KWALI DAK!: 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.
KWALI DAK!
Largest movements
- Tangible fixed assets +€117,318
up €117,318 (+42.3%), from €277,181 to €394,499
of which Plant, machinery and equipment: +€88,047
- Receivables within one year +€55,538
up €55,538 (+50.1%), from €110,830 to €166,369
of which Trade receivables: +€44,322
- Cash +€41,486
up €41,486 (+3,642%), from €1,139 to €42,625
mainly Net result for the year (+€104,391) and Trade debts (+€101,064)
- Reserves +€109,891
up €109,891 (+207%), from €53,145 to €163,035
- Trade debts +€101,064
up €101,064 (+157%), from €64,251 to €165,315
- Tax, wage and social debts +€19,527
up €19,527 (+90.4%), from €21,601 to €41,128
of which Taxes: +€18,212
- Profit (loss) carried forward -€10,500
no longer reported in 2025 (was €10,500)
- Gross operating margin +€209,570
up €209,570 (+179%), from €116,932 to €326,502
- Staff costs +€52,974
up €52,974 (+127%), from €41,699 to €94,673
- Taxes +€32,811
up €32,811 (+5,042%), from €651 to €33,462
- Depreciation +€29,420
up €29,420 (+69.1%), from €42,585 to €72,005
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 | €398,219 | €621,284 | +€223,065 | +56.0% |
| Formation expenses | 20 | €1,416 | €881 | -€535 | -37.8% |
| Fixed assets | 21/28 | €277,231 | €398,161 | +€120,930 | +43.6% |
| Tangible fixed assets | 22/27 | €277,181 | €394,499 | +€117,318 | +42.3% |
| Land and buildings | 22 | €2,834 | €2,530 | -€304 | -10.7% |
| Plant, machinery and equipment | 23 | €64,310 | €152,357 | +€88,047 | +137% |
| Furniture and vehicles | 24 | €82,628 | €129,467 | +€46,839 | +56.7% |
| Leasing and similar rights | 25 | €126,357 | €109,212 | -€17,145 | -13.6% |
| Other tangible fixed assets | 26 | €1,053 | €933 | -€119 | -11.3% |
| Financial fixed assets | 28 | €50 | €3,662 | +€3,612 | +7,224% |
| Current assets | 29/58 | €119,572 | €222,242 | +€102,670 | +85.9% |
| Stocks and contracts in progress | 3 | €6,410 | €6,410 | = | 0.0% |
| Stocks | 30/36 | €6,410 | €6,410 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,830 | €166,369 | +€55,538 | +50.1% |
| Trade receivables | 40 | €48,908 | €93,230 | +€44,322 | +90.6% |
| Other amounts receivable | 41 | €61,922 | €73,139 | +€11,216 | +18.1% |
| Cash at bank and in hand | 54/58 | €1,139 | €42,625 | +€41,486 | +3,642% |
| Deferred charges and accrued income | 490/1 | €1,192 | €6,838 | +€5,646 | +474% |
| Total equity and liabilities | 10/49 | €398,219 | €621,284 | +€223,065 | +56.0% |
| Equity | 10/15 | €65,644 | €165,035 | +€99,391 | +151% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €53,145 | €163,035 | +€109,891 | +207% |
| Distributable reserves | 133 | €53,145 | €163,035 | +€109,891 | +207% |
| Profit (loss) carried forward | 14 | €10,500 | - | -€10,500 | |
| Amounts payable | 17/49 | €332,575 | €456,249 | +€123,674 | +37.2% |
| Amounts payable after more than one year | 17 | €185,016 | €184,852 | -€164 | -0.1% |
| Financial debts | 170/4 | €185,016 | €184,852 | -€164 | -0.1% |
| Amounts payable within one year | 42/48 | €147,559 | €271,397 | +€123,838 | +83.9% |
| Current portion of amounts payable after more than one year | 42 | €55,419 | €61,455 | +€6,035 | +10.9% |
| Trade debts | 44 | €64,251 | €165,315 | +€101,064 | +157% |
| Suppliers | 440/4 | €64,251 | €165,315 | +€101,064 | +157% |
| Taxes, remuneration and social security | 45 | €21,601 | €41,128 | +€19,527 | +90.4% |
| Taxes | 450/3 | €17,891 | €36,103 | +€18,212 | +102% |
| Remuneration and social security | 454/9 | €3,709 | €5,024 | +€1,315 | +35.4% |
| Other amounts payable | 47/48 | €6,289 | €3,500 | -€2,789 | -44.3% |
| Remuneration, social security and pensions | 62 | €41,699 | €94,673 | +€52,974 | +127% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,585 | €72,005 | +€29,420 | +69.1% |
| Other operating charges | 640/8 | €8,651 | €6,091 | -€2,560 | -29.6% |
| Non-recurring operating charges | 66A | €870 | €2,493 | +€1,623 | +186% |
| Gross operating margin | 9900 | €116,932 | €326,502 | +€209,570 | +179% |
| Operating profit (loss) | 9901 | €23,127 | €151,240 | +€128,113 | +554% |
| Financial income | 75/76B | €48 | €8 | -€40 | -84.2% |
| Recurring financial income | 75 | €48 | €8 | -€40 | -84.2% |
| Financial charges | 65/66B | €12,025 | €13,395 | +€1,370 | +11.4% |
| Recurring financial charges | 65 | €12,025 | €13,395 | +€1,370 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €11,150 | €137,853 | +€126,703 | +1,136% |
| Income taxes | 67/77 | €651 | €33,462 | +€32,811 | +5,042% |
| Profit (loss) for the period | 9904 | €10,500 | €104,391 | +€93,892 | +894% |
| Profit (loss) for the period to be appropriated | 9905 | €10,500 | €104,391 | +€93,892 | +894% |
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 22 October 2026 via checked.be.