KVERKO: 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.
What changed
KVERKO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€33,945
2024 · -€8,013+€41,959
Equity
€260,041
2024 · €279,693-€19,651
Cash
€13,203
2024 · €19,735-€6,532
Balance sheet total
€2.2m
2024 · €2.3m-€104,145
Largest movements
Assets
- Tangible fixed assets -€79,995
down €79,995 (-3.7%), from €2.2m to €2.1m
of which Land and buildings: -€50,913
Equity and liabilities
- Debts after one year -€65,396
down €65,396 (-3.6%), from €1.8m to €1.8m
- Trade debts -€33,898
down €33,898 (-52.1%), from €65,021 to €31,122
Income statement
- Gross operating margin +€27,643
up €27,643 (+10.3%), from €267,788 to €295,430
- Financial charges -€19,989
down €19,989 (-19.6%), from €102,169 to €82,180
- Taxes +€3,395
new in 2025: €3,395
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.
Result 2024
-€8,013
Gross operating margin
+€27,643
Depreciation
-€2,409
Other operating charges
+€131
Financial charges
+€19,989
Taxes
-€3,395
Result 2025
€33,945
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.
From operations
+€186,293
Investment
-€80,782
Financing
-€112,042
Cash 2024
€19,735
From operations (derived)
+€186,293
Net result for the year
+€33,945
Depreciation
+€160,777
Receivables within one year
+€18,032
Deferred charges and accrued income
-€414
Trade debts
-€33,898
Tax, wage and social debts
+€8,417
Accrued charges and deferred income
-€566
Investment (derived)
-€80,782
Investment in fixed assets (net)
-€80,782
Financing
-€112,042
Debts after one year
-€65,396
Current portion of long-term debt
+€6,950
Contributions, distributions and other
-€53,596
Cash 2025
€13,203
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,334,062 | €2,229,917 | -€104,145 | -4.5% |
| Fixed assets | 21/28 | €2,160,922 | €2,080,927 | -€79,995 | -3.7% |
| Tangible fixed assets | 22/27 | €2,160,922 | €2,080,927 | -€79,995 | -3.7% |
| Land and buildings | 22 | €1,983,648 | €1,932,736 | -€50,913 | -2.6% |
| Plant, machinery and equipment | 23 | €129,964 | €113,050 | -€16,914 | -13.0% |
| Furniture and vehicles | 24 | €47,309 | €35,141 | -€12,168 | -25.7% |
| Current assets | 29/58 | €173,140 | €148,990 | -€24,150 | -13.9% |
| Amounts receivable within one year | 40/41 | €152,203 | €134,171 | -€18,032 | -11.8% |
| Trade receivables | 40 | €151,203 | €134,171 | -€17,032 | -11.3% |
| Other amounts receivable | 41 | €1,000 | €0 | -€1,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,735 | €13,203 | -€6,532 | -33.1% |
| Deferred charges and accrued income | 490/1 | €1,202 | €1,616 | +€414 | +34.4% |
| Total equity and liabilities | 10/49 | €2,334,062 | €2,229,917 | -€104,145 | -4.5% |
| Equity | 10/15 | €279,693 | €260,041 | -€19,651 | -7.0% |
| Contributions | 10/11 | €135,206 | €135,206 | = | 0.0% |
| Reserves | 13 | €142,072 | €122,421 | -€19,651 | -13.8% |
| Distributable reserves | 133 | €142,072 | €122,421 | -€19,651 | -13.8% |
| Profit (loss) carried forward | 14 | €2,414 | €2,414 | = | 0.0% |
| Amounts payable | 17/49 | €2,054,369 | €1,969,875 | -€84,494 | -4.1% |
| Amounts payable after more than one year | 17 | €1,832,744 | €1,767,348 | -€65,396 | -3.6% |
| Financial debts | 170/4 | €1,832,744 | €1,767,348 | -€65,396 | -3.6% |
| Amounts payable within one year | 42/48 | €220,061 | €201,528 | -€18,532 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €131,170 | €138,120 | +€6,950 | +5.3% |
| Trade debts | 44 | €65,021 | €31,122 | -€33,898 | -52.1% |
| Suppliers | 440/4 | €65,021 | €31,122 | -€33,898 | -52.1% |
| Taxes, remuneration and social security | 45 | €23,870 | €32,286 | +€8,417 | +35.3% |
| Taxes | 450/3 | €23,870 | €32,286 | +€8,417 | +35.3% |
| Accrued charges and deferred income | 492/3 | €1,565 | €998 | -€566 | -36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,368 | €160,777 | +€2,409 | +1.5% |
| Other operating charges | 640/8 | €15,264 | €15,133 | -€131 | -0.9% |
| Gross operating margin | 9900 | €267,788 | €295,430 | +€27,643 | +10.3% |
| Operating profit (loss) | 9901 | €94,155 | €119,520 | +€25,364 | +26.9% |
| Financial charges | 65/66B | €102,169 | €82,180 | -€19,989 | -19.6% |
| Recurring financial charges | 65 | €102,169 | €82,180 | -€19,989 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,013 | €37,340 | +€45,353 | |
| Income taxes | 67/77 | - | €3,395 | +€3,395 | |
| Profit (loss) for the period | 9904 | -€8,013 | €33,945 | +€41,959 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,013 | €33,945 | +€41,959 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.