KVD: 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.
KVD
Largest movements
- Receivables within one year -€146,258
down €146,258 (-95.3%), from €153,414 to €7,156
of which Trade receivables: -€152,268
- Cash +€129,905
up €129,905 (+69.7%), from €186,446 to €316,351
mainly Receivables within one year (+€146,258) and Accrued charges and deferred income (+€13,486)
- Tangible fixed assets +€32,269
up €32,269 (+8333.4%), from €387 to €32,657
of which Furniture and vehicles: +€32,269
- Accrued charges and deferred income +€13,486
up €13,486 (+2487.5%), from €542 to €14,029
- Reserves +€11,638
up €11,638 (+3.9%), from €295,178 to €306,816
- Debts after one year -€5,934
down €5,934 (-100.0%), from €5,934 to €0
- Gross operating margin -€113,239
down €113,239 (-70.2%), from €161,399 to €48,160
- Taxes -€38,557
down €38,557 (-87.8%), from €43,901 to €5,344
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 | €340,247 | €356,579 | +€16,332 | +4.8% |
| Fixed assets | 21/28 | €387 | €32,657 | +€32,269 | +8333.4% |
| Tangible fixed assets | 22/27 | €387 | €32,657 | +€32,269 | +8333.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €387 | €32,657 | +€32,269 | +8333.4% |
| Current assets | 29/58 | €339,860 | €323,923 | -€15,937 | -4.7% |
| Amounts receivable within one year | 40/41 | €153,414 | €7,156 | -€146,258 | -95.3% |
| Trade receivables | 40 | €152,268 | €0 | -€152,268 | -100.0% |
| Other amounts receivable | 41 | €1,146 | €7,156 | +€6,010 | +524.4% |
| Cash at bank and in hand | 54/58 | €186,446 | €316,351 | +€129,905 | +69.7% |
| Deferred charges and accrued income | 490/1 | - | €416 | +€416 | |
| Total equity and liabilities | 10/49 | €340,247 | €356,579 | +€16,332 | +4.8% |
| Equity | 10/15 | €313,778 | €325,416 | +€11,638 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,178 | €306,816 | +€11,638 | +3.9% |
| Distributable reserves | 133 | €295,178 | €306,816 | +€11,638 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €26,469 | €31,163 | +€4,695 | +17.7% |
| Amounts payable after more than one year | 17 | €5,934 | €0 | -€5,934 | -100.0% |
| Financial debts | 170/4 | €5,934 | €0 | -€5,934 | -100.0% |
| Amounts payable within one year | 42/48 | €19,993 | €17,135 | -€2,858 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €6,412 | €5,934 | -€478 | -7.4% |
| Trade debts | 44 | €3,677 | €2,585 | -€1,092 | -29.7% |
| Suppliers | 440/4 | €3,677 | €2,585 | -€1,092 | -29.7% |
| Taxes, remuneration and social security | 45 | €6,885 | €5,089 | -€1,797 | -26.1% |
| Taxes | 450/3 | €3,212 | €2,608 | -€604 | -18.8% |
| Remuneration and social security | 454/9 | €3,673 | €2,481 | -€1,193 | -32.5% |
| Other amounts payable | 47/48 | €3,018 | €3,527 | +€509 | +16.9% |
| Accrued charges and deferred income | 492/3 | €542 | €14,029 | +€13,486 | +2487.5% |
| Non-recurring operating income | 76A | €15,724 | €0 | -€15,724 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,667 | €3,773 | +€1,106 | +41.5% |
| Other operating charges | 640/8 | €1,692 | €2,245 | +€553 | +32.7% |
| Non-recurring operating charges | 66A | €7,311 | €25,000 | +€17,689 | +242.0% |
| Gross operating margin | 9900 | €161,399 | €48,160 | -€113,239 | -70.2% |
| Operating profit (loss) | 9901 | €149,730 | €17,143 | -€132,587 | -88.6% |
| Financial income | 75/76B | €0 | €7 | +€7 | |
| Recurring financial income | 75 | €0 | €7 | +€7 | |
| Financial charges | 65/66B | €203 | €168 | -€35 | -17.3% |
| Recurring financial charges | 65 | €203 | €168 | -€35 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €149,528 | €16,982 | -€132,545 | -88.6% |
| Income taxes | 67/77 | €43,901 | €5,344 | -€38,557 | -87.8% |
| Profit (loss) for the period | 9904 | €105,626 | €11,638 | -€93,988 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,626 | €11,638 | -€93,988 | -89.0% |
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 1 October 2026 via checked.be.