The Kilt: 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.
The Kilt
Largest movements
- Cash +€10,678
up €10,678 (+12.4%), from €85,925 to €96,603
mainly Net result for the year (+€26,779) and Receivables within one year (+€9,419)
- Receivables within one year -€9,419
down €9,419 (-70.7%), from €13,330 to €3,912
of which Other amounts receivable: -€7,000
- Reserves +€26,750
up €26,750 (+62.3%), from €42,950 to €69,700
- Trade debts -€15,721
down €15,721 (-82.5%), from €19,064 to €3,343
- Other debts -€8,995
no longer reported in 2025 (was €8,995)
- Tax, wage and social debts -€2,302
down €2,302 (-17.5%), from €13,128 to €10,826
of which Remuneration and social security: -€1,805
- Gross operating margin -€19,376
down €19,376 (-24.3%), from €79,667 to €60,291
- Staff costs -€13,778
down €13,778 (-76.1%), from €18,096 to €4,318
- Taxes -€1,885
down €1,885 (-12.0%), from €15,685 to €13,801
- Depreciation -€1,537
down €1,537 (-31.1%), from €4,937 to €3,400
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 | €111,182 | €110,943 | -€239 | -0.2% |
| Fixed assets | 21/28 | €6,691 | €6,741 | +€50 | +0.8% |
| Tangible fixed assets | 22/27 | €6,691 | €6,741 | +€50 | +0.8% |
| Plant, machinery and equipment | 23 | €3,526 | €2,398 | -€1,128 | -32.0% |
| Furniture and vehicles | 24 | €3,166 | €4,344 | +€1,178 | +37.2% |
| Current assets | 29/58 | €104,491 | €104,201 | -€290 | -0.3% |
| Stocks and contracts in progress | 3 | €1,985 | €1,543 | -€442 | -22.3% |
| Stocks | 30/36 | €1,985 | €1,543 | -€442 | -22.3% |
| Amounts receivable within one year | 40/41 | €13,330 | €3,912 | -€9,419 | -70.7% |
| Trade receivables | 40 | €6,330 | €3,912 | -€2,419 | -38.2% |
| Other amounts receivable | 41 | €7,000 | - | -€7,000 | |
| Cash at bank and in hand | 54/58 | €85,925 | €96,603 | +€10,678 | +12.4% |
| Deferred charges and accrued income | 490/1 | €3,251 | €2,144 | -€1,107 | -34.0% |
| Total equity and liabilities | 10/49 | €111,182 | €110,943 | -€239 | -0.2% |
| Equity | 10/15 | €69,995 | €96,774 | +€26,779 | +38.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €42,950 | €69,700 | +€26,750 | +62.3% |
| Distributable reserves | 133 | €42,950 | €69,700 | +€26,750 | +62.3% |
| Profit (loss) carried forward | 14 | €22,045 | €22,074 | +€29 | +0.1% |
| Amounts payable | 17/49 | €41,187 | €14,169 | -€27,018 | -65.6% |
| Amounts payable within one year | 42/48 | €41,187 | €14,169 | -€27,018 | -65.6% |
| Trade debts | 44 | €19,064 | €3,343 | -€15,721 | -82.5% |
| Suppliers | 440/4 | €19,064 | €3,343 | -€15,721 | -82.5% |
| Taxes, remuneration and social security | 45 | €13,128 | €10,826 | -€2,302 | -17.5% |
| Taxes | 450/3 | €11,323 | €10,826 | -€497 | -4.4% |
| Remuneration and social security | 454/9 | €1,805 | - | -€1,805 | |
| Other amounts payable | 47/48 | €8,995 | - | -€8,995 | |
| Non-recurring operating income | 76A | - | €14,022 | +€14,022 | |
| Remuneration, social security and pensions | 62 | €18,096 | €4,318 | -€13,778 | -76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,937 | €3,400 | -€1,537 | -31.1% |
| Other operating charges | 640/8 | €1,995 | €1,739 | -€256 | -12.8% |
| Non-recurring operating charges | 66A | - | €8,179 | +€8,179 | |
| Gross operating margin | 9900 | €79,667 | €60,291 | -€19,376 | -24.3% |
| Operating profit (loss) | 9901 | €54,639 | €42,655 | -€11,984 | -21.9% |
| Financial income | 75/76B | - | €64 | +€64 | |
| Recurring financial income | 75 | - | €64 | +€64 | |
| Financial charges | 65/66B | €1,739 | €2,140 | +€400 | +23.0% |
| Recurring financial charges | 65 | €1,739 | €2,140 | +€400 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €52,900 | €40,579 | -€12,321 | -23.3% |
| Income taxes | 67/77 | €15,685 | €13,801 | -€1,885 | -12.0% |
| Profit (loss) for the period | 9904 | €37,215 | €26,779 | -€10,436 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,215 | €26,779 | -€10,436 | -28.0% |
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 7 October 2026 via checked.be.