KGV: 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.
KGV
Largest movements
- Tangible fixed assets +€634,494
up €634,494 (+82.3%), from €771,364 to €1.4m
of which Land and buildings: +€624,994
- Receivables within one year -€264,787
down €264,787 (-60.9%), from €434,577 to €169,790
of which Other amounts receivable: -€151,572
- Cash -€54,345
down €54,345 (-33.6%), from €161,706 to €107,361
mainly Investment in fixed assets (net) (-€667,999) and Trade debts (-€193,177)
- Debts after one year +€615,919
up €615,919 (+49.8%), from €1.2m to €1.9m
- Trade debts -€193,177
down €193,177 (-38.4%), from €502,602 to €309,425
- Profit (loss) carried forward -€168,795
new in 2025: -€168,795
- Current portion of long-term debt +€43,836
up €43,836 (+26.4%), from €166,315 to €210,150
- Gross operating margin -€321,402
down €321,402 (-85.4%), from €376,229 to €54,827
- Taxes -€32,908
down €32,908 (-99.7%), from €33,010 to €102
- Depreciation +€17,848
up €17,848 (+94.2%), from €18,938 to €36,786
- Financial charges +€13,579
up €13,579 (+27.0%), from €50,303 to €63,882
- Staff costs -€11,012
down €11,012 (-8.6%), from €127,965 to €116,954
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 | €2,676,682 | €2,985,941 | +€309,258 | +11.6% |
| Fixed assets | 21/28 | €2,075,796 | €2,707,009 | +€631,213 | +30.4% |
| Tangible fixed assets | 22/27 | €771,364 | €1,405,858 | +€634,494 | +82.3% |
| Land and buildings | 22 | €759,527 | €1,384,520 | +€624,994 | +82.3% |
| Plant, machinery and equipment | 23 | €11,837 | €21,338 | +€9,501 | +80.3% |
| Financial fixed assets | 28 | €1,304,432 | €1,301,151 | -€3,281 | -0.3% |
| Current assets | 29/58 | €600,886 | €278,931 | -€321,955 | -53.6% |
| Amounts receivable within one year | 40/41 | €434,577 | €169,790 | -€264,787 | -60.9% |
| Trade receivables | 40 | €278,178 | €164,963 | -€113,215 | -40.7% |
| Other amounts receivable | 41 | €156,398 | €4,827 | -€151,572 | -96.9% |
| Cash at bank and in hand | 54/58 | €161,706 | €107,361 | -€54,345 | -33.6% |
| Deferred charges and accrued income | 490/1 | €4,604 | €1,781 | -€2,823 | -61.3% |
| Total equity and liabilities | 10/49 | €2,676,682 | €2,985,941 | +€309,258 | +11.6% |
| Equity | 10/15 | €626,852 | €458,057 | -€168,795 | -26.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €606,392 | €606,392 | = | 0.0% |
| Distributable reserves | 133 | €606,392 | €606,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€168,795 | -€168,795 | |
| Amounts payable | 17/49 | €2,049,830 | €2,527,884 | +€478,054 | +23.3% |
| Amounts payable after more than one year | 17 | €1,235,665 | €1,851,584 | +€615,919 | +49.8% |
| Financial debts | 170/4 | €1,235,665 | €1,851,584 | +€615,919 | +49.8% |
| Amounts payable within one year | 42/48 | €814,165 | €668,586 | -€145,579 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €166,315 | €210,150 | +€43,836 | +26.4% |
| Trade debts | 44 | €502,602 | €309,425 | -€193,177 | -38.4% |
| Suppliers | 440/4 | €502,602 | €309,425 | -€193,177 | -38.4% |
| Advances received on contracts in progress | 46 | €67,196 | €67,762 | +€565 | +0.8% |
| Taxes, remuneration and social security | 45 | €21,866 | €16,468 | -€5,398 | -24.7% |
| Taxes | 450/3 | €3,000 | €2,621 | -€379 | -12.6% |
| Remuneration and social security | 454/9 | €18,866 | €13,847 | -€5,019 | -26.6% |
| Other amounts payable | 47/48 | €56,186 | €64,782 | +€8,596 | +15.3% |
| Accrued charges and deferred income | 492/3 | - | €7,713 | +€7,713 | |
| Remuneration, social security and pensions | 62 | €127,965 | €116,954 | -€11,012 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,938 | €36,786 | +€17,848 | +94.2% |
| Other operating charges | 640/8 | €9,317 | €6,160 | -€3,157 | -33.9% |
| Gross operating margin | 9900 | €376,229 | €54,827 | -€321,402 | -85.4% |
| Operating profit (loss) | 9901 | €220,009 | -€105,073 | -€325,082 | |
| Financial income | 75/76B | €133 | €261 | +€128 | +96.0% |
| Recurring financial income | 75 | €133 | €261 | +€128 | +96.0% |
| Financial charges | 65/66B | €50,303 | €63,882 | +€13,579 | +27.0% |
| Recurring financial charges | 65 | €50,303 | €63,882 | +€13,579 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €169,839 | -€168,694 | -€338,533 | |
| Income taxes | 67/77 | €33,010 | €102 | -€32,908 | -99.7% |
| Profit (loss) for the period | 9904 | €136,829 | -€168,795 | -€305,624 | |
| Profit (loss) for the period to be appropriated | 9905 | €136,829 | -€168,795 | -€305,624 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.