KAVA: 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.
KAVA
Largest movements
- Receivables within one year +€317,150
up €317,150 (+67.5%), from €469,927 to €787,077
of which Other amounts receivable: +€321,406
- Current investments -€143,319
down €143,319 (-26.3%), from €544,864 to €401,546
- Tangible fixed assets -€98,895
down €98,895 (-3.6%), from €2.7m to €2.6m
of which Land and buildings: -€76,128
- Reserves -€1.1m
down €1.1m (-30.7%), from €3.6m to €2.5m
of which Distributable reserves: -€1.0m
- Other debts +€763,530
up €763,530 (+13,281%), from €5,749 to €769,279
- Debts after one year +€338,186
up €338,186 (+167%), from €201,980 to €540,167
- Profit (loss) carried forward +€73,200
up €73,200 (+75.4%), from €97,110 to €170,310
- Financial income -€31,087
down €31,087 (-61.0%), from €50,999 to €19,912
- Depreciation -€10,798
down €10,798 (-6.0%), from €179,630 to €168,831
- Taxes -€8,055
down €8,055 (-23.9%), from €33,638 to €25,583
- Financial charges +€5,996
up €5,996 (+85.1%), from €7,046 to €13,042
- Gross operating margin -€3,073
down €3,073 (-1.0%), from €303,550 to €300,477
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 | €3,886,489 | €3,957,081 | +€70,592 | +1.8% |
| Fixed assets | 21/28 | €2,861,615 | €2,762,720 | -€98,895 | -3.5% |
| Tangible fixed assets | 22/27 | €2,737,708 | €2,638,813 | -€98,895 | -3.6% |
| Land and buildings | 22 | €2,672,669 | €2,596,541 | -€76,128 | -2.8% |
| Plant, machinery and equipment | 23 | €31,404 | €26,037 | -€5,367 | -17.1% |
| Furniture and vehicles | 24 | €33,635 | €16,235 | -€17,400 | -51.7% |
| Financial fixed assets | 28 | €123,907 | €123,907 | = | 0.0% |
| Current assets | 29/58 | €1,024,874 | €1,194,361 | +€169,487 | +16.5% |
| Amounts receivable within one year | 40/41 | €469,927 | €787,077 | +€317,150 | +67.5% |
| Trade receivables | 40 | €4,256 | €0 | -€4,256 | -100% |
| Other amounts receivable | 41 | €465,671 | €787,077 | +€321,406 | +69.0% |
| Current investments | 50/53 | €544,864 | €401,546 | -€143,319 | -26.3% |
| Cash at bank and in hand | 54/58 | €2,423 | €2,913 | +€490 | +20.2% |
| Deferred charges and accrued income | 490/1 | €7,660 | €2,825 | -€4,835 | -63.1% |
| Total equity and liabilities | 10/49 | €3,886,489 | €3,957,081 | +€70,592 | +1.8% |
| Equity | 10/15 | €3,664,090 | €2,640,989 | -€1.0m | -27.9% |
| Reserves | 13 | €3,566,980 | €2,470,680 | -€1.1m | -30.7% |
| Tax-exempt reserves | 132 | €168,400 | €103,145 | -€65,255 | -38.8% |
| Distributable reserves | 133 | €3,398,580 | €2,367,535 | -€1.0m | -30.3% |
| Profit (loss) carried forward | 14 | €97,110 | €170,310 | +€73,200 | +75.4% |
| Amounts payable | 17/49 | €222,399 | €1,316,091 | +€1.1m | +492% |
| Amounts payable after more than one year | 17 | €201,980 | €540,167 | +€338,186 | +167% |
| Other amounts payable | 178/9 | €201,980 | €540,167 | +€338,186 | +167% |
| Amounts payable within one year | 42/48 | €14,074 | €775,641 | +€761,567 | +5,411% |
| Trade debts | 44 | €3,621 | €1,657 | -€1,964 | -54.2% |
| Suppliers | 440/4 | €3,621 | €1,657 | -€1,964 | -54.2% |
| Taxes, remuneration and social security | 45 | €4,704 | €4,704 | = | 0.0% |
| Taxes | 450/3 | €4,704 | €4,704 | = | 0.0% |
| Other amounts payable | 47/48 | €5,749 | €769,279 | +€763,530 | +13,281% |
| Accrued charges and deferred income | 492/3 | €6,345 | €284 | -€6,061 | -95.5% |
| Remuneration, social security and pensions | 62 | €3,306 | €3,483 | +€177 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,630 | €168,831 | -€10,798 | -6.0% |
| Other operating charges | 640/8 | €35,147 | €36,250 | +€1,103 | +3.1% |
| Gross operating margin | 9900 | €303,550 | €300,477 | -€3,073 | -1.0% |
| Operating profit (loss) | 9901 | €85,467 | €91,913 | +€6,446 | +7.5% |
| Financial income | 75/76B | €50,999 | €19,912 | -€31,087 | -61.0% |
| Recurring financial income | 75 | €50,999 | €19,912 | -€31,087 | -61.0% |
| Financial charges | 65/66B | €7,046 | €13,042 | +€5,996 | +85.1% |
| Recurring financial charges | 65 | €7,046 | €13,042 | +€5,996 | +85.1% |
| Profit (loss) for the period before taxes | 9903 | €129,420 | €98,783 | -€30,637 | -23.7% |
| Income taxes | 67/77 | €33,638 | €25,583 | -€8,055 | -23.9% |
| Profit (loss) for the period | 9904 | €95,781 | €73,200 | -€22,582 | -23.6% |
| Transfer from tax-exempt reserves | 789 | €0 | €65,255 | +€65,255 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €95,781 | €138,455 | +€42,673 | +44.6% |
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 24 October 2026 via checked.be.