KWAAIRO: 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.
KWAAIRO
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€106,718
up €106,718 (+100.3%), from €106,359 to €213,077
mainly Other debts (+€268,208) and Net result for the year (+€163,565)
- Tangible fixed assets -€5,419
down €5,419 (-43.7%), from €12,393 to €6,974
of which Furniture and vehicles: -€6,125
- Reserves -€316,974
down €316,974 (-66.0%), from €480,539 to €163,565
- Other debts +€268,208
new in 2025: €268,208
- Gross operating margin +€31,413
up €31,413 (+16.4%), from €192,053 to €223,467
- Taxes +€13,518
up €13,518 (+31.7%), from €42,578 to €56,096
- Financial income +€3,369
up €3,369 (+112679.6%), from €3 to €3,372
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 | €497,055 | €448,354 | -€48,700 | -9.8% |
| Fixed assets | 21/28 | €220,731 | €215,312 | -€5,419 | -2.5% |
| Tangible fixed assets | 22/27 | €12,393 | €6,974 | -€5,419 | -43.7% |
| Plant, machinery and equipment | 23 | - | €706 | +€706 | |
| Furniture and vehicles | 24 | €12,393 | €6,268 | -€6,125 | -49.4% |
| Financial fixed assets | 28 | €208,338 | €208,338 | = | 0.0% |
| Current assets | 29/58 | €276,324 | €233,042 | -€43,282 | -15.7% |
| Amounts receivable within one year | 40/41 | €19,965 | €19,965 | = | 0.0% |
| Trade receivables | 40 | €19,965 | €19,965 | = | 0.0% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €106,359 | €213,077 | +€106,718 | +100.3% |
| Total equity and liabilities | 10/49 | €497,055 | €448,354 | -€48,700 | -9.8% |
| Equity | 10/15 | €485,539 | €168,565 | -€316,974 | -65.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €480,539 | €163,565 | -€316,974 | -66.0% |
| Distributable reserves | 133 | €480,539 | €163,565 | -€316,974 | -66.0% |
| Amounts payable | 17/49 | €11,516 | €279,790 | +€268,274 | +2329.6% |
| Amounts payable within one year | 42/48 | €11,516 | €279,790 | +€268,274 | +2329.6% |
| Trade debts | 44 | €1,496 | €1,605 | +€109 | +7.3% |
| Suppliers | 440/4 | €1,496 | €1,605 | +€109 | +7.3% |
| Taxes, remuneration and social security | 45 | €10,020 | €9,977 | -€43 | -0.4% |
| Taxes | 450/3 | €10,020 | €9,977 | -€43 | -0.4% |
| Other amounts payable | 47/48 | - | €268,208 | +€268,208 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,298 | €6,304 | +€1,006 | +19.0% |
| Other operating charges | 640/8 | €638 | €770 | +€132 | +20.7% |
| Gross operating margin | 9900 | €192,053 | €223,467 | +€31,413 | +16.4% |
| Operating profit (loss) | 9901 | €186,117 | €216,393 | +€30,276 | +16.3% |
| Financial income | 75/76B | €3 | €3,372 | +€3,369 | +112679.6% |
| Recurring financial income | 75 | €3 | €3,372 | +€3,369 | +112679.6% |
| Financial charges | 65/66B | €104 | €104 | = | 0.0% |
| Recurring financial charges | 65 | €104 | €104 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €186,016 | €219,661 | +€33,645 | +18.1% |
| Income taxes | 67/77 | €42,578 | €56,096 | +€13,518 | +31.7% |
| Profit (loss) for the period | 9904 | €143,438 | €163,565 | +€20,127 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €143,438 | €163,565 | +€20,127 | +14.0% |
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 2 October 2026 via checked.be.