KW-MGMT: 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.
KW-MGMT
Largest movements
- Receivables within one year -€333,552
down €333,552 (-46.7%), from €713,843 to €380,291
of which Other amounts receivable: -€329,965
- Cash +€74,164
up €74,164 (+155.2%), from €47,798 to €121,961
mainly Receivables within one year (+€333,552) and Net result for the year (+€30,524)
- Tangible fixed assets -€10,710
down €10,710 (-28.9%), from €37,015 to €26,305
of which Furniture and vehicles: -€9,495
- Deferred charges and accrued income -€9,901
down €9,901 (-49.6%), from €19,963 to €10,062
- Other debts -€269,942
down €269,942 (-99.7%), from €270,883 to €941
- Trade debts -€22,520
down €22,520 (-28.0%), from €80,395 to €57,876
- Reserves +€19,095
up €19,095 (+4.2%), from €459,413 to €478,508
- Tax, wage and social debts -€8,787
down €8,787 (-70.7%), from €12,430 to €3,643
of which Taxes: -€9,503
- Gross operating margin -€37,752
down €37,752 (-32.2%), from €117,207 to €79,454
- Taxes -€13,775
down €13,775 (-54.3%), from €25,382 to €11,606
- Financial income -€5,667
down €5,667 (-30.4%), from €18,617 to €12,950
- Staff costs +€5,320
up €5,320 (+22.4%), from €23,731 to €29,051
- Financial charges -€2,599
down €2,599 (-39.4%), from €6,594 to €3,995
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 | €841,721 | €559,568 | -€282,153 | -33.5% |
| Fixed assets | 21/28 | €37,015 | €26,305 | -€10,710 | -28.9% |
| Tangible fixed assets | 22/27 | €37,015 | €26,305 | -€10,710 | -28.9% |
| Plant, machinery and equipment | 23 | €11,142 | €9,926 | -€1,216 | -10.9% |
| Furniture and vehicles | 24 | €23,673 | €14,178 | -€9,495 | -40.1% |
| Other tangible fixed assets | 26 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €804,706 | €533,263 | -€271,443 | -33.7% |
| Stocks and contracts in progress | 3 | €23,102 | €20,949 | -€2,153 | -9.3% |
| Stocks | 30/36 | €23,102 | €20,949 | -€2,153 | -9.3% |
| Amounts receivable within one year | 40/41 | €713,843 | €380,291 | -€333,552 | -46.7% |
| Trade receivables | 40 | €4,186 | €599 | -€3,587 | -85.7% |
| Other amounts receivable | 41 | €709,658 | €379,693 | -€329,965 | -46.5% |
| Cash at bank and in hand | 54/58 | €47,798 | €121,961 | +€74,164 | +155.2% |
| Deferred charges and accrued income | 490/1 | €19,963 | €10,062 | -€9,901 | -49.6% |
| Total equity and liabilities | 10/49 | €841,721 | €559,568 | -€282,153 | -33.5% |
| Equity | 10/15 | €478,013 | €497,108 | +€19,095 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €459,413 | €478,508 | +€19,095 | +4.2% |
| Distributable reserves | 133 | €459,413 | €478,508 | +€19,095 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €363,709 | €62,460 | -€301,249 | -82.8% |
| Amounts payable within one year | 42/48 | €363,709 | €62,460 | -€301,249 | -82.8% |
| Trade debts | 44 | €80,395 | €57,876 | -€22,520 | -28.0% |
| Suppliers | 440/4 | €80,395 | €57,876 | -€22,520 | -28.0% |
| Taxes, remuneration and social security | 45 | €12,430 | €3,643 | -€8,787 | -70.7% |
| Taxes | 450/3 | €9,687 | €184 | -€9,503 | -98.1% |
| Remuneration and social security | 454/9 | €2,743 | €3,459 | +€715 | +26.1% |
| Other amounts payable | 47/48 | €270,883 | €941 | -€269,942 | -99.7% |
| Non-recurring operating income | 76A | €2,575 | €0 | -€2,575 | -100.0% |
| Remuneration, social security and pensions | 62 | €23,731 | €29,051 | +€5,320 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,276 | €12,559 | +€283 | +2.3% |
| Other operating charges | 640/8 | €1,038 | €1,491 | +€453 | +43.6% |
| Non-recurring operating charges | 66A | - | €3,178 | +€3,178 | |
| Gross operating margin | 9900 | €117,207 | €79,454 | -€37,752 | -32.2% |
| Operating profit (loss) | 9901 | €80,161 | €33,175 | -€46,986 | -58.6% |
| Financial income | 75/76B | €18,617 | €12,950 | -€5,667 | -30.4% |
| Recurring financial income | 75 | €18,617 | €12,950 | -€5,667 | -30.4% |
| Financial charges | 65/66B | €6,594 | €3,995 | -€2,599 | -39.4% |
| Recurring financial charges | 65 | €6,594 | €3,995 | -€2,599 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €92,184 | €42,130 | -€50,054 | -54.3% |
| Income taxes | 67/77 | €25,382 | €11,606 | -€13,775 | -54.3% |
| Profit (loss) for the period | 9904 | €66,803 | €30,524 | -€36,279 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,803 | €30,524 | -€36,279 | -54.3% |
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 7 October 2026 via checked.be.