KVHC: 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.
KVHC
Largest movements
- Cash +€14,987
up €14,987 (+399.6%), from €3,751 to €18,738
mainly Net result for the year (+€20,352) and Depreciation (+€17,206)
- Tangible fixed assets -€7,132
down €7,132 (-2.0%), from €355,261 to €348,130
of which Land and buildings: -€4,902
- Reserves +€20,352
up €20,352 (+36.8%), from €55,358 to €75,709
- Tax, wage and social debts -€16,631
down €16,631 (-69.7%), from €23,856 to €7,226
- Trade debts +€15,551
up €15,551 (+241.7%), from €6,434 to €21,984
- Debts after one year -€11,497
down €11,497 (-3.9%), from €298,213 to €286,715
- Gross operating margin -€42,791
down €42,791 (-40.8%), from €104,965 to €62,174
- Taxes -€7,147
down €7,147 (-41.0%), from €17,446 to €10,299
- Depreciation +€1,826
up €1,826 (+11.9%), from €15,380 to €17,206
- Financial charges -€1,625
down €1,625 (-8.7%), from €18,679 to €17,054
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 | €467,797 | €474,984 | +€7,187 | +1.5% |
| Fixed assets | 21/28 | €355,261 | €348,130 | -€7,132 | -2.0% |
| Tangible fixed assets | 22/27 | €355,261 | €348,130 | -€7,132 | -2.0% |
| Land and buildings | 22 | €349,121 | €344,220 | -€4,902 | -1.4% |
| Other tangible fixed assets | 26 | €6,140 | €3,910 | -€2,230 | -36.3% |
| Current assets | 29/58 | €112,536 | €126,854 | +€14,318 | +12.7% |
| Amounts receivable within one year | 40/41 | €106,161 | €107,624 | +€1,463 | +1.4% |
| Trade receivables | 40 | €30,977 | €2,130 | -€28,847 | -93.1% |
| Other amounts receivable | 41 | €75,184 | €105,495 | +€30,311 | +40.3% |
| Cash at bank and in hand | 54/58 | €3,751 | €18,738 | +€14,987 | +399.6% |
| Deferred charges and accrued income | 490/1 | €2,624 | €492 | -€2,132 | -81.2% |
| Total equity and liabilities | 10/49 | €467,797 | €474,984 | +€7,187 | +1.5% |
| Equity | 10/15 | €102,182 | €122,534 | +€20,352 | +19.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,358 | €75,709 | +€20,352 | +36.8% |
| Distributable reserves | 133 | €55,358 | €75,709 | +€20,352 | +36.8% |
| Profit (loss) carried forward | 14 | €41,824 | €41,824 | = | 0.0% |
| Amounts payable | 17/49 | €365,615 | €352,450 | -€13,165 | -3.6% |
| Amounts payable after more than one year | 17 | €298,213 | €286,715 | -€11,497 | -3.9% |
| Financial debts | 170/4 | €298,213 | €286,715 | -€11,497 | -3.9% |
| Amounts payable within one year | 42/48 | €66,293 | €65,708 | -€586 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €11,003 | €11,497 | +€494 | +4.5% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €6,434 | €21,984 | +€15,551 | +241.7% |
| Suppliers | 440/4 | €6,434 | €21,984 | +€15,551 | +241.7% |
| Taxes, remuneration and social security | 45 | €23,856 | €7,226 | -€16,631 | -69.7% |
| Taxes | 450/3 | €23,856 | €7,226 | -€16,631 | -69.7% |
| Accrued charges and deferred income | 492/3 | €1,109 | €27 | -€1,082 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,380 | €17,206 | +€1,826 | +11.9% |
| Other operating charges | 640/8 | €2,024 | €2,230 | +€206 | +10.2% |
| Non-recurring operating charges | 66A | €222 | €63 | -€159 | -71.5% |
| Gross operating margin | 9900 | €104,965 | €62,174 | -€42,791 | -40.8% |
| Operating profit (loss) | 9901 | €87,338 | €42,674 | -€44,664 | -51.1% |
| Financial income | 75/76B | €4,144 | €5,030 | +€886 | +21.4% |
| Recurring financial income | 75 | €4,144 | €5,030 | +€886 | +21.4% |
| Financial charges | 65/66B | €18,679 | €17,054 | -€1,625 | -8.7% |
| Recurring financial charges | 65 | €18,679 | €17,054 | -€1,625 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €72,803 | €30,650 | -€42,153 | -57.9% |
| Income taxes | 67/77 | €17,446 | €10,299 | -€7,147 | -41.0% |
| Profit (loss) for the period | 9904 | €55,358 | €20,352 | -€35,006 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,358 | €20,352 | -€35,006 | -63.2% |
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 12 October 2026 via checked.be.