KUVARCO: 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.
What changed
KUVARCO
NACE 46.231, Wholesale of live animals
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€541,241
2025 · €645,843-€104,602
Equity
€5.3m
2025 · €4.7m+€541,241
Cash
€576,384
2025 · €636,443-€60,060
Balance sheet total
€8.4m
2025 · €7.7m+€765,548
Largest movements
Assets
- Current investments +€900,000
up €900,000 (+90.0%), from €1.0m to €1.9m
- Tangible fixed assets -€92,545
down €92,545 (-2.0%), from €4.7m to €4.6m
of which Land and buildings: -€76,650
Equity and liabilities
- Reserves +€541,241
up €541,241 (+11.6%), from €4.7m to €5.2m
of which Distributable reserves: +€547,142
- Other debts +€223,243
up €223,243 (+11.8%), from €1.9m to €2.1m
- Tax, wage and social debts +€121,387
up €121,387 (+204%), from €59,380 to €180,767
of which Taxes: +€109,854
- Debts after one year -€96,500
down €96,500 (-17.9%), from €538,791 to €442,291
Income statement
- Gross operating margin -€75,465
down €75,465 (-6.5%), from €1.2m to €1.1m
- Staff costs +€51,322
up €51,322 (+98.0%), from €52,344 to €103,666
- Taxes -€34,454
down €34,454 (-15.8%), from €218,283 to €183,829
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.
Result 2025
€645,843
Gross operating margin
-€75,465
Staff costs
-€51,322
Depreciation
-€4,441
Other operating charges
-€4,923
Financial income
-€10,598
Financial charges
+€7,302
Taxes
+€34,454
Deferred taxes and other
+€391
Result 2026
€541,241
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.0m
Investment
-€962,328
Financing
-€100,875
Cash 2025
€636,443
From operations (derived)
+€1.0m
Net result for the year
+€541,241
Depreciation
+€154,873
Stocks and contracts
+€2,534
Receivables within one year
-€32,471
Deferred charges and accrued income
+€11,784
Provisions
-€1,967
Trade debts
-€17,480
Tax, wage and social debts
+€121,387
Other debts
+€223,243
Investment (derived)
-€962,328
Investment in fixed assets (net)
-€62,328
Current investments
-€900,000
Financing
-€100,875
Debts after one year
-€96,500
Short-term financial debts
-€4,375
Cash 2026
€576,384
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,654,666 | €8,420,214 | +€765,548 | +10.0% |
| Fixed assets | 21/28 | €4,706,552 | €4,614,007 | -€92,545 | -2.0% |
| Tangible fixed assets | 22/27 | €4,706,552 | €4,614,007 | -€92,545 | -2.0% |
| Land and buildings | 22 | €4,666,874 | €4,590,224 | -€76,650 | -1.6% |
| Furniture and vehicles | 24 | €39,678 | €23,783 | -€15,895 | -40.1% |
| Current assets | 29/58 | €2,948,113 | €3,806,207 | +€858,094 | +29.1% |
| Stocks and contracts in progress | 3 | €593,740 | €591,206 | -€2,534 | -0.4% |
| Stocks | 30/36 | €593,740 | €591,206 | -€2,534 | -0.4% |
| Amounts receivable within one year | 40/41 | €706,147 | €738,617 | +€32,471 | +4.6% |
| Trade receivables | 40 | €633,088 | €711,184 | +€78,096 | +12.3% |
| Other amounts receivable | 41 | €73,058 | €27,433 | -€45,625 | -62.5% |
| Current investments | 50/53 | €1,000,000 | €1,900,000 | +€900,000 | +90.0% |
| Cash at bank and in hand | 54/58 | €636,443 | €576,384 | -€60,060 | -9.4% |
| Deferred charges and accrued income | 490/1 | €11,784 | €0 | -€11,784 | -100% |
| Total equity and liabilities | 10/49 | €7,654,666 | €8,420,214 | +€765,548 | +10.0% |
| Equity | 10/15 | €4,720,059 | €5,261,300 | +€541,241 | +11.5% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €4,657,059 | €5,198,300 | +€541,241 | +11.6% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €123,432 | €117,531 | -€5,901 | -4.8% |
| Distributable reserves | 133 | €4,527,327 | €5,074,469 | +€547,142 | +12.1% |
| Provisions and deferred taxes | 16 | €39,521 | €37,554 | -€1,967 | -5.0% |
| Deferred taxes | 168 | €39,521 | €37,554 | -€1,967 | -5.0% |
| Amounts payable | 17/49 | €2,895,085 | €3,121,360 | +€226,275 | +7.8% |
| Amounts payable after more than one year | 17 | €538,791 | €442,291 | -€96,500 | -17.9% |
| Financial debts | 170/4 | €538,791 | €442,291 | -€96,500 | -17.9% |
| Amounts payable within one year | 42/48 | €2,356,294 | €2,679,069 | +€322,775 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €96,500 | €96,500 | = | 0.0% |
| Financial debts | 43 | €101,027 | €96,652 | -€4,375 | -4.3% |
| Credit institutions | 430/8 | €101,027 | €96,652 | -€4,375 | -4.3% |
| Trade debts | 44 | €207,266 | €189,785 | -€17,480 | -8.4% |
| Suppliers | 440/4 | €207,266 | €189,785 | -€17,480 | -8.4% |
| Taxes, remuneration and social security | 45 | €59,380 | €180,767 | +€121,387 | +204% |
| Taxes | 450/3 | €49,089 | €158,942 | +€109,854 | +224% |
| Remuneration and social security | 454/9 | €10,291 | €21,825 | +€11,534 | +112% |
| Other amounts payable | 47/48 | €1,892,121 | €2,115,364 | +€223,243 | +11.8% |
| Remuneration, social security and pensions | 62 | €52,344 | €103,666 | +€51,322 | +98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,432 | €154,873 | +€4,441 | +3.0% |
| Other operating charges | 640/8 | €6,601 | €11,523 | +€4,923 | +74.6% |
| Gross operating margin | 9900 | €1,165,698 | €1,090,233 | -€75,465 | -6.5% |
| Operating profit (loss) | 9901 | €956,321 | €820,170 | -€136,151 | -14.2% |
| Financial income | 75/76B | €56,034 | €45,436 | -€10,598 | -18.9% |
| Recurring financial income | 75 | €55,292 | €38,752 | -€16,540 | -29.9% |
| Non-recurring financial income | 76B | €742 | €6,684 | +€5,942 | +801% |
| Financial charges | 65/66B | €149,805 | €142,503 | -€7,302 | -4.9% |
| Recurring financial charges | 65 | €149,805 | €142,503 | -€7,302 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €862,550 | €723,103 | -€139,447 | -16.2% |
| Transfer from deferred taxes | 780 | €1,576 | €1,967 | +€391 | +24.8% |
| Income taxes | 67/77 | €218,283 | €183,829 | -€34,454 | -15.8% |
| Profit (loss) for the period | 9904 | €645,843 | €541,241 | -€104,602 | -16.2% |
| Transfer from tax-exempt reserves | 789 | €4,728 | €5,901 | +€1,173 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €650,571 | €547,142 | -€103,429 | -15.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.