KVdE: 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.
KVdE
Largest movements
- Cash +€99,728
up €99,728 (+72.3%), from €137,898 to €237,627
mainly Net result for the year (+€81,109) and Depreciation (+€27,453)
- Tangible fixed assets -€26,453
down €26,453 (-24.0%), from €110,266 to €83,812
of which Furniture and vehicles: -€19,898
- Receivables within one year +€11,905
up €11,905 (+44.9%), from €26,527 to €38,432
- Reserves +€74,237
up €74,237 (+54.5%), from €136,262 to €210,499
of which Distributable reserves: +€74,237
- Short-term financial debts +€12,275
up €12,275 (+18.1%), from €67,725 to €80,000
- Tax, wage and social debts -€5,660
down €5,660 (-15.2%), from €37,211 to €31,551
- Other debts +€3,915
up €3,915 (+29.8%), from €13,149 to €17,064
- Depreciation +€8,483
up €8,483 (+44.7%), from €18,971 to €27,453
- Gross operating margin +€2,430
up €2,430 (+1.7%), from €141,566 to €143,996
- Taxes -€2,161
down €2,161 (-6.3%), from €34,351 to €32,189
- Financial charges -€1,545
down €1,545 (-38.6%), from €4,006 to €2,461
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 | €275,581 | €360,031 | +€84,451 | +30.6% |
| Fixed assets | 21/28 | €110,266 | €83,812 | -€26,453 | -24.0% |
| Tangible fixed assets | 22/27 | €110,266 | €83,812 | -€26,453 | -24.0% |
| Furniture and vehicles | 24 | €86,806 | €66,908 | -€19,898 | -22.9% |
| Other tangible fixed assets | 26 | €23,460 | €16,904 | -€6,555 | -27.9% |
| Current assets | 29/58 | €165,315 | €276,219 | +€110,904 | +67.1% |
| Amounts receivable within one year | 40/41 | €26,527 | €38,432 | +€11,905 | +44.9% |
| Trade receivables | 40 | €26,527 | €38,432 | +€11,905 | +44.9% |
| Cash at bank and in hand | 54/58 | €137,898 | €237,627 | +€99,728 | +72.3% |
| Deferred charges and accrued income | 490/1 | €890 | €160 | -€730 | -82.0% |
| Total equity and liabilities | 10/49 | €275,581 | €360,031 | +€84,451 | +30.6% |
| Equity | 10/15 | €154,862 | €229,099 | +€74,237 | +47.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,262 | €210,499 | +€74,237 | +54.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €134,402 | €208,639 | +€74,237 | +55.2% |
| Amounts payable | 17/49 | €120,719 | €130,932 | +€10,213 | +8.5% |
| Amounts payable within one year | 42/48 | €120,719 | €130,932 | +€10,213 | +8.5% |
| Financial debts | 43 | €67,725 | €80,000 | +€12,275 | +18.1% |
| Other loans | 439 | €67,725 | €80,000 | +€12,275 | +18.1% |
| Trade debts | 44 | €2,635 | €2,317 | -€318 | -12.1% |
| Suppliers | 440/4 | €2,635 | €2,317 | -€318 | -12.1% |
| Taxes, remuneration and social security | 45 | €37,211 | €31,551 | -€5,660 | -15.2% |
| Taxes | 450/3 | €37,211 | €31,551 | -€5,660 | -15.2% |
| Other amounts payable | 47/48 | €13,149 | €17,064 | +€3,915 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,971 | €27,453 | +€8,483 | +44.7% |
| Other operating charges | 640/8 | €2,077 | €2,026 | -€51 | -2.4% |
| Gross operating margin | 9900 | €141,566 | €143,996 | +€2,430 | +1.7% |
| Operating profit (loss) | 9901 | €120,518 | €114,517 | -€6,002 | -5.0% |
| Financial income | 75/76B | €764 | €1,243 | +€479 | +62.7% |
| Recurring financial income | 75 | €764 | €1,243 | +€479 | +62.7% |
| Financial charges | 65/66B | €4,006 | €2,461 | -€1,545 | -38.6% |
| Recurring financial charges | 65 | €4,006 | €2,461 | -€1,545 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €117,276 | €113,299 | -€3,977 | -3.4% |
| Income taxes | 67/77 | €34,351 | €32,189 | -€2,161 | -6.3% |
| Profit (loss) for the period | 9904 | €82,925 | €81,109 | -€1,816 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,925 | €81,109 | -€1,816 | -2.2% |
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 8 October 2026 via checked.be.