KTVA: what changed
KTVA
Largest movements
- Receivables within one year +€67,216
up €67,216 (+74.5%), from €90,256 to €157,472
of which Other amounts receivable: +€81,489
- Tangible fixed assets -€23,244
down €23,244 (-10.9%), from €213,383 to €190,139
of which Plant, machinery and equipment: -€15,525
- Cash -€18,070
down €18,070 (-28.5%), from €63,348 to €45,278
mainly Receivables within one year (-€67,216) and Stocks and contracts (-€17,730)
- Stocks and contracts +€17,730
up €17,730 (+432%), from €4,100 to €21,830
of which Contracts in progress: +€16,230
- Reserves +€36,657
up €36,657 (+16.3%), from €224,950 to €261,607
of which Distributable reserves: +€36,657
- Tax, wage and social debts +€14,042
up €14,042 (+26.4%), from €53,194 to €67,236
of which Taxes: +€14,073
- Debts after one year -€6,511
down €6,511 (-6.3%), from €103,986 to €97,475
- Gross operating margin -€42,861
down €42,861 (-24.6%), from €173,898 to €131,037
- Staff costs -€24,967
down €24,967 (-34.7%), from €71,921 to €46,954
- Taxes -€4,006
down €4,006 (-17.7%), from €22,663 to €18,657
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 | €403,330 | €446,737 | +€43,407 | +10.8% |
| Fixed assets | 21/28 | €213,383 | €190,139 | -€23,244 | -10.9% |
| Tangible fixed assets | 22/27 | €213,383 | €190,139 | -€23,244 | -10.9% |
| Land and buildings | 22 | €137,614 | €130,878 | -€6,736 | -4.9% |
| Plant, machinery and equipment | 23 | €71,903 | €56,378 | -€15,525 | -21.6% |
| Furniture and vehicles | 24 | €2,546 | €2,268 | -€278 | -10.9% |
| Other tangible fixed assets | 26 | €1,320 | €615 | -€705 | -53.4% |
| Current assets | 29/58 | €189,947 | €256,598 | +€66,651 | +35.1% |
| Stocks and contracts in progress | 3 | €4,100 | €21,830 | +€17,730 | +432% |
| Stocks | 30/36 | €4,100 | €5,600 | +€1,500 | +36.6% |
| Contracts in progress | 37 | - | €16,230 | +€16,230 | |
| Amounts receivable within one year | 40/41 | €90,256 | €157,472 | +€67,216 | +74.5% |
| Trade receivables | 40 | €14,339 | €66 | -€14,273 | -99.5% |
| Other amounts receivable | 41 | €75,917 | €157,406 | +€81,489 | +107% |
| Current investments | 50/53 | €23,928 | €22,414 | -€1,514 | -6.3% |
| Cash at bank and in hand | 54/58 | €63,348 | €45,278 | -€18,070 | -28.5% |
| Deferred charges and accrued income | 490/1 | €8,315 | €9,604 | +€1,289 | +15.5% |
| Total equity and liabilities | 10/49 | €403,330 | €446,737 | +€43,407 | +10.8% |
| Equity | 10/15 | €231,750 | €268,407 | +€36,657 | +15.8% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €224,950 | €261,607 | +€36,657 | +16.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,150 | €36,150 | = | 0.0% |
| Distributable reserves | 133 | €186,800 | €223,457 | +€36,657 | +19.6% |
| Amounts payable | 17/49 | €171,580 | €178,330 | +€6,750 | +3.9% |
| Amounts payable after more than one year | 17 | €103,986 | €97,475 | -€6,511 | -6.3% |
| Financial debts | 170/4 | €103,986 | €97,475 | -€6,511 | -6.3% |
| Amounts payable within one year | 42/48 | €64,834 | €77,855 | +€13,021 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €6,233 | €6,511 | +€278 | +4.5% |
| Trade debts | 44 | €5,407 | €4,108 | -€1,299 | -24.0% |
| Suppliers | 440/4 | €5,407 | €4,108 | -€1,299 | -24.0% |
| Taxes, remuneration and social security | 45 | €53,194 | €67,236 | +€14,042 | +26.4% |
| Taxes | 450/3 | €42,469 | €56,542 | +€14,073 | +33.1% |
| Remuneration and social security | 454/9 | €10,725 | €10,694 | -€31 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,760 | €3,000 | +€240 | +8.7% |
| Non-recurring operating income | 76A | €19,285 | - | -€19,285 | |
| Remuneration, social security and pensions | 62 | €71,921 | €46,954 | -€24,967 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,713 | €26,947 | +€1,234 | +4.8% |
| Other operating charges | 640/8 | €1,558 | €1,317 | -€241 | -15.5% |
| Gross operating margin | 9900 | €173,898 | €131,037 | -€42,861 | -24.6% |
| Operating profit (loss) | 9901 | €74,706 | €55,819 | -€18,887 | -25.3% |
| Financial income | 75/76B | €7,447 | €7,024 | -€423 | -5.7% |
| Recurring financial income | 75 | €7,447 | €7,024 | -€423 | -5.7% |
| Financial charges | 65/66B | €6,931 | €7,529 | +€598 | +8.6% |
| Recurring financial charges | 65 | €6,931 | €7,529 | +€598 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €75,222 | €55,314 | -€19,908 | -26.5% |
| Income taxes | 67/77 | €22,663 | €18,657 | -€4,006 | -17.7% |
| Profit (loss) for the period | 9904 | €52,559 | €36,657 | -€15,902 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,559 | €36,657 | -€15,902 | -30.3% |
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 6 November 2026 via checked.be.