MD-KWAN: 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.
MD-KWAN
Largest movements
- Current investments -€600,000
down €600,000 (-100.0%), from €600,000 to €0
- Cash +€436,217
up €436,217 (+658.8%), from €66,218 to €502,435
mainly Current investments (+€600,000) and Depreciation (+€38,136)
- Tangible fixed assets -€35,841
down €35,841 (-10.0%), from €358,465 to €322,624
of which Land and buildings: -€24,093
- Receivables within one year +€21,582
up €21,582 (+269.8%), from €8,000 to €29,582
of which Other amounts receivable: +€29,582
- Other debts -€156,376
down €156,376 (-100.0%), from €156,376 to €0
- Trade debts -€45,461
down €45,461 (-96.0%), from €47,361 to €1,900
- Reserves +€23,310
up €23,310 (+10.6%), from €220,317 to €243,627
of which Distributable reserves: +€23,310
- Gross operating margin -€12,117
down €12,117 (-16.1%), from €75,442 to €63,325
- Other operating charges +€8,335
new in 2025: €8,335
- Taxes -€6,522
down €6,522 (-42.6%), from €15,301 to €8,779
- Depreciation +€5,557
up €5,557 (+17.1%), from €32,579 to €38,136
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 | €1,035,120 | €856,593 | -€178,527 | -17.2% |
| Fixed assets | 21/28 | €358,465 | €322,624 | -€35,841 | -10.0% |
| Tangible fixed assets | 22/27 | €358,465 | €322,624 | -€35,841 | -10.0% |
| Land and buildings | 22 | €296,730 | €272,637 | -€24,093 | -8.1% |
| Plant, machinery and equipment | 23 | - | €1,904 | +€1,904 | |
| Furniture and vehicles | 24 | €6,280 | €4,098 | -€2,182 | -34.7% |
| Other tangible fixed assets | 26 | €55,455 | €43,985 | -€11,470 | -20.7% |
| Current assets | 29/58 | €676,655 | €533,970 | -€142,685 | -21.1% |
| Amounts receivable within one year | 40/41 | €8,000 | €29,582 | +€21,582 | +269.8% |
| Trade receivables | 40 | €8,000 | €0 | -€8,000 | -100.0% |
| Other amounts receivable | 41 | - | €29,582 | +€29,582 | |
| Current investments | 50/53 | €600,000 | €0 | -€600,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €66,218 | €502,435 | +€436,217 | +658.8% |
| Deferred charges and accrued income | 490/1 | €2,437 | €1,952 | -€485 | -19.9% |
| Total equity and liabilities | 10/49 | €1,035,120 | €856,593 | -€178,527 | -17.2% |
| Equity | 10/15 | €820,576 | €843,886 | +€23,310 | +2.8% |
| Contributions | 10/11 | €12,178 | €12,178 | +€0 | 0.0% |
| Reserves | 13 | €220,317 | €243,627 | +€23,310 | +10.6% |
| Non-distributable reserves | 130/1 | €18,755 | €18,755 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €18,755 | €18,755 | -€0 | 0.0% |
| Distributable reserves | 133 | €201,563 | €224,873 | +€23,310 | +11.6% |
| Profit (loss) carried forward | 14 | €588,080 | €588,080 | +€0 | 0.0% |
| Amounts payable | 17/49 | €214,544 | €12,707 | -€201,837 | -94.1% |
| Amounts payable within one year | 42/48 | €214,544 | €12,707 | -€201,837 | -94.1% |
| Trade debts | 44 | €47,361 | €1,900 | -€45,461 | -96.0% |
| Suppliers | 440/4 | €47,361 | €1,900 | -€45,461 | -96.0% |
| Taxes, remuneration and social security | 45 | €10,807 | €10,807 | -€1 | 0.0% |
| Taxes | 450/3 | €10,807 | €10,807 | -€1 | 0.0% |
| Other amounts payable | 47/48 | €156,376 | €0 | -€156,376 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,579 | €38,136 | +€5,557 | +17.1% |
| Other operating charges | 640/8 | - | €8,335 | +€8,335 | |
| Gross operating margin | 9900 | €75,442 | €63,325 | -€12,117 | -16.1% |
| Operating profit (loss) | 9901 | €42,862 | €16,854 | -€26,008 | -60.7% |
| Financial income | 75/76B | €14,980 | €15,293 | +€313 | +2.1% |
| Recurring financial income | 75 | €14,980 | €15,293 | +€313 | +2.1% |
| Financial charges | 65/66B | €21 | €58 | +€37 | +178.1% |
| Recurring financial charges | 65 | €21 | €58 | +€37 | +178.1% |
| Profit (loss) for the period before taxes | 9903 | €57,822 | €32,089 | -€25,733 | -44.5% |
| Income taxes | 67/77 | €15,301 | €8,779 | -€6,522 | -42.6% |
| Profit (loss) for the period | 9904 | €42,521 | €23,310 | -€19,211 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,521 | €23,310 | -€19,211 | -45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.