |
| Amounts payable | 17/49 | €51,601 | €67,016 | +€15,415 | +29.9% |
| Amounts payable after more than one year | 17 | €10,945 | €5,657 | -€5,289 | -48.3% |
| Financial debts | 170/4 | €10,945 | €5,657 | -€5,289 | -48.3% |
| Amounts payable within one year | 42/48 | €40,656 | €61,360 | +€20,704 | +50.9% |
| Current portion of amounts payable after more than one year | 42 | €19,408 | €5,008 | -€14,401 | -74.2% |
| Trade debts | 44 | €3,248 | €8,371 | +€5,123 | +157.8% |
| Suppliers | 440/4 | €3,248 | €8,371 | +€5,123 | +157.8% |
| Taxes, remuneration and social security | 45 | €900 | €5,704 | +€4,804 | +533.7% |
| Taxes | 450/3 | €900 | €5,704 | +€4,804 | +533.7% |
| Other amounts payable | 47/48 | €17,100 | €42,278 | +€25,178 | +147.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,157 | €32,101 | -€3,056 | -8.7% |
| Other operating charges | 640/8 | €2,173 | €1,054 | -€1,119 | -51.5% |
| Non-recurring operating charges | 66A | €52,069 | - | -€52,069 | |
| Gross operating margin | 9900 | €95,647 | €17,749 | -€77,897 | -81.4% |
| Operating profit (loss) | 9901 | €6,248 | -€15,406 | -€21,654 | |
| Financial income | 75/76B | €4,845 | €3,721 | -€1,124 | -23.2% |
| Recurring financial income | 75 | €4,845 | €3,721 | -€1,124 | -23.2% |
| Financial charges | 65/66B | €5,721 | €4,684 | -€1,037 | -18.1% |
| Recurring financial charges | 65 | €5,721 | €4,684 | -€1,037 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €5,372 | -€16,368 | -€21,740 | |
| Income taxes | 67/77 | €1,534 | €201 | -€1,333 | -86.9% |
| Profit (loss) for the period | 9904 | €3,838 | -€16,569 | -€20,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,838 | -€16,569 | -€20,407 |
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.