KAR&VAL: what changed
Two fiscal 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.
KAR&VAL
Largest movements
- Cash -€15,200
down €15,200 (-85.3%), from €17,826 to €2,626
mainly Trade debts (-€13,121) and Debts after one year (-€12,724)
- Tangible fixed assets -€7,383
down €7,383 (-52.2%), from €14,152 to €6,768
- Receivables within one year +€3,429
up €3,429 (+7.1%), from €48,160 to €51,588
of which Trade receivables: +€3,001
- Trade debts -€13,121
down €13,121 (-40.0%), from €32,819 to €19,698
of which Bills of exchange payable: -€16,655
- Debts after one year -€12,724
down €12,724 (-82.7%), from €15,388 to €2,664
- Current portion of long-term debt +€6,362
new in 2025: €6,362
- Profit (loss) carried forward +€1,306
up €1,306 (+7.8%), from €16,683 to €17,990
- Turnover -€16,730
down €16,730 (-19.7%), from €85,051 to €68,321
- Purchases and services -€15,802
down €15,802 (-21.5%), from €73,358 to €57,556
- Other operating charges +€1,501
new in 2025: €1,501
- Gross operating margin -€928
down €928 (-7.9%), from €11,694 to €10,766
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,138 | €60,983 | -€19,155 | -23.9% |
| Fixed assets | 21/28 | €14,152 | €6,768 | -€7,383 | -52.2% |
| Tangible fixed assets | 22/27 | €14,152 | €6,768 | -€7,383 | -52.2% |
| Furniture and vehicles | 24 | €14,152 | €6,768 | -€7,383 | -52.2% |
| Current assets | 29/58 | €65,986 | €54,215 | -€11,771 | -17.8% |
| Amounts receivable within one year | 40/41 | €48,160 | €51,588 | +€3,429 | +7.1% |
| Trade receivables | 40 | €47,511 | €50,511 | +€3,001 | +6.3% |
| Other amounts receivable | 41 | €649 | €1,077 | +€428 | +66.0% |
| Cash at bank and in hand | 54/58 | €17,826 | €2,626 | -€15,200 | -85.3% |
| Total equity and liabilities | 10/49 | €80,138 | €60,983 | -€19,155 | -23.9% |
| Equity | 10/15 | €18,683 | €19,990 | +€1,306 | +7.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,683 | €17,990 | +€1,306 | +7.8% |
| Amounts payable | 17/49 | €61,454 | €40,993 | -€20,461 | -33.3% |
| Amounts payable after more than one year | 17 | €15,388 | €2,664 | -€12,724 | -82.7% |
| Financial debts | 170/4 | €15,388 | €2,664 | -€12,724 | -82.7% |
| Amounts payable within one year | 42/48 | €46,066 | €38,329 | -€7,737 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | - | €6,362 | +€6,362 | |
| Trade debts | 44 | €32,819 | €19,698 | -€13,121 | -40.0% |
| Suppliers | 440/4 | €2,035 | €5,568 | +€3,534 | +173.7% |
| Bills of exchange payable | 441 | €30,784 | €14,129 | -€16,655 | -54.1% |
| Taxes, remuneration and social security | 45 | €856 | €418 | -€438 | -51.2% |
| Taxes | 450/3 | €856 | €418 | -€438 | -51.2% |
| Other amounts payable | 47/48 | €12,391 | €11,851 | -€540 | -4.4% |
| Turnover | 70 | €85,051 | €68,321 | -€16,730 | -19.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €73,358 | €57,556 | -€15,802 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,383 | €7,383 | = | 0.0% |
| Other operating charges | 640/8 | - | €1,501 | +€1,501 | |
| Gross operating margin | 9900 | €11,694 | €10,766 | -€928 | -7.9% |
| Operating profit (loss) | 9901 | €4,310 | €1,881 | -€2,429 | -56.3% |
| Financial income | 75/76B | €637 | - | -€637 | |
| Recurring financial income | 75 | €637 | - | -€637 | |
| Non-recurring financial income | 76B | €637 | - | -€637 | |
| Financial charges | 65/66B | €937 | €157 | -€780 | -83.2% |
| Recurring financial charges | 65 | €300 | €157 | -€143 | -47.6% |
| Non-recurring financial charges | 66B | €637 | - | -€637 | |
| Profit (loss) for the period before taxes | 9903 | €4,010 | €1,724 | -€2,286 | -57.0% |
| Income taxes | 67/77 | €856 | €418 | -€438 | -51.2% |
| Profit (loss) for the period | 9904 | €3,154 | €1,306 | -€1,848 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,154 | €1,306 | -€1,848 | -58.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.