KUVACON: 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.
KUVACON
Largest movements
- Receivables within one year +€331,312
up €331,312 (+339.8%), from €97,501 to €428,813
of which Trade receivables: +€311,867
- Cash +€132,090
up €132,090 (+81.5%), from €162,144 to €294,234
mainly Trade debts (+€349,377) and Net result for the year (+€104,783)
- Tangible fixed assets +€129,932
up €129,932 (+83.1%), from €156,377 to €286,308
of which Plant, machinery and equipment: +€107,849
- Trade debts +€349,377
up €349,377 (+285.3%), from €122,449 to €471,826
- Reserves +€104,783
up €104,783 (+63.1%), from €166,030 to €270,813
- Debts after one year +€100,339
up €100,339 (+106.0%), from €94,673 to €195,012
- Current portion of long-term debt +€26,938
up €26,938 (+62.9%), from €42,827 to €69,765
- Tax, wage and social debts +€25,783
up €25,783 (+643.0%), from €4,010 to €29,793
of which Taxes: +€21,132
- Gross operating margin +€132,037
up €132,037 (+45.9%), from €287,496 to €419,533
- Staff costs +€35,162
up €35,162 (+20.8%), from €168,832 to €203,993
- Taxes +€24,619
up €24,619 (+158.7%), from €15,516 to €40,135
- Depreciation +€6,684
up €6,684 (+11.8%), from €56,666 to €63,350
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 | €466,923 | €1,062,562 | +€595,639 | +127.6% |
| Formation expenses | 20 | €1,134 | €844 | -€290 | -25.6% |
| Fixed assets | 21/28 | €156,377 | €291,169 | +€134,792 | +86.2% |
| Tangible fixed assets | 22/27 | €156,377 | €286,308 | +€129,932 | +83.1% |
| Land and buildings | 22 | €64,384 | €59,381 | -€5,003 | -7.8% |
| Plant, machinery and equipment | 23 | €12,177 | €120,026 | +€107,849 | +885.7% |
| Furniture and vehicles | 24 | €23,512 | €77,015 | +€53,503 | +227.6% |
| Leasing and similar rights | 25 | €56,304 | €29,887 | -€26,417 | -46.9% |
| Financial fixed assets | 28 | - | €4,861 | +€4,861 | |
| Current assets | 29/58 | €309,412 | €770,549 | +€461,137 | +149.0% |
| Stocks and contracts in progress | 3 | €37,000 | €39,712 | +€2,712 | +7.3% |
| Stocks | 30/36 | €7,373 | €19,480 | +€12,107 | +164.2% |
| Contracts in progress | 37 | €29,627 | €20,232 | -€9,395 | -31.7% |
| Amounts receivable within one year | 40/41 | €97,501 | €428,813 | +€331,312 | +339.8% |
| Trade receivables | 40 | €57,231 | €369,099 | +€311,867 | +544.9% |
| Other amounts receivable | 41 | €40,269 | €59,714 | +€19,445 | +48.3% |
| Cash at bank and in hand | 54/58 | €162,144 | €294,234 | +€132,090 | +81.5% |
| Deferred charges and accrued income | 490/1 | €12,767 | €7,789 | -€4,978 | -39.0% |
| Total equity and liabilities | 10/49 | €466,923 | €1,062,562 | +€595,639 | +127.6% |
| Equity | 10/15 | €191,264 | €296,046 | +€104,783 | +54.8% |
| Contributions | 10/11 | €32,400 | €32,400 | = | 0.0% |
| Reserves | 13 | €166,030 | €270,813 | +€104,783 | +63.1% |
| Distributable reserves | 133 | €166,030 | €270,813 | +€104,783 | +63.1% |
| Profit (loss) carried forward | 14 | -€7,167 | -€7,167 | = | 0.0% |
| Amounts payable | 17/49 | €275,659 | €766,515 | +€490,856 | +178.1% |
| Amounts payable after more than one year | 17 | €94,673 | €195,012 | +€100,339 | +106.0% |
| Financial debts | 170/4 | €94,673 | €195,012 | +€100,339 | +106.0% |
| Amounts payable within one year | 42/48 | €173,854 | €571,383 | +€397,530 | +228.7% |
| Current portion of amounts payable after more than one year | 42 | €42,827 | €69,765 | +€26,938 | +62.9% |
| Trade debts | 44 | €122,449 | €471,826 | +€349,377 | +285.3% |
| Suppliers | 440/4 | €122,449 | €471,826 | +€349,377 | +285.3% |
| Taxes, remuneration and social security | 45 | €4,010 | €29,793 | +€25,783 | +643.0% |
| Taxes | 450/3 | €4,010 | €25,142 | +€21,132 | +527.0% |
| Remuneration and social security | 454/9 | €0 | €4,651 | +€4,651 | |
| Other amounts payable | 47/48 | €4,568 | €0 | -€4,568 | -100.0% |
| Accrued charges and deferred income | 492/3 | €7,133 | €120 | -€7,013 | -98.3% |
| Remuneration, social security and pensions | 62 | €168,832 | €203,993 | +€35,162 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,666 | €63,350 | +€6,684 | +11.8% |
| Other operating charges | 640/8 | €1,638 | €1,792 | +€153 | +9.4% |
| Gross operating margin | 9900 | €287,496 | €419,533 | +€132,037 | +45.9% |
| Operating profit (loss) | 9901 | €60,361 | €150,398 | +€90,037 | +149.2% |
| Financial income | 75/76B | €442 | €0 | -€442 | -100.0% |
| Recurring financial income | 75 | €442 | €0 | -€442 | -100.0% |
| Financial charges | 65/66B | €5,190 | €5,481 | +€291 | +5.6% |
| Recurring financial charges | 65 | €5,190 | €5,481 | +€291 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €55,613 | €144,917 | +€89,304 | +160.6% |
| Income taxes | 67/77 | €15,516 | €40,135 | +€24,619 | +158.7% |
| Profit (loss) for the period | 9904 | €40,097 | €104,783 | +€64,686 | +161.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,097 | €104,783 | +€64,686 | +161.3% |
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 4 October 2026 via checked.be.