KUVALINE: 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.
KUVALINE
Largest movements
- Stocks and contracts -€312,756
down €312,756 (-100%), from €312,756 to €0
- Cash +€7,489
up €7,489 (+39.3%), from €19,071 to €26,561
mainly Stocks and contracts (+€312,756) and Investment in fixed assets (net) (+€3,611)
- Profit (loss) carried forward -€134,464
down €134,464, from €112,748 to -€21,716
- Short-term financial debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Trade debts -€52,665
down €52,665 (-99.8%), from €52,783 to €118
- Other debts -€31,074
down €31,074 (-100%), from €31,074 to €0
- Tax, wage and social debts -€30,006
down €30,006 (-84.5%), from €35,510 to €5,504
of which Remuneration and social security: -€19,630
- Gross operating margin -€170,082
down €170,082, from €60,897 to -€109,185
- Staff costs -€30,112
down €30,112 (-65.6%), from €45,869 to €15,757
- Financial charges -€2,580
down €2,580 (-49.0%), from €5,261 to €2,681
- Taxes -€2,273
down €2,273 (-100%), from €2,273 to €0
- Depreciation -€1,572
down €1,572 (-100%), from €1,572 to €0
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.
Derived cash bridge
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 | €360,393 | €52,184 | -€308,209 | -85.5% |
| Fixed assets | 21/28 | €3,611 | €0 | -€3,611 | -100% |
| Tangible fixed assets | 22/27 | €3,532 | €0 | -€3,532 | -100% |
| Plant, machinery and equipment | 23 | €919 | €0 | -€919 | -100% |
| Furniture and vehicles | 24 | €0 | €0 | -€0 | -100% |
| Other tangible fixed assets | 26 | €2,613 | €0 | -€2,613 | -100% |
| Financial fixed assets | 28 | €79 | €0 | -€79 | -100% |
| Current assets | 29/58 | €356,782 | €52,184 | -€304,598 | -85.4% |
| Stocks and contracts in progress | 3 | €312,756 | €0 | -€312,756 | -100% |
| Stocks | 30/36 | €312,756 | €0 | -€312,756 | -100% |
| Amounts receivable within one year | 40/41 | €19,601 | €22,206 | +€2,605 | +13.3% |
| Other amounts receivable | 41 | €19,601 | €22,206 | +€2,605 | +13.3% |
| Current investments | 50/53 | €2,725 | €2,725 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,071 | €26,561 | +€7,489 | +39.3% |
| Deferred charges and accrued income | 490/1 | €2,629 | €693 | -€1,936 | -73.7% |
| Total equity and liabilities | 10/49 | €360,393 | €52,184 | -€308,209 | -85.5% |
| Equity | 10/15 | €181,026 | €46,562 | -€134,464 | -74.3% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €43,489 | €43,489 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,010 | €41,010 | = | 0.0% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,748 | -€21,716 | -€134,464 | |
| Amounts payable | 17/49 | €179,367 | €5,621 | -€173,745 | -96.9% |
| Amounts payable within one year | 42/48 | €179,367 | €5,621 | -€173,745 | -96.9% |
| Financial debts | 43 | €60,000 | €0 | -€60,000 | -100% |
| Credit institutions | 430/8 | €60,000 | €0 | -€60,000 | -100% |
| Trade debts | 44 | €52,783 | €118 | -€52,665 | -99.8% |
| Suppliers | 440/4 | €52,783 | €118 | -€52,665 | -99.8% |
| Taxes, remuneration and social security | 45 | €35,510 | €5,504 | -€30,006 | -84.5% |
| Taxes | 450/3 | €15,880 | €5,504 | -€10,376 | -65.3% |
| Remuneration and social security | 454/9 | €19,630 | €0 | -€19,630 | -100% |
| Other amounts payable | 47/48 | €31,074 | €0 | -€31,074 | -100% |
| Non-recurring operating income | 76A | - | €9,390 | +€9,390 | |
| Remuneration, social security and pensions | 62 | €45,869 | €15,757 | -€30,112 | -65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,572 | €0 | -€1,572 | -100% |
| Other operating charges | 640/8 | €3,594 | €3,434 | -€161 | -4.5% |
| Non-recurring operating charges | 66A | - | €3,611 | +€3,611 | |
| Gross operating margin | 9900 | €60,897 | -€109,185 | -€170,082 | |
| Operating profit (loss) | 9901 | €9,861 | -€131,987 | -€141,848 | |
| Financial income | 75/76B | €333 | €204 | -€129 | -38.8% |
| Recurring financial income | 75 | €333 | €204 | -€129 | -38.8% |
| Financial charges | 65/66B | €5,261 | €2,681 | -€2,580 | -49.0% |
| Recurring financial charges | 65 | €5,261 | €2,681 | -€2,580 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €4,933 | -€134,464 | -€139,397 | |
| Income taxes | 67/77 | €2,273 | €0 | -€2,273 | -100% |
| Profit (loss) for the period | 9904 | €2,660 | -€134,464 | -€137,124 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,660 | -€134,464 | -€137,124 |
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 25 October 2026 via checked.be.