KV PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€60,982
up €60,982 (+22.1%), from €276,329 to €337,311
of which Trade receivables: +€36,826
- Cash -€18,515
down €18,515 (-78.0%), from €23,751 to €5,236
mainly Receivables within one year (-€60,982) and Debts after one year (-€11,044)
- Tangible fixed assets -€16,391
down €16,391 (-26.2%), from €62,647 to €46,256
- Trade debts +€33,588
up €33,588 (+24.0%), from €139,952 to €173,541
- Debts after one year -€11,044
down €11,044 (-21.0%), from €52,522 to €41,478
- Gross operating margin -€44,348
down €44,348 (-61.7%), from €71,866 to €27,518
- Taxes -€11,235
down €11,235 (-96.7%), from €11,620 to €385
- Other operating charges +€5,015
up €5,015 (+269%), from €1,865 to €6,880
- Financial charges +€1,528
up €1,528 (+142%), from €1,077 to €2,605
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 | €365,238 | €390,637 | +€25,400 | +7.0% |
| Fixed assets | 21/28 | €64,482 | €48,090 | -€16,391 | -25.4% |
| Tangible fixed assets | 22/27 | €62,647 | €46,256 | -€16,391 | -26.2% |
| Furniture and vehicles | 24 | €62,647 | €46,256 | -€16,391 | -26.2% |
| Financial fixed assets | 28 | €1,835 | €1,835 | = | 0.0% |
| Current assets | 29/58 | €300,756 | €342,547 | +€41,791 | +13.9% |
| Amounts receivable within one year | 40/41 | €276,329 | €337,311 | +€60,982 | +22.1% |
| Trade receivables | 40 | €147,290 | €184,116 | +€36,826 | +25.0% |
| Other amounts receivable | 41 | €129,039 | €153,195 | +€24,155 | +18.7% |
| Cash at bank and in hand | 54/58 | €23,751 | €5,236 | -€18,515 | -78.0% |
| Deferred charges and accrued income | 490/1 | €676 | - | -€676 | |
| Total equity and liabilities | 10/49 | €365,238 | €390,637 | +€25,400 | +7.0% |
| Equity | 10/15 | €114,517 | €115,775 | +€1,257 | +1.1% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,017 | €109,275 | +€1,257 | +1.2% |
| Amounts payable | 17/49 | €250,720 | €274,863 | +€24,143 | +9.6% |
| Amounts payable after more than one year | 17 | €52,522 | €41,478 | -€11,044 | -21.0% |
| Financial debts | 170/4 | €52,522 | €41,478 | -€11,044 | -21.0% |
| Amounts payable within one year | 42/48 | €198,198 | €233,385 | +€35,186 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €12,457 | €12,961 | +€504 | +4.0% |
| Financial debts | 43 | - | €709 | +€709 | |
| Credit institutions | 430/8 | - | €709 | +€709 | |
| Trade debts | 44 | €139,952 | €173,541 | +€33,588 | +24.0% |
| Suppliers | 440/4 | €139,952 | €173,541 | +€33,588 | +24.0% |
| Advances received on contracts in progress | 46 | €34,109 | €34,109 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,680 | €12,064 | +€385 | +3.3% |
| Taxes | 450/3 | €11,620 | €12,004 | +€385 | +3.3% |
| Remuneration and social security | 454/9 | €60 | €60 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,286 | €16,391 | +€106 | +0.6% |
| Other operating charges | 640/8 | €1,865 | €6,880 | +€5,015 | +269% |
| Gross operating margin | 9900 | €71,866 | €27,518 | -€44,348 | -61.7% |
| Operating profit (loss) | 9901 | €53,715 | €4,247 | -€49,469 | -92.1% |
| Financial income | 75/76B | €0 | €1 | +€0 | +81.8% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +81.8% |
| Financial charges | 65/66B | €1,077 | €2,605 | +€1,528 | +142% |
| Recurring financial charges | 65 | €1,077 | €2,605 | +€1,528 | +142% |
| Profit (loss) for the period before taxes | 9903 | €52,638 | €1,642 | -€50,996 | -96.9% |
| Income taxes | 67/77 | €11,620 | €385 | -€11,235 | -96.7% |
| Profit (loss) for the period | 9904 | €41,019 | €1,257 | -€39,761 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,019 | €1,257 | -€39,761 | -96.9% |
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 14 October 2026 via checked.be.