KWALIS: 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.
What changed
KWALIS
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€295,587
2024 · €154,662-€450,249
Equity
€685,031
2024 · €980,618-€295,587
Cash
€345,655
2024 · €308,335+€37,321
Balance sheet total
€11.4m
2024 · €17.9m-€6.5m
Largest movements
Assets
- Stocks and contracts -€2.4m
down €2.4m (-66.6%), from €3.6m to €1.2m
of which Stocks: -€2.4m
- Receivables within one year -€1.9m
down €1.9m (-55.2%), from €3.4m to €1.5m
of which Other amounts receivable: -€1.3m
- Financial fixed assets -€1.6m
down €1.6m (-20.2%), from €8.2m to €6.5m
- Intangible fixed assets -€559,631
down €559,631 (-77.7%), from €720,476 to €160,846
Equity and liabilities
- Current portion of long-term debt -€8.3m
down €8.3m (-90.3%), from €9.2m to €898,173
- Debts after one year +€3.5m
up €3.5m (+93.3%), from €3.8m to €7.3m
- Other debts -€1.1m
down €1.1m (-34.9%), from €3.2m to €2.1m
- Profit (loss) carried forward -€295,587
down €295,587, from €82,873 to -€212,714
- Trade debts -€211,492
down €211,492 (-48.8%), from €433,305 to €221,813
Income statement
- Gross operating margin -€1.3m
down €1.3m (-76.0%), from €1.7m to €411,279
- Financial income +€1.2m
up €1.2m (+4972.0%), from €23,281 to €1.2m
of which Non-recurring financial income: +€988,982
- Depreciation +€283,584
up €283,584 (+71.7%), from €395,768 to €679,352
- Taxes -€165,699
down €165,699 (-99.6%), from €166,365 to €666
- Financial charges +€149,433
up €149,433 (+29.5%), from €506,271 to €655,705
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.
Result 2024
€154,662
Gross operating margin
-€1.3m
Staff costs
-€11,115
Depreciation
-€283,584
Provisions
-€1,574
Other operating charges
-€23,243
Other operating items
-€719
Financial income
+€1.2m
Financial charges
-€149,433
Taxes
+€165,699
Result 2025
-€295,587
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.
From operations
+€3.2m
Investment
+€1.6m
Financing
-€4.8m
Cash 2024
€308,335
From operations (derived)
+€3.2m
Net result for the year
-€295,587
Depreciation
+€679,352
Stocks and contracts
+€2.4m
Receivables within one year
+€1.9m
Smaller working-capital items
-€12,316
Trade debts
-€211,492
Other debts
-€1.1m
Accrued charges and deferred income
-€106,007
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€1.6m
Current investments
-€9,616
Financing
-€4.8m
Debts after one year
+€3.5m
Current portion of long-term debt
-€8.3m
Short-term financial debts
+€387
Cash 2025
€345,655
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,929,747 | €11,391,990 | -€6.5m | -36.5% |
| Fixed assets | 21/28 | €10,580,136 | €8,284,052 | -€2.3m | -21.7% |
| Intangible fixed assets | 21 | €720,476 | €160,846 | -€559,631 | -77.7% |
| Tangible fixed assets | 22/27 | €1,706,657 | €1,619,682 | -€86,975 | -5.1% |
| Land and buildings | 22 | €1,671,203 | €1,587,952 | -€83,251 | -5.0% |
| Plant, machinery and equipment | 23 | €18,398 | €17,222 | -€1,176 | -6.4% |
| Furniture and vehicles | 24 | €17,056 | €14,508 | -€2,548 | -14.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €8,153,003 | €6,503,525 | -€1.6m | -20.2% |
| Current assets | 29/58 | €7,349,611 | €3,107,938 | -€4.2m | -57.7% |
| Stocks and contracts in progress | 3 | €3,642,681 | €1,216,115 | -€2.4m | -66.6% |
| Stocks | 30/36 | €3,642,681 | €1,216,115 | -€2.4m | -66.6% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,370,965 | €1,509,824 | -€1.9m | -55.2% |
| Trade receivables | 40 | €1,030,683 | €437,979 | -€592,704 | -57.5% |
| Other amounts receivable | 41 | €2,340,282 | €1,071,845 | -€1.3m | -54.2% |
| Current investments | 50/53 | €7,648 | €17,264 | +€9,616 | +125.7% |
| Cash at bank and in hand | 54/58 | €308,335 | €345,655 | +€37,321 | +12.1% |
| Deferred charges and accrued income | 490/1 | €19,982 | €19,080 | -€902 | -4.5% |
| Total equity and liabilities | 10/49 | €17,929,747 | €11,391,990 | -€6.5m | -36.5% |
| Equity | 10/15 | €980,618 | €685,031 | -€295,587 | -30.1% |
| Contributions | 10/11 | €18,784 | €18,784 | = | 0.0% |
| Revaluation surpluses | 12 | €774,023 | €726,619 | -€47,404 | -6.1% |
| Reserves | 13 | €104,938 | €152,342 | +€47,404 | +45.2% |
| Distributable reserves | 133 | €104,938 | €152,342 | +€47,404 | +45.2% |
| Profit (loss) carried forward | 14 | €82,873 | -€212,714 | -€295,587 | |
| Provisions and deferred taxes | 16 | €13,291 | €13,291 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €13,291 | €13,291 | = | 0.0% |
| Other liabilities and charges | 164/5 | €13,291 | €13,291 | = | 0.0% |
| Amounts payable | 17/49 | €16,935,837 | €10,693,668 | -€6.2m | -36.9% |
| Amounts payable after more than one year | 17 | €3,794,363 | €7,334,776 | +€3.5m | +93.3% |
| Financial debts | 170/4 | €3,794,363 | €7,334,776 | +€3.5m | +93.3% |
| Amounts payable within one year | 42/48 | €12,958,278 | €3,281,703 | -€9.7m | -74.7% |
| Current portion of amounts payable after more than one year | 42 | €9,240,780 | €898,173 | -€8.3m | -90.3% |
| Financial debts | 43 | €322 | €709 | +€387 | +120.5% |
| Credit institutions | 430/8 | €322 | €709 | +€387 | +120.5% |
| Trade debts | 44 | €433,305 | €221,813 | -€211,492 | -48.8% |
| Suppliers | 440/4 | €433,305 | €221,813 | -€211,492 | -48.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €104,125 | €90,907 | -€13,218 | -12.7% |
| Taxes | 450/3 | €53,928 | €15,709 | -€38,219 | -70.9% |
| Remuneration and social security | 454/9 | €50,197 | €75,198 | +€25,001 | +49.8% |
| Other amounts payable | 47/48 | €3,179,746 | €2,070,101 | -€1.1m | -34.9% |
| Accrued charges and deferred income | 492/3 | €183,196 | €77,189 | -€106,007 | -57.9% |
| Non-recurring operating income | 76A | €1,981 | €0 | -€1,981 | -100.0% |
| Remuneration, social security and pensions | 62 | €433,734 | €444,848 | +€11,115 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395,768 | €679,352 | +€283,584 | +71.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,574 | €0 | +€1,574 | |
| Other operating charges | 640/8 | €83,154 | €106,397 | +€23,243 | +28.0% |
| Non-recurring operating charges | 66A | €0 | €719 | +€719 | |
| Gross operating margin | 9900 | €1,715,099 | €411,279 | -€1.3m | -76.0% |
| Operating profit (loss) | 9901 | €804,017 | -€820,036 | -€1.6m | |
| Financial income | 75/76B | €23,281 | €1,180,820 | +€1.2m | +4972.0% |
| Recurring financial income | 75 | €23,281 | €191,838 | +€168,557 | +724.0% |
| Non-recurring financial income | 76B | - | €988,982 | +€988,982 | |
| Financial charges | 65/66B | €506,271 | €655,705 | +€149,433 | +29.5% |
| Recurring financial charges | 65 | €506,271 | €655,705 | +€149,433 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €321,027 | -€294,921 | -€615,948 | |
| Income taxes | 67/77 | €166,365 | €666 | -€165,699 | -99.6% |
| Profit (loss) for the period | 9904 | €154,662 | -€295,587 | -€450,249 | |
| Profit (loss) for the period to be appropriated | 9905 | €154,662 | -€295,587 | -€450,249 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.