KIVISARI: 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.
KIVISARI
Largest movements
- Receivables within one year -€16,926
down €16,926 (-52.5%), from €32,237 to €15,311
of which Trade receivables: -€13,462
- Cash -€11,217
down €11,217 (-30.0%), from €37,406 to €26,189
mainly Net result for the year (-€30,100) and Trade debts (-€1,696)
- Tangible fixed assets -€930
down €930 (-75.6%), from €1,231 to €301
- Profit (loss) carried forward -€30,100
down €30,100, from €15,307 to -€14,792
- Other debts +€2,219
up €2,219 (+22.7%), from €9,787 to €12,006
- Trade debts -€1,696
down €1,696 (-26.0%), from €6,526 to €4,830
- Gross operating margin -€26,673
down €26,673, from €260 to -€26,413
- Other operating charges +€1,049
up €1,049 (+127%), from €825 to €1,874
- Taxes -€1,017
down €1,017 (-62.6%), from €1,625 to €608
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 | €72,109 | €43,117 | -€28,992 | -40.2% |
| Fixed assets | 21/28 | €1,231 | €301 | -€930 | -75.6% |
| Tangible fixed assets | 22/27 | €1,231 | €301 | -€930 | -75.6% |
| Furniture and vehicles | 24 | €1,231 | €301 | -€930 | -75.6% |
| Current assets | 29/58 | €70,878 | €42,816 | -€28,062 | -39.6% |
| Amounts receivable within one year | 40/41 | €32,237 | €15,311 | -€16,926 | -52.5% |
| Trade receivables | 40 | €23,201 | €9,738 | -€13,462 | -58.0% |
| Other amounts receivable | 41 | €9,036 | €5,573 | -€3,464 | -38.3% |
| Cash at bank and in hand | 54/58 | €37,406 | €26,189 | -€11,217 | -30.0% |
| Deferred charges and accrued income | 490/1 | €1,235 | €1,317 | +€82 | +6.6% |
| Total equity and liabilities | 10/49 | €72,109 | €43,117 | -€28,992 | -40.2% |
| Equity | 10/15 | €55,772 | €25,673 | -€30,100 | -54.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €39,465 | €39,465 | = | 0.0% |
| Distributable reserves | 133 | €39,465 | €39,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,307 | -€14,792 | -€30,100 | |
| Amounts payable | 17/49 | €16,336 | €17,444 | +€1,108 | +6.8% |
| Amounts payable within one year | 42/48 | €16,313 | €17,444 | +€1,131 | +6.9% |
| Trade debts | 44 | €6,526 | €4,830 | -€1,696 | -26.0% |
| Suppliers | 440/4 | €6,526 | €4,830 | -€1,696 | -26.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €608 | +€608 | |
| Taxes | 450/3 | €0 | €608 | +€608 | |
| Other amounts payable | 47/48 | €9,787 | €12,006 | +€2,219 | +22.7% |
| Accrued charges and deferred income | 492/3 | €23 | €0 | -€23 | -100% |
| Non-recurring operating income | 76A | €4,748 | €0 | -€4,748 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €930 | €930 | = | 0.0% |
| Other operating charges | 640/8 | €825 | €1,874 | +€1,049 | +127% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €260 | -€26,413 | -€26,673 | |
| Operating profit (loss) | 9901 | -€1,495 | -€29,216 | -€27,722 | -1,854% |
| Financial income | 75/76B | €69 | €41 | -€28 | -40.8% |
| Recurring financial income | 75 | €69 | €41 | -€28 | -40.8% |
| Financial charges | 65/66B | €243 | €316 | +€73 | +30.0% |
| Recurring financial charges | 65 | €243 | €316 | +€73 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,669 | -€29,492 | -€27,823 | -1,667% |
| Income taxes | 67/77 | €1,625 | €608 | -€1,017 | -62.6% |
| Profit (loss) for the period | 9904 | -€3,294 | -€30,100 | -€26,806 | -814% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,294 | -€30,100 | -€26,806 | -814% |
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 16 October 2026 via checked.be.