KivoSec Consulting: what changed
KivoSec Consulting
Largest movements
- Cash +€149,416
up €149,416 (+28,921%), from €517 to €149,933
mainly Current investments (+€106,006) and Net result for the year (+€38,165)
- Current investments -€106,006
no longer reported in 2025 (was €106,006)
- Receivables within one year -€12,995
down €12,995 (-91.5%), from €14,195 to €1,200
- Tangible fixed assets -€6,582
down €6,582 (-26.1%), from €25,248 to €18,666
- Profit (loss) carried forward +€36,499
up €36,499 (+31.1%), from €117,207 to €153,706
- Tax, wage and social debts -€10,675
down €10,675 (-44.4%), from €24,017 to €13,342
- Gross operating margin -€48,419
down €48,419 (-49.9%), from €96,942 to €48,523
- Taxes -€12,877
down €12,877 (-63.9%), from €20,149 to €7,272
- Depreciation +€4,620
up €4,620 (+235%), from €1,963 to €6,582
- Financial income +€4,112
new in 2025: €4,112
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €148,646 | €175,333 | +€26,688 | +18.0% |
| Fixed assets | 21/28 | €25,848 | €20,566 | -€5,282 | -20.4% |
| Tangible fixed assets | 22/27 | €25,248 | €18,666 | -€6,582 | -26.1% |
| Furniture and vehicles | 24 | €25,248 | €18,666 | -€6,582 | -26.1% |
| Financial fixed assets | 28 | €600 | €1,900 | +€1,300 | +217% |
| Current assets | 29/58 | €122,797 | €154,767 | +€31,970 | +26.0% |
| Amounts receivable within one year | 40/41 | €14,195 | €1,200 | -€12,995 | -91.5% |
| Trade receivables | 40 | €14,195 | €1,200 | -€12,995 | -91.5% |
| Current investments | 50/53 | €106,006 | - | -€106,006 | |
| Cash at bank and in hand | 54/58 | €517 | €149,933 | +€149,416 | +28,921% |
| Deferred charges and accrued income | 490/1 | €2,079 | €3,635 | +€1,555 | +74.8% |
| Total equity and liabilities | 10/49 | €148,646 | €175,333 | +€26,688 | +18.0% |
| Equity | 10/15 | €121,207 | €157,706 | +€36,499 | +30.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,207 | €153,706 | +€36,499 | +31.1% |
| Amounts payable | 17/49 | €27,438 | €17,627 | -€9,811 | -35.8% |
| Amounts payable within one year | 42/48 | €27,438 | €17,627 | -€9,811 | -35.8% |
| Trade debts | 44 | €2,536 | €2,078 | -€458 | -18.1% |
| Suppliers | 440/4 | €2,536 | €2,078 | -€458 | -18.1% |
| Taxes, remuneration and social security | 45 | €24,017 | €13,342 | -€10,675 | -44.4% |
| Taxes | 450/3 | €24,017 | €13,342 | -€10,675 | -44.4% |
| Other amounts payable | 47/48 | €885 | €2,207 | +€1,322 | +149% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,963 | €6,582 | +€4,620 | +235% |
| Other operating charges | 640/8 | €32 | €421 | +€390 | +1,227% |
| Gross operating margin | 9900 | €96,942 | €48,523 | -€48,419 | -49.9% |
| Operating profit (loss) | 9901 | €94,948 | €41,519 | -€53,429 | -56.3% |
| Financial income | 75/76B | - | €4,112 | +€4,112 | |
| Recurring financial income | 75 | - | €4,112 | +€4,112 | |
| Financial charges | 65/66B | €76 | €195 | +€119 | +156% |
| Recurring financial charges | 65 | €76 | €195 | +€119 | +156% |
| Profit (loss) for the period before taxes | 9903 | €94,872 | €45,437 | -€49,435 | -52.1% |
| Income taxes | 67/77 | €20,149 | €7,272 | -€12,877 | -63.9% |
| Profit (loss) for the period | 9904 | €74,723 | €38,165 | -€36,558 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,723 | €38,165 | -€36,558 | -48.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.