KVNL: what changed
Two fiscal 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.
What changed
KVNL
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€56,270
2024 · €62,367-€6,097
Equity
€2.8m
2024 · €2.8m+€56,270
Cash
€103,496
2024 · €85,643+€17,854
Balance sheet total
€4.5m
2024 · €4.6m-€150,242
Largest movements
Assets
- Tangible fixed assets -€173,986
down €173,986 (-3.9%), from €4.5m to €4.3m
of which Land and buildings: -€108,933
Equity and liabilities
- Short-term financial debts -€1.3m
no longer reported in 2025 (was €1.3m)
- Debts after one year +€1.0m
up €1.0m (+389.8%), from €267,746 to €1.3m
- Current portion of long-term debt +€126,012
up €126,012 (+367.4%), from €34,297 to €160,309
- Profit (loss) carried forward +€56,270
up €56,270 (+14.1%), from -€400,467 to -€344,196
Income statement
- Financial charges -€23,044
down €23,044 (-26.0%), from €88,462 to €65,418
- Gross operating margin -€13,349
down €13,349 (-2.1%), from €633,023 to €619,674
- Staff costs +€9,600
up €9,600 (+4.0%), from €240,649 to €250,248
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.
Result 2024
€62,367
Gross operating margin
-€13,349
Staff costs
-€9,600
Depreciation
-€2,868
Other operating charges
-€3,003
Financial income
-€322
Financial charges
+€23,044
Result 2025
€56,270
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.
From operations
+€230,522
Investment
-€32,446
Financing
-€180,222
Cash 2024
€85,643
From operations (derived)
+€230,522
Net result for the year
+€56,270
Depreciation
+€206,198
Smaller working-capital items
-€1,425
Receivables within one year
-€7,224
Trade debts
-€23,298
Investment (derived)
-€32,446
Investment in fixed assets (net)
-€32,446
Financing
-€180,222
Debts after one year
+€1.0m
Current portion of long-term debt
+€126,012
Short-term financial debts
-€1.3m
Cash 2025
€103,496
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,613,475 | €4,463,233 | -€150,242 | -3.3% |
| Fixed assets | 21/28 | €4,475,339 | €4,301,587 | -€173,752 | -3.9% |
| Tangible fixed assets | 22/27 | €4,466,443 | €4,292,457 | -€173,986 | -3.9% |
| Land and buildings | 22 | €4,333,540 | €4,224,607 | -€108,933 | -2.5% |
| Plant, machinery and equipment | 23 | €132,904 | €67,850 | -€65,053 | -48.9% |
| Financial fixed assets | 28 | €8,896 | €9,130 | +€234 | +2.6% |
| Current assets | 29/58 | €138,136 | €161,646 | +€23,510 | +17.0% |
| Stocks and contracts in progress | 3 | €25,000 | €24,000 | -€1,000 | -4.0% |
| Stocks | 30/36 | €25,000 | €24,000 | -€1,000 | -4.0% |
| Amounts receivable within one year | 40/41 | €22,152 | €29,377 | +€7,224 | +32.6% |
| Trade receivables | 40 | €17,522 | €27,779 | +€10,258 | +58.5% |
| Other amounts receivable | 41 | €4,631 | €1,597 | -€3,033 | -65.5% |
| Cash at bank and in hand | 54/58 | €85,643 | €103,496 | +€17,854 | +20.8% |
| Deferred charges and accrued income | 490/1 | €5,341 | €4,773 | -€568 | -10.6% |
| Total equity and liabilities | 10/49 | €4,613,475 | €4,463,233 | -€150,242 | -3.3% |
| Equity | 10/15 | €2,789,780 | €2,846,051 | +€56,270 | +2.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,190,247 | €2,190,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€400,467 | -€344,196 | +€56,270 | +14.1% |
| Amounts payable | 17/49 | €1,823,694 | €1,617,182 | -€206,512 | -11.3% |
| Amounts payable after more than one year | 17 | €267,746 | €1,311,318 | +€1.0m | +389.8% |
| Financial debts | 170/4 | €267,746 | €1,311,318 | +€1.0m | +389.8% |
| Amounts payable within one year | 42/48 | €1,555,949 | €305,864 | -€1.3m | -80.3% |
| Current portion of amounts payable after more than one year | 42 | €34,297 | €160,309 | +€126,012 | +367.4% |
| Financial debts | 43 | €1,349,806 | - | -€1.3m | |
| Credit institutions | 430/8 | €1,349,806 | - | -€1.3m | |
| Trade debts | 44 | €118,972 | €95,675 | -€23,298 | -19.6% |
| Suppliers | 440/4 | €118,972 | €95,675 | -€23,298 | -19.6% |
| Taxes, remuneration and social security | 45 | €41,282 | €37,954 | -€3,328 | -8.1% |
| Taxes | 450/3 | €19,879 | €17,759 | -€2,120 | -10.7% |
| Remuneration and social security | 454/9 | €21,403 | €20,195 | -€1,208 | -5.6% |
| Other amounts payable | 47/48 | €11,591 | €11,926 | +€335 | +2.9% |
| Remuneration, social security and pensions | 62 | €240,649 | €250,248 | +€9,600 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,330 | €206,198 | +€2,868 | +1.4% |
| Other operating charges | 640/8 | €38,600 | €41,603 | +€3,003 | +7.8% |
| Gross operating margin | 9900 | €633,023 | €619,674 | -€13,349 | -2.1% |
| Operating profit (loss) | 9901 | €150,443 | €121,624 | -€28,819 | -19.2% |
| Financial income | 75/76B | €386 | €64 | -€322 | -83.5% |
| Recurring financial income | 75 | €386 | €64 | -€322 | -83.5% |
| Financial charges | 65/66B | €88,462 | €65,418 | -€23,044 | -26.0% |
| Recurring financial charges | 65 | €88,462 | €65,418 | -€23,044 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €62,367 | €56,270 | -€6,097 | -9.8% |
| Profit (loss) for the period | 9904 | €62,367 | €56,270 | -€6,097 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,367 | €56,270 | -€6,097 | -9.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.