KVR CONSTRUCT: 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.
KVR CONSTRUCT
Largest movements
- Receivables within one year +€30,863
up €30,863 (+65.4%), from €47,222 to €78,085
of which Trade receivables: +€29,100
- Cash +€28,625
up €28,625 (+192.5%), from €14,872 to €43,497
mainly Net result for the year (+€42,520) and Short-term financial debts (+€20,000)
- Tangible fixed assets -€16,045
down €16,045 (-8.2%), from €195,824 to €179,778
of which Land and buildings: -€11,036
- Stocks and contracts -€5,925
down €5,925 (-37.5%), from €15,790 to €9,865
- Deferred charges and accrued income -€3,222
down €3,222 (-43.5%), from €7,404 to €4,182
- Reserves +€28,221
up €28,221 (+30.8%), from €91,638 to €119,859
- Short-term financial debts +€20,000
new in 2025: €20,000
- Debts after one year -€11,811
down €11,811 (-8.7%), from €135,357 to €123,546
- Tax, wage and social debts -€3,273
down €3,273 (-83.9%), from €3,901 to €628
- Gross operating margin +€46,075
up €46,075 (+130.9%), from €35,188 to €81,264
- Taxes +€12,315
up €12,315 (+471.4%), from €2,613 to €14,927
- Depreciation -€2,338
down €2,338 (-11.5%), from €20,314 to €17,975
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 | €285,542 | €319,838 | +€34,296 | +12.0% |
| Fixed assets | 21/28 | €200,254 | €184,208 | -€16,045 | -8.0% |
| Tangible fixed assets | 22/27 | €195,824 | €179,778 | -€16,045 | -8.2% |
| Land and buildings | 22 | €183,758 | €172,723 | -€11,036 | -6.0% |
| Plant, machinery and equipment | 23 | €7,345 | €5,034 | -€2,312 | -31.5% |
| Furniture and vehicles | 24 | €4,720 | €2,022 | -€2,698 | -57.2% |
| Financial fixed assets | 28 | €4,430 | €4,430 | = | 0.0% |
| Current assets | 29/58 | €85,288 | €135,630 | +€50,342 | +59.0% |
| Stocks and contracts in progress | 3 | €15,790 | €9,865 | -€5,925 | -37.5% |
| Stocks | 30/36 | €15,790 | €9,865 | -€5,925 | -37.5% |
| Amounts receivable within one year | 40/41 | €47,222 | €78,085 | +€30,863 | +65.4% |
| Trade receivables | 40 | €36,050 | €65,151 | +€29,100 | +80.7% |
| Other amounts receivable | 41 | €11,172 | €12,935 | +€1,763 | +15.8% |
| Cash at bank and in hand | 54/58 | €14,872 | €43,497 | +€28,625 | +192.5% |
| Deferred charges and accrued income | 490/1 | €7,404 | €4,182 | -€3,222 | -43.5% |
| Total equity and liabilities | 10/49 | €285,542 | €319,838 | +€34,296 | +12.0% |
| Equity | 10/15 | €97,838 | €126,059 | +€28,221 | +28.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,638 | €119,859 | +€28,221 | +30.8% |
| Distributable reserves | 133 | €91,638 | €119,859 | +€28,221 | +30.8% |
| Amounts payable | 17/49 | €187,703 | €193,779 | +€6,076 | +3.2% |
| Amounts payable after more than one year | 17 | €135,357 | €123,546 | -€11,811 | -8.7% |
| Financial debts | 170/4 | €135,357 | €123,546 | -€11,811 | -8.7% |
| Amounts payable within one year | 42/48 | €52,346 | €70,233 | +€17,887 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €11,659 | €11,811 | +€152 | +1.3% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €21,090 | €23,495 | +€2,405 | +11.4% |
| Suppliers | 440/4 | €21,090 | €23,495 | +€2,405 | +11.4% |
| Taxes, remuneration and social security | 45 | €3,901 | €628 | -€3,273 | -83.9% |
| Taxes | 450/3 | €3,901 | €628 | -€3,273 | -83.9% |
| Other amounts payable | 47/48 | €15,697 | €14,299 | -€1,398 | -8.9% |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,314 | €17,975 | -€2,338 | -11.5% |
| Other operating charges | 640/8 | €2,870 | €2,334 | -€536 | -18.7% |
| Gross operating margin | 9900 | €35,188 | €81,264 | +€46,075 | +130.9% |
| Operating profit (loss) | 9901 | €12,005 | €60,955 | +€48,950 | +407.8% |
| Financial income | 75/76B | €109 | €93 | -€16 | -14.8% |
| Recurring financial income | 75 | €109 | €93 | -€16 | -14.8% |
| Financial charges | 65/66B | €3,670 | €3,601 | -€69 | -1.9% |
| Recurring financial charges | 65 | €3,670 | €3,601 | -€69 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €8,444 | €57,447 | +€49,003 | +580.3% |
| Income taxes | 67/77 | €2,613 | €14,927 | +€12,315 | +471.4% |
| Profit (loss) for the period | 9904 | €5,832 | €42,520 | +€36,688 | +629.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,832 | €42,520 | +€36,688 | +629.1% |
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 11 October 2026 via checked.be.