KURTOGLU: 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.
KURTOGLU
Largest movements
- Receivables within one year +€13,534
up €13,534 (+77.5%), from €17,462 to €30,997
of which Trade receivables: +€13,020
- Cash -€882
down €882 (-6.9%), from €12,796 to €11,914
mainly Receivables within one year (-€13,534) and Debts after one year (-€3,713)
- Trade debts +€12,168
up €12,168 (+982.5%), from €1,238 to €13,406
- Profit (loss) carried forward +€4,088
up €4,088 (+62.6%), from €6,528 to €10,616
- Debts after one year -€3,713
down €3,713 (-36.4%), from €10,204 to €6,491
- Tax, wage and social debts -€1,401
no longer reported in 2025 (was €1,401)
- Current portion of long-term debt +€1,000
up €1,000 (+36.8%), from €2,713 to €3,713
- Gross operating margin +€8,100
up €8,100 (+90.4%), from €8,960 to €17,060
- Other operating charges +€2,887
up €2,887 (+41.0%), from €7,041 to €9,927
- Taxes +€1,131
new in 2025: €1,131
- Financial charges +€754
up €754 (+83.7%), from €900 to €1,654
- Depreciation -€275
down €275 (-51.4%), from €535 to €260
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 | €32,084 | €44,226 | +€12,142 | +37.8% |
| Fixed assets | 21/28 | €780 | €520 | -€260 | -33.3% |
| Tangible fixed assets | 22/27 | €780 | €520 | -€260 | -33.3% |
| Furniture and vehicles | 24 | €780 | €520 | -€260 | -33.3% |
| Current assets | 29/58 | €31,304 | €43,706 | +€12,402 | +39.6% |
| Stocks and contracts in progress | 3 | €1,045 | €795 | -€250 | -23.9% |
| Stocks | 30/36 | €1,045 | €795 | -€250 | -23.9% |
| Amounts receivable within one year | 40/41 | €17,462 | €30,997 | +€13,534 | +77.5% |
| Trade receivables | 40 | €15,937 | €28,957 | +€13,020 | +81.7% |
| Other amounts receivable | 41 | €1,526 | €2,040 | +€514 | +33.7% |
| Cash at bank and in hand | 54/58 | €12,796 | €11,914 | -€882 | -6.9% |
| Total equity and liabilities | 10/49 | €32,084 | €44,226 | +€12,142 | +37.8% |
| Equity | 10/15 | €16,528 | €20,616 | +€4,088 | +24.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,528 | €10,616 | +€4,088 | +62.6% |
| Amounts payable | 17/49 | €15,556 | €23,610 | +€8,054 | +51.8% |
| Amounts payable after more than one year | 17 | €10,204 | €6,491 | -€3,713 | -36.4% |
| Financial debts | 170/4 | €10,204 | €6,491 | -€3,713 | -36.4% |
| Amounts payable within one year | 42/48 | €5,352 | €17,119 | +€11,767 | +219.9% |
| Current portion of amounts payable after more than one year | 42 | €2,713 | €3,713 | +€1,000 | +36.8% |
| Trade debts | 44 | €1,238 | €13,406 | +€12,168 | +982.5% |
| Suppliers | 440/4 | €1,238 | €13,406 | +€12,168 | +982.5% |
| Taxes, remuneration and social security | 45 | €1,401 | - | -€1,401 | |
| Taxes | 450/3 | €1,401 | - | -€1,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €535 | €260 | -€275 | -51.4% |
| Other operating charges | 640/8 | €7,041 | €9,927 | +€2,887 | +41.0% |
| Gross operating margin | 9900 | €8,960 | €17,060 | +€8,100 | +90.4% |
| Operating profit (loss) | 9901 | €1,384 | €6,873 | +€5,489 | +396.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €900 | €1,654 | +€754 | +83.7% |
| Recurring financial charges | 65 | €900 | €1,654 | +€754 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €484 | €5,219 | +€4,735 | +978.8% |
| Income taxes | 67/77 | - | €1,131 | +€1,131 | |
| Profit (loss) for the period | 9904 | €484 | €4,088 | +€3,604 | +745.0% |
| Profit (loss) for the period to be appropriated | 9905 | €484 | €4,088 | +€3,604 | +745.0% |
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 3 October 2026 via checked.be.