KVA: what changed
Two fiscal 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.
KVA
Largest movements
- Cash +€317,568
up €317,568 (+139.3%), from €228,048 to €545,617
mainly Net result for the year (+€166,876) and Depreciation (+€55,913)
- Tangible fixed assets -€53,898
down €53,898 (-32.5%), from €166,052 to €112,154
of which Leasing and similar rights: -€55,400
- Receivables within one year -€16,233
down €16,233 (-11.4%), from €141,938 to €125,706
of which Other amounts receivable: -€26,646
- Reserves +€166,876
up €166,876 (+53.6%), from €311,580 to €478,456
of which Tax-exempt reserves: +€136,000
- Tax, wage and social debts +€45,098
up €45,098 (+288.5%), from €15,633 to €60,731
- Debts after one year -€34,116
down €34,116 (-23.3%), from €146,635 to €112,519
- Provisions +€34,000
new in 2025: €34,000
- Advances received +€33,469
new in 2025: €33,469
- Gross operating margin +€128,384
up €128,384 (+85.8%), from €149,708 to €278,092
- Taxes -€10,682
down €10,682 (-42.8%), from €24,929 to €14,247
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 | €542,444 | €784,999 | +€242,554 | +44.7% |
| Fixed assets | 21/28 | €166,187 | €112,289 | -€53,898 | -32.4% |
| Tangible fixed assets | 22/27 | €166,052 | €112,154 | -€53,898 | -32.5% |
| Furniture and vehicles | 24 | €290 | €1,792 | +€1,502 | +518.7% |
| Leasing and similar rights | 25 | €165,762 | €110,362 | -€55,400 | -33.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €376,257 | €672,709 | +€296,452 | +78.8% |
| Amounts receivable within one year | 40/41 | €141,938 | €125,706 | -€16,233 | -11.4% |
| Trade receivables | 40 | €64,510 | €74,923 | +€10,413 | +16.1% |
| Other amounts receivable | 41 | €77,428 | €50,783 | -€26,646 | -34.4% |
| Cash at bank and in hand | 54/58 | €228,048 | €545,617 | +€317,568 | +139.3% |
| Deferred charges and accrued income | 490/1 | €6,270 | €1,387 | -€4,883 | -77.9% |
| Total equity and liabilities | 10/49 | €542,444 | €784,999 | +€242,554 | +44.7% |
| Equity | 10/15 | €330,180 | €497,056 | +€166,876 | +50.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €311,580 | €478,456 | +€166,876 | +53.6% |
| Tax-exempt reserves | 132 | - | €136,000 | +€136,000 | |
| Distributable reserves | 133 | €311,580 | €342,456 | +€30,876 | +9.9% |
| Provisions and deferred taxes | 16 | - | €34,000 | +€34,000 | |
| Deferred taxes | 168 | - | €34,000 | +€34,000 | |
| Amounts payable | 17/49 | €212,264 | €253,943 | +€41,678 | +19.6% |
| Amounts payable after more than one year | 17 | €146,635 | €112,519 | -€34,116 | -23.3% |
| Financial debts | 170/4 | €146,635 | €112,519 | -€34,116 | -23.3% |
| Amounts payable within one year | 42/48 | €65,629 | €141,016 | +€75,387 | +114.9% |
| Current portion of amounts payable after more than one year | 42 | €33,784 | €34,116 | +€333 | +1.0% |
| Trade debts | 44 | €9,587 | €6,976 | -€2,612 | -27.2% |
| Suppliers | 440/4 | €9,587 | €6,976 | -€2,612 | -27.2% |
| Advances received on contracts in progress | 46 | - | €33,469 | +€33,469 | |
| Taxes, remuneration and social security | 45 | €15,633 | €60,731 | +€45,098 | +288.5% |
| Taxes | 450/3 | €15,633 | €60,731 | +€45,098 | +288.5% |
| Other amounts payable | 47/48 | €6,625 | €5,724 | -€901 | -13.6% |
| Accrued charges and deferred income | 492/3 | - | €408 | +€408 | |
| Non-recurring operating income | 76A | - | €181,491 | +€181,491 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,723 | €55,913 | +€189 | +0.3% |
| Other operating charges | 640/8 | €5,717 | €5,464 | -€253 | -4.4% |
| Gross operating margin | 9900 | €149,708 | €278,092 | +€128,384 | +85.8% |
| Operating profit (loss) | 9901 | €88,268 | €216,716 | +€128,448 | +145.5% |
| Financial income | 75/76B | €143 | €526 | +€383 | +267.6% |
| Recurring financial income | 75 | €143 | €526 | +€383 | +267.6% |
| Financial charges | 65/66B | €2,519 | €2,118 | -€401 | -15.9% |
| Recurring financial charges | 65 | €2,519 | €2,118 | -€401 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €85,892 | €215,124 | +€129,232 | +150.5% |
| Transfer to deferred taxes | 680 | - | €34,000 | +€34,000 | |
| Income taxes | 67/77 | €24,929 | €14,247 | -€10,682 | -42.8% |
| Profit (loss) for the period | 9904 | €60,963 | €166,876 | +€105,913 | +173.7% |
| Transfer to tax-exempt reserves | 689 | - | €136,000 | +€136,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,963 | €30,876 | -€30,087 | -49.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.