KWADEMEERS: what changed
Two financial 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.
KWADEMEERS
Largest movements
- Receivables after one year +€280,000
up €280,000 (+114%), from €245,000 to €525,000
- Stocks and contracts -€174,719
down €174,719 (-68.9%), from €253,594 to €78,875
- Tangible fixed assets -€43,876
down €43,876 (-1.6%), from €2.7m to €2.6m
of which Land and buildings: -€150,918
- Reserves -€167,675
down €167,675 (-8.5%), from €2.0m to €1.8m
of which Distributable reserves: -€167,675
- Trade debts -€132,439
down €132,439 (-91.5%), from €144,795 to €12,356
- Current portion of long-term debt +€128,834
up €128,834 (+95.1%), from €135,493 to €264,327
- Other debts +€114,582
up €114,582 (+238%), from €48,173 to €162,755
- Debts after one year +€101,040
up €101,040 (+11.3%), from €891,453 to €992,493
- Gross operating margin -€79,494
down €79,494 (-14.2%), from €559,049 to €479,555
- Taxes -€9,366
down €9,366 (-87.9%), from €10,658 to €1,292
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.
Derived cash bridge
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 | €3,492,166 | €3,545,268 | +€53,101 | +1.5% |
| Fixed assets | 21/28 | €2,689,429 | €2,645,553 | -€43,876 | -1.6% |
| Tangible fixed assets | 22/27 | €2,689,429 | €2,645,553 | -€43,876 | -1.6% |
| Land and buildings | 22 | €1,413,550 | €1,262,632 | -€150,918 | -10.7% |
| Plant, machinery and equipment | 23 | €184,309 | €141,577 | -€42,733 | -23.2% |
| Furniture and vehicles | 24 | €612,683 | €803,521 | +€190,837 | +31.1% |
| Other tangible fixed assets | 26 | €478,886 | €437,823 | -€41,063 | -8.6% |
| Current assets | 29/58 | €802,738 | €899,715 | +€96,977 | +12.1% |
| Amounts receivable after more than one year | 29 | €245,000 | €525,000 | +€280,000 | +114% |
| Other amounts receivable | 291 | €245,000 | €525,000 | +€280,000 | +114% |
| Stocks and contracts in progress | 3 | €253,594 | €78,875 | -€174,719 | -68.9% |
| Contracts in progress | 37 | €253,594 | €78,875 | -€174,719 | -68.9% |
| Amounts receivable within one year | 40/41 | €195,187 | €203,115 | +€7,928 | +4.1% |
| Trade receivables | 40 | €131,614 | €125,208 | -€6,406 | -4.9% |
| Other amounts receivable | 41 | €63,573 | €77,907 | +€14,334 | +22.5% |
| Cash at bank and in hand | 54/58 | €83,816 | €92,725 | +€8,909 | +10.6% |
| Deferred charges and accrued income | 490/1 | €25,141 | - | -€25,141 | |
| Total equity and liabilities | 10/49 | €3,492,166 | €3,545,268 | +€53,101 | +1.5% |
| Equity | 10/15 | €2,260,904 | €2,093,229 | -€167,675 | -7.4% |
| Contributions | 10/11 | €294,374 | €294,374 | = | 0.0% |
| Capital | 10 | €294,374 | €294,374 | = | 0.0% |
| Issued capital | 100 | €294,374 | €294,374 | = | 0.0% |
| Reserves | 13 | €1,966,530 | €1,798,855 | -€167,675 | -8.5% |
| Non-distributable reserves | 130/1 | €70,274 | €70,274 | = | 0.0% |
| Legal reserve | 130 | €70,274 | €70,274 | = | 0.0% |
| Distributable reserves | 133 | €1,896,255 | €1,728,580 | -€167,675 | -8.8% |
| Amounts payable | 17/49 | €1,231,262 | €1,452,038 | +€220,776 | +17.9% |
| Amounts payable after more than one year | 17 | €891,453 | €992,493 | +€101,040 | +11.3% |
| Financial debts | 170/4 | €891,453 | €992,493 | +€101,040 | +11.3% |
| Amounts payable within one year | 42/48 | €339,810 | €459,546 | +€119,736 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €135,493 | €264,327 | +€128,834 | +95.1% |
| Trade debts | 44 | €144,795 | €12,356 | -€132,439 | -91.5% |
| Suppliers | 440/4 | €144,795 | €12,356 | -€132,439 | -91.5% |
| Taxes, remuneration and social security | 45 | €11,348 | €20,107 | +€8,759 | +77.2% |
| Taxes | 450/3 | €11,348 | €20,107 | +€8,759 | +77.2% |
| Other amounts payable | 47/48 | €48,173 | €162,755 | +€114,582 | +238% |
| Non-recurring operating income | 76A | €78,531 | - | -€78,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €437,349 | €433,602 | -€3,748 | -0.9% |
| Other operating charges | 640/8 | €14,310 | €14,279 | -€31 | -0.2% |
| Gross operating margin | 9900 | €559,049 | €479,555 | -€79,494 | -14.2% |
| Operating profit (loss) | 9901 | €107,390 | €31,674 | -€75,715 | -70.5% |
| Financial income | 75/76B | €297 | €443 | +€146 | +49.2% |
| Recurring financial income | 75 | €297 | €443 | +€146 | +49.2% |
| Financial charges | 65/66B | €22,745 | €17,901 | -€4,845 | -21.3% |
| Recurring financial charges | 65 | €22,745 | €17,901 | -€4,845 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €84,941 | €14,216 | -€70,724 | -83.3% |
| Income taxes | 67/77 | €10,658 | €1,292 | -€9,366 | -87.9% |
| Profit (loss) for the period | 9904 | €74,283 | €12,924 | -€61,359 | -82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,283 | €12,924 | -€61,359 | -82.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.