KIVALO: 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.
KIVALO
Largest movements
- Cash -€35,358
down €35,358 (-29.8%), from €118,481 to €83,124
mainly Receivables within one year (-€34,034) and Debts after one year (-€25,189)
- Receivables within one year +€34,034
up €34,034 (+280.1%), from €12,150 to €46,184
of which Trade receivables: +€31,646
- Intangible fixed assets -€31,321
down €31,321 (-76.1%), from €41,164 to €9,843
- Debts after one year -€25,189
down €25,189 (-49.0%), from €51,405 to €26,215
- Reserves -€18,740
down €18,740 (-90.8%), from €20,646 to €1,905
- Other debts +€17,369
up €17,369 (+34.5%), from €50,367 to €67,736
- Tax, wage and social debts -€6,064
down €6,064 (-44.1%), from €13,754 to €7,690
- Gross operating margin -€82,672
down €82,672 (-81.5%), from €101,382 to €18,710
- Taxes -€7,625
down €7,625 (-99.2%), from €7,690 to €65
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 | €172,534 | €139,892 | -€32,642 | -18.9% |
| Fixed assets | 21/28 | €41,164 | €9,843 | -€31,321 | -76.1% |
| Intangible fixed assets | 21 | €41,164 | €9,843 | -€31,321 | -76.1% |
| Current assets | 29/58 | €131,370 | €130,049 | -€1,322 | -1.0% |
| Amounts receivable within one year | 40/41 | €12,150 | €46,184 | +€34,034 | +280.1% |
| Trade receivables | 40 | €10,785 | €42,431 | +€31,646 | +293.4% |
| Other amounts receivable | 41 | €1,365 | €3,753 | +€2,388 | +174.9% |
| Cash at bank and in hand | 54/58 | €118,481 | €83,124 | -€35,358 | -29.8% |
| Deferred charges and accrued income | 490/1 | €739 | €741 | +€2 | +0.3% |
| Total equity and liabilities | 10/49 | €172,534 | €139,892 | -€32,642 | -18.9% |
| Equity | 10/15 | €30,646 | €11,905 | -€18,740 | -61.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €20,646 | €1,905 | -€18,740 | -90.8% |
| Distributable reserves | 133 | €20,646 | €1,905 | -€18,740 | -90.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €141,888 | €127,986 | -€13,902 | -9.8% |
| Amounts payable after more than one year | 17 | €51,405 | €26,215 | -€25,189 | -49.0% |
| Other amounts payable | 178/9 | €51,405 | €26,215 | -€25,189 | -49.0% |
| Amounts payable within one year | 42/48 | €90,484 | €101,771 | +€11,287 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €24,203 | €25,189 | +€986 | +4.1% |
| Financial debts | 43 | - | €79 | +€79 | |
| Credit institutions | 430/8 | - | €79 | +€79 | |
| Trade debts | 44 | €2,161 | €1,077 | -€1,083 | -50.1% |
| Suppliers | 440/4 | €2,161 | €1,077 | -€1,083 | -50.1% |
| Taxes, remuneration and social security | 45 | €13,754 | €7,690 | -€6,064 | -44.1% |
| Taxes | 450/3 | €13,754 | €7,690 | -€6,064 | -44.1% |
| Other amounts payable | 47/48 | €50,367 | €67,736 | +€17,369 | +34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,052 | €33,886 | +€834 | +2.5% |
| Other operating charges | 640/8 | €859 | €549 | -€309 | -36.0% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €101,382 | €18,710 | -€82,672 | -81.5% |
| Operating profit (loss) | 9901 | €67,472 | -€16,225 | -€83,697 | |
| Financial income | 75/76B | €0 | €217 | +€217 | |
| Recurring financial income | 75 | €0 | €217 | +€217 | |
| Financial charges | 65/66B | €3,669 | €2,667 | -€1,002 | -27.3% |
| Recurring financial charges | 65 | €3,669 | €2,667 | -€1,002 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €63,803 | -€18,675 | -€82,478 | |
| Income taxes | 67/77 | €7,690 | €65 | -€7,625 | -99.2% |
| Profit (loss) for the period | 9904 | €56,113 | -€18,740 | -€74,853 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,113 | -€18,740 | -€74,853 |
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 4 October 2026 via checked.be.