KWARAAD: 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.
KWARAAD
Largest movements
- Receivables within one year +€92,610
up €92,610 (+12.3%), from €755,715 to €848,326
of which Trade receivables: +€146,503
- Deferred charges and accrued income -€53,307
down €53,307 (-47.1%), from €113,194 to €59,888
- Tangible fixed assets -€19,821
down €19,821 (-13.9%), from €142,424 to €122,604
of which Furniture and vehicles: -€17,531
- Debts after one year -€371,761
down €371,761 (-63.6%), from €584,639 to €212,878
- Current portion of long-term debt +€350,902
up €350,902 (+1,682%), from €20,859 to €371,761
- Profit (loss) carried forward -€257,023
down €257,023, from €187,456 to -€69,566
- Other debts +€128,679
up €128,679 (+1,062%), from €12,115 to €140,793
- Reserves +€126,300
new in 2025: €126,300
- Turnover -€829,791
no longer reported in 2025 (was €829,791)
- Purchases and services -€446,545
no longer reported in 2025 (was €446,545)
- Gross operating margin +€170,192
up €170,192 (+43.0%), from €395,819 to €566,011
- Staff costs +€76,377
up €76,377 (+42.4%), from €179,964 to €256,340
- Financial charges +€23,704
up €23,704 (+74.7%), from €31,740 to €55,444
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 | €1,052,609 | €1,077,168 | +€24,560 | +2.3% |
| Fixed assets | 21/28 | €142,424 | €122,604 | -€19,821 | -13.9% |
| Tangible fixed assets | 22/27 | €142,424 | €122,604 | -€19,821 | -13.9% |
| Furniture and vehicles | 24 | €126,814 | €109,283 | -€17,531 | -13.8% |
| Other tangible fixed assets | 26 | €15,611 | €13,321 | -€2,290 | -14.7% |
| Current assets | 29/58 | €910,184 | €954,564 | +€44,380 | +4.9% |
| Amounts receivable within one year | 40/41 | €755,715 | €848,326 | +€92,610 | +12.3% |
| Trade receivables | 40 | €192,755 | €339,257 | +€146,503 | +76.0% |
| Other amounts receivable | 41 | €562,961 | €509,068 | -€53,893 | -9.6% |
| Current investments | 50/53 | €39,000 | €42,999 | +€4,000 | +10.3% |
| Cash at bank and in hand | 54/58 | €2,275 | €3,352 | +€1,077 | +47.3% |
| Deferred charges and accrued income | 490/1 | €113,194 | €59,888 | -€53,307 | -47.1% |
| Total equity and liabilities | 10/49 | €1,052,609 | €1,077,168 | +€24,560 | +2.3% |
| Equity | 10/15 | €188,656 | €57,934 | -€130,723 | -69.3% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | - | €126,300 | +€126,300 | |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Profit (loss) carried forward | 14 | €187,456 | -€69,566 | -€257,023 | |
| Amounts payable | 17/49 | €863,952 | €1,019,235 | +€155,282 | +18.0% |
| Amounts payable after more than one year | 17 | €584,639 | €212,878 | -€371,761 | -63.6% |
| Financial debts | 170/4 | €584,639 | €212,878 | -€371,761 | -63.6% |
| Amounts payable within one year | 42/48 | €179,314 | €803,342 | +€624,028 | +348% |
| Current portion of amounts payable after more than one year | 42 | €20,859 | €371,761 | +€350,902 | +1,682% |
| Trade debts | 44 | €18,258 | €91,909 | +€73,651 | +403% |
| Suppliers | 440/4 | €18,258 | €91,909 | +€73,651 | +403% |
| Taxes, remuneration and social security | 45 | €128,082 | €198,879 | +€70,797 | +55.3% |
| Taxes | 450/3 | €81,171 | €141,115 | +€59,944 | +73.8% |
| Remuneration and social security | 454/9 | €46,910 | €57,763 | +€10,853 | +23.1% |
| Other amounts payable | 47/48 | €12,115 | €140,793 | +€128,679 | +1,062% |
| Accrued charges and deferred income | 492/3 | €100,000 | €3,015 | -€96,985 | -97.0% |
| Turnover | 70 | €829,791 | - | -€829,791 | |
| Goods, raw materials, services and sundry goods | 60/61 | €446,545 | - | -€446,545 | |
| Remuneration, social security and pensions | 62 | €179,964 | €256,340 | +€76,377 | +42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,268 | €36,670 | +€16,402 | +80.9% |
| Other operating charges | 640/8 | €9,134 | €2,290 | -€6,844 | -74.9% |
| Non-recurring operating charges | 66A | €164 | €287 | +€123 | +74.8% |
| Gross operating margin | 9900 | €395,819 | €566,011 | +€170,192 | +43.0% |
| Operating profit (loss) | 9901 | €186,289 | €270,424 | +€84,135 | +45.2% |
| Financial income | 75/76B | €4 | €53 | +€49 | +1,239% |
| Recurring financial income | 75 | €4 | €53 | +€49 | +1,239% |
| Financial charges | 65/66B | €31,740 | €55,444 | +€23,704 | +74.7% |
| Recurring financial charges | 65 | €31,740 | €55,444 | +€23,704 | +74.7% |
| Profit (loss) for the period before taxes | 9903 | €154,552 | €215,033 | +€60,481 | +39.1% |
| Income taxes | 67/77 | €38,325 | €59,656 | +€21,331 | +55.7% |
| Profit (loss) for the period | 9904 | €116,227 | €155,377 | +€39,150 | +33.7% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €116,227 | €29,077 | -€87,150 | -75.0% |
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 17 October 2026 via checked.be.