KIVANIM: 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.
KIVANIM
Largest movements
- Tangible fixed assets -€25,695
down €25,695 (-2.9%), from €872,349 to €846,653
of which Other tangible fixed assets: -€24,930
- Cash -€12,542
down €12,542 (-83.5%), from €15,017 to €2,475
mainly Short-term financial debts (-€39,994) and Other debts (-€22,796)
- Short-term financial debts -€39,994
no longer reported in 2025 (was €39,994)
- Profit (loss) carried forward +€28,565
up €28,565 (+30.2%), from -€94,505 to -€65,939
- Reserves -€23,817
down €23,817 (-5.0%), from €473,137 to €449,319
of which Tax-exempt reserves: -€23,817
- Other debts -€22,796
down €22,796 (-18.6%), from €122,662 to €99,866
- Current portion of long-term debt +€15,633
up €15,633 (+137.2%), from €11,395 to €27,027
- Gross operating margin -€273,140
down €273,140 (-84.0%), from €325,360 to €52,220
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 | €909,400 | €869,944 | -€39,456 | -4.3% |
| Fixed assets | 21/28 | €872,349 | €846,653 | -€25,695 | -2.9% |
| Tangible fixed assets | 22/27 | €872,349 | €846,653 | -€25,695 | -2.9% |
| Land and buildings | 22 | €143,042 | €143,042 | = | 0.0% |
| Furniture and vehicles | 24 | €1,880 | €1,115 | -€765 | -40.7% |
| Other tangible fixed assets | 26 | €727,427 | €702,497 | -€24,930 | -3.4% |
| Current assets | 29/58 | €37,051 | €23,290 | -€13,761 | -37.1% |
| Amounts receivable within one year | 40/41 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 41 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,017 | €2,475 | -€12,542 | -83.5% |
| Deferred charges and accrued income | 490/1 | €2,034 | €815 | -€1,218 | -59.9% |
| Total equity and liabilities | 10/49 | €909,400 | €869,944 | -€39,456 | -4.3% |
| Equity | 10/15 | €713,288 | €718,036 | +€4,748 | +0.7% |
| Contributions | 10/11 | €334,656 | €334,656 | = | 0.0% |
| Capital | 10 | €334,656 | €334,656 | = | 0.0% |
| Issued capital | 100 | €334,656 | €334,656 | = | 0.0% |
| Reserves | 13 | €473,137 | €449,319 | -€23,817 | -5.0% |
| Non-distributable reserves | 130/1 | €4,320 | €4,320 | = | 0.0% |
| Legal reserve | 130 | €4,320 | €4,320 | = | 0.0% |
| Tax-exempt reserves | 132 | €460,496 | €436,679 | -€23,817 | -5.2% |
| Distributable reserves | 133 | €8,321 | €8,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,505 | -€65,939 | +€28,565 | +30.2% |
| Amounts payable | 17/49 | €196,112 | €151,907 | -€44,204 | -22.5% |
| Amounts payable after more than one year | 17 | €21,293 | €18,465 | -€2,827 | -13.3% |
| Financial debts | 170/4 | €21,293 | €18,265 | -€3,027 | -14.2% |
| Other amounts payable | 178/9 | - | €200 | +€200 | |
| Amounts payable within one year | 42/48 | €174,253 | €132,957 | -€41,296 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €11,395 | €27,027 | +€15,633 | +137.2% |
| Financial debts | 43 | €39,994 | - | -€39,994 | |
| Credit institutions | 430/8 | €39,994 | - | -€39,994 | |
| Trade debts | 44 | €202 | €5,281 | +€5,079 | +2519.5% |
| Suppliers | 440/4 | €202 | €5,281 | +€5,079 | +2519.5% |
| Taxes, remuneration and social security | 45 | - | €782 | +€782 | |
| Taxes | 450/3 | - | €782 | +€782 | |
| Other amounts payable | 47/48 | €122,662 | €99,866 | -€22,796 | -18.6% |
| Accrued charges and deferred income | 492/3 | €566 | €485 | -€81 | -14.3% |
| Non-recurring operating income | 76A | €304,527 | - | -€304,527 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,204 | €34,337 | +€3,133 | +10.0% |
| Other operating charges | 640/8 | €8,641 | €10,244 | +€1,602 | +18.5% |
| Gross operating margin | 9900 | €325,360 | €52,220 | -€273,140 | -84.0% |
| Operating profit (loss) | 9901 | €285,514 | €7,639 | -€277,875 | -97.3% |
| Financial income | 75/76B | €9 | €13 | +€4 | +44.7% |
| Recurring financial income | 75 | €9 | €13 | +€4 | +44.7% |
| Financial charges | 65/66B | €1,135 | €2,122 | +€987 | +87.0% |
| Recurring financial charges | 65 | €1,135 | €2,122 | +€987 | +87.0% |
| Profit (loss) for the period before taxes | 9903 | €284,389 | €5,531 | -€278,858 | -98.1% |
| Income taxes | 67/77 | - | €782 | +€782 | |
| Profit (loss) for the period | 9904 | €284,389 | €4,748 | -€279,641 | -98.3% |
| Transfer from tax-exempt reserves | 789 | €14,073 | €23,817 | +€9,744 | +69.2% |
| Transfer to tax-exempt reserves | 689 | €304,527 | - | -€304,527 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,065 | €28,565 | +€34,630 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.