KUVECO: 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.
KUVECO
Largest movements
- Tangible fixed assets -€22,132
down €22,132 (-20.4%), from €108,449 to €86,316
of which Land and buildings: -€21,643
- Cash -€8,351
down €8,351 (-3.2%), from €257,201 to €248,850
mainly Contributions, distributions and other (-€31,053) and Debts after one year (-€15,669)
- Debts after one year -€15,669
down €15,669 (-26.1%), from €60,037 to €44,369
- Reserves -€7,622
down €7,622 (-2.7%), from €283,642 to €276,020
of which Distributable reserves: -€7,622
- Tax, wage and social debts -€7,446
down €7,446 (-60.9%), from €12,224 to €4,778
- Gross operating margin -€13,093
down €13,093 (-18.1%), from €72,172 to €59,079
- Taxes -€2,721
down €2,721 (-21.1%), from €12,873 to €10,152
- Financial income +€2,271
up €2,271 (+124%), from €1,839 to €4,110
- Financial charges -€1,151
down €1,151 (-22.0%), from €5,225 to €4,074
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 | €387,304 | €356,222 | -€31,082 | -8.0% |
| Fixed assets | 21/28 | €108,449 | €86,316 | -€22,132 | -20.4% |
| Tangible fixed assets | 22/27 | €108,449 | €86,316 | -€22,132 | -20.4% |
| Land and buildings | 22 | €105,575 | €83,932 | -€21,643 | -20.5% |
| Plant, machinery and equipment | 23 | €2,146 | €806 | -€1,340 | -62.4% |
| Furniture and vehicles | 24 | €728 | €1,578 | +€850 | +117% |
| Current assets | 29/58 | €278,855 | €269,905 | -€8,950 | -3.2% |
| Amounts receivable within one year | 40/41 | €19,507 | €18,975 | -€531 | -2.7% |
| Trade receivables | 40 | €18,210 | €16,942 | -€1,268 | -7.0% |
| Other amounts receivable | 41 | €1,297 | €2,033 | +€736 | +56.8% |
| Cash at bank and in hand | 54/58 | €257,201 | €248,850 | -€8,351 | -3.2% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,080 | -€68 | -3.1% |
| Total equity and liabilities | 10/49 | €387,304 | €356,222 | -€31,082 | -8.0% |
| Equity | 10/15 | €294,842 | €287,220 | -€7,622 | -2.6% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €283,642 | €276,020 | -€7,622 | -2.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €283,642 | €276,020 | -€7,622 | -2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €92,462 | €69,001 | -€23,461 | -25.4% |
| Amounts payable after more than one year | 17 | €60,037 | €44,369 | -€15,669 | -26.1% |
| Financial debts | 170/4 | €60,037 | €44,369 | -€15,669 | -26.1% |
| Amounts payable within one year | 42/48 | €32,066 | €24,633 | -€7,434 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €14,891 | €15,669 | +€777 | +5.2% |
| Financial debts | 43 | €1,292 | €1,231 | -€61 | -4.7% |
| Credit institutions | 430/8 | €1,292 | €1,231 | -€61 | -4.7% |
| Trade debts | 44 | €2,800 | €2,118 | -€682 | -24.4% |
| Suppliers | 440/4 | €2,800 | €2,118 | -€682 | -24.4% |
| Taxes, remuneration and social security | 45 | €12,224 | €4,778 | -€7,446 | -60.9% |
| Taxes | 450/3 | €12,224 | €4,778 | -€7,446 | -60.9% |
| Other amounts payable | 47/48 | €859 | €838 | -€22 | -2.5% |
| Accrued charges and deferred income | 492/3 | €359 | €0 | -€359 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,383 | €23,287 | -€96 | -0.4% |
| Other operating charges | 640/8 | €2,039 | €2,245 | +€207 | +10.2% |
| Gross operating margin | 9900 | €72,172 | €59,079 | -€13,093 | -18.1% |
| Operating profit (loss) | 9901 | €46,751 | €33,547 | -€13,204 | -28.2% |
| Financial income | 75/76B | €1,839 | €4,110 | +€2,271 | +124% |
| Recurring financial income | 75 | €1,839 | €4,110 | +€2,271 | +124% |
| Financial charges | 65/66B | €5,225 | €4,074 | -€1,151 | -22.0% |
| Recurring financial charges | 65 | €5,225 | €4,074 | -€1,151 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €43,364 | €33,583 | -€9,781 | -22.6% |
| Income taxes | 67/77 | €12,873 | €10,152 | -€2,721 | -21.1% |
| Profit (loss) for the period | 9904 | €30,491 | €23,431 | -€7,060 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,491 | €23,431 | -€7,060 | -23.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.