KINVAN: 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.
KINVAN
Largest movements
- Cash +€79,860
up €79,860 (+39.2%), from €203,473 to €283,334
mainly Net result for the year (+€43,614) and Depreciation (+€32,469)
- Tangible fixed assets -€32,469
down €32,469 (-13.6%), from €238,303 to €205,834
of which Plant, machinery and equipment: -€18,415
- Reserves +€43,614
up €43,614 (+46.2%), from €94,310 to €137,924
- Trade debts +€7,619
up €7,619 (+947.6%), from €804 to €8,423
- Tax, wage and social debts -€5,889
down €5,889 (-99.9%), from €5,898 to €9
- Depreciation -€14,738
down €14,738 (-31.2%), from €47,207 to €32,469
- Taxes +€5,743
up €5,743 (+39.3%), from €14,611 to €20,353
- Financial income +€3,220
new in 2025: €3,220
- Gross operating margin -€1,952
down €1,952 (-1.7%), from €113,424 to €111,472
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 | €454,466 | €500,427 | +€45,961 | +10.1% |
| Fixed assets | 21/28 | €238,303 | €205,834 | -€32,469 | -13.6% |
| Tangible fixed assets | 22/27 | €238,303 | €205,834 | -€32,469 | -13.6% |
| Land and buildings | 22 | €215,806 | €201,916 | -€13,890 | -6.4% |
| Plant, machinery and equipment | 23 | €18,829 | €414 | -€18,415 | -97.8% |
| Other tangible fixed assets | 26 | €3,667 | €3,504 | -€163 | -4.5% |
| Current assets | 29/58 | €216,163 | €294,593 | +€78,430 | +36.3% |
| Stocks and contracts in progress | 3 | €9,668 | €6,700 | -€2,968 | -30.7% |
| Stocks | 30/36 | €9,668 | €6,700 | -€2,968 | -30.7% |
| Amounts receivable within one year | 40/41 | €2,627 | €3,840 | +€1,213 | +46.2% |
| Trade receivables | 40 | €2,627 | €2,141 | -€486 | -18.5% |
| Other amounts receivable | 41 | - | €1,700 | +€1,700 | |
| Cash at bank and in hand | 54/58 | €203,473 | €283,334 | +€79,860 | +39.2% |
| Deferred charges and accrued income | 490/1 | €395 | €719 | +€324 | +82.1% |
| Total equity and liabilities | 10/49 | €454,466 | €500,427 | +€45,961 | +10.1% |
| Equity | 10/15 | €432,698 | €476,312 | +€43,614 | +10.1% |
| Contributions | 10/11 | €233,078 | €233,078 | = | 0.0% |
| Reserves | 13 | €94,310 | €137,924 | +€43,614 | +46.2% |
| Distributable reserves | 133 | €94,310 | €137,924 | +€43,614 | +46.2% |
| Profit (loss) carried forward | 14 | €105,310 | €105,310 | = | 0.0% |
| Amounts payable | 17/49 | €21,768 | €24,116 | +€2,348 | +10.8% |
| Amounts payable within one year | 42/48 | €7,801 | €9,530 | +€1,730 | +22.2% |
| Trade debts | 44 | €804 | €8,423 | +€7,619 | +947.6% |
| Suppliers | 440/4 | €804 | €8,423 | +€7,619 | +947.6% |
| Taxes, remuneration and social security | 45 | €5,898 | €9 | -€5,889 | -99.9% |
| Taxes | 450/3 | €5,898 | €9 | -€5,889 | -99.9% |
| Other amounts payable | 47/48 | €1,099 | €1,099 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,967 | €14,585 | +€618 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,207 | €32,469 | -€14,738 | -31.2% |
| Other operating charges | 640/8 | €17,717 | €18,229 | +€513 | +2.9% |
| Gross operating margin | 9900 | €113,424 | €111,472 | -€1,952 | -1.7% |
| Operating profit (loss) | 9901 | €48,500 | €60,774 | +€12,274 | +25.3% |
| Financial income | 75/76B | - | €3,220 | +€3,220 | |
| Recurring financial income | 75 | - | €3,220 | +€3,220 | |
| Financial charges | 65/66B | €24 | €27 | +€3 | +13.9% |
| Recurring financial charges | 65 | €24 | €27 | +€3 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €48,476 | €63,967 | +€15,490 | +32.0% |
| Income taxes | 67/77 | €14,611 | €20,353 | +€5,743 | +39.3% |
| Profit (loss) for the period | 9904 | €33,866 | €43,614 | +€9,748 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,866 | €43,614 | +€9,748 | +28.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.