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
- Cash -€43,190
down €43,190 (-85.7%), from €50,368 to €7,178
mainly Contributions, distributions and other (-€51,279) and Other debts (-€15,287)
- Tangible fixed assets -€20,563
down €20,563 (-6.9%), from €299,536 to €278,973
of which Land and buildings: -€21,266
- Reserves -€36,808
down €36,808 (-100.0%), from €36,808 to €0
- Other debts -€15,287
down €15,287 (-15.8%), from €96,954 to €81,667
- Debts after one year -€10,543
down €10,543 (-5.6%), from €189,398 to €178,856
- Gross operating margin +€31,421
up €31,421 (+112.4%), from €27,961 to €59,382
- Taxes +€6,085
up €6,085 (+3152.4%), from €193 to €6,278
- Other operating charges -€2,762
down €2,762 (-62.2%), from €4,438 to €1,676
- Depreciation +€2,642
up €2,642 (+9.8%), from €26,895 to €29,537
- Financial charges -€2,125
down €2,125 (-38.7%), from €5,493 to €3,368
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 | €351,704 | €288,386 | -€63,318 | -18.0% |
| Fixed assets | 21/28 | €301,336 | €280,773 | -€20,563 | -6.8% |
| Tangible fixed assets | 22/27 | €299,536 | €278,973 | -€20,563 | -6.9% |
| Land and buildings | 22 | €273,059 | €251,793 | -€21,266 | -7.8% |
| Plant, machinery and equipment | 23 | €4,835 | €4,652 | -€184 | -3.8% |
| Furniture and vehicles | 24 | €10,977 | €8,159 | -€2,818 | -25.7% |
| Other tangible fixed assets | 26 | €10,665 | €14,369 | +€3,705 | +34.7% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €50,368 | €7,613 | -€42,755 | -84.9% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €50,368 | €7,178 | -€43,190 | -85.7% |
| Deferred charges and accrued income | 490/1 | €0 | €436 | +€436 | |
| Total equity and liabilities | 10/49 | €351,704 | €288,386 | -€63,318 | -18.0% |
| Equity | 10/15 | €41,808 | €5,000 | -€36,808 | -88.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,808 | €0 | -€36,808 | -100.0% |
| Distributable reserves | 133 | €36,808 | €0 | -€36,808 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €309,895 | €283,386 | -€26,509 | -8.6% |
| Amounts payable after more than one year | 17 | €189,398 | €178,856 | -€10,543 | -5.6% |
| Financial debts | 170/4 | €189,398 | €178,856 | -€10,543 | -5.6% |
| Amounts payable within one year | 42/48 | €120,497 | €104,531 | -€15,967 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €10,384 | €10,543 | +€158 | +1.5% |
| Trade debts | 44 | €6,403 | €3,329 | -€3,074 | -48.0% |
| Suppliers | 440/4 | €6,403 | €3,329 | -€3,074 | -48.0% |
| Taxes, remuneration and social security | 45 | €6,757 | €8,992 | +€2,236 | +33.1% |
| Taxes | 450/3 | €6,757 | €8,992 | +€2,236 | +33.1% |
| Other amounts payable | 47/48 | €96,954 | €81,667 | -€15,287 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,895 | €29,537 | +€2,642 | +9.8% |
| Other operating charges | 640/8 | €4,438 | €1,676 | -€2,762 | -62.2% |
| Non-recurring operating charges | 66A | - | €4,083 | +€4,083 | |
| Gross operating margin | 9900 | €27,961 | €59,382 | +€31,421 | +112.4% |
| Operating profit (loss) | 9901 | -€3,373 | €24,085 | +€27,458 | |
| Financial income | 75/76B | €306 | €31 | -€275 | -90.0% |
| Recurring financial income | 75 | €306 | €31 | -€275 | -90.0% |
| Financial charges | 65/66B | €5,493 | €3,368 | -€2,125 | -38.7% |
| Recurring financial charges | 65 | €5,493 | €3,368 | -€2,125 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,560 | €20,749 | +€29,309 | |
| Income taxes | 67/77 | €193 | €6,278 | +€6,085 | +3152.4% |
| Profit (loss) for the period | 9904 | -€8,753 | €14,471 | +€23,224 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,753 | €14,471 | +€23,224 |
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 2 October 2026 via checked.be.