KAVU: 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.
KAVU
Largest movements
- Tangible fixed assets -€26,412
down €26,412 (-8.2%), from €321,946 to €295,534
of which Furniture and vehicles: -€16,300
- Cash -€15,423
down €15,423 (-42.7%), from €36,135 to €20,712
mainly Current portion of long-term debt (-€38,352) and Debts after one year (-€22,403)
- Current portion of long-term debt -€38,352
down €38,352 (-65.6%), from €58,466 to €20,114
- Debts after one year -€22,403
down €22,403 (-10.7%), from €208,956 to €186,553
of which Financial debts: -€21,324
- Reserves +€16,617
up €16,617 (+61.9%), from €26,861 to €43,478
of which Distributable reserves: +€20,172
- Trade debts -€7,926
down €7,926 (-66.3%), from €11,964 to €4,037
- Tax, wage and social debts +€5,740
up €5,740 (+109%), from €5,262 to €11,002
of which Taxes: +€5,740
- Gross operating margin +€20,469
up €20,469 (+39.9%), from €51,330 to €71,799
- Depreciation +€2,613
up €2,613 (+7.4%), from €35,262 to €37,876
- Taxes +€1,637
up €1,637 (+22.4%), from €7,291 to €8,928
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 | €379,389 | €336,732 | -€42,658 | -11.2% |
| Fixed assets | 21/28 | €321,946 | €295,534 | -€26,412 | -8.2% |
| Tangible fixed assets | 22/27 | €321,946 | €295,534 | -€26,412 | -8.2% |
| Land and buildings | 22 | €246,689 | €238,926 | -€7,763 | -3.1% |
| Plant, machinery and equipment | 23 | €11,175 | €8,826 | -€2,349 | -21.0% |
| Furniture and vehicles | 24 | €64,082 | €47,782 | -€16,300 | -25.4% |
| Current assets | 29/58 | €57,443 | €41,197 | -€16,246 | -28.3% |
| Stocks and contracts in progress | 3 | - | €2,527 | +€2,527 | |
| Stocks | 30/36 | - | €2,527 | +€2,527 | |
| Amounts receivable within one year | 40/41 | €18,724 | €16,874 | -€1,850 | -9.9% |
| Trade receivables | 40 | €18,086 | €16,766 | -€1,320 | -7.3% |
| Other amounts receivable | 41 | €637 | €108 | -€530 | -83.1% |
| Cash at bank and in hand | 54/58 | €36,135 | €20,712 | -€15,423 | -42.7% |
| Deferred charges and accrued income | 490/1 | €2,584 | €1,084 | -€1,500 | -58.0% |
| Total equity and liabilities | 10/49 | €379,389 | €336,732 | -€42,658 | -11.2% |
| Equity | 10/15 | €45,461 | €62,078 | +€16,617 | +36.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,861 | €43,478 | +€16,617 | +61.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €15,850 | €12,295 | -€3,555 | -22.4% |
| Distributable reserves | 133 | €11,011 | €31,183 | +€20,172 | +183% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €3,677 | €2,789 | -€889 | -24.2% |
| Deferred taxes | 168 | €3,677 | €2,789 | -€889 | -24.2% |
| Amounts payable | 17/49 | €330,251 | €271,865 | -€58,386 | -17.7% |
| Amounts payable after more than one year | 17 | €208,956 | €186,553 | -€22,403 | -10.7% |
| Financial debts | 170/4 | €207,877 | €186,553 | -€21,324 | -10.3% |
| Other amounts payable | 178/9 | €1,079 | €0 | -€1,079 | -100% |
| Amounts payable within one year | 42/48 | €121,295 | €82,535 | -€38,760 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €58,466 | €20,114 | -€38,352 | -65.6% |
| Financial debts | 43 | €932 | €0 | -€932 | -100% |
| Credit institutions | 430/8 | €932 | €0 | -€932 | -100% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €11,964 | €4,037 | -€7,926 | -66.3% |
| Suppliers | 440/4 | €11,964 | €4,037 | -€7,926 | -66.3% |
| Taxes, remuneration and social security | 45 | €5,262 | €11,002 | +€5,740 | +109% |
| Taxes | 450/3 | €1,262 | €7,002 | +€5,740 | +455% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €44,672 | €47,382 | +€2,710 | +6.1% |
| Accrued charges and deferred income | 492/3 | - | €2,776 | +€2,776 | |
| Remuneration, social security and pensions | 62 | €660 | €0 | -€660 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,262 | €37,876 | +€2,613 | +7.4% |
| Other operating charges | 640/8 | €2,793 | €2,607 | -€185 | -6.6% |
| Gross operating margin | 9900 | €51,330 | €71,799 | +€20,469 | +39.9% |
| Operating profit (loss) | 9901 | €12,615 | €31,316 | +€18,701 | +148% |
| Financial income | 75/76B | €28 | €41 | +€13 | +45.1% |
| Recurring financial income | 75 | €28 | €41 | +€13 | +45.1% |
| Financial charges | 65/66B | €6,880 | €6,701 | -€179 | -2.6% |
| Recurring financial charges | 65 | €6,880 | €6,701 | -€179 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €5,763 | €24,656 | +€18,893 | +328% |
| Transfer from deferred taxes | 780 | €1,134 | €889 | -€245 | -21.6% |
| Income taxes | 67/77 | €7,291 | €8,928 | +€1,637 | +22.4% |
| Profit (loss) for the period | 9904 | -€394 | €16,617 | +€17,011 | |
| Transfer from tax-exempt reserves | 789 | €3,402 | €3,555 | +€153 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,008 | €20,172 | +€17,163 | +570% |
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 26 October 2026 via checked.be.