KV MANAGEMENT: 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.
KV MANAGEMENT
Largest movements
- Current investments +€159,159
up €159,159 (+21.6%), from €735,578 to €894,737
- Tangible fixed assets +€73,907
up €73,907 (+183%), from €40,429 to €114,336
of which Leasing and similar rights: +€76,761
- Cash -€35,291
down €35,291 (-30.5%), from €115,757 to €80,465
mainly Current investments (-€159,159) and Investment in fixed assets (net) (-€89,156)
- Receivables within one year -€20,380
down €20,380 (-38.4%), from €53,058 to €32,678
of which Other amounts receivable: -€20,380
- Reserves +€83,655
up €83,655 (+9.3%), from €902,422 to €986,077
of which Distributable reserves: +€83,655
- Debts after one year +€52,481
new in 2025: €52,481
- Current portion of long-term debt +€19,730
new in 2025: €19,730
- Tax, wage and social debts +€17,047
up €17,047 (+60.6%), from €28,132 to €45,179
- Gross operating margin +€28,950
up €28,950 (+14.9%), from €193,893 to €222,844
- Depreciation +€10,246
up €10,246 (+205%), from €5,004 to €15,249
- Financial income +€7,522
up €7,522 (+38.3%), from €19,634 to €27,156
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 | €951,585 | €1,125,411 | +€173,826 | +18.3% |
| Fixed assets | 21/28 | €40,429 | €114,336 | +€73,907 | +183% |
| Tangible fixed assets | 22/27 | €40,429 | €114,336 | +€73,907 | +183% |
| Plant, machinery and equipment | 23 | - | €1,576 | +€1,576 | |
| Furniture and vehicles | 24 | €11,656 | €7,662 | -€3,994 | -34.3% |
| Leasing and similar rights | 25 | - | €76,761 | +€76,761 | |
| Other tangible fixed assets | 26 | €28,773 | €28,337 | -€436 | -1.5% |
| Current assets | 29/58 | €911,156 | €1,011,075 | +€99,920 | +11.0% |
| Amounts receivable within one year | 40/41 | €53,058 | €32,678 | -€20,380 | -38.4% |
| Trade receivables | 40 | €31,460 | €31,460 | = | 0.0% |
| Other amounts receivable | 41 | €21,598 | €1,218 | -€20,380 | -94.4% |
| Current investments | 50/53 | €735,578 | €894,737 | +€159,159 | +21.6% |
| Cash at bank and in hand | 54/58 | €115,757 | €80,465 | -€35,291 | -30.5% |
| Deferred charges and accrued income | 490/1 | €6,763 | €3,195 | -€3,568 | -52.8% |
| Total equity and liabilities | 10/49 | €951,585 | €1,125,411 | +€173,826 | +18.3% |
| Equity | 10/15 | €914,822 | €998,477 | +€83,655 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €902,422 | €986,077 | +€83,655 | +9.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €837,417 | €921,072 | +€83,655 | +10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,763 | €126,934 | +€90,171 | +245% |
| Amounts payable after more than one year | 17 | - | €52,481 | +€52,481 | |
| Financial debts | 170/4 | - | €52,481 | +€52,481 | |
| Amounts payable within one year | 42/48 | €36,024 | €74,187 | +€38,163 | +106% |
| Current portion of amounts payable after more than one year | 42 | - | €19,730 | +€19,730 | |
| Trade debts | 44 | €7,892 | €9,278 | +€1,386 | +17.6% |
| Suppliers | 440/4 | €7,892 | €9,278 | +€1,386 | +17.6% |
| Taxes, remuneration and social security | 45 | €28,132 | €45,179 | +€17,047 | +60.6% |
| Taxes | 450/3 | €28,132 | €45,179 | +€17,047 | +60.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €739 | €266 | -€472 | -63.9% |
| Non-recurring operating income | 76A | - | €18,250 | +€18,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,004 | €15,249 | +€10,246 | +205% |
| Other operating charges | 640/8 | €2,315 | €2,912 | +€597 | +25.8% |
| Non-recurring operating charges | 66A | - | €668 | +€668 | |
| Gross operating margin | 9900 | €193,893 | €222,844 | +€28,950 | +14.9% |
| Operating profit (loss) | 9901 | €186,574 | €204,015 | +€17,440 | +9.3% |
| Financial income | 75/76B | €19,634 | €27,156 | +€7,522 | +38.3% |
| Recurring financial income | 75 | €19,634 | €27,156 | +€7,522 | +38.3% |
| Financial charges | 65/66B | €2,352 | €3,386 | +€1,034 | +44.0% |
| Recurring financial charges | 65 | €2,352 | €3,386 | +€1,034 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €203,856 | €227,784 | +€23,928 | +11.7% |
| Income taxes | 67/77 | €63,815 | €66,023 | +€2,208 | +3.5% |
| Profit (loss) for the period | 9904 | €140,041 | €161,761 | +€21,720 | +15.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €140,041 | €161,761 | +€21,720 | +15.5% |
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 18 October 2026 via checked.be.