Kanvaz: 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
Kanvaz
NACE 68.310, Real estate agency activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€3.1m
2024 · -€2.0m-€1.2m
Equity
€76.1m
2024 · €74.7m+€1.4m
Cash
€4.8m
2024 · €6.0m-€1.2m
Balance sheet total
€358.5m
2024 · €344.9m+€13.6m
Largest movements
Assets
- Tangible fixed assets +€16.5m
up €16.5m (+5.3%), from €308.9m to €325.4m
of which Land and buildings: +€14.8m
Equity and liabilities
- Debts after one year +€13.2m
up €13.2m (+5.3%), from €247.9m to €261.1m
of which Financial debts: +€13.1m
- Investment grants +€4.5m
up €4.5m (+13.8%), from €32.5m to €37.0m
Income statement
- Services and other goods -€1.1m
down €1.1m (-11.1%), from €10.3m to €9.2m
- Goods and materials +€937,883
up €937,883, from -€452,809 to €485,074
of which Purchases: +€660,462
- Turnover +€894,620
up €894,620 (+4.7%), from €19.2m to €20.1m
- Provisions +€810,381
up €810,381, from -€810,381 to €0
- Staff costs +€799,983
up €799,983 (+16.6%), from €4.8m to €5.6m
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
-€2.0m
Turnover
+€894,620
Other operating income
+€224,311
Goods and materials
-€937,883
Services and other goods
+€1.1m
Staff costs
-€799,983
Depreciation
-€389,873
Write-downs
-€160,400
Provisions
-€810,381
Other operating charges
+€105,528
Other operating items
-€599,870
Financial income
+€675,725
Financial charges
-€649,629
Taxes
+€149,842
Deferred taxes and other
-€3,040
Result 2025
-€3.1m
Cash bridge derived
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
+€680,715
Investment
-€20.7m
Financing
+€18.8m
Cash 2024
€6.0m
From operations (derived)
+€680,715
Net result for the year
-€3.1m
Depreciation
+€7.8m
Receivables after one year
+€94,109
Stocks and contracts
-€1.3m
Receivables within one year
-€856,507
Deferred charges and accrued income
+€178,340
Provisions
+€238,412
Trade debts
-€2.2m
Tax, wage and social debts
+€140,768
Other debts
-€454,233
Accrued charges and deferred income
+€215,703
Investment (derived)
-€20.7m
Investment in fixed assets (net)
-€24.2m
Current investments
+€3.5m
Financing
+€18.8m
Debts after one year
+€13.2m
Current portion of long-term debt
+€1.1m
Contributions, distributions and other
+€4.5m
Cash 2025
€4.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €344,894,282 | €358,515,654 | +€13.6m | +3.9% |
| Formation expenses | 20 | €127,036 | €88,286 | -€38,750 | -30.5% |
| Fixed assets | 21/28 | €309,163,578 | €325,600,188 | +€16.4m | +5.3% |
| Intangible fixed assets | 21 | €240,670 | €207,079 | -€33,591 | -14.0% |
| Tangible fixed assets | 22/27 | €308,921,908 | €325,392,109 | +€16.5m | +5.3% |
| Land and buildings | 22 | €271,691,198 | €286,472,114 | +€14.8m | +5.4% |
| Plant, machinery and equipment | 23 | €60,822 | €76,206 | +€15,384 | +25.3% |
| Furniture and vehicles | 24 | €251,028 | €213,104 | -€37,924 | -15.1% |
| Other tangible fixed assets | 26 | €80,811 | €78,029 | -€2,782 | -3.4% |
| Assets under construction and advance payments | 27 | €36,838,049 | €38,552,656 | +€1.7m | +4.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,000 | €1,000 | = | 0.0% |
| Shares | 284 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €35,603,668 | €32,827,180 | -€2.8m | -7.8% |
| Amounts receivable after more than one year | 29 | €338,087 | €243,978 | -€94,109 | -27.8% |
| Other amounts receivable | 291 | €338,087 | €243,978 | -€94,109 | -27.8% |
| Stocks and contracts in progress | 3 | €7,549,888 | €8,872,080 | +€1.3m | +17.5% |
| Stocks | 30/36 | €7,549,888 | €8,872,080 | +€1.3m | +17.5% |
| Raw materials and consumables | 30/31 | €214,494 | €191,507 | -€22,987 | -10.7% |
| Property held for sale | 35 | €7,335,394 | €8,680,573 | +€1.3m | +18.3% |
| Amounts receivable within one year | 40/41 | €9,199,723 | €10,056,230 | +€856,507 | +9.3% |
| Trade receivables | 40 | €1,731,665 | €800,384 | -€931,281 | -53.8% |
| Other amounts receivable | 41 | €7,468,058 | €9,255,846 | +€1.8m | +23.9% |
| Current investments | 50/53 | €10,003,848 | €6,506,454 | -€3.5m | -35.0% |
| Other investments | 51/53 | €10,003,848 | €6,506,454 | -€3.5m | -35.0% |
| Cash at bank and in hand | 54/58 | €6,029,876 | €4,844,532 | -€1.2m | -19.7% |
| Deferred charges and accrued income | 490/1 | €2,482,246 | €2,303,906 | -€178,340 | -7.2% |
| Total equity and liabilities | 10/49 | €344,894,282 | €358,515,654 | +€13.6m | +3.9% |
| Equity | 10/15 | €74,686,457 | €76,054,358 | +€1.4m | +1.8% |
| Contributions | 10/11 | €72,462 | €71,017 | -€1,445 | -2.0% |
| Reserves | 13 | €43,362,529 | €43,355,490 | -€7,039 | 0.0% |
| Non-distributable reserves | 130/1 | €37,033,634 | €37,033,634 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,033,634 | €37,033,634 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,328,895 | €6,321,856 | -€7,039 | -0.1% |
| Profit (loss) carried forward | 14 | -€1,296,229 | -€4,411,392 | -€3.1m | -240.3% |
| Investment grants | 15 | €32,547,695 | €37,039,243 | +€4.5m | +13.8% |
| Provisions and deferred taxes | 16 | €1,753,550 | €1,991,962 | +€238,412 | +13.6% |
| Deferred taxes | 168 | €1,753,550 | €1,991,962 | +€238,412 | +13.6% |
| Amounts payable | 17/49 | €268,454,275 | €280,469,334 | +€12.0m | +4.5% |
| Amounts payable after more than one year | 17 | €247,875,719 | €261,114,223 | +€13.2m | +5.3% |
| Financial debts | 170/4 | €245,963,063 | €259,048,927 | +€13.1m | +5.3% |
| Credit institutions | 173 | €762,119 | €257,381,592 | +€256.6m | +33671.8% |
| Other loans | 174 | €245,200,944 | €1,667,335 | -€243.5m | -99.3% |
| Other amounts payable | 178/9 | €1,912,656 | €2,065,296 | +€152,640 | +8.0% |
| Amounts payable within one year | 42/48 | €19,010,524 | €17,571,376 | -€1.4m | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €9,375,368 | €10,472,203 | +€1.1m | +11.7% |
| Trade debts | 44 | €6,861,441 | €4,638,923 | -€2.2m | -32.4% |
| Suppliers | 440/4 | €6,861,441 | €4,638,923 | -€2.2m | -32.4% |
| Taxes, remuneration and social security | 45 | €1,960,693 | €2,101,461 | +€140,768 | +7.2% |
| Taxes | 450/3 | - | €1,428,276 | +€1.4m | |
| Remuneration and social security | 454/9 | €1,960,693 | €673,185 | -€1.3m | -65.7% |
| Other amounts payable | 47/48 | €813,022 | €358,789 | -€454,233 | -55.9% |
| Accrued charges and deferred income | 492/3 | €1,568,032 | €1,783,735 | +€215,703 | +13.8% |
| Operating income | 70/76A | €21,333,582 | €22,387,652 | +€1.1m | +4.9% |
| Turnover | 70 | €19,211,515 | €20,106,135 | +€894,620 | +4.7% |
| Other operating income | 74 | €2,051,688 | €2,275,999 | +€224,311 | +10.9% |
| Non-recurring operating income | 76A | €70,379 | €5,518 | -€64,861 | -92.2% |
| Operating charges | 60/66A | €23,309,200 | €25,690,073 | +€2.4m | +10.2% |
| Goods for resale, raw materials and consumables | 60 | -€452,809 | €485,074 | +€937,883 | |
| Purchases | 600/8 | €1,146,804 | €1,807,266 | +€660,462 | +57.6% |
| Change in stocks: decrease (increase) | 609 | -€1,599,613 | -€1,322,192 | +€277,421 | +17.3% |
| Services and other goods | 61 | €10,301,686 | €9,154,558 | -€1.1m | -11.1% |
| Remuneration, social security and pensions | 62 | €4,825,291 | €5,625,274 | +€799,983 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,401,162 | €7,791,035 | +€389,873 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €130,650 | €291,050 | +€160,400 | +122.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€810,381 | €0 | +€810,381 | |
| Other operating charges | 640/8 | €1,859,143 | €1,753,615 | -€105,528 | -5.7% |
| Non-recurring operating charges | 66A | €54,458 | €589,467 | +€535,009 | +982.4% |
| Operating profit (loss) | 9901 | -€1,975,618 | -€3,302,421 | -€1.3m | -67.2% |
| Financial income | 75/76B | €5,340,332 | €6,016,057 | +€675,725 | +12.7% |
| Recurring financial income | 75 | €5,340,332 | €6,016,057 | +€675,725 | +12.7% |
| Income from current assets | 751 | €340,345 | €196,116 | -€144,229 | -42.4% |
| Other financial income | 752/9 | €4,999,987 | €5,819,941 | +€819,954 | +16.4% |
| Financial charges | 65/66B | €5,293,898 | €5,943,527 | +€649,629 | +12.3% |
| Recurring financial charges | 65 | €5,293,898 | €5,943,527 | +€649,629 | +12.3% |
| Debt charges | 650 | €5,244,335 | €5,931,567 | +€687,232 | +13.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €5,450 | €0 | -€5,450 | -100.0% |
| Other financial charges | 652/9 | €44,113 | €11,960 | -€32,153 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,929,184 | -€3,229,891 | -€1.3m | -67.4% |
| Transfer from deferred taxes | 780 | €35,887 | €32,847 | -€3,040 | -8.5% |
| Income taxes | 67/77 | €75,000 | -€74,842 | -€149,842 | |
| Taxes | 670/3 | €75,000 | €158 | -€74,842 | -99.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €75,000 | +€75,000 | |
| Profit (loss) for the period | 9904 | -€1,968,297 | -€3,122,202 | -€1.2m | -58.6% |
| Transfer from tax-exempt reserves | 789 | €7,039 | €7,039 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,961,258 | -€3,115,163 | -€1.2m | -58.8% |
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 12 October 2026 via checked.be.