KVL HOLDING: 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 HOLDING
Largest movements
- Cash +€1.4m
up €1.4m (+806%), from €173,838 to €1.6m
mainly Net result for the year (+€940,720) and Debts after one year (+€534,554)
- Stocks and contracts +€322,707
up €322,707 (+34.9%), from €924,279 to €1.2m
- Current investments -€192,602
down €192,602 (-6.0%), from €3.2m to €3.0m
- Receivables within one year +€94,095
up €94,095 (+19.5%), from €482,139 to €576,234
of which Trade receivables: +€224,088
- Reserves +€940,720
up €940,720 (+30.7%), from €3.1m to €4.0m
- Debts after one year +€534,554
up €534,554 (+35.1%), from €1.5m to €2.1m
- Tax, wage and social debts +€201,253
up €201,253 (+216%), from €93,120 to €294,373
- Trade debts -€109,569
down €109,569 (-64.4%), from €170,063 to €60,494
- Current portion of long-term debt +€100,987
new in 2025: €100,987
- Gross operating margin +€1.2m
up €1.2m (+890%), from €139,833 to €1.4m
- Financial income -€1.1m
down €1.1m (-94.7%), from €1.2m to €62,541
- Taxes +€283,240
up €283,240 (+205%), from €138,053 to €421,292
- Financial charges -€19,131
down €19,131 (-36.8%), from €51,991 to €32,861
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 | €5,759,697 | €7,415,420 | +€1.7m | +28.7% |
| Fixed assets | 21/28 | €960,267 | €989,409 | +€29,141 | +3.0% |
| Tangible fixed assets | 22/27 | €54,017 | €83,159 | +€29,141 | +53.9% |
| Land and buildings | 22 | €38,598 | €23,964 | -€14,634 | -37.9% |
| Plant, machinery and equipment | 23 | €912 | €444 | -€468 | -51.3% |
| Furniture and vehicles | 24 | €14,508 | €58,751 | +€44,244 | +305% |
| Financial fixed assets | 28 | €906,250 | €906,250 | = | 0.0% |
| Current assets | 29/58 | €4,799,430 | €6,426,011 | +€1.6m | +33.9% |
| Stocks and contracts in progress | 3 | €924,279 | €1,246,986 | +€322,707 | +34.9% |
| Stocks | 30/36 | €924,279 | €1,246,986 | +€322,707 | +34.9% |
| Amounts receivable within one year | 40/41 | €482,139 | €576,234 | +€94,095 | +19.5% |
| Trade receivables | 40 | €352,146 | €576,234 | +€224,088 | +63.6% |
| Other amounts receivable | 41 | €129,993 | €0 | -€129,993 | -100% |
| Current investments | 50/53 | €3,219,174 | €3,026,573 | -€192,602 | -6.0% |
| Cash at bank and in hand | 54/58 | €173,838 | €1,574,524 | +€1.4m | +806% |
| Deferred charges and accrued income | 490/1 | - | €1,696 | +€1,696 | |
| Total equity and liabilities | 10/49 | €5,759,697 | €7,415,420 | +€1.7m | +28.7% |
| Equity | 10/15 | €3,562,820 | €4,503,541 | +€940,720 | +26.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €3,062,820 | €4,003,541 | +€940,720 | +30.7% |
| Distributable reserves | 133 | €3,062,820 | €4,003,541 | +€940,720 | +30.7% |
| Amounts payable | 17/49 | €2,196,877 | €2,911,880 | +€715,003 | +32.5% |
| Amounts payable after more than one year | 17 | €1,523,696 | €2,058,250 | +€534,554 | +35.1% |
| Financial debts | 170/4 | €1,523,696 | €2,058,250 | +€534,554 | +35.1% |
| Amounts payable within one year | 42/48 | €673,181 | €853,630 | +€180,449 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | - | €100,987 | +€100,987 | |
| Trade debts | 44 | €170,063 | €60,494 | -€109,569 | -64.4% |
| Suppliers | 440/4 | €170,063 | €60,494 | -€109,569 | -64.4% |
| Taxes, remuneration and social security | 45 | €93,120 | €294,373 | +€201,253 | +216% |
| Taxes | 450/3 | €93,120 | €294,373 | +€201,253 | +216% |
| Other amounts payable | 47/48 | €409,998 | €397,776 | -€12,222 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,612 | €44,298 | +€1,686 | +4.0% |
| Other operating charges | 640/8 | €3,788 | €7,326 | +€3,538 | +93.4% |
| Gross operating margin | 9900 | €139,833 | €1,383,956 | +€1.2m | +890% |
| Operating profit (loss) | 9901 | €93,433 | €1,332,332 | +€1.2m | +1,326% |
| Financial income | 75/76B | €1,173,767 | €62,541 | -€1.1m | -94.7% |
| Recurring financial income | 75 | €1,173,767 | €62,541 | -€1.1m | -94.7% |
| Financial charges | 65/66B | €51,991 | €32,861 | -€19,131 | -36.8% |
| Recurring financial charges | 65 | €51,991 | €32,861 | -€19,131 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €1,215,209 | €1,362,012 | +€146,803 | +12.1% |
| Income taxes | 67/77 | €138,053 | €421,292 | +€283,240 | +205% |
| Profit (loss) for the period | 9904 | €1,077,156 | €940,720 | -€136,436 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,077,156 | €940,720 | -€136,436 | -12.7% |
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 19 October 2026 via checked.be.