KRV4S: 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.
KRV4S
Largest movements
- Tangible fixed assets +€449,888
new in 2025: €449,888
of which Land and buildings: +€433,582
- Cash -€64,079
down €64,079 (-53.8%), from €119,087 to €55,008
mainly Investment in fixed assets (net) (-€457,434) and Receivables within one year (-€6,277)
- Receivables within one year +€6,277
up €6,277 (+42.1%), from €14,913 to €21,190
of which Other amounts receivable: +€4,734
- Debts after one year +€322,466
new in 2025: €322,466
- Reserves +€31,256
up €31,256 (+29.1%), from €107,331 to €138,588
of which Distributable reserves: +€31,256
- Current portion of long-term debt +€25,230
new in 2025: €25,230
- Tax, wage and social debts +€7,553
up €7,553 (+34.5%), from €21,879 to €29,432
- Gross operating margin -€74,030
down €74,030 (-51.8%), from €142,834 to €68,803
- Taxes -€21,165
down €21,165 (-66.2%), from €31,974 to €10,809
- Other operating charges +€10,104
up €10,104 (+4225.8%), from €239 to €10,343
- Depreciation +€7,546
new in 2025: €7,546
- Financial charges +€5,989
up €5,989 (+245.9%), from €2,436 to €8,425
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 | €136,979 | €528,306 | +€391,327 | +285.7% |
| Fixed assets | 21/28 | - | €449,888 | +€449,888 | |
| Tangible fixed assets | 22/27 | - | €449,888 | +€449,888 | |
| Land and buildings | 22 | - | €433,582 | +€433,582 | |
| Furniture and vehicles | 24 | - | €16,306 | +€16,306 | |
| Current assets | 29/58 | €136,979 | €78,418 | -€58,561 | -42.8% |
| Amounts receivable within one year | 40/41 | €14,913 | €21,190 | +€6,277 | +42.1% |
| Trade receivables | 40 | €14,913 | €16,456 | +€1,543 | +10.3% |
| Other amounts receivable | 41 | - | €4,734 | +€4,734 | |
| Cash at bank and in hand | 54/58 | €119,087 | €55,008 | -€64,079 | -53.8% |
| Deferred charges and accrued income | 490/1 | €2,978 | €2,220 | -€759 | -25.5% |
| Total equity and liabilities | 10/49 | €136,979 | €528,306 | +€391,327 | +285.7% |
| Equity | 10/15 | €112,331 | €143,588 | +€31,256 | +27.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €107,331 | €138,588 | +€31,256 | +29.1% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €44,181 | €75,438 | +€31,256 | +70.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,647 | €384,718 | +€360,071 | +1460.9% |
| Amounts payable after more than one year | 17 | - | €322,466 | +€322,466 | |
| Financial debts | 170/4 | - | €322,466 | +€322,466 | |
| Amounts payable within one year | 42/48 | €24,647 | €60,984 | +€36,337 | +147.4% |
| Current portion of amounts payable after more than one year | 42 | - | €25,230 | +€25,230 | |
| Trade debts | 44 | €1,907 | €5,489 | +€3,582 | +187.9% |
| Suppliers | 440/4 | €1,907 | €5,489 | +€3,582 | +187.9% |
| Taxes, remuneration and social security | 45 | €21,879 | €29,432 | +€7,553 | +34.5% |
| Taxes | 450/3 | €21,879 | €29,432 | +€7,553 | +34.5% |
| Other amounts payable | 47/48 | €862 | €833 | -€29 | -3.3% |
| Accrued charges and deferred income | 492/3 | - | €1,267 | +€1,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,546 | +€7,546 | |
| Other operating charges | 640/8 | €239 | €10,343 | +€10,104 | +4225.8% |
| Gross operating margin | 9900 | €142,834 | €68,803 | -€74,030 | -51.8% |
| Operating profit (loss) | 9901 | €142,595 | €50,915 | -€91,680 | -64.3% |
| Financial income | 75/76B | €6 | €409 | +€403 | +6923.2% |
| Recurring financial income | 75 | €6 | €409 | +€403 | +6923.2% |
| Financial charges | 65/66B | €2,436 | €8,425 | +€5,989 | +245.9% |
| Recurring financial charges | 65 | €2,436 | €8,425 | +€5,989 | +245.9% |
| Profit (loss) for the period before taxes | 9903 | €140,165 | €42,898 | -€97,266 | -69.4% |
| Income taxes | 67/77 | €31,974 | €10,809 | -€21,165 | -66.2% |
| Profit (loss) for the period | 9904 | €108,190 | €32,089 | -€76,101 | -70.3% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,040 | €32,089 | -€12,951 | -28.8% |
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 10 October 2026 via checked.be.