KVAV: 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.
What changed
KVAV
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,443
2024 · €17,678-€40,121
Equity
€294,152
2024 · €316,595-€22,443
Cash
€26,436
2024 · €21,986+€4,451
Balance sheet total
€2.1m
2024 · €1.1m+€1.0m
Largest movements
Assets
- Tangible fixed assets +€811,369
up €811,369 (+102%), from €795,902 to €1.6m
of which Land and buildings: +€807,823
- Receivables within one year +€104,808
up €104,808 (+39.3%), from €266,905 to €371,713
of which Other amounts receivable: +€102,408
- Current investments +€100,001
up €100,001 (+112,310%), from €89 to €100,090
Equity and liabilities
- Debts after one year +€692,052
up €692,052 (+164%), from €421,300 to €1.1m
- Other debts +€320,097
up €320,097 (+114%), from €280,868 to €600,965
- Current portion of long-term debt +€23,763
up €23,763 (+71.8%), from €33,118 to €56,881
Income statement
- Financial charges +€17,625
up €17,625 (+260%), from €6,788 to €24,412
- Depreciation +€10,114
up €10,114 (+15.4%), from €65,643 to €75,756
- Gross operating margin -€2,849
down €2,849 (-3.5%), from €81,308 to €78,459
- Other operating charges +€1,284
up €1,284 (+16.7%), from €7,700 to €8,985
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.
Result 2024
€17,678
Gross operating margin
-€2,849
Depreciation
-€10,114
Other operating charges
-€1,284
Financial income
+€59
Financial charges
-€17,625
Taxes
+€32
Deferred taxes and other
-€8,340
Result 2025
-€22,443
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€275,763
Investment
-€987,127
Financing
+€715,815
Cash 2024
€21,986
From operations (derived)
+€275,763
Net result for the year
-€22,443
Depreciation
+€75,756
Smaller working-capital items
+€2,383
Receivables within one year
-€104,808
Provisions
-€3,660
Trade debts
+€5,412
Other debts
+€320,097
Accrued charges and deferred income
+€3,025
Investment (derived)
-€987,127
Investment in fixed assets (net)
-€887,126
Current investments
-€100,001
Financing
+€715,815
Debts after one year
+€692,052
Current portion of long-term debt
+€23,763
Cash 2025
€26,436
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,108,233 | €2,127,473 | +€1.0m | +92.0% |
| Fixed assets | 21/28 | €795,902 | €1,607,272 | +€811,369 | +102% |
| Tangible fixed assets | 22/27 | €795,902 | €1,607,272 | +€811,369 | +102% |
| Land and buildings | 22 | €789,427 | €1,597,251 | +€807,823 | +102% |
| Plant, machinery and equipment | 23 | - | €2,491 | +€2,491 | |
| Furniture and vehicles | 24 | €6,475 | €7,531 | +€1,056 | +16.3% |
| Current assets | 29/58 | €312,331 | €520,201 | +€207,870 | +66.6% |
| Stocks and contracts in progress | 3 | €14,520 | €13,280 | -€1,240 | -8.5% |
| Stocks | 30/36 | €14,520 | €13,280 | -€1,240 | -8.5% |
| Amounts receivable within one year | 40/41 | €266,905 | €371,713 | +€104,808 | +39.3% |
| Trade receivables | 40 | €17,700 | €20,100 | +€2,400 | +13.6% |
| Other amounts receivable | 41 | €249,205 | €351,613 | +€102,408 | +41.1% |
| Current investments | 50/53 | €89 | €100,090 | +€100,001 | +112,310% |
| Cash at bank and in hand | 54/58 | €21,986 | €26,436 | +€4,451 | +20.2% |
| Deferred charges and accrued income | 490/1 | €8,831 | €8,681 | -€149 | -1.7% |
| Total equity and liabilities | 10/49 | €1,108,233 | €2,127,473 | +€1.0m | +92.0% |
| Equity | 10/15 | €316,595 | €294,152 | -€22,443 | -7.1% |
| Contributions | 10/11 | €575,000 | €575,000 | = | 0.0% |
| Reserves | 13 | €125,593 | €118,487 | -€7,107 | -5.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,093 | €90,987 | -€7,107 | -7.2% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€383,998 | -€399,335 | -€15,336 | -4.0% |
| Provisions and deferred taxes | 16 | €50,510 | €46,851 | -€3,660 | -7.2% |
| Deferred taxes | 168 | €50,510 | €46,851 | -€3,660 | -7.2% |
| Amounts payable | 17/49 | €741,128 | €1,786,470 | +€1.0m | +141% |
| Amounts payable after more than one year | 17 | €421,300 | €1,113,352 | +€692,052 | +164% |
| Financial debts | 170/4 | €421,300 | €1,113,352 | +€692,052 | +164% |
| Amounts payable within one year | 42/48 | €319,828 | €670,094 | +€350,266 | +110% |
| Current portion of amounts payable after more than one year | 42 | €33,118 | €56,881 | +€23,763 | +71.8% |
| Trade debts | 44 | €3,669 | €9,081 | +€5,412 | +148% |
| Suppliers | 440/4 | €3,669 | €9,081 | +€5,412 | +148% |
| Taxes, remuneration and social security | 45 | €2,173 | €3,167 | +€994 | +45.7% |
| Taxes | 450/3 | €2,173 | €3,167 | +€994 | +45.7% |
| Other amounts payable | 47/48 | €280,868 | €600,965 | +€320,097 | +114% |
| Accrued charges and deferred income | 492/3 | €0 | €3,025 | +€3,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,643 | €75,756 | +€10,114 | +15.4% |
| Other operating charges | 640/8 | €7,700 | €8,985 | +€1,284 | +16.7% |
| Gross operating margin | 9900 | €81,308 | €78,459 | -€2,849 | -3.5% |
| Operating profit (loss) | 9901 | €7,965 | -€6,282 | -€14,247 | |
| Financial income | 75/76B | €5,026 | €5,085 | +€59 | +1.2% |
| Recurring financial income | 75 | €5,026 | €5,085 | +€59 | +1.2% |
| Financial charges | 65/66B | €6,788 | €24,412 | +€17,625 | +260% |
| Recurring financial charges | 65 | €6,788 | €24,412 | +€17,625 | +260% |
| Profit (loss) for the period before taxes | 9903 | €6,203 | -€25,609 | -€31,813 | |
| Transfer from deferred taxes | 780 | €12,000 | €3,660 | -€8,340 | -69.5% |
| Income taxes | 67/77 | €525 | €493 | -€32 | -6.0% |
| Profit (loss) for the period | 9904 | €17,678 | -€22,443 | -€40,121 | |
| Transfer from tax-exempt reserves | 789 | - | €7,107 | +€7,107 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,678 | -€15,336 | -€33,015 |
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 19 October 2026 via checked.be.