KIVIM: 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.
What changed
KIVIM
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,095
2024 · €25,994+€6,100
Equity
€2.0m
2024 · €1.9m+€32,095
Cash
€128,414
2024 · €144,183-€15,768
Balance sheet total
€2.2m
2024 · €2.1m+€32,892
Largest movements
Assets
- Current investments +€104,493
up €104,493 (+42.6%), from €245,358 to €349,852
- Tangible fixed assets -€54,462
down €54,462 (-3.2%), from €1.7m to €1.7m
of which Land and buildings: -€34,390
Equity and liabilities
- Reserves +€32,095
up €32,095 (+2.1%), from €1.5m to €1.5m
of which Distributable reserves: +€36,612
Income statement
- Taxes -€1,921
down €1,921 (-17.2%), from €11,138 to €9,217
- Gross operating margin +€1,732
up €1,732 (+1.5%), from €116,459 to €118,191
- Depreciation -€1,184
down €1,184 (-1.9%), from €62,865 to €61,681
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.
Result 2024
€25,994
Gross operating margin
+€1,732
Depreciation
+€1,184
Other operating charges
-€455
Financial income
+€1,077
Financial charges
+€631
Taxes
+€1,921
Deferred taxes and other
+€11
Result 2025
€32,095
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€95,944
Investment
-€111,712
Financing
€0
Cash 2024
€144,183
From operations (derived)
+€95,944
Net result for the year
+€32,095
Depreciation
+€61,681
Receivables within one year
-€314
Deferred charges and accrued income
+€1,684
Provisions
-€1,129
Trade debts
+€1,116
Smaller working-capital items
-€162
Accrued charges and deferred income
+€972
Investment (derived)
-€111,712
Investment in fixed assets (net)
-€7,219
Current investments
-€104,493
Cash 2025
€128,414
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,131,679 | €2,164,571 | +€32,892 | +1.5% |
| Fixed assets | 21/28 | €1,716,838 | €1,662,376 | -€54,462 | -3.2% |
| Tangible fixed assets | 22/27 | €1,716,838 | €1,662,376 | -€54,462 | -3.2% |
| Land and buildings | 22 | €1,647,022 | €1,612,632 | -€34,390 | -2.1% |
| Furniture and vehicles | 24 | €69,816 | €49,744 | -€20,072 | -28.8% |
| Current assets | 29/58 | €414,841 | €502,195 | +€87,355 | +21.1% |
| Amounts receivable within one year | 40/41 | €20,819 | €21,133 | +€314 | +1.5% |
| Trade receivables | 40 | €20,819 | €21,133 | +€314 | +1.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €245,358 | €349,852 | +€104,493 | +42.6% |
| Cash at bank and in hand | 54/58 | €144,183 | €128,414 | -€15,768 | -10.9% |
| Deferred charges and accrued income | 490/1 | €4,481 | €2,796 | -€1,684 | -37.6% |
| Total equity and liabilities | 10/49 | €2,131,679 | €2,164,571 | +€32,892 | +1.5% |
| Equity | 10/15 | €1,941,338 | €1,973,432 | +€32,095 | +1.7% |
| Contributions | 10/11 | €445,670 | €445,670 | = | 0.0% |
| Capital | 10 | €444,000 | €444,000 | = | 0.0% |
| Issued capital | 100 | €444,000 | €444,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,670 | €1,670 | = | 0.0% |
| Share premium | 1100/10 | €1,670 | €1,670 | = | 0.0% |
| Reserves | 13 | €1,495,667 | €1,527,762 | +€32,095 | +2.1% |
| Non-distributable reserves | 130/1 | €44,400 | €44,400 | = | 0.0% |
| Legal reserve | 130 | €44,400 | €44,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €357,684 | €353,167 | -€4,517 | -1.3% |
| Distributable reserves | 133 | €1,093,583 | €1,130,195 | +€36,612 | +3.3% |
| Provisions and deferred taxes | 16 | €89,421 | €88,292 | -€1,129 | -1.3% |
| Deferred taxes | 168 | €89,421 | €88,292 | -€1,129 | -1.3% |
| Amounts payable | 17/49 | €100,920 | €102,847 | +€1,927 | +1.9% |
| Amounts payable after more than one year | 17 | €1,950 | €1,950 | = | 0.0% |
| Other amounts payable | 178/9 | €1,950 | €1,950 | = | 0.0% |
| Amounts payable within one year | 42/48 | €92,292 | €93,246 | +€955 | +1.0% |
| Trade debts | 44 | €1,091 | €2,207 | +€1,116 | +102% |
| Suppliers | 440/4 | €1,091 | €2,207 | +€1,116 | +102% |
| Taxes, remuneration and social security | 45 | €5,534 | €5,452 | -€81 | -1.5% |
| Taxes | 450/3 | €5,534 | €5,452 | -€81 | -1.5% |
| Other amounts payable | 47/48 | €85,667 | €85,587 | -€80 | -0.1% |
| Accrued charges and deferred income | 492/3 | €6,678 | €7,651 | +€972 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,865 | €61,681 | -€1,184 | -1.9% |
| Other operating charges | 640/8 | €14,341 | €14,797 | +€455 | +3.2% |
| Gross operating margin | 9900 | €116,459 | €118,191 | +€1,732 | +1.5% |
| Operating profit (loss) | 9901 | €39,253 | €41,713 | +€2,460 | +6.3% |
| Financial income | 75/76B | €3,487 | €4,564 | +€1,077 | +30.9% |
| Recurring financial income | 75 | €3,487 | €4,564 | +€1,077 | +30.9% |
| Financial charges | 65/66B | €6,726 | €6,095 | -€631 | -9.4% |
| Recurring financial charges | 65 | €6,726 | €6,095 | -€631 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €36,014 | €40,182 | +€4,168 | +11.6% |
| Transfer from deferred taxes | 780 | €1,118 | €1,129 | +€11 | +1.0% |
| Income taxes | 67/77 | €11,138 | €9,217 | -€1,921 | -17.2% |
| Profit (loss) for the period | 9904 | €25,994 | €32,095 | +€6,100 | +23.5% |
| Transfer from tax-exempt reserves | 789 | €4,473 | €4,517 | +€43 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,468 | €36,612 | +€6,144 | +20.2% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.