K.V.A.: 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.A.
Largest movements
- Tangible fixed assets -€73,605
down €73,605 (-4.3%), from €1.7m to €1.6m
of which Land and buildings: -€59,122
- Receivables within one year -€42,628
down €42,628 (-64.7%), from €65,851 to €23,223
of which Trade receivables: -€43,249
- Trade debts -€101,903
down €101,903 (-82.5%), from €123,545 to €21,642
- Other debts +€31,946
up €31,946 (+2.1%), from €1.5m to €1.5m
- Profit (loss) carried forward -€29,182
down €29,182 (-48.0%), from €60,780 to €31,598
- Gross operating margin -€44,036
down €44,036 (-32.1%), from €137,299 to €93,263
- Staff costs -€22,158
down €22,158 (-90.1%), from €24,590 to €2,432
- Depreciation +€16,026
up €16,026 (+17.9%), from €89,777 to €105,803
- Other operating charges +€4,235
up €4,235 (+51.1%), from €8,281 to €12,516
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 | €1,793,208 | €1,679,892 | -€113,316 | -6.3% |
| Fixed assets | 21/28 | €1,719,027 | €1,645,422 | -€73,605 | -4.3% |
| Tangible fixed assets | 22/27 | €1,719,027 | €1,645,422 | -€73,605 | -4.3% |
| Land and buildings | 22 | €1,642,532 | €1,583,410 | -€59,122 | -3.6% |
| Plant, machinery and equipment | 23 | €7,684 | €5,893 | -€1,791 | -23.3% |
| Furniture and vehicles | 24 | €68,811 | €56,119 | -€12,692 | -18.4% |
| Current assets | 29/58 | €74,181 | €34,470 | -€39,711 | -53.5% |
| Amounts receivable within one year | 40/41 | €65,851 | €23,223 | -€42,628 | -64.7% |
| Trade receivables | 40 | €59,335 | €16,086 | -€43,249 | -72.9% |
| Other amounts receivable | 41 | €6,516 | €7,137 | +€621 | +9.5% |
| Cash at bank and in hand | 54/58 | €6,570 | €10,969 | +€4,399 | +67.0% |
| Deferred charges and accrued income | 490/1 | €1,760 | €278 | -€1,482 | -84.2% |
| Total equity and liabilities | 10/49 | €1,793,208 | €1,679,892 | -€113,316 | -6.3% |
| Equity | 10/15 | €130,822 | €101,640 | -€29,182 | -22.3% |
| Contributions | 10/11 | €70,042 | €70,042 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,780 | €31,598 | -€29,182 | -48.0% |
| Amounts payable | 17/49 | €1,662,386 | €1,578,252 | -€84,134 | -5.1% |
| Amounts payable after more than one year | 17 | €29,222 | €15,458 | -€13,764 | -47.1% |
| Financial debts | 170/4 | €29,222 | €15,458 | -€13,764 | -47.1% |
| Amounts payable within one year | 42/48 | €1,633,164 | €1,562,794 | -€70,370 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €15,777 | €14,995 | -€782 | -5.0% |
| Trade debts | 44 | €123,545 | €21,642 | -€101,903 | -82.5% |
| Suppliers | 440/4 | €123,545 | €21,642 | -€101,903 | -82.5% |
| Taxes, remuneration and social security | 45 | €83 | €452 | +€369 | +444.6% |
| Taxes | 450/3 | €50 | €241 | +€191 | +382.0% |
| Remuneration and social security | 454/9 | €33 | €211 | +€178 | +539.4% |
| Other amounts payable | 47/48 | €1,493,759 | €1,525,705 | +€31,946 | +2.1% |
| Remuneration, social security and pensions | 62 | €24,590 | €2,432 | -€22,158 | -90.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,777 | €105,803 | +€16,026 | +17.9% |
| Other operating charges | 640/8 | €8,281 | €12,516 | +€4,235 | +51.1% |
| Gross operating margin | 9900 | €137,299 | €93,263 | -€44,036 | -32.1% |
| Operating profit (loss) | 9901 | €14,651 | -€27,488 | -€42,139 | |
| Financial income | 75/76B | €55 | €2 | -€53 | -96.4% |
| Recurring financial income | 75 | €55 | €2 | -€53 | -96.4% |
| Financial charges | 65/66B | €221 | €1,455 | +€1,234 | +558.4% |
| Recurring financial charges | 65 | €221 | €1,455 | +€1,234 | +558.4% |
| Profit (loss) for the period before taxes | 9903 | €14,485 | -€28,941 | -€43,426 | |
| Income taxes | 67/77 | - | €241 | +€241 | |
| Profit (loss) for the period | 9904 | €14,485 | -€29,182 | -€43,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,485 | -€29,182 | -€43,667 |
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 8 October 2026 via checked.be.