K.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.V.
Largest movements
- Cash +€235,118
up €235,118 (+63.5%), from €370,086 to €605,205
mainly Other debts (+€489,499) and Current investments (+€200,000)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Tangible fixed assets +€14,004
up €14,004 (+2.6%), from €539,747 to €553,751
of which Furniture and vehicles: +€10,642
- Contributions -€500,000
down €500,000 (-53.1%), from €941,995 to €441,995
- Other debts +€489,499
up €489,499 (+21448.5%), from €2,282 to €491,781
- Reserves +€65,911
up €65,911 (+45.3%), from €145,573 to €211,483
of which Distributable reserves: +€115,911
- Trade debts -€17,924
down €17,924 (-91.5%), from €19,581 to €1,657
- Gross operating margin -€487,443
down €487,443 (-78.1%), from €624,260 to €136,817
- Depreciation -€29,691
down €29,691 (-76.4%), from €38,861 to €9,170
- Taxes -€18,155
down €18,155 (-44.8%), from €40,501 to €22,345
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 | €1,126,779 | €1,168,834 | +€42,054 | +3.7% |
| Fixed assets | 21/28 | €539,747 | €553,751 | +€14,004 | +2.6% |
| Tangible fixed assets | 22/27 | €539,747 | €553,751 | +€14,004 | +2.6% |
| Land and buildings | 22 | €539,747 | €541,704 | +€1,956 | +0.4% |
| Plant, machinery and equipment | 23 | - | €1,406 | +€1,406 | |
| Furniture and vehicles | 24 | - | €10,642 | +€10,642 | |
| Current assets | 29/58 | €587,032 | €615,082 | +€28,051 | +4.8% |
| Amounts receivable within one year | 40/41 | €13,944 | €8,311 | -€5,633 | -40.4% |
| Trade receivables | 40 | €11,387 | €0 | -€11,387 | -100.0% |
| Other amounts receivable | 41 | €2,557 | €8,311 | +€5,753 | +225.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €370,086 | €605,205 | +€235,118 | +63.5% |
| Deferred charges and accrued income | 490/1 | €3,002 | €1,567 | -€1,435 | -47.8% |
| Total equity and liabilities | 10/49 | €1,126,779 | €1,168,834 | +€42,054 | +3.7% |
| Equity | 10/15 | €1,087,568 | €653,479 | -€434,089 | -39.9% |
| Contributions | 10/11 | €941,995 | €441,995 | -€500,000 | -53.1% |
| Capital | 10 | €941,995 | €441,995 | -€500,000 | -53.1% |
| Issued capital | 100 | €941,995 | €441,995 | -€500,000 | -53.1% |
| Reserves | 13 | €145,573 | €211,483 | +€65,911 | +45.3% |
| Non-distributable reserves | 130/1 | €94,200 | €44,200 | -€50,000 | -53.1% |
| Legal reserve | 130 | €94,200 | €44,200 | -€50,000 | -53.1% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €13,873 | €129,784 | +€115,911 | +835.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €39,211 | €515,355 | +€476,144 | +1214.3% |
| Amounts payable within one year | 42/48 | €24,449 | €497,893 | +€473,445 | +1936.5% |
| Trade debts | 44 | €19,581 | €1,657 | -€17,924 | -91.5% |
| Suppliers | 440/4 | €19,581 | €1,657 | -€17,924 | -91.5% |
| Advances received on contracts in progress | 46 | €2,586 | €4,186 | +€1,600 | +61.9% |
| Taxes, remuneration and social security | 45 | - | €270 | +€270 | |
| Taxes | 450/3 | - | €270 | +€270 | |
| Other amounts payable | 47/48 | €2,282 | €491,781 | +€489,499 | +21448.5% |
| Accrued charges and deferred income | 492/3 | €14,763 | €17,462 | +€2,699 | +18.3% |
| Non-recurring operating income | 76A | €485,273 | €0 | -€485,273 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,861 | €9,170 | -€29,691 | -76.4% |
| Other operating charges | 640/8 | €21,666 | €21,692 | +€26 | +0.1% |
| Non-recurring operating charges | 66A | €318 | €0 | -€318 | -100.0% |
| Gross operating margin | 9900 | €624,260 | €136,817 | -€487,443 | -78.1% |
| Operating profit (loss) | 9901 | €563,415 | €105,954 | -€457,460 | -81.2% |
| Financial income | 75/76B | €6,244 | €27 | -€6,217 | -99.6% |
| Recurring financial income | 75 | €6,244 | €27 | -€6,217 | -99.6% |
| Financial charges | 65/66B | €14,642 | €17,726 | +€3,084 | +21.1% |
| Recurring financial charges | 65 | €14,642 | €17,726 | +€3,084 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €555,017 | €88,256 | -€466,761 | -84.1% |
| Income taxes | 67/77 | €40,501 | €22,345 | -€18,155 | -44.8% |
| Profit (loss) for the period | 9904 | €514,516 | €65,911 | -€448,605 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €514,516 | €65,911 | -€448,605 | -87.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.