KVDB Consulting: 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.
KVDB Consulting
Largest movements
- Current investments +€42,634
new in 2025: €42,634
- Cash -€34,108
down €34,108 (-30.4%), from €112,268 to €78,160
mainly Contributions, distributions and other (-€42,983) and Current investments (-€42,634)
- Receivables within one year -€19,214
down €19,214 (-55.7%), from €34,478 to €15,265
of which Trade receivables: -€16,954
- Receivables after one year -€4,029
down €4,029 (-26.8%), from €15,014 to €10,985
- Tangible fixed assets +€3,924
up €3,924 (+20.9%), from €18,764 to €22,688
of which Other tangible fixed assets: +€10,286
- Debts after one year -€10,347
no longer reported in 2025 (was €10,347)
- Other debts +€5,996
new in 2025: €5,996
- Current portion of long-term debt -€5,099
no longer reported in 2025 (was €5,099)
- Reserves -€3,896
down €3,896 (-2.6%), from €147,122 to €143,226
of which Distributable reserves: -€3,896
- Tax, wage and social debts +€3,543
up €3,543 (+76.1%), from €4,653 to €8,196
- Gross operating margin -€16,059
down €16,059 (-20.3%), from €79,219 to €63,160
- Depreciation -€12,609
down €12,609 (-74.6%), from €16,908 to €4,299
- Financial charges +€8,639
up €8,639 (+1,335%), from €647 to €9,286
- Financial income +€6,316
up €6,316 (+1,042%), from €606 to €6,921
- Taxes -€1,829
down €1,829 (-10.0%), from €18,231 to €16,402
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 | €181,686 | €170,976 | -€10,711 | -5.9% |
| Fixed assets | 21/28 | €18,764 | €22,688 | +€3,924 | +20.9% |
| Tangible fixed assets | 22/27 | €18,764 | €22,688 | +€3,924 | +20.9% |
| Plant, machinery and equipment | 23 | €5,843 | €6,492 | +€649 | +11.1% |
| Leasing and similar rights | 25 | €7,011 | €0 | -€7,011 | -100% |
| Other tangible fixed assets | 26 | €5,910 | €16,196 | +€10,286 | +174% |
| Current assets | 29/58 | €162,923 | €148,288 | -€14,635 | -9.0% |
| Amounts receivable after more than one year | 29 | €15,014 | €10,985 | -€4,029 | -26.8% |
| Trade receivables | 290 | €15,014 | €10,985 | -€4,029 | -26.8% |
| Amounts receivable within one year | 40/41 | €34,478 | €15,265 | -€19,214 | -55.7% |
| Trade receivables | 40 | €17,087 | €133 | -€16,954 | -99.2% |
| Other amounts receivable | 41 | €17,391 | €15,132 | -€2,260 | -13.0% |
| Current investments | 50/53 | - | €42,634 | +€42,634 | |
| Cash at bank and in hand | 54/58 | €112,268 | €78,160 | -€34,108 | -30.4% |
| Deferred charges and accrued income | 490/1 | €1,162 | €1,244 | +€82 | +7.1% |
| Total equity and liabilities | 10/49 | €181,686 | €170,976 | -€10,711 | -5.9% |
| Equity | 10/15 | €158,122 | €154,226 | -€3,896 | -2.5% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | €147,122 | €143,226 | -€3,896 | -2.6% |
| Tax-exempt reserves | 132 | €1,600 | €1,600 | = | 0.0% |
| Distributable reserves | 133 | €145,522 | €141,626 | -€3,896 | -2.7% |
| Amounts payable | 17/49 | €23,564 | €16,750 | -€6,814 | -28.9% |
| Amounts payable after more than one year | 17 | €10,347 | - | -€10,347 | |
| Financial debts | 170/4 | €10,347 | - | -€10,347 | |
| Amounts payable within one year | 42/48 | €13,217 | €16,750 | +€3,533 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €5,099 | - | -€5,099 | |
| Financial debts | 43 | €2,188 | €408 | -€1,780 | -81.3% |
| Credit institutions | 430/8 | €2,188 | €408 | -€1,780 | -81.3% |
| Trade debts | 44 | €1,277 | €2,150 | +€873 | +68.4% |
| Suppliers | 440/4 | €1,277 | €2,150 | +€873 | +68.4% |
| Taxes, remuneration and social security | 45 | €4,653 | €8,196 | +€3,543 | +76.1% |
| Taxes | 450/3 | €4,653 | €8,196 | +€3,543 | +76.1% |
| Other amounts payable | 47/48 | - | €5,996 | +€5,996 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,908 | €4,299 | -€12,609 | -74.6% |
| Other operating charges | 640/8 | €1,001 | €1,008 | +€7 | +0.7% |
| Gross operating margin | 9900 | €79,219 | €63,160 | -€16,059 | -20.3% |
| Operating profit (loss) | 9901 | €61,310 | €57,854 | -€3,457 | -5.6% |
| Financial income | 75/76B | €606 | €6,921 | +€6,316 | +1,042% |
| Recurring financial income | 75 | €606 | €6,921 | +€6,316 | +1,042% |
| Financial charges | 65/66B | €647 | €9,286 | +€8,639 | +1,335% |
| Recurring financial charges | 65 | €647 | €9,286 | +€8,639 | +1,335% |
| Profit (loss) for the period before taxes | 9903 | €61,269 | €55,488 | -€5,781 | -9.4% |
| Income taxes | 67/77 | €18,231 | €16,402 | -€1,829 | -10.0% |
| Profit (loss) for the period | 9904 | €43,039 | €39,087 | -€3,952 | -9.2% |
| Transfer to tax-exempt reserves | 689 | €487 | - | -€487 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,552 | €39,087 | -€3,465 | -8.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.