KWASPEN: 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.
KWASPEN
Largest movements
- Tangible fixed assets -€25,542
down €25,542 (-6.1%), from €418,596 to €393,055
of which Land and buildings: -€23,835
- Receivables within one year -€23,122
down €23,122 (-59.6%), from €38,803 to €15,681
of which Other amounts receivable: -€18,204
- Trade debts -€18,582
down €18,582 (-8.8%), from €212,094 to €193,512
- Reserves -€14,315
down €14,315 (-41.7%), from €34,334 to €20,019
- Current portion of long-term debt -€13,580
no longer reported in 2025 (was €13,580)
- Profit (loss) carried forward +€11,282
no longer reported in 2025 (was -€11,282)
- Gross operating margin +€11,755
up €11,755 (+38.6%), from €30,441 to €42,196
- Financial charges +€3,116
up €3,116 (+21.6%), from €14,417 to €17,532
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 | €552,043 | €507,714 | -€44,329 | -8.0% |
| Fixed assets | 21/28 | €507,488 | €481,947 | -€25,542 | -5.0% |
| Tangible fixed assets | 22/27 | €418,596 | €393,055 | -€25,542 | -6.1% |
| Land and buildings | 22 | €414,193 | €390,358 | -€23,835 | -5.8% |
| Plant, machinery and equipment | 23 | €2,602 | €1,924 | -€678 | -26.1% |
| Furniture and vehicles | 24 | €1,800 | €772 | -€1,028 | -57.1% |
| Financial fixed assets | 28 | €88,892 | €88,892 | = | 0.0% |
| Current assets | 29/58 | €44,555 | €25,767 | -€18,787 | -42.2% |
| Amounts receivable within one year | 40/41 | €38,803 | €15,681 | -€23,122 | -59.6% |
| Trade receivables | 40 | €18,008 | €13,090 | -€4,918 | -27.3% |
| Other amounts receivable | 41 | €20,795 | €2,591 | -€18,204 | -87.5% |
| Cash at bank and in hand | 54/58 | €5,493 | €10,086 | +€4,593 | +83.6% |
| Deferred charges and accrued income | 490/1 | €258 | - | -€258 | |
| Total equity and liabilities | 10/49 | €552,043 | €507,714 | -€44,329 | -8.0% |
| Equity | 10/15 | €24,053 | €21,019 | -€3,034 | -12.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €34,334 | €20,019 | -€14,315 | -41.7% |
| Distributable reserves | 133 | €34,334 | €20,019 | -€14,315 | -41.7% |
| Profit (loss) carried forward | 14 | -€11,282 | - | +€11,282 | |
| Amounts payable | 17/49 | €527,990 | €486,695 | -€41,295 | -7.8% |
| Amounts payable after more than one year | 17 | €293,183 | €293,183 | = | 0.0% |
| Financial debts | 170/4 | €293,183 | €293,183 | = | 0.0% |
| Amounts payable within one year | 42/48 | €234,807 | €193,512 | -€41,295 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €13,580 | - | -€13,580 | |
| Financial debts | 43 | €4,790 | - | -€4,790 | |
| Credit institutions | 430/8 | €4,790 | - | -€4,790 | |
| Trade debts | 44 | €212,094 | €193,512 | -€18,582 | -8.8% |
| Suppliers | 440/4 | €212,094 | €193,512 | -€18,582 | -8.8% |
| Taxes, remuneration and social security | 45 | €4,343 | - | -€4,343 | |
| Taxes | 450/3 | €4,343 | - | -€4,343 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,380 | €25,542 | +€162 | +0.6% |
| Other operating charges | 640/8 | €1,944 | €2,339 | +€395 | +20.3% |
| Gross operating margin | 9900 | €30,441 | €42,196 | +€11,755 | +38.6% |
| Operating profit (loss) | 9901 | €3,118 | €14,316 | +€11,198 | +359% |
| Financial income | 75/76B | €17 | €183 | +€166 | +969% |
| Recurring financial income | 75 | €17 | €183 | +€166 | +969% |
| Financial charges | 65/66B | €14,417 | €17,532 | +€3,116 | +21.6% |
| Recurring financial charges | 65 | €14,417 | €17,532 | +€3,116 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,282 | -€3,034 | +€8,248 | +73.1% |
| Profit (loss) for the period | 9904 | -€11,282 | -€3,034 | +€8,248 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,282 | -€3,034 | +€8,248 | +73.1% |
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 20 October 2026 via checked.be.