THE KING: 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.
THE KING
Largest movements
- Receivables within one year -€14,089
down €14,089 (-40.6%), from €34,723 to €20,634
of which Other amounts receivable: -€7,332
- Tangible fixed assets -€9,856
down €9,856 (-20.8%), from €47,470 to €37,613
of which Land and buildings: -€8,968
- Deferred charges and accrued income -€1,215
down €1,215 (-100.0%), from €1,215 to €0
- Cash -€896
down €896 (-98.6%), from €909 to €13
mainly Net result for the year (-€24,127) and Advances received (-€6,050)
- Profit (loss) carried forward -€24,127
down €24,127 (-33.2%), from -€72,751 to -€96,879
- Advances received -€6,050
down €6,050 (-100.0%), from €6,050 to €0
- Trade debts +€3,043
up €3,043 (+306.2%), from €994 to €4,037
- Current portion of long-term debt +€2,005
up €2,005 (+31.1%), from €6,456 to €8,461
- Tax, wage and social debts -€928
down €928 (-39.9%), from €2,324 to €1,396
- Gross operating margin -€26,562
down €26,562, from €19,111 to -€7,451
- Depreciation -€2,300
down €2,300 (-18.9%), from €12,156 to €9,856
- Other operating charges +€1,052
up €1,052 (+22.6%), from €4,649 to €5,701
- Financial charges -€197
down €197 (-16.8%), from €1,173 to €976
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 | €84,317 | €58,260 | -€26,057 | -30.9% |
| Fixed assets | 21/28 | €47,470 | €37,613 | -€9,856 | -20.8% |
| Tangible fixed assets | 22/27 | €47,470 | €37,613 | -€9,856 | -20.8% |
| Land and buildings | 22 | €40,656 | €31,688 | -€8,968 | -22.1% |
| Plant, machinery and equipment | 23 | €6,813 | €5,925 | -€888 | -13.0% |
| Current assets | 29/58 | €36,847 | €20,647 | -€16,200 | -44.0% |
| Amounts receivable within one year | 40/41 | €34,723 | €20,634 | -€14,089 | -40.6% |
| Trade receivables | 40 | €7,385 | €628 | -€6,757 | -91.5% |
| Other amounts receivable | 41 | €27,338 | €20,006 | -€7,332 | -26.8% |
| Cash at bank and in hand | 54/58 | €909 | €13 | -€896 | -98.6% |
| Deferred charges and accrued income | 490/1 | €1,215 | €0 | -€1,215 | -100.0% |
| Total equity and liabilities | 10/49 | €84,317 | €58,260 | -€26,057 | -30.9% |
| Equity | 10/15 | €68,492 | €44,365 | -€24,127 | -35.2% |
| Contributions | 10/11 | €106,658 | €106,658 | = | 0.0% |
| Reserves | 13 | €34,586 | €34,586 | = | 0.0% |
| Distributable reserves | 133 | €34,586 | €34,586 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,751 | -€96,879 | -€24,127 | -33.2% |
| Amounts payable | 17/49 | €15,824 | €13,895 | -€1,929 | -12.2% |
| Amounts payable within one year | 42/48 | €15,824 | €13,895 | -€1,929 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €6,456 | €8,461 | +€2,005 | +31.1% |
| Trade debts | 44 | €994 | €4,037 | +€3,043 | +306.2% |
| Suppliers | 440/4 | €994 | €4,037 | +€3,043 | +306.2% |
| Advances received on contracts in progress | 46 | €6,050 | €0 | -€6,050 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,324 | €1,396 | -€928 | -39.9% |
| Taxes | 450/3 | €2,324 | €1,396 | -€928 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,156 | €9,856 | -€2,300 | -18.9% |
| Other operating charges | 640/8 | €4,649 | €5,701 | +€1,052 | +22.6% |
| Non-recurring operating charges | 66A | €31 | €180 | +€149 | +475.2% |
| Gross operating margin | 9900 | €19,111 | -€7,451 | -€26,562 | |
| Operating profit (loss) | 9901 | €2,274 | -€23,188 | -€25,463 | |
| Financial income | 75/76B | €120 | €37 | -€83 | -69.1% |
| Recurring financial income | 75 | €120 | €37 | -€83 | -69.1% |
| Financial charges | 65/66B | €1,173 | €976 | -€197 | -16.8% |
| Recurring financial charges | 65 | €1,173 | €976 | -€197 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €1,221 | -€24,127 | -€25,349 | |
| Profit (loss) for the period | 9904 | €1,221 | -€24,127 | -€25,349 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,221 | -€24,127 | -€25,349 |
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 10 October 2026 via checked.be.