KVD Consult: 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 Consult
Largest movements
- Current investments +€34,280
up €34,280 (+5.4%), from €633,784 to €668,063
- Receivables within one year -€15,719
down €15,719 (-97.5%), from €16,119 to €400
of which Trade receivables: -€15,996
- Cash -€7,919
down €7,919 (-9.0%), from €88,412 to €80,493
mainly Contributions, distributions and other (-€47,000) and Current investments (-€34,280)
- Reserves +€27,411
up €27,411 (+3.8%), from €715,815 to €743,226
of which Non-distributable reserves: +€27,400
- Tax, wage and social debts -€20,879
down €20,879 (-93.6%), from €22,312 to €1,433
- Gross operating margin -€58,207
down €58,207 (-36.3%), from €160,491 to €102,284
- Financial income +€7,047
up €7,047 (+366.4%), from €1,923 to €8,971
- Taxes -€3,161
down €3,161 (-9.1%), from €34,594 to €31,433
- Depreciation -€1,840
down €1,840 (-84.5%), from €2,177 to €337
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 | €744,883 | €752,450 | +€7,567 | +1.0% |
| Fixed assets | 21/28 | €353 | €2,672 | +€2,319 | +656.9% |
| Tangible fixed assets | 22/27 | €353 | €2,672 | +€2,319 | +656.9% |
| Plant, machinery and equipment | 23 | €353 | €2,672 | +€2,319 | +656.9% |
| Current assets | 29/58 | €744,530 | €749,778 | +€5,248 | +0.7% |
| Amounts receivable within one year | 40/41 | €16,119 | €400 | -€15,719 | -97.5% |
| Trade receivables | 40 | €15,996 | - | -€15,996 | |
| Other amounts receivable | 41 | €123 | €400 | +€277 | +225.5% |
| Current investments | 50/53 | €633,784 | €668,063 | +€34,280 | +5.4% |
| Cash at bank and in hand | 54/58 | €88,412 | €80,493 | -€7,919 | -9.0% |
| Deferred charges and accrued income | 490/1 | €6,215 | €822 | -€5,393 | -86.8% |
| Total equity and liabilities | 10/49 | €744,883 | €752,450 | +€7,567 | +1.0% |
| Equity | 10/15 | €722,015 | €749,426 | +€27,411 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €715,815 | €743,226 | +€27,411 | +3.8% |
| Non-distributable reserves | 130/1 | €398,030 | €425,430 | +€27,400 | +6.9% |
| Other | 1319 | €398,030 | €425,430 | +€27,400 | +6.9% |
| Distributable reserves | 133 | €317,785 | €317,796 | +€11 | 0.0% |
| Amounts payable | 17/49 | €22,868 | €3,023 | -€19,844 | -86.8% |
| Amounts payable within one year | 42/48 | €22,868 | €3,023 | -€19,844 | -86.8% |
| Trade debts | 44 | €556 | €233 | -€323 | -58.1% |
| Suppliers | 440/4 | €556 | €233 | -€323 | -58.1% |
| Taxes, remuneration and social security | 45 | €22,312 | €1,433 | -€20,879 | -93.6% |
| Taxes | 450/3 | €22,312 | €1,433 | -€20,879 | -93.6% |
| Other amounts payable | 47/48 | - | €1,358 | +€1,358 | |
| Non-recurring operating income | 76A | €59,506 | - | -€59,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,177 | €337 | -€1,840 | -84.5% |
| Other operating charges | 640/8 | €5,169 | €4,942 | -€227 | -4.4% |
| Non-recurring operating charges | 66A | €1,165 | - | -€1,165 | |
| Gross operating margin | 9900 | €160,491 | €102,284 | -€58,207 | -36.3% |
| Operating profit (loss) | 9901 | €151,979 | €97,004 | -€54,975 | -36.2% |
| Financial income | 75/76B | €1,923 | €8,971 | +€7,047 | +366.4% |
| Recurring financial income | 75 | €1,923 | €8,971 | +€7,047 | +366.4% |
| Financial charges | 65/66B | €500 | €131 | -€369 | -73.8% |
| Recurring financial charges | 65 | €500 | €131 | -€369 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €153,403 | €105,844 | -€47,559 | -31.0% |
| Income taxes | 67/77 | €34,594 | €31,433 | -€3,161 | -9.1% |
| Profit (loss) for the period | 9904 | €118,809 | €74,411 | -€44,398 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €118,809 | €74,411 | -€44,398 | -37.4% |
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 3 October 2026 via checked.be.