KUVARO: 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.
KUVARO
Largest movements
- Tangible fixed assets -€52,888
down €52,888 (-16.2%), from €326,181 to €273,293
of which Furniture and vehicles: -€38,387
- Receivables within one year -€8,501
down €8,501 (-16.4%), from €51,780 to €43,278
of which Other amounts receivable: -€6,738
- Profit (loss) carried forward -€44,196
down €44,196 (-33.7%), from €131,025 to €86,829
- Debts after one year -€19,386
down €19,386 (-25.2%), from €76,817 to €57,431
- Tax, wage and social debts +€4,375
up €4,375 (+202%), from €2,164 to €6,539
- Depreciation +€24,840
up €24,840 (+69.6%), from €35,670 to €60,510
- Gross operating margin -€2,508
down €2,508 (-11.1%), from €22,687 to €20,179
- Financial charges +€2,466
up €2,466 (+123%), from €2,011 to €4,476
- Taxes -€1,803
down €1,803, from €905 to -€898
- Other operating charges -€409
down €409 (-33.1%), from €1,236 to €827
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 | €379,880 | €321,182 | -€58,698 | -15.5% |
| Fixed assets | 21/28 | €326,181 | €273,293 | -€52,888 | -16.2% |
| Tangible fixed assets | 22/27 | €326,181 | €273,293 | -€52,888 | -16.2% |
| Land and buildings | 22 | €7,952 | €6,952 | -€1,000 | -12.6% |
| Plant, machinery and equipment | 23 | €27,235 | €23,067 | -€4,168 | -15.3% |
| Furniture and vehicles | 24 | €168,401 | €130,014 | -€38,387 | -22.8% |
| Other tangible fixed assets | 26 | €122,592 | €113,260 | -€9,332 | -7.6% |
| Current assets | 29/58 | €53,699 | €47,889 | -€5,811 | -10.8% |
| Stocks and contracts in progress | 3 | - | €3,500 | +€3,500 | |
| Stocks | 30/36 | - | €3,500 | +€3,500 | |
| Amounts receivable within one year | 40/41 | €51,780 | €43,278 | -€8,501 | -16.4% |
| Trade receivables | 40 | €39,447 | €37,683 | -€1,763 | -4.5% |
| Other amounts receivable | 41 | €12,333 | €5,595 | -€6,738 | -54.6% |
| Cash at bank and in hand | 54/58 | €1,919 | €1,110 | -€809 | -42.2% |
| Total equity and liabilities | 10/49 | €379,880 | €321,182 | -€58,698 | -15.5% |
| Equity | 10/15 | €151,485 | €107,289 | -€44,196 | -29.2% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | - | €1,860 | +€1,860 | |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €131,025 | €86,829 | -€44,196 | -33.7% |
| Amounts payable | 17/49 | €228,395 | €213,893 | -€14,502 | -6.3% |
| Amounts payable after more than one year | 17 | €76,817 | €57,431 | -€19,386 | -25.2% |
| Financial debts | 170/4 | €76,817 | €57,431 | -€19,386 | -25.2% |
| Amounts payable within one year | 42/48 | €151,578 | €156,462 | +€4,884 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €18,635 | €19,386 | +€751 | +4.0% |
| Trade debts | 44 | €657 | €1,033 | +€377 | +57.4% |
| Suppliers | 440/4 | €657 | €1,033 | +€377 | +57.4% |
| Taxes, remuneration and social security | 45 | €2,164 | €6,539 | +€4,375 | +202% |
| Taxes | 450/3 | €2,164 | €6,539 | +€4,375 | +202% |
| Other amounts payable | 47/48 | €130,122 | €129,504 | -€618 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,670 | €60,510 | +€24,840 | +69.6% |
| Other operating charges | 640/8 | €1,236 | €827 | -€409 | -33.1% |
| Gross operating margin | 9900 | €22,687 | €20,179 | -€2,508 | -11.1% |
| Operating profit (loss) | 9901 | -€14,219 | -€41,158 | -€26,939 | -189% |
| Financial income | 75/76B | €151 | €540 | +€389 | +257% |
| Recurring financial income | 75 | €151 | €540 | +€389 | +257% |
| Financial charges | 65/66B | €2,011 | €4,476 | +€2,466 | +123% |
| Recurring financial charges | 65 | €2,011 | €4,476 | +€2,466 | +123% |
| Profit (loss) for the period before taxes | 9903 | -€16,078 | -€45,094 | -€29,016 | -180% |
| Income taxes | 67/77 | €905 | -€898 | -€1,803 | |
| Profit (loss) for the period | 9904 | -€16,983 | -€44,196 | -€27,213 | -160% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,983 | -€44,196 | -€27,213 | -160% |
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 15 October 2026 via checked.be.