KURT VAN HOVE: what changed
KURT VAN HOVE
Largest movements
- Tangible fixed assets +€86,254
up €86,254 (+16.7%), from €515,663 to €601,917
of which Plant, machinery and equipment: +€124,005
- Cash -€34,745
down €34,745 (-15.0%), from €232,171 to €197,426
mainly Investment in fixed assets (net) (-€152,136) and Receivables within one year (-€17,293)
- Receivables within one year +€17,293
up €17,293 (+85.4%), from €20,247 to €37,540
of which Trade receivables: +€23,317
- Stocks and contracts +€13,621
up €13,621 (+57.9%), from €23,516 to €37,137
- Reserves +€59,347
up €59,347 (+12.9%), from €458,883 to €518,229
of which Distributable reserves: +€59,347
- Debts after one year +€16,138
up €16,138 (+5.7%), from €283,635 to €299,773
- Trade debts -€15,022
down €15,022 (-59.6%), from €25,214 to €10,192
- Other debts +€13,412
new in 2026: €13,412
- Current portion of long-term debt +€10,364
up €10,364 (+94.2%), from €10,998 to €21,362
- Depreciation -€36,896
down €36,896 (-35.9%), from €102,779 to €65,882
- Gross operating margin +€16,044
up €16,044 (+11.4%), from €140,681 to €156,725
- Financial income -€15,786
down €15,786 (-98.0%), from €16,109 to €324
- Taxes +€6,634
up €6,634 (+54.4%), from €12,188 to €18,822
- Financial charges +€3,879
up €3,879 (+66.5%), from €5,836 to €9,715
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €802,786 | €887,726 | +€84,940 | +10.6% |
| Fixed assets | 21/28 | €516,863 | €603,117 | +€86,254 | +16.7% |
| Tangible fixed assets | 22/27 | €515,663 | €601,917 | +€86,254 | +16.7% |
| Land and buildings | 22 | €410,267 | €390,238 | -€20,029 | -4.9% |
| Plant, machinery and equipment | 23 | €62,720 | €186,726 | +€124,005 | +198% |
| Furniture and vehicles | 24 | €42,677 | €24,953 | -€17,723 | -41.5% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €285,923 | €284,609 | -€1,314 | -0.5% |
| Stocks and contracts in progress | 3 | €23,516 | €37,137 | +€13,621 | +57.9% |
| Stocks | 30/36 | €23,516 | €37,137 | +€13,621 | +57.9% |
| Amounts receivable within one year | 40/41 | €20,247 | €37,540 | +€17,293 | +85.4% |
| Trade receivables | 40 | €8,034 | €31,351 | +€23,317 | +290% |
| Other amounts receivable | 41 | €12,213 | €6,189 | -€6,024 | -49.3% |
| Current investments | 50/53 | €9,988 | €12,507 | +€2,518 | +25.2% |
| Cash at bank and in hand | 54/58 | €232,171 | €197,426 | -€34,745 | -15.0% |
| Total equity and liabilities | 10/49 | €802,786 | €887,726 | +€84,940 | +10.6% |
| Equity | 10/15 | €479,839 | €539,186 | +€59,347 | +12.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €458,883 | €518,229 | +€59,347 | +12.9% |
| Tax-exempt reserves | 132 | €11,578 | €11,578 | = | 0.0% |
| Distributable reserves | 133 | €447,305 | €506,652 | +€59,347 | +13.3% |
| Profit (loss) carried forward | 14 | €956 | €956 | = | 0.0% |
| Amounts payable | 17/49 | €322,947 | €348,541 | +€25,593 | +7.9% |
| Amounts payable after more than one year | 17 | €283,635 | €299,773 | +€16,138 | +5.7% |
| Financial debts | 170/4 | €283,635 | €299,773 | +€16,138 | +5.7% |
| Amounts payable within one year | 42/48 | €38,462 | €47,918 | +€9,455 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €10,998 | €21,362 | +€10,364 | +94.2% |
| Trade debts | 44 | €25,214 | €10,192 | -€15,022 | -59.6% |
| Suppliers | 440/4 | €25,214 | €10,192 | -€15,022 | -59.6% |
| Taxes, remuneration and social security | 45 | €2,250 | €2,952 | +€702 | +31.2% |
| Taxes | 450/3 | - | €534 | +€534 | |
| Remuneration and social security | 454/9 | €2,250 | €2,418 | +€168 | +7.5% |
| Other amounts payable | 47/48 | - | €13,412 | +€13,412 | |
| Accrued charges and deferred income | 492/3 | €850 | €850 | = | 0.0% |
| Non-recurring operating income | 76A | €22,000 | - | -€22,000 | |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,779 | €65,882 | -€36,896 | -35.9% |
| Other operating charges | 640/8 | €1,858 | €2,883 | +€1,025 | +55.2% |
| Gross operating margin | 9900 | €140,681 | €156,725 | +€16,044 | +11.4% |
| Operating profit (loss) | 9901 | €35,657 | €87,560 | +€51,903 | +146% |
| Financial income | 75/76B | €16,109 | €324 | -€15,786 | -98.0% |
| Recurring financial income | 75 | €16,109 | €324 | -€15,786 | -98.0% |
| Financial charges | 65/66B | €5,836 | €9,715 | +€3,879 | +66.5% |
| Recurring financial charges | 65 | €5,836 | €9,715 | +€3,879 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €45,930 | €78,169 | +€32,238 | +70.2% |
| Income taxes | 67/77 | €12,188 | €18,822 | +€6,634 | +54.4% |
| Profit (loss) for the period | 9904 | €33,742 | €59,347 | +€25,604 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,742 | €59,347 | +€25,604 | +75.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.