KVA 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.
KVA Management
Largest movements
- Receivables within one year -€199,725
down €199,725 (-45.2%), from €441,529 to €241,804
of which Other amounts receivable: -€143,584
- Cash -€18,837
down €18,837 (-14.2%), from €132,325 to €113,488
mainly Debts after one year (-€82,666) and Trade debts (-€79,451)
- Tangible fixed assets -€12,957
down €12,957 (-3.0%), from €426,239 to €413,282
of which Land and buildings: -€24,159
- Debts after one year -€82,666
down €82,666 (-17.5%), from €471,308 to €388,642
- Trade debts -€79,451
down €79,451 (-88.3%), from €89,956 to €10,505
- Reserves -€35,685
down €35,685 (-90.5%), from €39,435 to €3,750
of which Distributable reserves: -€35,685
- Accrued charges and deferred income -€24,036
no longer reported in 2025 (was €24,036)
- Financial charges -€128,415
down €128,415 (-83.9%), from €153,015 to €24,600
of which Non-recurring financial charges: -€124,999
- Gross operating margin -€42,580
down €42,580 (-77.6%), from €54,855 to €12,275
- Financial income +€6,501
up €6,501 (+281%), from €2,313 to €8,814
- Depreciation +€1,784
up €1,784 (+10.3%), from €17,330 to €19,115
- Taxes -€877
down €877 (-78.5%), from €1,118 to €241
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 | €1,029,169 | €797,650 | -€231,520 | -22.5% |
| Fixed assets | 21/28 | €455,315 | €442,358 | -€12,957 | -2.8% |
| Tangible fixed assets | 22/27 | €426,239 | €413,282 | -€12,957 | -3.0% |
| Land and buildings | 22 | €414,771 | €390,613 | -€24,159 | -5.8% |
| Plant, machinery and equipment | 23 | €11,468 | €22,669 | +€11,202 | +97.7% |
| Financial fixed assets | 28 | €29,076 | €29,076 | = | 0.0% |
| Current assets | 29/58 | €573,854 | €355,292 | -€218,562 | -38.1% |
| Amounts receivable within one year | 40/41 | €441,529 | €241,804 | -€199,725 | -45.2% |
| Trade receivables | 40 | €57,005 | €864 | -€56,141 | -98.5% |
| Other amounts receivable | 41 | €384,524 | €240,940 | -€143,584 | -37.3% |
| Cash at bank and in hand | 54/58 | €132,325 | €113,488 | -€18,837 | -14.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,029,169 | €797,650 | -€231,520 | -22.5% |
| Equity | 10/15 | €57,985 | €22,300 | -€35,685 | -61.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €39,435 | €3,750 | -€35,685 | -90.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €39,435 | €3,750 | -€35,685 | -90.5% |
| Amounts payable | 17/49 | €971,184 | €775,349 | -€195,835 | -20.2% |
| Amounts payable after more than one year | 17 | €471,308 | €388,642 | -€82,666 | -17.5% |
| Financial debts | 170/4 | €471,308 | €388,642 | -€82,666 | -17.5% |
| Amounts payable within one year | 42/48 | €475,840 | €386,707 | -€89,133 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €117,095 | €109,844 | -€7,251 | -6.2% |
| Trade debts | 44 | €89,956 | €10,505 | -€79,451 | -88.3% |
| Suppliers | 440/4 | €89,956 | €10,505 | -€79,451 | -88.3% |
| Taxes, remuneration and social security | 45 | €8,472 | €2,729 | -€5,744 | -67.8% |
| Taxes | 450/3 | €8,472 | €2,729 | -€5,744 | -67.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €260,317 | €263,629 | +€3,312 | +1.3% |
| Accrued charges and deferred income | 492/3 | €24,036 | - | -€24,036 | |
| Non-recurring operating income | 76A | - | €17,724 | +€17,724 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,330 | €19,115 | +€1,784 | +10.3% |
| Other operating charges | 640/8 | €13,015 | €12,818 | -€196 | -1.5% |
| Gross operating margin | 9900 | €54,855 | €12,275 | -€42,580 | -77.6% |
| Operating profit (loss) | 9901 | €24,510 | -€19,658 | -€44,168 | |
| Financial income | 75/76B | €2,313 | €8,814 | +€6,501 | +281% |
| Recurring financial income | 75 | €2,313 | €8,814 | +€6,501 | +281% |
| Financial charges | 65/66B | €153,015 | €24,600 | -€128,415 | -83.9% |
| Recurring financial charges | 65 | €28,016 | €24,600 | -€3,416 | -12.2% |
| Non-recurring financial charges | 66B | €124,999 | - | -€124,999 | |
| Profit (loss) for the period before taxes | 9903 | -€126,192 | -€35,444 | +€90,748 | +71.9% |
| Income taxes | 67/77 | €1,118 | €241 | -€877 | -78.5% |
| Profit (loss) for the period | 9904 | -€127,310 | -€35,685 | +€91,625 | +72.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,310 | -€35,685 | +€91,625 | +72.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.