K.D.V.: 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.
K.D.V.
Largest movements
- Tangible fixed assets +€166,926
up €166,926 (+64.3%), from €259,676 to €426,602
of which Land and buildings: +€174,099
- Receivables within one year +€18,925
up €18,925 (+198.6%), from €9,528 to €28,453
- Deferred charges and accrued income -€8,295
no longer reported in 2025 (was €8,295)
- Debts after one year +€151,012
new in 2025: €151,012
- Current portion of long-term debt +€8,308
new in 2025: €8,308
- Profit (loss) carried forward +€6,353
up €6,353 (+4.4%), from -€145,245 to -€138,891
- Trade debts +€6,216
up €6,216 (+826.9%), from €752 to €6,968
- Other debts +€4,888
up €4,888 (+15.0%), from €32,476 to €37,363
- Gross operating margin +€18,057
up €18,057 (+108.0%), from €16,715 to €34,772
- Financial charges +€843
up €843 (+209.7%), from €402 to €1,245
- Depreciation +€823
up €823 (+3.5%), from €23,792 to €24,615
- Other operating charges +€620
up €620 (+33.5%), from €1,853 to €2,473
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 | €279,752 | €456,188 | +€176,436 | +63.1% |
| Fixed assets | 21/28 | €259,676 | €426,602 | +€166,926 | +64.3% |
| Tangible fixed assets | 22/27 | €259,676 | €426,602 | +€166,926 | +64.3% |
| Land and buildings | 22 | €194,296 | €368,395 | +€174,099 | +89.6% |
| Furniture and vehicles | 24 | €65,380 | €58,207 | -€7,173 | -11.0% |
| Current assets | 29/58 | €20,076 | €29,585 | +€9,510 | +47.4% |
| Amounts receivable within one year | 40/41 | €9,528 | €28,453 | +€18,925 | +198.6% |
| Trade receivables | 40 | €9,528 | €28,453 | +€18,925 | +198.6% |
| Cash at bank and in hand | 54/58 | €2,253 | €1,133 | -€1,121 | -49.7% |
| Deferred charges and accrued income | 490/1 | €8,295 | - | -€8,295 | |
| Total equity and liabilities | 10/49 | €279,752 | €456,188 | +€176,436 | +63.1% |
| Equity | 10/15 | €246,182 | €252,536 | +€6,353 | +2.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | - | -€61,500 | |
| Issued capital | 100 | €61,500 | - | -€61,500 | |
| Outside capital | 11 | - | €61,500 | +€61,500 | |
| Other | 1109/19 | - | €61,500 | +€61,500 | |
| Reserves | 13 | €329,927 | €329,927 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,000 | €28,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,292 | €55,292 | = | 0.0% |
| Distributable reserves | 133 | €246,635 | €246,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,245 | -€138,891 | +€6,353 | +4.4% |
| Amounts payable | 17/49 | €33,570 | €203,652 | +€170,083 | +506.7% |
| Amounts payable after more than one year | 17 | - | €151,012 | +€151,012 | |
| Financial debts | 170/4 | - | €151,012 | +€151,012 | |
| Amounts payable within one year | 42/48 | €33,570 | €52,640 | +€19,070 | +56.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,308 | +€8,308 | |
| Trade debts | 44 | €752 | €6,968 | +€6,216 | +826.9% |
| Suppliers | 440/4 | €752 | €6,968 | +€6,216 | +826.9% |
| Taxes, remuneration and social security | 45 | €342 | - | -€342 | |
| Taxes | 450/3 | €342 | - | -€342 | |
| Other amounts payable | 47/48 | €32,476 | €37,363 | +€4,888 | +15.0% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,792 | €24,615 | +€823 | +3.5% |
| Other operating charges | 640/8 | €1,853 | €2,473 | +€620 | +33.5% |
| Gross operating margin | 9900 | €16,715 | €34,772 | +€18,057 | +108.0% |
| Operating profit (loss) | 9901 | -€8,930 | €7,684 | +€16,613 | |
| Financial charges | 65/66B | €402 | €1,245 | +€843 | +209.7% |
| Recurring financial charges | 65 | €402 | €1,245 | +€843 | +209.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,332 | €6,439 | +€15,771 | |
| Income taxes | 67/77 | €342 | €85 | -€256 | -75.0% |
| Profit (loss) for the period | 9904 | -€9,674 | €6,353 | +€16,027 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,674 | €6,353 | +€16,027 |
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 5 October 2026 via checked.be.