KVR: 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.
KVR
Largest movements
- Stocks and contracts +€161,959
up €161,959 (+79.3%), from €204,124 to €366,083
of which Contracts in progress: +€154,605
- Tangible fixed assets +€50,341
up €50,341 (+427.3%), from €11,781 to €62,122
of which Furniture and vehicles: +€40,836
- Receivables within one year +€20,944
up €20,944 (+185.3%), from €11,306 to €32,249
of which Trade receivables: +€21,851
- Cash +€7,297
up €7,297 (+25.3%), from €28,849 to €36,146
mainly Short-term financial debts (+€155,493) and Trade debts (+€30,845)
- Short-term financial debts +€155,493
up €155,493 (+136.3%), from €114,100 to €269,593
- Trade debts +€30,845
up €30,845 (+201.8%), from €15,287 to €46,131
- Debts after one year +€27,934
up €27,934 (+1030.2%), from €2,712 to €30,646
- Reserves +€22,100
up €22,100 (+29.9%), from €73,844 to €95,944
- Gross operating margin -€16,262
down €16,262 (-17.2%), from €94,694 to €78,431
- Financial charges +€13,220
up €13,220 (+734.8%), from €1,799 to €15,019
- Staff costs -€12,574
down €12,574 (-37.7%), from €33,340 to €20,766
- Other operating charges -€3,291
down €3,291 (-63.6%), from €5,171 to €1,880
- Depreciation +€1,994
up €1,994 (+57.7%), from €3,455 to €5,449
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 | €257,381 | €497,214 | +€239,833 | +93.2% |
| Fixed assets | 21/28 | €11,781 | €62,122 | +€50,341 | +427.3% |
| Tangible fixed assets | 22/27 | €11,781 | €62,122 | +€50,341 | +427.3% |
| Plant, machinery and equipment | 23 | €7,359 | €14,611 | +€7,252 | +98.5% |
| Furniture and vehicles | 24 | €4,422 | €45,258 | +€40,836 | +923.5% |
| Other tangible fixed assets | 26 | - | €2,253 | +€2,253 | |
| Current assets | 29/58 | €245,600 | €435,092 | +€189,492 | +77.2% |
| Stocks and contracts in progress | 3 | €204,124 | €366,083 | +€161,959 | +79.3% |
| Stocks | 30/36 | - | €7,354 | +€7,354 | |
| Contracts in progress | 37 | €204,124 | €358,728 | +€154,605 | +75.7% |
| Amounts receivable within one year | 40/41 | €11,306 | €32,249 | +€20,944 | +185.3% |
| Trade receivables | 40 | €6,680 | €28,531 | +€21,851 | +327.1% |
| Other amounts receivable | 41 | €4,626 | €3,718 | -€908 | -19.6% |
| Cash at bank and in hand | 54/58 | €28,849 | €36,146 | +€7,297 | +25.3% |
| Deferred charges and accrued income | 490/1 | €1,321 | €614 | -€707 | -53.5% |
| Total equity and liabilities | 10/49 | €257,381 | €497,214 | +€239,833 | +93.2% |
| Equity | 10/15 | €97,080 | €119,282 | +€22,202 | +22.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €73,844 | €95,944 | +€22,100 | +29.9% |
| Distributable reserves | 133 | €73,844 | €95,944 | +€22,100 | +29.9% |
| Profit (loss) carried forward | 14 | €10,836 | €10,938 | +€102 | +0.9% |
| Amounts payable | 17/49 | €160,301 | €377,932 | +€217,631 | +135.8% |
| Amounts payable after more than one year | 17 | €2,712 | €30,646 | +€27,934 | +1030.2% |
| Financial debts | 170/4 | €2,712 | €30,646 | +€27,934 | +1030.2% |
| Amounts payable within one year | 42/48 | €157,590 | €347,287 | +€189,697 | +120.4% |
| Current portion of amounts payable after more than one year | 42 | €10,208 | €12,411 | +€2,203 | +21.6% |
| Financial debts | 43 | €114,100 | €269,593 | +€155,493 | +136.3% |
| Credit institutions | 430/8 | €114,100 | €269,593 | +€155,493 | +136.3% |
| Trade debts | 44 | €15,287 | €46,131 | +€30,845 | +201.8% |
| Suppliers | 440/4 | €15,287 | €46,131 | +€30,845 | +201.8% |
| Taxes, remuneration and social security | 45 | €11,016 | €7,916 | -€3,100 | -28.1% |
| Taxes | 450/3 | €8,784 | €5,659 | -€3,125 | -35.6% |
| Remuneration and social security | 454/9 | €2,232 | €2,257 | +€25 | +1.1% |
| Other amounts payable | 47/48 | €6,979 | €11,236 | +€4,256 | +61.0% |
| Remuneration, social security and pensions | 62 | €33,340 | €20,766 | -€12,574 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,455 | €5,449 | +€1,994 | +57.7% |
| Other operating charges | 640/8 | €5,171 | €1,880 | -€3,291 | -63.6% |
| Non-recurring operating charges | 66A | €535 | - | -€535 | |
| Gross operating margin | 9900 | €94,694 | €78,431 | -€16,262 | -17.2% |
| Operating profit (loss) | 9901 | €52,192 | €50,336 | -€1,856 | -3.6% |
| Financial income | 75/76B | €3 | €254 | +€250 | +7198.0% |
| Recurring financial income | 75 | €3 | €254 | +€250 | +7198.0% |
| Financial charges | 65/66B | €1,799 | €15,019 | +€13,220 | +734.8% |
| Recurring financial charges | 65 | €1,799 | €15,019 | +€13,220 | +734.8% |
| Profit (loss) for the period before taxes | 9903 | €50,397 | €35,571 | -€14,826 | -29.4% |
| Income taxes | 67/77 | €15,090 | €13,369 | -€1,720 | -11.4% |
| Profit (loss) for the period | 9904 | €35,307 | €22,202 | -€13,105 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,307 | €22,202 | -€13,105 | -37.1% |
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 7 October 2026 via checked.be.