KIMVA: 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.
KIMVA
Largest movements
- Tangible fixed assets +€169,430
up €169,430 (+14.6%), from €1.2m to €1.3m
of which Land and buildings: +€1.0m
- Cash -€21,320
down €21,320 (-23.7%), from €89,934 to €68,614
mainly Investment in fixed assets (net) (-€222,356) and Trade debts (-€85,574)
- Debts after one year +€174,014
up €174,014 (+26.8%), from €648,205 to €822,219
of which Financial debts: +€174,014
- Trade debts -€85,574
down €85,574 (-37.1%), from €230,854 to €145,281
- Profit (loss) carried forward +€38,663
up €38,663 (+70.4%), from €54,937 to €93,600
- Current portion of long-term debt +€28,047
new in 2025: €28,047
- Gross operating margin +€49,898
up €49,898 (+39.7%), from €125,740 to €175,638
- Depreciation +€17,089
up €17,089 (+47.7%), from €35,837 to €52,926
- Staff costs +€8,875
up €8,875 (+13.1%), from €67,725 to €76,600
- Financial charges +€6,745
up €6,745 (+60.3%), from €11,187 to €17,932
- Write-downs -€2,562
no longer reported in 2025 (was €2,562)
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 | €1,402,849 | €1,545,622 | +€142,774 | +10.2% |
| Fixed assets | 21/28 | €1,160,624 | €1,330,054 | +€169,430 | +14.6% |
| Tangible fixed assets | 22/27 | €1,160,624 | €1,330,054 | +€169,430 | +14.6% |
| Land and buildings | 22 | €270,760 | €1,276,623 | +€1.0m | +371.5% |
| Plant, machinery and equipment | 23 | - | €1,234 | +€1,234 | |
| Furniture and vehicles | 24 | €49,432 | €43,447 | -€5,985 | -12.1% |
| Other tangible fixed assets | 26 | €10,716 | €8,749 | -€1,966 | -18.4% |
| Assets under construction and advance payments | 27 | €829,716 | - | -€829,716 | |
| Current assets | 29/58 | €242,224 | €215,568 | -€26,656 | -11.0% |
| Stocks and contracts in progress | 3 | €5,286 | €6,278 | +€992 | +18.8% |
| Stocks | 30/36 | €5,286 | €6,278 | +€992 | +18.8% |
| Amounts receivable within one year | 40/41 | €130,966 | €132,007 | +€1,040 | +0.8% |
| Trade receivables | 40 | €120,674 | €126,452 | +€5,778 | +4.8% |
| Other amounts receivable | 41 | €10,293 | €5,555 | -€4,737 | -46.0% |
| Cash at bank and in hand | 54/58 | €89,934 | €68,614 | -€21,320 | -23.7% |
| Deferred charges and accrued income | 490/1 | €16,038 | €8,670 | -€7,368 | -45.9% |
| Total equity and liabilities | 10/49 | €1,402,849 | €1,545,622 | +€142,774 | +10.2% |
| Equity | 10/15 | €444,980 | €472,024 | +€27,044 | +6.1% |
| Contributions | 10/11 | €289,352 | €289,352 | = | 0.0% |
| Reserves | 13 | €100,690 | €89,072 | -€11,619 | -11.5% |
| Tax-exempt reserves | 132 | €98,611 | €86,992 | -€11,619 | -11.8% |
| Distributable reserves | 133 | €2,080 | €2,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,937 | €93,600 | +€38,663 | +70.4% |
| Provisions and deferred taxes | 16 | €32,870 | €28,997 | -€3,873 | -11.8% |
| Deferred taxes | 168 | €32,870 | €28,997 | -€3,873 | -11.8% |
| Amounts payable | 17/49 | €924,999 | €1,044,601 | +€119,602 | +12.9% |
| Amounts payable after more than one year | 17 | €648,205 | €822,219 | +€174,014 | +26.8% |
| Financial debts | 170/4 | €275,125 | €449,139 | +€174,014 | +63.2% |
| Other amounts payable | 178/9 | €373,080 | €373,080 | = | 0.0% |
| Amounts payable within one year | 42/48 | €276,794 | €222,376 | -€54,418 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | - | €28,047 | +€28,047 | |
| Trade debts | 44 | €230,854 | €145,281 | -€85,574 | -37.1% |
| Suppliers | 440/4 | €230,854 | €145,281 | -€85,574 | -37.1% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €38,260 | €38,190 | -€70 | -0.2% |
| Taxes | 450/3 | €20,275 | €22,276 | +€2,001 | +9.9% |
| Remuneration and social security | 454/9 | €17,985 | €15,914 | -€2,071 | -11.5% |
| Other amounts payable | 47/48 | €4,679 | €7,858 | +€3,179 | +67.9% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Remuneration, social security and pensions | 62 | €67,725 | €76,600 | +€8,875 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,837 | €52,926 | +€17,089 | +47.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,562 | - | -€2,562 | |
| Other operating charges | 640/8 | €4,563 | €5,156 | +€593 | +13.0% |
| Gross operating margin | 9900 | €125,740 | €175,638 | +€49,898 | +39.7% |
| Operating profit (loss) | 9901 | €15,054 | €40,956 | +€25,902 | +172.1% |
| Financial income | 75/76B | €2,470 | €523 | -€1,947 | -78.8% |
| Recurring financial income | 75 | €2,470 | €523 | -€1,947 | -78.8% |
| Financial charges | 65/66B | €11,187 | €17,932 | +€6,745 | +60.3% |
| Recurring financial charges | 65 | €11,187 | €17,932 | +€6,745 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €6,337 | €23,547 | +€17,210 | +271.6% |
| Transfer from deferred taxes | 780 | €4,288 | €3,873 | -€415 | -9.7% |
| Income taxes | 67/77 | €264 | €376 | +€112 | +42.6% |
| Profit (loss) for the period | 9904 | €10,362 | €27,044 | +€16,682 | +161.0% |
| Transfer from tax-exempt reserves | 789 | €12,865 | €11,619 | -€1,246 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,227 | €38,663 | +€15,436 | +66.5% |
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 9 October 2026 via checked.be.