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 +€12,401
up €12,401 (+14.4%), from €86,258 to €98,659
of which Furniture and vehicles: +€24,247
- Receivables within one year +€10,846
up €10,846 (+151.2%), from €7,175 to €18,021
of which Trade receivables: +€10,846
- Cash -€2,971
down €2,971 (-53.9%), from €5,514 to €2,543
mainly Investment in fixed assets (net) (-€46,243) and Receivables within one year (-€10,846)
- Debts after one year +€11,566
up €11,566 (+31.5%), from €36,705 to €48,271
- Current portion of long-term debt +€7,654
up €7,654 (+41.1%), from €18,619 to €26,273
- Other debts -€4,357
down €4,357 (-45.7%), from €9,527 to €5,170
- Reserves +€2,871
up €2,871 (+10.0%), from €28,786 to €31,657
- Tax, wage and social debts +€1,247
up €1,247 (+91.9%), from €1,358 to €2,604
- Gross operating margin +€20,823
up €20,823 (+85.6%), from €24,318 to €45,141
- Depreciation +€10,192
up €10,192 (+42.5%), from €23,980 to €34,171
- Taxes +€1,870
up €1,870, from -€121 to €1,750
- Other operating charges +€1,585
up €1,585 (+190.9%), from €830 to €2,415
- Financial charges +€1,121
up €1,121 (+39.8%), from €2,816 to €3,937
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 | €100,308 | €120,263 | +€19,955 | +19.9% |
| Fixed assets | 21/28 | €87,142 | €99,213 | +€12,071 | +13.9% |
| Intangible fixed assets | 21 | €884 | €554 | -€330 | -37.3% |
| Tangible fixed assets | 22/27 | €86,258 | €98,659 | +€12,401 | +14.4% |
| Land and buildings | 22 | €4,789 | €3,751 | -€1,039 | -21.7% |
| Plant, machinery and equipment | 23 | €7,368 | €5,408 | -€1,960 | -26.6% |
| Furniture and vehicles | 24 | €19,222 | €43,469 | +€24,247 | +126.1% |
| Leasing and similar rights | 25 | €54,878 | €46,031 | -€8,847 | -16.1% |
| Current assets | 29/58 | €13,166 | €21,049 | +€7,884 | +59.9% |
| Amounts receivable within one year | 40/41 | €7,175 | €18,021 | +€10,846 | +151.2% |
| Trade receivables | 40 | €6,675 | €17,521 | +€10,846 | +162.5% |
| Other amounts receivable | 41 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,514 | €2,543 | -€2,971 | -53.9% |
| Deferred charges and accrued income | 490/1 | €477 | €486 | +€9 | +1.9% |
| Total equity and liabilities | 10/49 | €100,308 | €120,263 | +€19,955 | +19.9% |
| Equity | 10/15 | €33,786 | €36,657 | +€2,871 | +8.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €28,786 | €31,657 | +€2,871 | +10.0% |
| Distributable reserves | 133 | €28,786 | €31,657 | +€2,871 | +10.0% |
| Amounts payable | 17/49 | €66,522 | €83,606 | +€17,084 | +25.7% |
| Amounts payable after more than one year | 17 | €36,705 | €48,271 | +€11,566 | +31.5% |
| Financial debts | 170/4 | €36,705 | €48,271 | +€11,566 | +31.5% |
| Amounts payable within one year | 42/48 | €29,817 | €35,335 | +€5,518 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €18,619 | €26,273 | +€7,654 | +41.1% |
| Trade debts | 44 | €314 | €1,287 | +€974 | +310.4% |
| Suppliers | 440/4 | €314 | €1,287 | +€974 | +310.4% |
| Taxes, remuneration and social security | 45 | €1,358 | €2,604 | +€1,247 | +91.9% |
| Taxes | 450/3 | €1,358 | €2,604 | +€1,247 | +91.9% |
| Other amounts payable | 47/48 | €9,527 | €5,170 | -€4,357 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,980 | €34,171 | +€10,192 | +42.5% |
| Other operating charges | 640/8 | €830 | €2,415 | +€1,585 | +190.9% |
| Gross operating margin | 9900 | €24,318 | €45,141 | +€20,823 | +85.6% |
| Operating profit (loss) | 9901 | -€492 | €8,554 | +€9,046 | |
| Financial income | 75/76B | €0 | €4 | +€3 | +3081.8% |
| Recurring financial income | 75 | €0 | €4 | +€3 | +3081.8% |
| Financial charges | 65/66B | €2,816 | €3,937 | +€1,121 | +39.8% |
| Recurring financial charges | 65 | €2,816 | €3,937 | +€1,121 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,308 | €4,620 | +€7,928 | |
| Income taxes | 67/77 | -€121 | €1,750 | +€1,870 | |
| Profit (loss) for the period | 9904 | -€3,187 | €2,871 | +€6,058 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,187 | €2,871 | +€6,058 |
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 10 October 2026 via checked.be.