KWASI: 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.
KWASI
Largest movements
- Tangible fixed assets +€254,233
up €254,233 (+543.3%), from €46,790 to €301,023
of which Land and buildings: +€252,967
- Cash -€77,025
down €77,025 (-54.9%), from €140,320 to €63,295
mainly Investment in fixed assets (net) (-€304,428) and Other debts (-€37,464)
- Receivables within one year +€9,736
up €9,736 (+3119.3%), from €312 to €10,048
of which Other amounts receivable: +€6,685
- Debts after one year +€206,142
new in 2025: €206,142
- Other debts -€37,464
down €37,464 (-71.7%), from €52,278 to €14,814
- Reserves +€29,206
up €29,206 (+37.3%), from €78,318 to €107,524
of which Distributable reserves: +€29,206
- Trade debts -€24,982
down €24,982 (-74.6%), from €33,483 to €8,502
- Tax, wage and social debts +€8,162
up €8,162 (+50.1%), from €16,283 to €24,445
of which Taxes: +€9,525
- Gross operating margin +€38,404
up €38,404 (+28.7%), from €133,841 to €172,245
- Depreciation +€35,314
up €35,314 (+237.3%), from €14,882 to €50,195
- Staff costs -€27,327
down €27,327 (-26.5%), from €103,007 to €75,679
- Taxes -€7,206
no longer reported in 2025 (was €7,206)
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 | €200,162 | €387,106 | +€186,944 | +93.4% |
| Fixed assets | 21/28 | €52,030 | €306,263 | +€254,233 | +488.6% |
| Tangible fixed assets | 22/27 | €46,790 | €301,023 | +€254,233 | +543.3% |
| Land and buildings | 22 | €40,361 | €293,329 | +€252,967 | +626.8% |
| Plant, machinery and equipment | 23 | €2,994 | €6,175 | +€3,181 | +106.3% |
| Furniture and vehicles | 24 | €3,435 | €1,519 | -€1,916 | -55.8% |
| Financial fixed assets | 28 | €5,240 | €5,240 | = | 0.0% |
| Current assets | 29/58 | €148,132 | €80,843 | -€67,289 | -45.4% |
| Stocks and contracts in progress | 3 | €7,500 | €7,500 | = | 0.0% |
| Stocks | 30/36 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €312 | €10,048 | +€9,736 | +3119.3% |
| Trade receivables | 40 | €199 | €3,249 | +€3,050 | +1536.8% |
| Other amounts receivable | 41 | €114 | €6,799 | +€6,685 | +5884.0% |
| Cash at bank and in hand | 54/58 | €140,320 | €63,295 | -€77,025 | -54.9% |
| Total equity and liabilities | 10/49 | €200,162 | €387,106 | +€186,944 | +93.4% |
| Equity | 10/15 | €98,118 | €127,324 | +€29,206 | +29.8% |
| Contributions | 10/11 | €19,800 | €19,800 | = | 0.0% |
| Reserves | 13 | €78,318 | €107,524 | +€29,206 | +37.3% |
| Non-distributable reserves | 130/1 | €1,980 | €1,980 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,980 | €1,980 | = | 0.0% |
| Distributable reserves | 133 | €76,338 | €105,544 | +€29,206 | +38.3% |
| Amounts payable | 17/49 | €102,044 | €259,781 | +€157,737 | +154.6% |
| Amounts payable after more than one year | 17 | - | €206,142 | +€206,142 | |
| Financial debts | 170/4 | - | €206,142 | +€206,142 | |
| Amounts payable within one year | 42/48 | €102,044 | €53,640 | -€48,405 | -47.4% |
| Financial debts | 43 | - | €5,879 | +€5,879 | |
| Credit institutions | 430/8 | - | €5,879 | +€5,879 | |
| Trade debts | 44 | €33,483 | €8,502 | -€24,982 | -74.6% |
| Suppliers | 440/4 | €33,483 | €8,502 | -€24,982 | -74.6% |
| Taxes, remuneration and social security | 45 | €16,283 | €24,445 | +€8,162 | +50.1% |
| Taxes | 450/3 | €12,551 | €22,077 | +€9,525 | +75.9% |
| Remuneration and social security | 454/9 | €3,732 | €2,368 | -€1,364 | -36.5% |
| Other amounts payable | 47/48 | €52,278 | €14,814 | -€37,464 | -71.7% |
| Remuneration, social security and pensions | 62 | €103,007 | €75,679 | -€27,327 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,882 | €50,195 | +€35,314 | +237.3% |
| Gross operating margin | 9900 | €133,841 | €172,245 | +€38,404 | +28.7% |
| Operating profit (loss) | 9901 | €15,952 | €46,370 | +€30,418 | +190.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +285.7% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +285.7% |
| Financial charges | 65/66B | €565 | €2,164 | +€1,599 | +282.9% |
| Recurring financial charges | 65 | €565 | €2,164 | +€1,599 | +282.9% |
| Profit (loss) for the period before taxes | 9903 | €15,387 | €44,206 | +€28,819 | +187.3% |
| Income taxes | 67/77 | €7,206 | - | -€7,206 | |
| Profit (loss) for the period | 9904 | €8,181 | €44,206 | +€36,025 | +440.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,181 | €44,206 | +€36,025 | +440.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.