13 KVL: 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.
13 KVL
Largest movements
- Tangible fixed assets -€35,203
down €35,203 (-5.9%), from €598,390 to €563,186
- Cash +€31,050
up €31,050 (+17.0%), from €183,104 to €214,154
mainly Depreciation (+€35,203) and Accrued charges and deferred income (+€7,357)
- Profit (loss) carried forward -€12,157
down €12,157 (-1.2%), from -€1.0m to -€1.0m
- Turnover -€51,000
no longer reported in 2025 (was €51,000)
- Purchases and services -€12,026
no longer reported in 2025 (was €12,026)
- Gross operating margin -€7,118
down €7,118 (-18.3%), from €38,974 to €31,856
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 | €786,594 | €781,318 | -€5,276 | -0.7% |
| Fixed assets | 21/28 | €598,390 | €563,186 | -€35,203 | -5.9% |
| Tangible fixed assets | 22/27 | €598,390 | €563,186 | -€35,203 | -5.9% |
| Land and buildings | 22 | €598,390 | €563,186 | -€35,203 | -5.9% |
| Current assets | 29/58 | €188,204 | €218,132 | +€29,928 | +15.9% |
| Cash at bank and in hand | 54/58 | €183,104 | €214,154 | +€31,050 | +17.0% |
| Deferred charges and accrued income | 490/1 | €5,100 | €3,978 | -€1,122 | -22.0% |
| Total equity and liabilities | 10/49 | €786,594 | €781,318 | -€5,276 | -0.7% |
| Equity | 10/15 | €182,553 | €170,396 | -€12,157 | -6.7% |
| Contributions | 10/11 | €1,212,500 | €1,212,500 | = | 0.0% |
| Capital | 10 | €1,212,500 | €1,212,500 | = | 0.0% |
| Issued capital | 100 | €1,212,500 | €1,212,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,029,947 | -€1,042,104 | -€12,157 | -1.2% |
| Amounts payable | 17/49 | €604,041 | €610,922 | +€6,881 | +1.1% |
| Amounts payable within one year | 42/48 | €599,791 | €599,314 | -€477 | -0.1% |
| Trade debts | 44 | €5,488 | €5,011 | -€477 | -8.7% |
| Suppliers | 440/4 | €5,488 | €5,011 | -€477 | -8.7% |
| Other amounts payable | 47/48 | €594,303 | €594,303 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,250 | €11,607 | +€7,357 | +173% |
| Turnover | 70 | €51,000 | - | -€51,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €12,026 | - | -€12,026 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,203 | €35,203 | = | 0.0% |
| Other operating charges | 640/8 | €8,285 | €8,734 | +€449 | +5.4% |
| Gross operating margin | 9900 | €38,974 | €31,856 | -€7,118 | -18.3% |
| Operating profit (loss) | 9901 | -€4,515 | -€12,082 | -€7,567 | -168% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,589 | -€12,157 | -€7,568 | -165% |
| Profit (loss) for the period | 9904 | -€4,589 | -€12,157 | -€7,568 | -165% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,589 | -€12,157 | -€7,568 | -165% |
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 25 October 2026 via checked.be.