KVM: 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.
KVM
Largest movements
- Tangible fixed assets +€8,042
up €8,042 (+93.8%), from €8,570 to €16,611
of which Furniture and vehicles: +€9,698
- Deferred charges and accrued income -€4,002
down €4,002 (-16.2%), from €24,700 to €20,698
- Receivables within one year -€1,335
down €1,335 (-9.4%), from €14,130 to €12,795
of which Other amounts receivable: -€2,335
- Cash -€1,195
down €1,195 (-3.5%), from €34,021 to €32,826
mainly Contributions, distributions and other (-€30,000) and Investment in fixed assets (net) (-€11,802)
- Debts after one year +€25,656
up €25,656 (+746%), from €3,441 to €29,097
- Reserves -€25,175
down €25,175 (-35.7%), from €70,575 to €45,400
- Trade debts +€1,005
up €1,005 (+176%), from €572 to €1,576
- Financial charges +€3,523
up €3,523 (+112%), from €3,152 to €6,675
- Gross operating margin +€3,010
up €3,010 (+17.5%), from €17,207 to €20,217
- Other operating charges +€1,770
up €1,770 (+120%), from €1,469 to €3,239
- Taxes -€903
down €903 (-34.5%), from €2,620 to €1,717
- Depreciation +€723
up €723 (+23.8%), from €3,037 to €3,760
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 | €90,920 | €92,430 | +€1,510 | +1.7% |
| Fixed assets | 21/28 | €8,570 | €16,611 | +€8,042 | +93.8% |
| Tangible fixed assets | 22/27 | €8,570 | €16,611 | +€8,042 | +93.8% |
| Land and buildings | 22 | €1,955 | €1,658 | -€297 | -15.2% |
| Plant, machinery and equipment | 23 | €3,641 | €2,282 | -€1,359 | -37.3% |
| Furniture and vehicles | 24 | €2,974 | €12,672 | +€9,698 | +326% |
| Current assets | 29/58 | €82,350 | €75,819 | -€6,532 | -7.9% |
| Stocks and contracts in progress | 3 | €9,500 | €9,500 | = | 0.0% |
| Stocks | 30/36 | €9,500 | €9,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,130 | €12,795 | -€1,335 | -9.4% |
| Trade receivables | 40 | €11,750 | €12,750 | +€1,000 | +8.5% |
| Other amounts receivable | 41 | €2,380 | €45 | -€2,335 | -98.1% |
| Cash at bank and in hand | 54/58 | €34,021 | €32,826 | -€1,195 | -3.5% |
| Deferred charges and accrued income | 490/1 | €24,700 | €20,698 | -€4,002 | -16.2% |
| Total equity and liabilities | 10/49 | €90,920 | €92,430 | +€1,510 | +1.7% |
| Equity | 10/15 | €73,575 | €48,400 | -€25,175 | -34.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €70,575 | €45,400 | -€25,175 | -35.7% |
| Distributable reserves | 133 | €70,575 | €45,400 | -€25,175 | -35.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,344 | €44,030 | +€26,685 | +154% |
| Amounts payable after more than one year | 17 | €3,441 | €29,097 | +€25,656 | +746% |
| Other amounts payable | 178/9 | €3,441 | €29,097 | +€25,656 | +746% |
| Amounts payable within one year | 42/48 | €13,903 | €14,933 | +€1,029 | +7.4% |
| Financial debts | 43 | €417 | €0 | -€417 | -100% |
| Credit institutions | 430/8 | €417 | €0 | -€417 | -100% |
| Trade debts | 44 | €572 | €1,576 | +€1,005 | +176% |
| Suppliers | 440/4 | €572 | €1,576 | +€1,005 | +176% |
| Taxes, remuneration and social security | 45 | €12,914 | €13,356 | +€442 | +3.4% |
| Taxes | 450/3 | €8,914 | €13,356 | +€4,442 | +49.8% |
| Remuneration and social security | 454/9 | €4,000 | €0 | -€4,000 | -100% |
| Non-recurring operating income | 76A | €17,291 | €8,150 | -€9,141 | -52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,037 | €3,760 | +€723 | +23.8% |
| Other operating charges | 640/8 | €1,469 | €3,239 | +€1,770 | +120% |
| Gross operating margin | 9900 | €17,207 | €20,217 | +€3,010 | +17.5% |
| Operating profit (loss) | 9901 | €12,701 | €13,217 | +€516 | +4.1% |
| Financial charges | 65/66B | €3,152 | €6,675 | +€3,523 | +112% |
| Recurring financial charges | 65 | €3,152 | €6,675 | +€3,523 | +112% |
| Profit (loss) for the period before taxes | 9903 | €9,549 | €6,542 | -€3,007 | -31.5% |
| Income taxes | 67/77 | €2,620 | €1,717 | -€903 | -34.5% |
| Profit (loss) for the period | 9904 | €6,929 | €4,825 | -€2,104 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,929 | €4,825 | -€2,104 | -30.4% |
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 24 October 2026 via checked.be.