K.V.G.: 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.G.
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-50.3%), from €2.1m to €1.0m
of which Land and buildings: -€976,908
- Receivables within one year +€962,292
up €962,292 (+103%), from €931,434 to €1.9m
of which Other amounts receivable: +€969,850
- Debts after one year -€223,482
down €223,482 (-46.2%), from €484,076 to €260,594
- Trade debts +€221,974
up €221,974 (+6,727%), from €3,300 to €225,274
- Short-term financial debts -€125,000
down €125,000 (-100%), from €125,000 to €0
- Reserves +€64,872
up €64,872 (+8.2%), from €793,185 to €858,057
of which Distributable reserves: +€65,540
- Current portion of long-term debt -€48,991
down €48,991 (-54.0%), from €90,722 to €41,731
- Purchases and services +€258,405
up €258,405 (+1,246%), from €20,742 to €279,147
- Turnover -€68,691
down €68,691 (-40.0%), from €171,749 to €103,058
- Depreciation -€51,166
down €51,166 (-46.4%), from €110,341 to €59,176
- Gross operating margin -€46,240
down €46,240 (-25.8%), from €179,220 to €132,980
- Financial income +€21,309
up €21,309 (+77.4%), from €27,530 to €48,840
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 | €3,067,112 | €2,974,170 | -€92,942 | -3.0% |
| Fixed assets | 21/28 | €2,109,238 | €1,049,148 | -€1.1m | -50.3% |
| Tangible fixed assets | 22/27 | €2,109,238 | €1,049,148 | -€1.1m | -50.3% |
| Land and buildings | 22 | €2,002,049 | €1,025,141 | -€976,908 | -48.8% |
| Plant, machinery and equipment | 23 | €107,189 | €24,007 | -€83,182 | -77.6% |
| Current assets | 29/58 | €957,874 | €1,925,022 | +€967,148 | +101% |
| Amounts receivable within one year | 40/41 | €931,434 | €1,893,726 | +€962,292 | +103% |
| Trade receivables | 40 | €7,558 | - | -€7,558 | |
| Other amounts receivable | 41 | €923,876 | €1,893,726 | +€969,850 | +105% |
| Current investments | 50/53 | €9,998 | €2,553 | -€7,445 | -74.5% |
| Cash at bank and in hand | 54/58 | €15,985 | €28,241 | +€12,256 | +76.7% |
| Deferred charges and accrued income | 490/1 | €457 | €502 | +€45 | +9.8% |
| Total equity and liabilities | 10/49 | €3,067,112 | €2,974,170 | -€92,942 | -3.0% |
| Equity | 10/15 | €2,338,554 | €2,403,426 | +€64,872 | +2.8% |
| Contributions | 10/11 | €1,545,366 | €1,545,366 | = | 0.0% |
| Capital | 10 | €1,545,366 | €1,545,366 | = | 0.0% |
| Issued capital | 100 | €1,545,366 | €1,545,366 | = | 0.0% |
| Reserves | 13 | €793,185 | €858,057 | +€64,872 | +8.2% |
| Non-distributable reserves | 130/1 | €154,537 | €154,537 | = | 0.0% |
| Legal reserve | 130 | €154,537 | €154,537 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,291 | €5,622 | -€668 | -10.6% |
| Distributable reserves | 133 | €632,357 | €697,897 | +€65,540 | +10.4% |
| Profit (loss) carried forward | 14 | €3 | €4 | +€0 | +13.7% |
| Provisions and deferred taxes | 16 | €2,097 | €1,874 | -€223 | -10.6% |
| Deferred taxes | 168 | €2,097 | €1,874 | -€223 | -10.6% |
| Amounts payable | 17/49 | €726,462 | €568,870 | -€157,592 | -21.7% |
| Amounts payable after more than one year | 17 | €484,076 | €260,594 | -€223,482 | -46.2% |
| Financial debts | 170/4 | €484,076 | €260,594 | -€223,482 | -46.2% |
| Amounts payable within one year | 42/48 | €242,218 | €308,247 | +€66,029 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €90,722 | €41,731 | -€48,991 | -54.0% |
| Financial debts | 43 | €125,000 | €0 | -€125,000 | -100% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100% |
| Trade debts | 44 | €3,300 | €225,274 | +€221,974 | +6,727% |
| Suppliers | 440/4 | €3,300 | €225,274 | +€221,974 | +6,727% |
| Taxes, remuneration and social security | 45 | €17,970 | €35,865 | +€17,895 | +99.6% |
| Taxes | 450/3 | €17,970 | €35,865 | +€17,895 | +99.6% |
| Other amounts payable | 47/48 | €5,225 | €5,376 | +€151 | +2.9% |
| Accrued charges and deferred income | 492/3 | €168 | €29 | -€139 | -82.7% |
| Turnover | 70 | €171,749 | €103,058 | -€68,691 | -40.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €20,742 | €279,147 | +€258,405 | +1,246% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,341 | €59,176 | -€51,166 | -46.4% |
| Other operating charges | 640/8 | €13,086 | €13,462 | +€376 | +2.9% |
| Gross operating margin | 9900 | €179,220 | €132,980 | -€46,240 | -25.8% |
| Operating profit (loss) | 9901 | €55,792 | €60,343 | +€4,550 | +8.2% |
| Financial income | 75/76B | €27,530 | €48,840 | +€21,309 | +77.4% |
| Recurring financial income | 75 | €27,530 | €48,840 | +€21,309 | +77.4% |
| Financial charges | 65/66B | €21,065 | €12,979 | -€8,086 | -38.4% |
| Recurring financial charges | 65 | €21,065 | €12,979 | -€8,086 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €62,258 | €96,203 | +€33,946 | +54.5% |
| Transfer from deferred taxes | 780 | €131 | €223 | +€92 | +70.6% |
| Income taxes | 67/77 | €20,157 | €31,554 | +€11,397 | +56.5% |
| Profit (loss) for the period | 9904 | €42,231 | €64,872 | +€22,641 | +53.6% |
| Transfer from tax-exempt reserves | 789 | €392 | €668 | +€276 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,623 | €65,540 | +€22,917 | +53.8% |
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 20 October 2026 via checked.be.