KWConstruct: 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.
KWConstruct
Largest movements
- Cash -€13,735
down €13,735 (-24.7%), from €55,628 to €41,893
mainly Net result for the year (-€24,872) and Investment in fixed assets (net) (-€12,609)
- Stocks and contracts -€9,468
down €9,468 (-50.5%), from €18,738 to €9,270
- Receivables after one year +€9,068
up €9,068 (+21.8%), from €41,676 to €50,744
- Tangible fixed assets +€7,370
up €7,370 (+54.4%), from €13,554 to €20,924
of which Other tangible fixed assets: +€6,890
- Receivables within one year +€3,002
up €3,002 (+5.3%), from €56,561 to €59,564
of which Trade receivables: +€8,445
- Profit (loss) carried forward -€24,872
down €24,872, from €21,712 to -€3,159
- Trade debts +€22,706
up €22,706 (+381.9%), from €5,945 to €28,651
- Debts after one year -€5,827
down €5,827 (-28.2%), from €20,669 to €14,842
- Tax, wage and social debts +€2,124
up €2,124 (+10.9%), from €19,481 to €21,605
of which Remuneration and social security: +€2,315
- Staff costs +€67,016
up €67,016 (+172.6%), from €38,834 to €105,850
- Taxes -€10,812
down €10,812 (-98.0%), from €11,038 to €226
- Gross operating margin -€4,658
down €4,658 (-4.9%), from €95,890 to €91,232
- Financial charges +€2,753
up €2,753 (+122.1%), from €2,254 to €5,007
- Other operating charges +€1,875
up €1,875 (+265.5%), from €706 to €2,581
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 | €187,109 | €183,076 | -€4,032 | -2.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €14,505 | €21,605 | +€7,100 | +49.0% |
| Intangible fixed assets | 21 | €951 | €681 | -€270 | -28.4% |
| Tangible fixed assets | 22/27 | €13,554 | €20,924 | +€7,370 | +54.4% |
| Land and buildings | 22 | €573 | €243 | -€330 | -57.7% |
| Plant, machinery and equipment | 23 | €2,905 | €1,925 | -€979 | -33.7% |
| Furniture and vehicles | 24 | €10,076 | €11,866 | +€1,790 | +17.8% |
| Other tangible fixed assets | 26 | - | €6,890 | +€6,890 | |
| Current assets | 29/58 | €172,604 | €161,471 | -€11,133 | -6.4% |
| Amounts receivable after more than one year | 29 | €41,676 | €50,744 | +€9,068 | +21.8% |
| Other amounts receivable | 291 | €41,676 | €50,744 | +€9,068 | +21.8% |
| Stocks and contracts in progress | 3 | €18,738 | €9,270 | -€9,468 | -50.5% |
| Stocks | 30/36 | €18,738 | €9,270 | -€9,468 | -50.5% |
| Amounts receivable within one year | 40/41 | €56,561 | €59,564 | +€3,002 | +5.3% |
| Trade receivables | 40 | €26,795 | €35,241 | +€8,445 | +31.5% |
| Other amounts receivable | 41 | €29,766 | €24,323 | -€5,443 | -18.3% |
| Cash at bank and in hand | 54/58 | €55,628 | €41,893 | -€13,735 | -24.7% |
| Total equity and liabilities | 10/49 | €187,109 | €183,076 | -€4,032 | -2.2% |
| Equity | 10/15 | €116,824 | €91,952 | -€24,872 | -21.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,912 | €88,912 | = | 0.0% |
| Distributable reserves | 133 | €88,912 | €88,912 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,712 | -€3,159 | -€24,872 | |
| Amounts payable | 17/49 | €70,285 | €91,124 | +€20,839 | +29.6% |
| Amounts payable after more than one year | 17 | €20,669 | €14,842 | -€5,827 | -28.2% |
| Financial debts | 170/4 | €20,669 | €14,842 | -€5,827 | -28.2% |
| Amounts payable within one year | 42/48 | €49,616 | €76,282 | +€26,666 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €11,190 | €11,663 | +€474 | +4.2% |
| Financial debts | 43 | €13,000 | €14,362 | +€1,362 | +10.5% |
| Credit institutions | 430/8 | €13,000 | €14,362 | +€1,362 | +10.5% |
| Trade debts | 44 | €5,945 | €28,651 | +€22,706 | +381.9% |
| Suppliers | 440/4 | €5,945 | €28,651 | +€22,706 | +381.9% |
| Taxes, remuneration and social security | 45 | €19,481 | €21,605 | +€2,124 | +10.9% |
| Taxes | 450/3 | €6,191 | €5,999 | -€192 | -3.1% |
| Remuneration and social security | 454/9 | €13,290 | €15,606 | +€2,315 | +17.4% |
| Non-recurring operating income | 76A | €135 | €60 | -€75 | -55.6% |
| Remuneration, social security and pensions | 62 | €38,834 | €105,850 | +€67,016 | +172.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,824 | €5,509 | +€685 | +14.2% |
| Other operating charges | 640/8 | €706 | €2,581 | +€1,875 | +265.5% |
| Gross operating margin | 9900 | €95,890 | €91,232 | -€4,658 | -4.9% |
| Operating profit (loss) | 9901 | €51,526 | -€22,708 | -€74,234 | |
| Financial income | 75/76B | €3,818 | €3,069 | -€748 | -19.6% |
| Recurring financial income | 75 | €3,818 | €3,069 | -€748 | -19.6% |
| Financial charges | 65/66B | €2,254 | €5,007 | +€2,753 | +122.1% |
| Recurring financial charges | 65 | €2,254 | €5,007 | +€2,753 | +122.1% |
| Profit (loss) for the period before taxes | 9903 | €53,089 | -€24,646 | -€77,735 | |
| Income taxes | 67/77 | €11,038 | €226 | -€10,812 | -98.0% |
| Profit (loss) for the period | 9904 | €42,052 | -€24,872 | -€66,923 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,052 | -€24,872 | -€66,923 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.