KVL: 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.
KVL
Largest movements
- Tangible fixed assets -€23,595
down €23,595 (-16.7%), from €141,692 to €118,097
of which Plant, machinery and equipment: -€21,578
- Cash +€4,896
up €4,896 (+450%), from €1,089 to €5,985
mainly Depreciation (+€42,595) and Other debts (+€33,725)
- Stocks and contracts +€4,648
up €4,648 (+1.7%), from €270,585 to €275,233
- Receivables within one year -€4,419
down €4,419 (-22.4%), from €19,755 to €15,336
of which Trade receivables: -€5,868
- Profit (loss) carried forward -€53,834
down €53,834 (-16.4%), from -€327,481 to -€381,315
- Other debts +€33,725
up €33,725 (+4.7%), from €721,619 to €755,344
- Trade debts +€15,580
up €15,580 (+802%), from €1,943 to €17,523
- Debts after one year -€9,393
down €9,393 (-97.6%), from €9,621 to €227
- Depreciation +€7,876
up €7,876 (+22.7%), from €34,718 to €42,595
- Financial charges -€586
down €586 (-32.6%), from €1,793 to €1,208
- Other operating charges -€560
down €560 (-48.9%), from €1,145 to €585
- Financial income -€289
down €289 (-97.2%), from €297 to €8
- Taxes +€256
new in 2025: €256
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 | €433,171 | €414,941 | -€18,230 | -4.2% |
| Fixed assets | 21/28 | €141,742 | €118,147 | -€23,595 | -16.6% |
| Tangible fixed assets | 22/27 | €141,692 | €118,097 | -€23,595 | -16.7% |
| Land and buildings | 22 | €58,428 | €48,787 | -€9,641 | -16.5% |
| Plant, machinery and equipment | 23 | €63,860 | €42,282 | -€21,578 | -33.8% |
| Furniture and vehicles | 24 | €19,404 | €27,028 | +€7,624 | +39.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €291,429 | €296,794 | +€5,365 | +1.8% |
| Stocks and contracts in progress | 3 | €270,585 | €275,233 | +€4,648 | +1.7% |
| Stocks | 30/36 | €270,585 | €275,233 | +€4,648 | +1.7% |
| Amounts receivable within one year | 40/41 | €19,755 | €15,336 | -€4,419 | -22.4% |
| Trade receivables | 40 | €14,811 | €8,943 | -€5,868 | -39.6% |
| Other amounts receivable | 41 | €4,944 | €6,393 | +€1,449 | +29.3% |
| Cash at bank and in hand | 54/58 | €1,089 | €5,985 | +€4,896 | +450% |
| Deferred charges and accrued income | 490/1 | - | €240 | +€240 | |
| Total equity and liabilities | 10/49 | €433,171 | €414,941 | -€18,230 | -4.2% |
| Equity | 10/15 | -€315,081 | -€368,915 | -€53,834 | -17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€327,481 | -€381,315 | -€53,834 | -16.4% |
| Amounts payable | 17/49 | €748,252 | €783,856 | +€35,604 | +4.8% |
| Amounts payable after more than one year | 17 | €9,621 | €227 | -€9,393 | -97.6% |
| Financial debts | 170/4 | €9,621 | €227 | -€9,393 | -97.6% |
| Amounts payable within one year | 42/48 | €738,631 | €783,629 | +€44,997 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €13,701 | €9,393 | -€4,308 | -31.4% |
| Trade debts | 44 | €1,943 | €17,523 | +€15,580 | +802% |
| Suppliers | 440/4 | €1,943 | €17,523 | +€15,580 | +802% |
| Taxes, remuneration and social security | 45 | €1,368 | €1,368 | = | 0.0% |
| Taxes | 450/3 | €1,368 | €1,368 | = | 0.0% |
| Other amounts payable | 47/48 | €721,619 | €755,344 | +€33,725 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,718 | €42,595 | +€7,876 | +22.7% |
| Other operating charges | 640/8 | €1,145 | €585 | -€560 | -48.9% |
| Gross operating margin | 9900 | -€8,978 | -€9,199 | -€221 | -2.5% |
| Operating profit (loss) | 9901 | -€44,841 | -€52,378 | -€7,537 | -16.8% |
| Financial income | 75/76B | €297 | €8 | -€289 | -97.2% |
| Recurring financial income | 75 | €297 | €8 | -€289 | -97.2% |
| Financial charges | 65/66B | €1,793 | €1,208 | -€586 | -32.6% |
| Recurring financial charges | 65 | €1,793 | €1,208 | -€586 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | -€46,338 | -€53,578 | -€7,240 | -15.6% |
| Income taxes | 67/77 | - | €256 | +€256 | |
| Profit (loss) for the period | 9904 | -€46,338 | -€53,834 | -€7,496 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,338 | -€53,834 | -€7,496 | -16.2% |
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 19 October 2026 via checked.be.