KOVU: 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.
KOVU
Largest movements
- Cash -€26,176
down €26,176 (-12.3%), from €212,634 to €186,458
mainly Trade debts (-€31,264) and Net result for the year (-€22,782)
- Tangible fixed assets -€22,938
down €22,938 (-2.4%), from €965,244 to €942,306
of which Land and buildings: -€21,125
- Receivables within one year -€16,404
down €16,404 (-51.2%), from €32,009 to €15,605
of which Trade receivables: -€15,156
- Trade debts -€31,264
down €31,264 (-49.3%), from €63,458 to €32,194
- Profit (loss) carried forward -€22,782
down €22,782 (-22.3%), from €102,116 to €79,334
- Financial charges +€58,356
up €58,356 (+47076.6%), from €124 to €58,480
- Gross operating margin -€48,610
down €48,610 (-45.1%), from €107,868 to €59,257
- Taxes -€21,668
no longer reported in 2025 (was €21,668)
- Depreciation -€3,603
down €3,603 (-13.6%), from €26,541 to €22,938
- Other operating charges -€2,191
down €2,191 (-77.9%), from €2,812 to €621
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 | €1,310,395 | €1,244,719 | -€65,676 | -5.0% |
| Fixed assets | 21/28 | €1,065,294 | €1,042,356 | -€22,938 | -2.2% |
| Tangible fixed assets | 22/27 | €965,244 | €942,306 | -€22,938 | -2.4% |
| Land and buildings | 22 | €958,284 | €937,159 | -€21,125 | -2.2% |
| Plant, machinery and equipment | 23 | €6,960 | €5,147 | -€1,813 | -26.1% |
| Financial fixed assets | 28 | €100,050 | €100,050 | = | 0.0% |
| Current assets | 29/58 | €245,101 | €202,363 | -€42,738 | -17.4% |
| Amounts receivable within one year | 40/41 | €32,009 | €15,605 | -€16,404 | -51.2% |
| Trade receivables | 40 | €30,761 | €15,605 | -€15,156 | -49.3% |
| Other amounts receivable | 41 | €1,248 | - | -€1,248 | |
| Cash at bank and in hand | 54/58 | €212,634 | €186,458 | -€26,176 | -12.3% |
| Deferred charges and accrued income | 490/1 | €457 | €299 | -€158 | -34.6% |
| Total equity and liabilities | 10/49 | €1,310,395 | €1,244,719 | -€65,676 | -5.0% |
| Equity | 10/15 | €840,116 | €817,334 | -€22,782 | -2.7% |
| Contributions | 10/11 | €738,000 | €738,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,116 | €79,334 | -€22,782 | -22.3% |
| Amounts payable | 17/49 | €470,279 | €427,385 | -€42,894 | -9.1% |
| Amounts payable within one year | 42/48 | €468,223 | €425,279 | -€42,944 | -9.2% |
| Trade debts | 44 | €63,458 | €32,194 | -€31,264 | -49.3% |
| Suppliers | 440/4 | €63,458 | €32,194 | -€31,264 | -49.3% |
| Taxes, remuneration and social security | 45 | €21,668 | €17,477 | -€4,190 | -19.3% |
| Taxes | 450/3 | €21,668 | €17,477 | -€4,190 | -19.3% |
| Other amounts payable | 47/48 | €383,098 | €375,607 | -€7,490 | -2.0% |
| Accrued charges and deferred income | 492/3 | €2,056 | €2,106 | +€50 | +2.4% |
| Non-recurring operating income | 76A | €50,494 | €5,081 | -€45,414 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,541 | €22,938 | -€3,603 | -13.6% |
| Other operating charges | 640/8 | €2,812 | €621 | -€2,191 | -77.9% |
| Gross operating margin | 9900 | €107,868 | €59,257 | -€48,610 | -45.1% |
| Operating profit (loss) | 9901 | €78,515 | €35,698 | -€42,817 | -54.5% |
| Financial income | 75/76B | €619 | - | -€619 | |
| Recurring financial income | 75 | €619 | - | -€619 | |
| Financial charges | 65/66B | €124 | €58,480 | +€58,356 | +47076.6% |
| Recurring financial charges | 65 | €124 | €58,480 | +€58,356 | +47076.6% |
| Profit (loss) for the period before taxes | 9903 | €79,010 | -€22,782 | -€101,792 | |
| Income taxes | 67/77 | €21,668 | - | -€21,668 | |
| Profit (loss) for the period | 9904 | €57,343 | -€22,782 | -€80,125 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,343 | -€22,782 | -€80,125 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.