K.V.L.: 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.
What changed
K.V.L.
NACE 46.432, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€5,832
2024 · €132,540-€138,373
Equity
€7.7m
2024 · €7.7m-€5,832
Cash
€443,140
2024 · €236,957+€206,182
Balance sheet total
€13.0m
2024 · €13.4m-€378,783
Largest movements
Assets
- Receivables within one year -€580,730
down €580,730 (-17.9%), from €3.2m to €2.7m
of which Other amounts receivable: -€349,425
- Tangible fixed assets -€289,327
down €289,327 (-7.8%), from €3.7m to €3.4m
of which Land and buildings: -€245,768
- Cash +€206,182
up €206,182 (+87.0%), from €236,957 to €443,140
mainly Other debts (+€774,215) and Receivables within one year (+€580,730)
- Deferred charges and accrued income +€140,773
up €140,773 (+477%), from €29,518 to €170,291
Equity and liabilities
- Trade debts -€1.4m
down €1.4m (-58.2%), from €2.4m to €992,409
- Other debts +€774,215
up €774,215 (+1,380%), from €56,119 to €830,334
- Debts after one year +€446,484
up €446,484 (+118%), from €379,370 to €825,854
Income statement
- Turnover -€2.7m
down €2.7m (-16.7%), from €16.3m to €13.6m
- Goods and materials -€2.6m
down €2.6m (-17.5%), from €14.6m to €12.0m
of which Purchases: -€2.5m
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.
Result 2024
€132,540
Turnover
-€2.7m
Other operating income
+€50,911
Goods and materials
+€2.6m
Services and other goods
+€41,868
Staff costs
-€25,058
Depreciation
-€95,284
Other operating charges
-€16,533
Other operating items
-€64,463
Financial income
-€115,727
Financial charges
+€159,330
Taxes
+€79,437
Result 2025
-€5,832
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€44,396
Investment
-€101,096
Financing
+€262,882
Cash 2024
€236,957
From operations (derived)
+€44,396
Net result for the year
-€5,832
Depreciation
+€363,493
Stocks and contracts
-€117,389
Receivables within one year
+€580,730
Deferred charges and accrued income
-€140,773
Provisions
-€5,035
Trade debts
-€1.4m
Tax, wage and social debts
-€8,495
Other debts
+€774,215
Accrued charges and deferred income
-€15,178
Investment (derived)
-€101,096
Investment in fixed assets (net)
-€101,096
Financing
+€262,882
Debts after one year
+€446,484
Current portion of long-term debt
-€93,372
Short-term financial debts
-€90,230
Cash 2025
€443,140
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,389,725 | €13,010,942 | -€378,783 | -2.8% |
| Fixed assets | 21/28 | €5,194,895 | €4,932,498 | -€262,397 | -5.1% |
| Intangible fixed assets | 21 | €1,638 | €28,568 | +€26,931 | +1,644% |
| Tangible fixed assets | 22/27 | €3,691,244 | €3,401,916 | -€289,327 | -7.8% |
| Land and buildings | 22 | €3,389,399 | €3,143,631 | -€245,768 | -7.3% |
| Plant, machinery and equipment | 23 | €214,634 | €193,236 | -€21,398 | -10.0% |
| Furniture and vehicles | 24 | €87,211 | €65,050 | -€22,161 | -25.4% |
| Financial fixed assets | 28 | €1,502,014 | €1,502,014 | = | 0.0% |
| Affiliated companies | 280/1 | €1,486,544 | €1,486,544 | = | 0.0% |
| Participating interests | 280 | €267,156 | €267,156 | = | 0.0% |
| Amounts receivable | 281 | €1,219,388 | €1,219,388 | = | 0.0% |
| Other financial fixed assets | 284/8 | €15,470 | €15,470 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €15,470 | €15,470 | = | 0.0% |
| Current assets | 29/58 | €8,194,830 | €8,078,444 | -€116,386 | -1.4% |
| Amounts receivable after more than one year | 29 | €3,660,680 | €3,660,680 | = | 0.0% |
| Other amounts receivable | 291 | €3,660,680 | €3,660,680 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,018,980 | €1,136,369 | +€117,389 | +11.5% |
| Stocks | 30/36 | €1,018,980 | €1,136,369 | +€117,389 | +11.5% |
| Goods purchased for resale | 34 | €1,018,980 | €1,136,369 | +€117,389 | +11.5% |
| Amounts receivable within one year | 40/41 | €3,248,695 | €2,667,965 | -€580,730 | -17.9% |
| Trade receivables | 40 | €815,671 | €584,366 | -€231,305 | -28.4% |
| Other amounts receivable | 41 | €2,433,024 | €2,083,600 | -€349,425 | -14.4% |
| Cash at bank and in hand | 54/58 | €236,957 | €443,140 | +€206,182 | +87.0% |
| Deferred charges and accrued income | 490/1 | €29,518 | €170,291 | +€140,773 | +477% |
| Total equity and liabilities | 10/49 | €13,389,725 | €13,010,942 | -€378,783 | -2.8% |
| Equity | 10/15 | €7,663,378 | €7,657,546 | -€5,832 | -0.1% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,769,199 | €1,769,199 | = | 0.0% |
| Reserves | 13 | €146,641 | €131,537 | -€15,104 | -10.3% |
| Tax-exempt reserves | 132 | €135,938 | €120,834 | -€15,104 | -11.1% |
| Distributable reserves | 133 | €10,703 | €10,703 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,702,539 | €5,711,811 | +€9,272 | +0.2% |
| Provisions and deferred taxes | 16 | €45,313 | €40,278 | -€5,035 | -11.1% |
| Deferred taxes | 168 | €45,313 | €40,278 | -€5,035 | -11.1% |
| Amounts payable | 17/49 | €5,681,034 | €5,313,118 | -€367,916 | -6.5% |
| Amounts payable after more than one year | 17 | €379,370 | €825,854 | +€446,484 | +118% |
| Financial debts | 170/4 | €379,370 | €825,854 | +€446,484 | +118% |
| Credit institutions | 173 | €379,370 | €825,854 | +€446,484 | +118% |
| Amounts payable within one year | 42/48 | €5,272,501 | €4,473,279 | -€799,222 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €447,690 | €354,317 | -€93,372 | -20.9% |
| Financial debts | 43 | €2,308,092 | €2,217,863 | -€90,230 | -3.9% |
| Credit institutions | 430/8 | €2,308,092 | €2,217,863 | -€90,230 | -3.9% |
| Trade debts | 44 | €2,373,749 | €992,409 | -€1.4m | -58.2% |
| Suppliers | 440/4 | €2,373,749 | €992,409 | -€1.4m | -58.2% |
| Taxes, remuneration and social security | 45 | €86,851 | €78,356 | -€8,495 | -9.8% |
| Taxes | 450/3 | €13,248 | €0 | -€13,248 | -100% |
| Remuneration and social security | 454/9 | €73,603 | €78,356 | +€4,753 | +6.5% |
| Other amounts payable | 47/48 | €56,119 | €830,334 | +€774,215 | +1,380% |
| Accrued charges and deferred income | 492/3 | €29,164 | €13,986 | -€15,178 | -52.0% |
| Operating income | 70/76A | €16,764,177 | €14,033,069 | -€2.7m | -16.3% |
| Turnover | 70 | €16,271,468 | €13,553,912 | -€2.7m | -16.7% |
| Other operating income | 74 | €428,246 | €479,157 | +€50,911 | +11.9% |
| Non-recurring operating income | 76A | €64,463 | €0 | -€64,463 | -100% |
| Operating charges | 60/66A | €16,580,971 | €14,111,275 | -€2.5m | -14.9% |
| Goods for resale, raw materials and consumables | 60 | €14,613,969 | €12,049,266 | -€2.6m | -17.5% |
| Purchases | 600/8 | €14,672,546 | €12,166,655 | -€2.5m | -17.1% |
| Change in stocks: decrease (increase) | 609 | -€58,577 | -€117,389 | -€58,812 | -100% |
| Services and other goods | 61 | €881,553 | €839,685 | -€41,868 | -4.7% |
| Remuneration, social security and pensions | 62 | €772,247 | €797,305 | +€25,058 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,209 | €363,493 | +€95,284 | +35.5% |
| Other operating charges | 640/8 | €44,993 | €61,526 | +€16,533 | +36.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €183,206 | -€78,206 | -€261,412 | |
| Financial income | 75/76B | €493,597 | €377,870 | -€115,727 | -23.4% |
| Recurring financial income | 75 | €493,597 | €377,870 | -€115,727 | -23.4% |
| Income from financial fixed assets | 750 | €0 | €160,000 | +€160,000 | |
| Income from current assets | 751 | €171,724 | €156,749 | -€14,976 | -8.7% |
| Other financial income | 752/9 | €321,873 | €61,121 | -€260,751 | -81.0% |
| Financial charges | 65/66B | €456,920 | €297,590 | -€159,330 | -34.9% |
| Recurring financial charges | 65 | €456,920 | €297,590 | -€159,330 | -34.9% |
| Debt charges | 650 | €271,812 | €187,996 | -€83,817 | -30.8% |
| Other financial charges | 652/9 | €185,108 | €109,594 | -€75,513 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €219,883 | €2,074 | -€217,810 | -99.1% |
| Transfer from deferred taxes | 780 | €5,035 | €5,035 | = | 0.0% |
| Income taxes | 67/77 | €92,378 | €12,941 | -€79,437 | -86.0% |
| Taxes | 670/3 | €92,378 | €12,941 | -€79,437 | -86.0% |
| Profit (loss) for the period | 9904 | €132,540 | -€5,832 | -€138,373 | |
| Transfer from tax-exempt reserves | 789 | €15,104 | €15,104 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €147,645 | €9,272 | -€138,373 | -93.7% |
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 20 October 2026 via checked.be.