K-VDS: what changed
K-VDS
Largest movements
- Receivables within one year -€68,491
down €68,491 (-72.3%), from €94,761 to €26,270
of which Trade receivables: -€65,853
- Cash -€14,646
down €14,646 (-74.7%), from €19,607 to €4,961
mainly Net result for the year (-€35,414) and Trade debts (-€18,466)
- Tangible fixed assets -€6,941
down €6,941 (-17.5%), from €39,597 to €32,656
of which Furniture and vehicles: -€9,280
- Reserves -€35,414
down €35,414 (-65.0%), from €54,502 to €19,088
- Trade debts -€18,466
down €18,466 (-83.2%), from €22,182 to €3,717
- Debts after one year -€14,157
down €14,157 (-85.7%), from €16,524 to €2,367
- Tax, wage and social debts -€12,125
down €12,125 (-45.4%), from €26,684 to €14,559
of which Taxes: -€14,860
- Other debts -€10,000
no longer reported in 2025 (was €10,000)
- Gross operating margin -€79,710
down €79,710, from €66,176 to -€13,534
- Taxes -€8,323
down €8,323 (-97.6%), from €8,525 to €202
- Depreciation +€1,909
up €1,909 (+10.1%), from €18,926 to €20,835
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,966 | €63,888 | -€90,078 | -58.5% |
| Fixed assets | 21/28 | €39,597 | €32,656 | -€6,941 | -17.5% |
| Tangible fixed assets | 22/27 | €39,597 | €32,656 | -€6,941 | -17.5% |
| Plant, machinery and equipment | 23 | €4,589 | €6,927 | +€2,339 | +51.0% |
| Furniture and vehicles | 24 | €35,009 | €25,729 | -€9,280 | -26.5% |
| Current assets | 29/58 | €114,368 | €31,231 | -€83,137 | -72.7% |
| Amounts receivable within one year | 40/41 | €94,761 | €26,270 | -€68,491 | -72.3% |
| Trade receivables | 40 | €89,091 | €23,238 | -€65,853 | -73.9% |
| Other amounts receivable | 41 | €5,670 | €3,032 | -€2,638 | -46.5% |
| Cash at bank and in hand | 54/58 | €19,607 | €4,961 | -€14,646 | -74.7% |
| Total equity and liabilities | 10/49 | €153,966 | €63,888 | -€90,078 | -58.5% |
| Equity | 10/15 | €64,502 | €29,088 | -€35,414 | -54.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €54,502 | €19,088 | -€35,414 | -65.0% |
| Distributable reserves | 133 | €54,502 | €19,088 | -€35,414 | -65.0% |
| Amounts payable | 17/49 | €89,463 | €34,800 | -€54,664 | -61.1% |
| Amounts payable after more than one year | 17 | €16,524 | €2,367 | -€14,157 | -85.7% |
| Financial debts | 170/4 | €16,524 | €2,367 | -€14,157 | -85.7% |
| Amounts payable within one year | 42/48 | €72,940 | €32,432 | -€40,507 | -55.5% |
| Current portion of amounts payable after more than one year | 42 | €14,074 | €14,157 | +€83 | +0.6% |
| Trade debts | 44 | €22,182 | €3,717 | -€18,466 | -83.2% |
| Suppliers | 440/4 | €22,182 | €3,717 | -€18,466 | -83.2% |
| Taxes, remuneration and social security | 45 | €26,684 | €14,559 | -€12,125 | -45.4% |
| Taxes | 450/3 | €26,684 | €11,824 | -€14,860 | -55.7% |
| Remuneration and social security | 454/9 | - | €2,735 | +€2,735 | |
| Other amounts payable | 47/48 | €10,000 | - | -€10,000 | |
| Non-recurring operating income | 76A | - | €2,511 | +€2,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,926 | €20,835 | +€1,909 | +10.1% |
| Other operating charges | 640/8 | €672 | €637 | -€35 | -5.2% |
| Gross operating margin | 9900 | €66,176 | -€13,534 | -€79,710 | |
| Operating profit (loss) | 9901 | €46,577 | -€35,006 | -€81,583 | |
| Financial income | 75/76B | €310 | €41 | -€269 | -86.9% |
| Recurring financial income | 75 | €18 | €41 | +€22 | +121% |
| Non-recurring financial income | 76B | €292 | - | -€292 | |
| Financial charges | 65/66B | €289 | €246 | -€43 | -14.9% |
| Recurring financial charges | 65 | €289 | €246 | -€43 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €46,598 | -€35,212 | -€81,810 | |
| Income taxes | 67/77 | €8,525 | €202 | -€8,323 | -97.6% |
| Profit (loss) for the period | 9904 | €38,073 | -€35,414 | -€73,487 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,073 | -€35,414 | -€73,487 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.