KIVATA: 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.
KIVATA
Largest movements
- Receivables after one year +€6.3m
new in 2025: €6.3m
- Financial fixed assets -€3.9m
down €3.9m (-100%), from €3.9m to €0
- Receivables within one year +€2.0m
up €2.0m (+15,180%), from €13,179 to €2.0m
of which Other amounts receivable: +€2.0m
- Current investments +€372,285
up €372,285 (+252%), from €147,715 to €520,000
- Deferred charges and accrued income +€103,667
up €103,667 (+14,142%), from €733 to €104,400
- Reserves +€8.5m
new in 2025: €8.5m
- Other debts -€3.6m
down €3.6m (-85.4%), from €4.3m to €621,022
- Financial income +€8.5m
up €8.5m (+101,645%), from €8,408 to €8.6m
of which Non-recurring financial income: +€8.4m
- Taxes +€20,849
up €20,849 (+6,139%), from €340 to €21,188
- Gross operating margin -€14,444
down €14,444 (-22.0%), from €65,777 to €51,333
- Depreciation +€11,282
up €11,282 (+98.1%), from €11,504 to €22,786
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,221,056 | €9,153,030 | +€4.9m | +117% |
| Fixed assets | 21/28 | €3,976,343 | €81,600 | -€3.9m | -97.9% |
| Tangible fixed assets | 22/27 | €99,343 | €81,600 | -€17,743 | -17.9% |
| Land and buildings | 22 | €47 | €47 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,948 | +€2,948 | |
| Furniture and vehicles | 24 | €99,297 | €78,605 | -€20,691 | -20.8% |
| Financial fixed assets | 28 | €3,877,000 | €0 | -€3.9m | -100% |
| Current assets | 29/58 | €244,713 | €9,071,430 | +€8.8m | +3,607% |
| Amounts receivable after more than one year | 29 | - | €6,321,400 | +€6.3m | |
| Other amounts receivable | 291 | - | €6,321,400 | +€6.3m | |
| Amounts receivable within one year | 40/41 | €13,179 | €2,013,851 | +€2.0m | +15,180% |
| Trade receivables | 40 | €10,890 | €11,562 | +€672 | +6.2% |
| Other amounts receivable | 41 | €2,289 | €2,002,289 | +€2.0m | +87,356% |
| Current investments | 50/53 | €147,715 | €520,000 | +€372,285 | +252% |
| Cash at bank and in hand | 54/58 | €83,086 | €111,779 | +€28,693 | +34.5% |
| Deferred charges and accrued income | 490/1 | €733 | €104,400 | +€103,667 | +14,142% |
| Total equity and liabilities | 10/49 | €4,221,056 | €9,153,030 | +€4.9m | +117% |
| Equity | 10/15 | -€53,297 | €8,506,546 | +€8.6m | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | - | €8,480,000 | +€8.5m | |
| Distributable reserves | 133 | - | €8,480,000 | +€8.5m | |
| Profit (loss) carried forward | 14 | -€71,847 | €7,996 | +€79,843 | |
| Amounts payable | 17/49 | €4,274,354 | €646,484 | -€3.6m | -84.9% |
| Amounts payable within one year | 42/48 | €4,274,354 | €646,484 | -€3.6m | -84.9% |
| Trade debts | 44 | €7,435 | €1,702 | -€5,733 | -77.1% |
| Suppliers | 440/4 | €7,435 | €1,702 | -€5,733 | -77.1% |
| Taxes, remuneration and social security | 45 | €4,352 | €23,760 | +€19,409 | +446% |
| Taxes | 450/3 | €4,352 | €23,760 | +€19,409 | +446% |
| Other amounts payable | 47/48 | €4,262,567 | €621,022 | -€3.6m | -85.4% |
| Non-recurring operating income | 76A | €20,098 | €0 | -€20,098 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,504 | €22,786 | +€11,282 | +98.1% |
| Other operating charges | 640/8 | €1,468 | €1,638 | +€170 | +11.6% |
| Gross operating margin | 9900 | €65,777 | €51,333 | -€14,444 | -22.0% |
| Operating profit (loss) | 9901 | €52,805 | €26,909 | -€25,896 | -49.0% |
| Financial income | 75/76B | €8,408 | €8,554,204 | +€8.5m | +101,645% |
| Recurring financial income | 75 | €8,408 | €109,804 | +€101,396 | +1,206% |
| Non-recurring financial income | 76B | - | €8,444,400 | +€8.4m | |
| Financial charges | 65/66B | €86 | €82 | -€4 | -5.1% |
| Recurring financial charges | 65 | €86 | €82 | -€4 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €61,126 | €8,581,031 | +€8.5m | +13,938% |
| Income taxes | 67/77 | €340 | €21,188 | +€20,849 | +6,139% |
| Profit (loss) for the period | 9904 | €60,787 | €8,559,843 | +€8.5m | +13,982% |
| Profit (loss) for the period to be appropriated | 9905 | €60,787 | €8,559,843 | +€8.5m | +13,982% |
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 23 October 2026 via checked.be.