KWG: 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.
KWG
Largest movements
- Cash +€50,995
up €50,995 (+54.3%), from €93,866 to €144,861
mainly Depreciation (+€29,373) and Advances received (+€24,681)
- Tangible fixed assets -€29,373
down €29,373 (-28.5%), from €103,183 to €73,809
of which Furniture and vehicles: -€21,218
- Receivables within one year +€21,046
up €21,046 (+60.4%), from €34,864 to €55,910
of which Trade receivables: +€27,481
- Advances received +€24,681
new in 2025: €24,681
- Reserves +€19,023
up €19,023 (+11.3%), from €168,759 to €187,781
of which Distributable reserves: +€19,023
- Debts after one year -€11,647
down €11,647 (-41.9%), from €27,801 to €16,154
- Tax, wage and social debts +€10,569
new in 2025: €10,569
- Gross operating margin +€24,623
up €24,623 (+70.9%), from €34,713 to €59,336
- Taxes +€6,954
up €6,954 (+649%), from €1,071 to €8,026
- Depreciation +€1,313
up €1,313 (+4.7%), from €28,061 to €29,373
- Financial charges -€683
down €683 (-28.8%), from €2,374 to €1,691
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 | €235,346 | €275,993 | +€40,647 | +17.3% |
| Fixed assets | 21/28 | €103,183 | €73,809 | -€29,373 | -28.5% |
| Tangible fixed assets | 22/27 | €103,183 | €73,809 | -€29,373 | -28.5% |
| Plant, machinery and equipment | 23 | €37,389 | €29,233 | -€8,156 | -21.8% |
| Furniture and vehicles | 24 | €65,794 | €44,576 | -€21,218 | -32.2% |
| Current assets | 29/58 | €132,164 | €202,184 | +€70,020 | +53.0% |
| Stocks and contracts in progress | 3 | €2,481 | €637 | -€1,844 | -74.3% |
| Stocks | 30/36 | €2,481 | €637 | -€1,844 | -74.3% |
| Amounts receivable within one year | 40/41 | €34,864 | €55,910 | +€21,046 | +60.4% |
| Trade receivables | 40 | €28,429 | €55,910 | +€27,481 | +96.7% |
| Other amounts receivable | 41 | €6,435 | - | -€6,435 | |
| Cash at bank and in hand | 54/58 | €93,866 | €144,861 | +€50,995 | +54.3% |
| Deferred charges and accrued income | 490/1 | €952 | €776 | -€177 | -18.5% |
| Total equity and liabilities | 10/49 | €235,346 | €275,993 | +€40,647 | +17.3% |
| Equity | 10/15 | €188,759 | €207,781 | +€19,023 | +10.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €168,759 | €187,781 | +€19,023 | +11.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €166,759 | €185,781 | +€19,023 | +11.4% |
| Amounts payable | 17/49 | €46,588 | €68,211 | +€21,624 | +46.4% |
| Amounts payable after more than one year | 17 | €27,801 | €16,154 | -€11,647 | -41.9% |
| Financial debts | 170/4 | €27,801 | €16,154 | -€11,647 | -41.9% |
| Amounts payable within one year | 42/48 | €18,787 | €52,057 | +€33,270 | +177% |
| Current portion of amounts payable after more than one year | 42 | €12,750 | €11,647 | -€1,104 | -8.7% |
| Trade debts | 44 | €4,971 | €4,466 | -€505 | -10.2% |
| Suppliers | 440/4 | €4,971 | €4,466 | -€505 | -10.2% |
| Advances received on contracts in progress | 46 | - | €24,681 | +€24,681 | |
| Taxes, remuneration and social security | 45 | - | €10,569 | +€10,569 | |
| Taxes | 450/3 | - | €10,569 | +€10,569 | |
| Other amounts payable | 47/48 | €1,066 | €695 | -€371 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,061 | €29,373 | +€1,313 | +4.7% |
| Other operating charges | 640/8 | €1,735 | €1,982 | +€248 | +14.3% |
| Gross operating margin | 9900 | €34,713 | €59,336 | +€24,623 | +70.9% |
| Operating profit (loss) | 9901 | €4,918 | €27,981 | +€23,063 | +469% |
| Financial income | 75/76B | €817 | €759 | -€58 | -7.1% |
| Recurring financial income | 75 | €817 | €759 | -€58 | -7.1% |
| Financial charges | 65/66B | €2,374 | €1,691 | -€683 | -28.8% |
| Recurring financial charges | 65 | €2,374 | €1,691 | -€683 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €3,360 | €27,049 | +€23,688 | +705% |
| Income taxes | 67/77 | €1,071 | €8,026 | +€6,954 | +649% |
| Profit (loss) for the period | 9904 | €2,289 | €19,023 | +€16,734 | +731% |
| Profit (loss) for the period to be appropriated | 9905 | €2,289 | €19,023 | +€16,734 | +731% |
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 15 October 2026 via checked.be.