K.V.D.: 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.
K.V.D.
Largest movements
- Receivables within one year +€77,978
up €77,978 (+46.8%), from €166,578 to €244,556
of which Trade receivables: +€70,148
- Cash -€44,006
down €44,006 (-23.1%), from €190,679 to €146,673
mainly Receivables within one year (-€77,978) and Investment in fixed assets (net) (-€20,553)
- Reserves +€19,571
up €19,571 (+4.5%), from €430,524 to €450,095
of which Distributable reserves: +€19,571
- Trade debts +€13,764
up €13,764 (+29.0%), from €47,393 to €61,157
- Tax, wage and social debts -€12,080
down €12,080 (-76.0%), from €15,904 to €3,824
of which Remuneration and social security: -€10,172
- Other debts +€9,501
up €9,501 (+3.0%), from €316,409 to €325,911
- Gross operating margin -€8,349
down €8,349 (-12.5%), from €66,577 to €58,229
- Depreciation +€5,043
up €5,043 (+22.5%), from €22,458 to €27,501
- Taxes -€4,600
down €4,600 (-36.8%), from €12,516 to €7,916
- Financial income -€3,504
down €3,504 (-90.8%), from €3,857 to €353
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 | €848,614 | €872,326 | +€23,711 | +2.8% |
| Fixed assets | 21/28 | €465,115 | €458,168 | -€6,948 | -1.5% |
| Tangible fixed assets | 22/27 | €464,815 | €457,868 | -€6,948 | -1.5% |
| Plant, machinery and equipment | 23 | €917 | €427 | -€490 | -53.4% |
| Furniture and vehicles | 24 | €28,738 | €16,666 | -€12,072 | -42.0% |
| Leasing and similar rights | 25 | €25,926 | €16,224 | -€9,702 | -37.4% |
| Other tangible fixed assets | 26 | €86,131 | €80,894 | -€5,237 | -6.1% |
| Assets under construction and advance payments | 27 | €323,104 | €343,657 | +€20,553 | +6.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €383,499 | €414,158 | +€30,659 | +8.0% |
| Stocks and contracts in progress | 3 | €17,500 | €15,400 | -€2,100 | -12.0% |
| Stocks | 30/36 | €17,500 | €15,400 | -€2,100 | -12.0% |
| Amounts receivable within one year | 40/41 | €166,578 | €244,556 | +€77,978 | +46.8% |
| Trade receivables | 40 | €161,535 | €231,683 | +€70,148 | +43.4% |
| Other amounts receivable | 41 | €5,043 | €12,873 | +€7,831 | +155% |
| Cash at bank and in hand | 54/58 | €190,679 | €146,673 | -€44,006 | -23.1% |
| Deferred charges and accrued income | 490/1 | €8,742 | €7,529 | -€1,214 | -13.9% |
| Total equity and liabilities | 10/49 | €848,614 | €872,326 | +€23,711 | +2.8% |
| Equity | 10/15 | €449,116 | €468,687 | +€19,571 | +4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €430,524 | €450,095 | +€19,571 | +4.5% |
| Tax-exempt reserves | 132 | €22,208 | €22,208 | = | 0.0% |
| Distributable reserves | 133 | €408,316 | €427,887 | +€19,571 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €399,499 | €403,639 | +€4,140 | +1.0% |
| Amounts payable after more than one year | 17 | €12,747 | €5,472 | -€7,276 | -57.1% |
| Financial debts | 170/4 | €12,747 | €5,472 | -€7,276 | -57.1% |
| Amounts payable within one year | 42/48 | €386,751 | €398,167 | +€11,415 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €7,046 | €7,276 | +€230 | +3.3% |
| Trade debts | 44 | €47,393 | €61,157 | +€13,764 | +29.0% |
| Suppliers | 440/4 | €47,393 | €61,157 | +€13,764 | +29.0% |
| Taxes, remuneration and social security | 45 | €15,904 | €3,824 | -€12,080 | -76.0% |
| Taxes | 450/3 | €3,732 | €1,824 | -€1,908 | -51.1% |
| Remuneration and social security | 454/9 | €12,172 | €2,000 | -€10,172 | -83.6% |
| Other amounts payable | 47/48 | €316,409 | €325,911 | +€9,501 | +3.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,000 | €0 | -€7,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,458 | €27,501 | +€5,043 | +22.5% |
| Other operating charges | 640/8 | €1,934 | €2,575 | +€641 | +33.2% |
| Gross operating margin | 9900 | €66,577 | €58,229 | -€8,349 | -12.5% |
| Operating profit (loss) | 9901 | €42,186 | €28,152 | -€14,033 | -33.3% |
| Financial income | 75/76B | €3,857 | €353 | -€3,504 | -90.8% |
| Recurring financial income | 75 | €3,857 | €353 | -€3,504 | -90.8% |
| Financial charges | 65/66B | €1,050 | €1,018 | -€32 | -3.1% |
| Recurring financial charges | 65 | €1,050 | €1,018 | -€32 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €44,993 | €27,488 | -€17,505 | -38.9% |
| Income taxes | 67/77 | €12,516 | €7,916 | -€4,600 | -36.8% |
| Profit (loss) for the period | 9904 | €32,477 | €19,571 | -€12,905 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,477 | €19,571 | -€12,905 | -39.7% |
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 13 October 2026 via checked.be.