KUVA-VERSWINKEL: 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.
KUVA-VERSWINKEL
Largest movements
- Stocks and contracts +€61,689
up €61,689 (+63.8%), from €96,662 to €158,351
- Cash -€50,274
down €50,274 (-40.7%), from €123,634 to €73,360
mainly Stocks and contracts (-€61,689) and Investment in fixed assets (net) (-€43,200)
- Receivables within one year -€9,655
down €9,655 (-53.6%), from €17,998 to €8,343
of which Trade receivables: -€9,732
- Deferred charges and accrued income +€5,132
up €5,132 (+83.5%), from €6,148 to €11,280
- Other debts -€28,087
down €28,087 (-27.5%), from €101,996 to €73,909
- Trade debts +€22,437
up €22,437 (+149%), from €15,075 to €37,512
- Current portion of long-term debt +€8,173
up €8,173 (+36.2%), from €22,596 to €30,769
- Gross operating margin +€53,233
up €53,233 (+23.4%), from €227,191 to €280,423
- Staff costs +€51,776
up €51,776 (+29.3%), from €176,434 to €228,211
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €420,484 | €426,431 | +€5,947 | +1.4% |
| Fixed assets | 21/28 | €176,042 | €175,096 | -€946 | -0.5% |
| Tangible fixed assets | 22/27 | €175,542 | €174,596 | -€946 | -0.5% |
| Land and buildings | 22 | €161,218 | €127,702 | -€33,516 | -20.8% |
| Plant, machinery and equipment | 23 | €14,324 | €11,268 | -€3,056 | -21.3% |
| Leasing and similar rights | 25 | - | €35,625 | +€35,625 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €244,442 | €251,335 | +€6,893 | +2.8% |
| Stocks and contracts in progress | 3 | €96,662 | €158,351 | +€61,689 | +63.8% |
| Stocks | 30/36 | €96,662 | €158,351 | +€61,689 | +63.8% |
| Amounts receivable within one year | 40/41 | €17,998 | €8,343 | -€9,655 | -53.6% |
| Trade receivables | 40 | €14,734 | €5,002 | -€9,732 | -66.1% |
| Other amounts receivable | 41 | €3,264 | €3,341 | +€77 | +2.4% |
| Cash at bank and in hand | 54/58 | €123,634 | €73,360 | -€50,274 | -40.7% |
| Deferred charges and accrued income | 490/1 | €6,148 | €11,280 | +€5,132 | +83.5% |
| Total equity and liabilities | 10/49 | €420,484 | €426,431 | +€5,947 | +1.4% |
| Equity | 10/15 | €148,199 | €151,453 | +€3,254 | +2.2% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Reserves | 13 | €60,265 | €60,265 | = | 0.0% |
| Distributable reserves | 133 | €60,265 | €60,265 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€666 | €2,588 | +€3,254 | |
| Amounts payable | 17/49 | €272,285 | €274,978 | +€2,693 | +1.0% |
| Amounts payable after more than one year | 17 | €98,145 | €94,792 | -€3,353 | -3.4% |
| Financial debts | 170/4 | €98,145 | €94,792 | -€3,353 | -3.4% |
| Amounts payable within one year | 42/48 | €174,140 | €180,186 | +€6,046 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €22,596 | €30,769 | +€8,173 | +36.2% |
| Trade debts | 44 | €15,075 | €37,512 | +€22,437 | +149% |
| Suppliers | 440/4 | €15,075 | €37,512 | +€22,437 | +149% |
| Taxes, remuneration and social security | 45 | €34,473 | €37,996 | +€3,524 | +10.2% |
| Taxes | 450/3 | €1,746 | €5,260 | +€3,514 | +201% |
| Remuneration and social security | 454/9 | €32,726 | €32,736 | +€10 | 0.0% |
| Other amounts payable | 47/48 | €101,996 | €73,909 | -€28,087 | -27.5% |
| Non-recurring operating income | 76A | €300 | €8,488 | +€8,188 | +2,729% |
| Remuneration, social security and pensions | 62 | €176,434 | €228,211 | +€51,776 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,379 | €44,146 | -€1,232 | -2.7% |
| Other operating charges | 640/8 | €1,702 | €1,853 | +€151 | +8.9% |
| Gross operating margin | 9900 | €227,191 | €280,423 | +€53,233 | +23.4% |
| Operating profit (loss) | 9901 | €3,676 | €6,214 | +€2,538 | +69.0% |
| Financial income | 75/76B | €71 | €149 | +€78 | +110% |
| Recurring financial income | 75 | €71 | €149 | +€78 | +110% |
| Financial charges | 65/66B | €2,946 | €3,110 | +€163 | +5.5% |
| Recurring financial charges | 65 | €2,946 | €3,110 | +€163 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €801 | €3,254 | +€2,453 | +306% |
| Income taxes | 67/77 | €743 | - | -€743 | |
| Profit (loss) for the period | 9904 | €58 | €3,254 | +€3,196 | +5,519% |
| Profit (loss) for the period to be appropriated | 9905 | €58 | €3,254 | +€3,196 | +5,519% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.