KIVA GEEL: 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.
What changed
KIVA GEEL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€872,302
2024 · €754,841+€117,462
Equity
€1.6m
2024 · €1.6m+€2,302
Cash
€127,949
2024 · €24,573+€103,376
Balance sheet total
€2.6m
2024 · €2.6m-€77,683
Largest movements
Assets
- Financial fixed assets -€214,159
down €214,159 (-11.1%), from €1.9m to €1.7m
- Cash +€103,376
up €103,376 (+421%), from €24,573 to €127,949
mainly Net result for the year (+€872,302) and Investment in fixed assets (net) (+€214,159)
- Receivables within one year +€53,498
up €53,498 (+14.3%), from €375,000 to €428,498
Equity and liabilities
- Debts after one year -€66,817
down €66,817 (-12.2%), from €548,975 to €482,159
Income statement
- Gross operating margin +€115,758
up €115,758 (+14.3%), from €812,325 to €928,083
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.
Result 2024
€754,841
Gross operating margin
+€115,758
Depreciation
+€1,786
Other operating charges
-€234
Financial income
+€0
Financial charges
+€1,075
Taxes
-€924
Result 2025
€872,302
raises the resultlowers the result
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.
From operations
+€819,744
Investment
+€214,159
Financing
-€930,527
Cash 2024
€24,573
From operations (derived)
+€819,744
Net result for the year
+€872,302
Depreciation
+€22,856
Receivables within one year
-€53,498
Deferred charges and accrued income
-€2,458
Trade debts
+€3,521
Tax, wage and social debts
-€12,979
Other debts
-€10,000
Investment (derived)
+€214,159
Investment in fixed assets (net)
+€214,159
Financing
-€930,527
Debts after one year
-€66,817
Current portion of long-term debt
+€6,289
Contributions, distributions and other
-€870,000
Cash 2025
€127,949
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,632,162 | €2,554,479 | -€77,683 | -3.0% |
| Fixed assets | 21/28 | €2,232,588 | €1,995,573 | -€237,015 | -10.6% |
| Tangible fixed assets | 22/27 | €309,597 | €286,741 | -€22,856 | -7.4% |
| Land and buildings | 22 | €309,597 | €286,741 | -€22,856 | -7.4% |
| Financial fixed assets | 28 | €1,922,991 | €1,708,832 | -€214,159 | -11.1% |
| Current assets | 29/58 | €399,573 | €558,906 | +€159,332 | +39.9% |
| Amounts receivable within one year | 40/41 | €375,000 | €428,498 | +€53,498 | +14.3% |
| Other amounts receivable | 41 | €375,000 | €428,498 | +€53,498 | +14.3% |
| Cash at bank and in hand | 54/58 | €24,573 | €127,949 | +€103,376 | +421% |
| Deferred charges and accrued income | 490/1 | - | €2,458 | +€2,458 | |
| Total equity and liabilities | 10/49 | €2,632,162 | €2,554,479 | -€77,683 | -3.0% |
| Equity | 10/15 | €1,623,402 | €1,625,705 | +€2,302 | +0.1% |
| Contributions | 10/11 | €76,946 | €76,946 | = | 0.0% |
| Capital | 10 | €76,275 | €76,275 | = | 0.0% |
| Issued capital | 100 | €76,275 | €76,275 | = | 0.0% |
| Contributions outside capital | 11 | €671 | €671 | = | 0.0% |
| Share premium | 1100/10 | €671 | €671 | = | 0.0% |
| Reserves | 13 | €377,722 | €377,722 | = | 0.0% |
| Non-distributable reserves | 130/1 | €68,722 | €68,722 | = | 0.0% |
| Legal reserve | 130 | €68,722 | €68,722 | = | 0.0% |
| Distributable reserves | 133 | €309,000 | €309,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,168,734 | €1,171,037 | +€2,302 | +0.2% |
| Amounts payable | 17/49 | €1,008,759 | €928,774 | -€79,985 | -7.9% |
| Amounts payable after more than one year | 17 | €548,975 | €482,159 | -€66,817 | -12.2% |
| Financial debts | 170/4 | €548,975 | €482,159 | -€66,817 | -12.2% |
| Amounts payable within one year | 42/48 | €459,784 | €446,616 | -€13,168 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €65,573 | €71,863 | +€6,289 | +9.6% |
| Trade debts | 44 | €1,232 | €4,753 | +€3,521 | +286% |
| Suppliers | 440/4 | €1,232 | €4,753 | +€3,521 | +286% |
| Taxes, remuneration and social security | 45 | €12,979 | - | -€12,979 | |
| Taxes | 450/3 | €12,979 | - | -€12,979 | |
| Other amounts payable | 47/48 | €380,000 | €370,000 | -€10,000 | -2.6% |
| Non-recurring operating income | 76A | - | €403,192 | +€403,192 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,643 | €22,856 | -€1,786 | -7.2% |
| Other operating charges | 640/8 | €7,478 | €7,713 | +€234 | +3.1% |
| Gross operating margin | 9900 | €812,325 | €928,083 | +€115,758 | +14.3% |
| Operating profit (loss) | 9901 | €780,204 | €897,514 | +€117,310 | +15.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €12,384 | €11,309 | -€1,075 | -8.7% |
| Recurring financial charges | 65 | €12,384 | €11,309 | -€1,075 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €767,820 | €886,205 | +€118,385 | +15.4% |
| Income taxes | 67/77 | €12,979 | €13,903 | +€924 | +7.1% |
| Profit (loss) for the period | 9904 | €754,841 | €872,302 | +€117,462 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €754,841 | €872,302 | +€117,462 | +15.6% |
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 27 October 2026 via checked.be.