KIVAHO: 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.
KIVAHO
Largest movements
- Tangible fixed assets -€14,382
down €14,382 (-42.0%), from €34,268 to €19,886
of which Land and buildings: -€14,227
- Cash +€2,808
up €2,808 (+4.7%), from €59,926 to €62,734
- Profit (loss) carried forward -€12,106
down €12,106 (-21.3%), from -€56,717 to -€68,823
- Trade debts +€1,062
up €1,062 (+1,002%), from €106 to €1,168
- Gross operating margin -€670
down €670 (-14.5%), from €4,634 to €3,964
- Financial income -€647
down €647 (-58.6%), from €1,105 to €458
- Depreciation +€205
up €205 (+2.8%), from €7,199 to €7,404
- Other operating charges +€205
up €205 (+18.5%), from €1,109 to €1,314
- Taxes +€138
new in 2025: €138
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,899 | €89,483 | -€10,416 | -10.4% |
| Fixed assets | 21/28 | €34,268 | €19,886 | -€14,382 | -42.0% |
| Tangible fixed assets | 22/27 | €34,268 | €19,886 | -€14,382 | -42.0% |
| Land and buildings | 22 | €33,499 | €19,272 | -€14,227 | -42.5% |
| Plant, machinery and equipment | 23 | €769 | €310 | -€459 | -59.7% |
| Furniture and vehicles | 24 | - | €304 | +€304 | |
| Current assets | 29/58 | €65,631 | €69,597 | +€3,966 | +6.0% |
| Stocks and contracts in progress | 3 | €4,014 | €4,941 | +€927 | +23.1% |
| Stocks | 30/36 | €4,014 | €4,941 | +€927 | +23.1% |
| Amounts receivable within one year | 40/41 | €1,691 | €1,922 | +€231 | +13.7% |
| Trade receivables | 40 | €438 | €588 | +€150 | +34.2% |
| Other amounts receivable | 41 | €1,253 | €1,334 | +€81 | +6.5% |
| Cash at bank and in hand | 54/58 | €59,926 | €62,734 | +€2,808 | +4.7% |
| Total equity and liabilities | 10/49 | €99,899 | €89,483 | -€10,416 | -10.4% |
| Equity | 10/15 | €68,283 | €56,177 | -€12,106 | -17.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,717 | -€68,823 | -€12,106 | -21.3% |
| Amounts payable | 17/49 | €31,616 | €33,306 | +€1,690 | +5.3% |
| Amounts payable within one year | 42/48 | €31,616 | €33,306 | +€1,690 | +5.3% |
| Trade debts | 44 | €106 | €1,168 | +€1,062 | +1,002% |
| Suppliers | 440/4 | €106 | €1,168 | +€1,062 | +1,002% |
| Taxes, remuneration and social security | 45 | €105 | €687 | +€582 | +554% |
| Taxes | 450/3 | €105 | €687 | +€582 | +554% |
| Other amounts payable | 47/48 | €31,405 | €31,451 | +€46 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,199 | €7,404 | +€205 | +2.8% |
| Other operating charges | 640/8 | €1,109 | €1,314 | +€205 | +18.5% |
| Gross operating margin | 9900 | €4,634 | €3,964 | -€670 | -14.5% |
| Operating profit (loss) | 9901 | -€3,674 | -€4,754 | -€1,080 | -29.4% |
| Financial income | 75/76B | €1,105 | €458 | -€647 | -58.6% |
| Recurring financial income | 75 | €1,105 | €458 | -€647 | -58.6% |
| Financial charges | 65/66B | €275 | €281 | +€6 | +2.2% |
| Recurring financial charges | 65 | €275 | €281 | +€6 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,844 | -€4,577 | -€1,733 | -60.9% |
| Income taxes | 67/77 | - | €138 | +€138 | |
| Profit (loss) for the period | 9904 | -€2,844 | -€4,715 | -€1,871 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,844 | -€4,715 | -€1,871 | -65.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.