K.V.N.: 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.N.
Largest movements
- Cash +€104,289
up €104,289 (+104%), from €99,870 to €204,159
mainly Net result for the year (+€158,038) and Depreciation (+€21,878)
- Current investments +€50,033
up €50,033 (+9.8%), from €511,247 to €561,280
- Tangible fixed assets -€21,878
down €21,878 (-5.3%), from €413,784 to €391,906
- Reserves +€157,205
up €157,205 (+17.2%), from €913,441 to €1.1m
- Debts after one year -€15,373
down €15,373 (-30.4%), from €50,595 to €35,222
- Gross operating margin +€19,613
up €19,613 (+9.3%), from €210,528 to €230,141
- Taxes -€10,036
down €10,036 (-15.4%), from €65,086 to €55,050
- Financial income -€2,951
down €2,951 (-21.9%), from €13,495 to €10,544
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 | €1,044,568 | €1,177,249 | +€132,681 | +12.7% |
| Fixed assets | 21/28 | €413,784 | €391,906 | -€21,878 | -5.3% |
| Tangible fixed assets | 22/27 | €413,784 | €391,906 | -€21,878 | -5.3% |
| Land and buildings | 22 | €413,784 | €391,906 | -€21,878 | -5.3% |
| Current assets | 29/58 | €630,784 | €785,343 | +€154,559 | +24.5% |
| Amounts receivable within one year | 40/41 | €14,318 | €14,657 | +€339 | +2.4% |
| Trade receivables | 40 | €14,318 | €14,657 | +€339 | +2.4% |
| Current investments | 50/53 | €511,247 | €561,280 | +€50,033 | +9.8% |
| Cash at bank and in hand | 54/58 | €99,870 | €204,159 | +€104,289 | +104% |
| Deferred charges and accrued income | 490/1 | €5,349 | €5,247 | -€102 | -1.9% |
| Total equity and liabilities | 10/49 | €1,044,568 | €1,177,249 | +€132,681 | +12.7% |
| Equity | 10/15 | €934,341 | €1,091,546 | +€157,205 | +16.8% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Reserves | 13 | €913,441 | €1,070,646 | +€157,205 | +17.2% |
| Distributable reserves | 133 | €913,441 | €1,070,646 | +€157,205 | +17.2% |
| Amounts payable | 17/49 | €110,227 | €85,704 | -€24,524 | -22.2% |
| Amounts payable after more than one year | 17 | €50,595 | €35,222 | -€15,373 | -30.4% |
| Financial debts | 170/4 | €50,595 | €35,222 | -€15,373 | -30.4% |
| Amounts payable within one year | 42/48 | €54,672 | €45,776 | -€8,896 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €15,203 | €15,373 | +€170 | +1.1% |
| Trade debts | 44 | - | €666 | +€666 | |
| Suppliers | 440/4 | - | €666 | +€666 | |
| Taxes, remuneration and social security | 45 | €35,711 | €25,979 | -€9,732 | -27.3% |
| Taxes | 450/3 | €35,711 | €25,979 | -€9,732 | -27.3% |
| Other amounts payable | 47/48 | €3,758 | €3,758 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,960 | €4,706 | -€254 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,832 | €21,878 | +€45 | +0.2% |
| Other operating charges | 640/8 | €4,368 | €4,508 | +€140 | +3.2% |
| Gross operating margin | 9900 | €210,528 | €230,141 | +€19,613 | +9.3% |
| Operating profit (loss) | 9901 | €184,328 | €203,756 | +€19,428 | +10.5% |
| Financial income | 75/76B | €13,495 | €10,544 | -€2,951 | -21.9% |
| Recurring financial income | 75 | €13,495 | €10,544 | -€2,951 | -21.9% |
| Financial charges | 65/66B | €1,457 | €1,212 | -€244 | -16.8% |
| Recurring financial charges | 65 | €1,457 | €1,212 | -€244 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €196,367 | €213,088 | +€16,721 | +8.5% |
| Income taxes | 67/77 | €65,086 | €55,050 | -€10,036 | -15.4% |
| Profit (loss) for the period | 9904 | €131,281 | €158,038 | +€26,757 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €131,281 | €158,038 | +€26,757 | +20.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.