KVGLaw: 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.
KVGLaw
Largest movements
- Receivables within one year +€34,289
up €34,289 (+16.5%), from €207,907 to €242,196
of which Other amounts receivable: +€55,396
- Cash -€28,803
down €28,803 (-20.0%), from €144,354 to €115,551
mainly Receivables within one year (-€34,289) and Investment in fixed assets (net) (-€23,807)
- Receivables after one year -€12,276
down €12,276 (-2.9%), from €419,161 to €406,885
- Reserves +€18,921
up €18,921 (+2.2%), from €842,712 to €861,633
- Tax, wage and social debts -€11,396
down €11,396 (-19.9%), from €57,169 to €45,773
of which Taxes: -€10,220
- Gross operating margin -€751,849
down €751,849 (-95.7%), from €785,327 to €33,478
- Taxes -€233,108
down €233,108 (-96.9%), from €240,456 to €7,349
- Staff costs -€9,703
down €9,703 (-83.6%), from €11,604 to €1,901
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 | €989,662 | €988,401 | -€1,262 | -0.1% |
| Fixed assets | 21/28 | €98,480 | €107,830 | +€9,349 | +9.5% |
| Tangible fixed assets | 22/27 | €98,480 | €107,830 | +€9,349 | +9.5% |
| Land and buildings | 22 | €90,692 | €83,851 | -€6,841 | -7.5% |
| Plant, machinery and equipment | 23 | €5,096 | €3,739 | -€1,357 | -26.6% |
| Furniture and vehicles | 24 | €2,692 | €20,239 | +€17,547 | +652% |
| Current assets | 29/58 | €891,182 | €880,571 | -€10,611 | -1.2% |
| Amounts receivable after more than one year | 29 | €419,161 | €406,885 | -€12,276 | -2.9% |
| Other amounts receivable | 291 | €419,161 | €406,885 | -€12,276 | -2.9% |
| Amounts receivable within one year | 40/41 | €207,907 | €242,196 | +€34,289 | +16.5% |
| Trade receivables | 40 | €58,545 | €37,438 | -€21,107 | -36.1% |
| Other amounts receivable | 41 | €149,362 | €204,757 | +€55,396 | +37.1% |
| Current investments | 50/53 | €108,867 | €101,500 | -€7,367 | -6.8% |
| Cash at bank and in hand | 54/58 | €144,354 | €115,551 | -€28,803 | -20.0% |
| Deferred charges and accrued income | 490/1 | €10,893 | €14,440 | +€3,546 | +32.6% |
| Total equity and liabilities | 10/49 | €989,662 | €988,401 | -€1,262 | -0.1% |
| Equity | 10/15 | €861,312 | €880,233 | +€18,921 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €842,712 | €861,633 | +€18,921 | +2.2% |
| Distributable reserves | 133 | €842,712 | €861,633 | +€18,921 | +2.2% |
| Amounts payable | 17/49 | €128,350 | €108,167 | -€20,183 | -15.7% |
| Amounts payable after more than one year | 17 | €39,879 | €31,671 | -€8,208 | -20.6% |
| Financial debts | 170/4 | €39,879 | €31,671 | -€8,208 | -20.6% |
| Amounts payable within one year | 42/48 | €87,084 | €74,978 | -€12,106 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €8,031 | €8,208 | +€177 | +2.2% |
| Financial debts | 43 | €6,764 | €3,035 | -€3,729 | -55.1% |
| Credit institutions | 430/8 | €6,764 | €3,035 | -€3,729 | -55.1% |
| Trade debts | 44 | €8,681 | €9,292 | +€612 | +7.0% |
| Suppliers | 440/4 | €8,681 | €9,292 | +€612 | +7.0% |
| Taxes, remuneration and social security | 45 | €57,169 | €45,773 | -€11,396 | -19.9% |
| Taxes | 450/3 | €55,994 | €45,773 | -€10,220 | -18.3% |
| Remuneration and social security | 454/9 | €1,175 | €0 | -€1,175 | -100% |
| Other amounts payable | 47/48 | €6,439 | €8,670 | +€2,230 | +34.6% |
| Accrued charges and deferred income | 492/3 | €1,387 | €1,518 | +€131 | +9.4% |
| Remuneration, social security and pensions | 62 | €11,604 | €1,901 | -€9,703 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,216 | €14,457 | +€3,242 | +28.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,096 | €6,314 | -€1,782 | -22.0% |
| Other operating charges | 640/8 | €1,696 | €2,631 | +€935 | +55.1% |
| Gross operating margin | 9900 | €785,327 | €33,478 | -€751,849 | -95.7% |
| Operating profit (loss) | 9901 | €752,715 | €8,174 | -€744,541 | -98.9% |
| Financial income | 75/76B | €18,908 | €19,893 | +€985 | +5.2% |
| Recurring financial income | 75 | €18,908 | €19,893 | +€985 | +5.2% |
| Financial charges | 65/66B | €3,019 | €1,797 | -€1,222 | -40.5% |
| Recurring financial charges | 65 | €3,019 | €1,797 | -€1,222 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €768,604 | €26,270 | -€742,334 | -96.6% |
| Income taxes | 67/77 | €240,456 | €7,349 | -€233,108 | -96.9% |
| Profit (loss) for the period | 9904 | €528,147 | €18,921 | -€509,226 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €528,147 | €18,921 | -€509,226 | -96.4% |
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 17 October 2026 via checked.be.