Kivalgo: 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.
Kivalgo
Largest movements
- Cash +€5.3m
up €5.3m (+4008.8%), from €132,378 to €5.4m
mainly Net result for the year (+€6.2m) and Other debts (+€3.4m)
- Tangible fixed assets +€298,130
up €298,130 (+22.2%), from €1.3m to €1.6m
of which Land and buildings: +€307,108
- Financial fixed assets +€240,000
up €240,000 (+66.7%), from €360,000 to €600,000
- Other debts +€3.4m
up €3.4m (+2213.8%), from €155,764 to €3.6m
- Profit (loss) carried forward +€2.2m
up €2.2m (+294.8%), from €730,155 to €2.9m
- Debts after one year +€149,139
up €149,139 (+42.2%), from €353,128 to €502,267
of which Financial debts: +€152,739
- Financial income +€6.0m
up €6.0m (+211917.1%), from €2,830 to €6.0m
- Gross operating margin -€66,922
down €66,922 (-19.8%), from €337,645 to €270,723
- Depreciation -€17,730
down €17,730 (-25.8%), from €68,831 to €51,101
- Taxes -€14,295
down €14,295 (-23.4%), from €61,038 to €46,743
- Financial charges +€5,121
up €5,121 (+79.8%), from €6,417 to €11,538
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 | €1,944,033 | €7,722,509 | +€5.8m | +297.2% |
| Fixed assets | 21/28 | €1,703,387 | €2,241,517 | +€538,130 | +31.6% |
| Tangible fixed assets | 22/27 | €1,343,387 | €1,641,517 | +€298,130 | +22.2% |
| Land and buildings | 22 | €1,286,405 | €1,593,513 | +€307,108 | +23.9% |
| Furniture and vehicles | 24 | €56,982 | €48,004 | -€8,978 | -15.8% |
| Financial fixed assets | 28 | €360,000 | €600,000 | +€240,000 | +66.7% |
| Current assets | 29/58 | €240,646 | €5,480,992 | +€5.2m | +2177.6% |
| Amounts receivable within one year | 40/41 | €103,620 | €36,920 | -€66,700 | -64.4% |
| Trade receivables | 40 | €101,520 | €31,663 | -€69,857 | -68.8% |
| Other amounts receivable | 41 | €2,100 | €5,257 | +€3,157 | +150.3% |
| Cash at bank and in hand | 54/58 | €132,378 | €5,439,150 | +€5.3m | +4008.8% |
| Deferred charges and accrued income | 490/1 | €4,648 | €4,922 | +€273 | +5.9% |
| Total equity and liabilities | 10/49 | €1,944,033 | €7,722,509 | +€5.8m | +297.2% |
| Equity | 10/15 | €1,350,155 | €3,502,648 | +€2.2m | +159.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €420,000 | €420,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €730,155 | €2,882,648 | +€2.2m | +294.8% |
| Amounts payable | 17/49 | €593,878 | €4,219,861 | +€3.6m | +610.6% |
| Amounts payable after more than one year | 17 | €353,128 | €502,267 | +€149,139 | +42.2% |
| Financial debts | 170/4 | €344,428 | €497,167 | +€152,739 | +44.3% |
| Other amounts payable | 178/9 | €8,700 | €5,100 | -€3,600 | -41.4% |
| Amounts payable within one year | 42/48 | €239,897 | €3,715,674 | +€3.5m | +1448.9% |
| Current portion of amounts payable after more than one year | 42 | €48,225 | €69,389 | +€21,164 | +43.9% |
| Trade debts | 44 | €2,104 | €27,940 | +€25,836 | +1228.1% |
| Suppliers | 440/4 | €2,104 | €27,940 | +€25,836 | +1228.1% |
| Taxes, remuneration and social security | 45 | €33,805 | €14,230 | -€19,575 | -57.9% |
| Taxes | 450/3 | €28,305 | €8,730 | -€19,575 | -69.2% |
| Remuneration and social security | 454/9 | €5,500 | €5,500 | = | 0.0% |
| Other amounts payable | 47/48 | €155,764 | €3,604,115 | +€3.4m | +2213.8% |
| Accrued charges and deferred income | 492/3 | €854 | €1,920 | +€1,066 | +124.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,831 | €51,101 | -€17,730 | -25.8% |
| Other operating charges | 640/8 | €7,371 | €8,847 | +€1,477 | +20.0% |
| Gross operating margin | 9900 | €337,645 | €270,723 | -€66,922 | -19.8% |
| Operating profit (loss) | 9901 | €261,444 | €210,774 | -€50,669 | -19.4% |
| Financial income | 75/76B | €2,830 | €6,000,000 | +€6.0m | +211917.1% |
| Recurring financial income | 75 | €2,830 | €6,000,000 | +€6.0m | +211917.1% |
| Financial charges | 65/66B | €6,417 | €11,538 | +€5,121 | +79.8% |
| Recurring financial charges | 65 | €6,417 | €11,538 | +€5,121 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €257,857 | €6,199,236 | +€5.9m | +2304.1% |
| Income taxes | 67/77 | €61,038 | €46,743 | -€14,295 | -23.4% |
| Profit (loss) for the period | 9904 | €196,819 | €6,152,493 | +€6.0m | +3026.0% |
| Profit (loss) for the period to be appropriated | 9905 | €196,819 | €6,152,493 | +€6.0m | +3026.0% |
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 5 October 2026 via checked.be.