KWA'FUUR: what changed
KWA'FUUR
Largest movements
- Tangible fixed assets -€29,305
down €29,305 (-17.4%), from €168,602 to €139,297
of which Land and buildings: -€17,257
- Receivables within one year -€21,969
down €21,969 (-63.0%), from €34,859 to €12,890
of which Other amounts receivable: -€24,312
- Cash +€11,909
up €11,909 (+1,252%), from €951 to €12,861
mainly Depreciation (+€30,105) and Receivables within one year (+€21,969)
- Deferred charges and accrued income +€2,351
new in 2025: €2,351
- Profit (loss) carried forward -€63,950
down €63,950 (-83.9%), from -€76,249 to -€140,199
- Short-term financial debts +€20,171
up €20,171, from €0 to €20,171
- Trade debts +€19,942
up €19,942 (+220%), from €9,073 to €29,015
- Debts after one year -€19,276
down €19,276 (-16.4%), from €117,325 to €98,050
- Current portion of long-term debt +€3,964
up €3,964 (+21.6%), from €18,312 to €22,276
- Other operating charges +€28,667
up €28,667 (+151%), from €18,956 to €47,623
- Financial charges +€16,359
up €16,359 (+135%), from €12,088 to €28,447
- Gross operating margin +€15,213
up €15,213 (+55.6%), from €27,370 to €42,583
- Depreciation -€3,055
down €3,055 (-9.2%), from €33,160 to €30,105
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,622 | €167,709 | -€38,914 | -18.8% |
| Fixed assets | 21/28 | €168,811 | €139,505 | -€29,305 | -17.4% |
| Tangible fixed assets | 22/27 | €168,602 | €139,297 | -€29,305 | -17.4% |
| Land and buildings | 22 | €152,901 | €135,644 | -€17,257 | -11.3% |
| Furniture and vehicles | 24 | €15,702 | €3,653 | -€12,049 | -76.7% |
| Financial fixed assets | 28 | €208 | €208 | = | 0.0% |
| Current assets | 29/58 | €37,812 | €28,203 | -€9,608 | -25.4% |
| Amounts receivable within one year | 40/41 | €34,859 | €12,890 | -€21,969 | -63.0% |
| Trade receivables | 40 | €1,345 | €3,688 | +€2,343 | +174% |
| Other amounts receivable | 41 | €33,514 | €9,202 | -€24,312 | -72.5% |
| Current investments | 50/53 | €2,001 | €101 | -€1,900 | -95.0% |
| Cash at bank and in hand | 54/58 | €951 | €12,861 | +€11,909 | +1,252% |
| Deferred charges and accrued income | 490/1 | - | €2,351 | +€2,351 | |
| Total equity and liabilities | 10/49 | €206,622 | €167,709 | -€38,914 | -18.8% |
| Equity | 10/15 | -€38,275 | -€102,226 | -€63,950 | -167% |
| Contributions | 10/11 | €6,700 | €6,700 | = | 0.0% |
| Reserves | 13 | €31,274 | €31,274 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €29,274 | €29,274 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,249 | -€140,199 | -€63,950 | -83.9% |
| Amounts payable | 17/49 | €244,898 | €269,934 | +€25,036 | +10.2% |
| Amounts payable after more than one year | 17 | €117,325 | €98,050 | -€19,276 | -16.4% |
| Financial debts | 170/4 | €117,325 | €98,050 | -€19,276 | -16.4% |
| Amounts payable within one year | 42/48 | €127,573 | €171,885 | +€44,312 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €18,312 | €22,276 | +€3,964 | +21.6% |
| Financial debts | 43 | €0 | €20,171 | +€20,171 | |
| Other loans | 439 | €0 | €20,171 | +€20,171 | |
| Trade debts | 44 | €9,073 | €29,015 | +€19,942 | +220% |
| Suppliers | 440/4 | €9,073 | €29,015 | +€19,942 | +220% |
| Taxes, remuneration and social security | 45 | €21,440 | €19,889 | -€1,552 | -7.2% |
| Taxes | 450/3 | €21,440 | €19,889 | -€1,552 | -7.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €78,748 | €80,534 | +€1,786 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,160 | €30,105 | -€3,055 | -9.2% |
| Other operating charges | 640/8 | €18,956 | €47,623 | +€28,667 | +151% |
| Gross operating margin | 9900 | €27,370 | €42,583 | +€15,213 | +55.6% |
| Operating profit (loss) | 9901 | -€24,747 | -€35,146 | -€10,399 | -42.0% |
| Financial income | 75/76B | €128 | €41 | -€87 | -68.1% |
| Recurring financial income | 75 | €128 | €41 | -€87 | -68.1% |
| Financial charges | 65/66B | €12,088 | €28,447 | +€16,359 | +135% |
| Recurring financial charges | 65 | €12,088 | €28,447 | +€16,359 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€36,706 | -€63,552 | -€26,845 | -73.1% |
| Income taxes | 67/77 | €791 | €399 | -€393 | -49.6% |
| Profit (loss) for the period | 9904 | -€37,498 | -€63,950 | -€26,452 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,498 | -€63,950 | -€26,452 | -70.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.