KVDG: 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.
KVDG
Largest movements
- Current investments +€24,913
up €24,913 (+15.6%), from €160,162 to €185,075
- Cash -€6,804
down €6,804 (-4.2%), from €163,106 to €156,302
mainly Contributions, distributions and other (-€100,280) and Current investments (-€24,913)
- Receivables within one year -€6,470
down €6,470 (-32.3%), from €20,047 to €13,576
of which Trade receivables: -€9,519
- Other debts +€108,549
up €108,549 (+63.0%), from €172,366 to €280,915
- Profit (loss) carried forward -€100,258
down €100,258 (-100.0%), from €100,280 to €23
- Gross operating margin -€23,953
down €23,953 (-43.3%), from €55,319 to €31,366
- Taxes -€6,495
down €6,495 (-81.1%), from €8,013 to €1,518
- Depreciation +€1,098
up €1,098 (+7.6%), from €14,498 to €15,596
- Financial income +€750
up €750 (+459.0%), from €163 to €913
- Financial charges +€557
up €557 (+4.0%), from €13,974 to €14,532
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 | €362,826 | €371,504 | +€8,678 | +2.4% |
| Fixed assets | 21/28 | €19,511 | €16,551 | -€2,960 | -15.2% |
| Tangible fixed assets | 22/27 | €19,511 | €16,551 | -€2,960 | -15.2% |
| Furniture and vehicles | 24 | €19,511 | €14,774 | -€4,737 | -24.3% |
| Other tangible fixed assets | 26 | - | €1,777 | +€1,777 | |
| Current assets | 29/58 | €343,315 | €354,953 | +€11,638 | +3.4% |
| Amounts receivable within one year | 40/41 | €20,047 | €13,576 | -€6,470 | -32.3% |
| Trade receivables | 40 | €9,519 | - | -€9,519 | |
| Other amounts receivable | 41 | €10,528 | €13,576 | +€3,049 | +29.0% |
| Current investments | 50/53 | €160,162 | €185,075 | +€24,913 | +15.6% |
| Cash at bank and in hand | 54/58 | €163,106 | €156,302 | -€6,804 | -4.2% |
| Total equity and liabilities | 10/49 | €362,826 | €371,504 | +€8,678 | +2.4% |
| Equity | 10/15 | €114,535 | €14,278 | -€100,258 | -87.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,280 | €23 | -€100,258 | -100.0% |
| Amounts payable | 17/49 | €248,291 | €357,227 | +€108,936 | +43.9% |
| Amounts payable after more than one year | 17 | €71,153 | €71,153 | = | 0.0% |
| Financial debts | 170/4 | €71,153 | €71,153 | = | 0.0% |
| Amounts payable within one year | 42/48 | €177,138 | €286,073 | +€108,936 | +61.5% |
| Trade debts | 44 | €399 | €829 | +€430 | +107.7% |
| Suppliers | 440/4 | €399 | €829 | +€430 | +107.7% |
| Taxes, remuneration and social security | 45 | €4,372 | €4,329 | -€43 | -1.0% |
| Taxes | 450/3 | €4,372 | €4,329 | -€43 | -1.0% |
| Other amounts payable | 47/48 | €172,366 | €280,915 | +€108,549 | +63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,498 | €15,596 | +€1,098 | +7.6% |
| Other operating charges | 640/8 | €423 | €610 | +€187 | +44.2% |
| Gross operating margin | 9900 | €55,319 | €31,366 | -€23,953 | -43.3% |
| Operating profit (loss) | 9901 | €40,397 | €15,159 | -€25,238 | -62.5% |
| Financial income | 75/76B | €163 | €913 | +€750 | +459.0% |
| Recurring financial income | 75 | €163 | €913 | +€750 | +459.0% |
| Financial charges | 65/66B | €13,974 | €14,532 | +€557 | +4.0% |
| Recurring financial charges | 65 | €13,974 | €14,532 | +€557 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €26,586 | €1,541 | -€25,045 | -94.2% |
| Income taxes | 67/77 | €8,013 | €1,518 | -€6,495 | -81.1% |
| Profit (loss) for the period | 9904 | €18,573 | €23 | -€18,551 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,573 | €23 | -€18,551 | -99.9% |
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 5 October 2026 via checked.be.