KUVATRA: 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.
KUVATRA
Largest movements
- Tangible fixed assets +€171,895
up €171,895 (+17.8%), from €968,036 to €1.1m
of which Leasing and similar rights: +€144,320
- Receivables within one year +€116,746
up €116,746 (+103.6%), from €112,704 to €229,450
of which Trade receivables: +€122,073
- Reserves +€109,740
up €109,740 (+63.5%), from €172,888 to €282,629
of which Distributable reserves: +€95,712
- Debts after one year +€93,451
up €93,451 (+12.9%), from €722,711 to €816,162
- Current portion of long-term debt +€71,247
up €71,247 (+36.1%), from €197,165 to €268,413
- Tax, wage and social debts +€45,209
up €45,209 (+54.8%), from €82,491 to €127,700
of which Taxes: +€24,587
- Gross operating margin +€165,330
up €165,330 (+31.0%), from €533,423 to €698,753
- Staff costs +€90,706
up €90,706 (+55.0%), from €164,830 to €255,536
- Depreciation +€59,674
up €59,674 (+32.2%), from €185,566 to €245,240
- Financial charges +€9,619
up €9,619 (+23.8%), from €40,470 to €50,088
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 | €1,329,265 | €1,632,285 | +€303,020 | +22.8% |
| Fixed assets | 21/28 | €970,235 | €1,141,765 | +€171,530 | +17.7% |
| Intangible fixed assets | 21 | €1,659 | €1,159 | -€500 | -30.1% |
| Tangible fixed assets | 22/27 | €968,036 | €1,139,931 | +€171,895 | +17.8% |
| Land and buildings | 22 | €385,503 | €368,551 | -€16,952 | -4.4% |
| Plant, machinery and equipment | 23 | €11,397 | €12,508 | +€1,112 | +9.8% |
| Furniture and vehicles | 24 | €29,712 | €73,128 | +€43,416 | +146.1% |
| Leasing and similar rights | 25 | €541,425 | €685,744 | +€144,320 | +26.7% |
| Financial fixed assets | 28 | €540 | €675 | +€135 | +25.0% |
| Current assets | 29/58 | €359,031 | €490,520 | +€131,489 | +36.6% |
| Amounts receivable within one year | 40/41 | €112,704 | €229,450 | +€116,746 | +103.6% |
| Trade receivables | 40 | €105,855 | €227,928 | +€122,073 | +115.3% |
| Other amounts receivable | 41 | €6,849 | €1,522 | -€5,327 | -77.8% |
| Cash at bank and in hand | 54/58 | €211,904 | €221,370 | +€9,466 | +4.5% |
| Deferred charges and accrued income | 490/1 | €34,422 | €39,700 | +€5,277 | +15.3% |
| Total equity and liabilities | 10/49 | €1,329,265 | €1,632,285 | +€303,020 | +22.8% |
| Equity | 10/15 | €191,488 | €301,229 | +€109,740 | +57.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,888 | €282,629 | +€109,740 | +63.5% |
| Tax-exempt reserves | 132 | - | €14,028 | +€14,028 | |
| Distributable reserves | 133 | €172,888 | €268,600 | +€95,712 | +55.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,137,777 | €1,331,057 | +€193,279 | +17.0% |
| Amounts payable after more than one year | 17 | €722,711 | €816,162 | +€93,451 | +12.9% |
| Financial debts | 170/4 | €722,711 | €816,162 | +€93,451 | +12.9% |
| Amounts payable within one year | 42/48 | €415,066 | €514,501 | +€99,435 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €197,165 | €268,413 | +€71,247 | +36.1% |
| Financial debts | 43 | €3,812 | €6,361 | +€2,549 | +66.9% |
| Credit institutions | 430/8 | €3,812 | €6,361 | +€2,549 | +66.9% |
| Trade debts | 44 | €50,620 | €45,631 | -€4,989 | -9.9% |
| Suppliers | 440/4 | €50,620 | €45,631 | -€4,989 | -9.9% |
| Taxes, remuneration and social security | 45 | €82,491 | €127,700 | +€45,209 | +54.8% |
| Taxes | 450/3 | €51,064 | €75,651 | +€24,587 | +48.1% |
| Remuneration and social security | 454/9 | €31,427 | €52,049 | +€20,622 | +65.6% |
| Other amounts payable | 47/48 | €80,978 | €66,396 | -€14,581 | -18.0% |
| Accrued charges and deferred income | 492/3 | €0 | €393 | +€393 | |
| Non-recurring operating income | 76A | - | €29,528 | +€29,528 | |
| Remuneration, social security and pensions | 62 | €164,830 | €255,536 | +€90,706 | +55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,566 | €245,240 | +€59,674 | +32.2% |
| Other operating charges | 640/8 | €14,629 | €12,223 | -€2,406 | -16.4% |
| Gross operating margin | 9900 | €533,423 | €698,753 | +€165,330 | +31.0% |
| Operating profit (loss) | 9901 | €168,397 | €185,754 | +€17,356 | +10.3% |
| Financial income | 75/76B | €1 | €1 | -€1 | -57.6% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -57.6% |
| Financial charges | 65/66B | €40,470 | €50,088 | +€9,619 | +23.8% |
| Recurring financial charges | 65 | €40,470 | €50,088 | +€9,619 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €127,929 | €135,666 | +€7,737 | +6.0% |
| Income taxes | 67/77 | €31,250 | €25,925 | -€5,325 | -17.0% |
| Profit (loss) for the period | 9904 | €96,678 | €109,740 | +€13,062 | +13.5% |
| Transfer to tax-exempt reserves | 689 | - | €14,028 | +€14,028 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,678 | €95,712 | -€966 | -1.0% |
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 10 October 2026 via checked.be.