KVS Projects: 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.
KVS Projects
Largest movements
- Cash -€25,228
down €25,228 (-20.2%), from €124,858 to €99,630
mainly Contributions, distributions and other (-€105,060) and Debts after one year (-€14,639)
- Tangible fixed assets -€14,582
down €14,582 (-24.2%), from €60,163 to €45,582
of which Furniture and vehicles: -€12,806
- Deferred charges and accrued income +€3,210
up €3,210 (+633.6%), from €507 to €3,716
- Stocks and contracts +€3,139
new in 2025: €3,139
- Reserves -€98,372
down €98,372 (-93.6%), from €105,060 to €6,688
- Other debts +€86,103
new in 2025: €86,103
- Debts after one year -€14,639
down €14,639 (-32.3%), from €45,350 to €30,711
- Tax, wage and social debts -€12,470
down €12,470 (-88.0%), from €14,175 to €1,704
of which Taxes: -€14,175
- Trade debts +€7,781
up €7,781 (+396.0%), from €1,965 to €9,746
- Gross operating margin -€48,018
down €48,018 (-37.4%), from €128,254 to €80,237
- Taxes -€11,317
down €11,317 (-84.7%), from €13,360 to €2,043
- Depreciation +€4,108
up €4,108 (+31.1%), from €13,221 to €17,329
- Staff costs +€2,263
up €2,263 (+4.7%), from €48,278 to €50,540
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 | €192,343 | €159,590 | -€32,753 | -17.0% |
| Fixed assets | 21/28 | €60,163 | €45,582 | -€14,582 | -24.2% |
| Tangible fixed assets | 22/27 | €60,163 | €45,582 | -€14,582 | -24.2% |
| Plant, machinery and equipment | 23 | €4,653 | €2,877 | -€1,776 | -38.2% |
| Furniture and vehicles | 24 | €55,510 | €42,705 | -€12,806 | -23.1% |
| Current assets | 29/58 | €132,180 | €114,009 | -€18,171 | -13.7% |
| Stocks and contracts in progress | 3 | - | €3,139 | +€3,139 | |
| Stocks | 30/36 | - | €3,139 | +€3,139 | |
| Amounts receivable within one year | 40/41 | €6,815 | €7,523 | +€708 | +10.4% |
| Trade receivables | 40 | €3,199 | €1,950 | -€1,249 | -39.0% |
| Other amounts receivable | 41 | €3,616 | €5,573 | +€1,957 | +54.1% |
| Cash at bank and in hand | 54/58 | €124,858 | €99,630 | -€25,228 | -20.2% |
| Deferred charges and accrued income | 490/1 | €507 | €3,716 | +€3,210 | +633.6% |
| Total equity and liabilities | 10/49 | €192,343 | €159,590 | -€32,753 | -17.0% |
| Equity | 10/15 | €115,060 | €16,688 | -€98,372 | -85.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €105,060 | €6,688 | -€98,372 | -93.6% |
| Distributable reserves | 133 | €105,060 | €6,688 | -€98,372 | -93.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €77,283 | €142,902 | +€65,619 | +84.9% |
| Amounts payable after more than one year | 17 | €45,350 | €30,711 | -€14,639 | -32.3% |
| Financial debts | 170/4 | €45,350 | €30,711 | -€14,639 | -32.3% |
| Amounts payable within one year | 42/48 | €31,934 | €112,191 | +€80,258 | +251.3% |
| Current portion of amounts payable after more than one year | 42 | €15,794 | €14,639 | -€1,156 | -7.3% |
| Trade debts | 44 | €1,965 | €9,746 | +€7,781 | +396.0% |
| Suppliers | 440/4 | €1,965 | €9,746 | +€7,781 | +396.0% |
| Taxes, remuneration and social security | 45 | €14,175 | €1,704 | -€12,470 | -88.0% |
| Taxes | 450/3 | €14,175 | €0 | -€14,175 | -100.0% |
| Remuneration and social security | 454/9 | - | €1,704 | +€1,704 | |
| Other amounts payable | 47/48 | - | €86,103 | +€86,103 | |
| Remuneration, social security and pensions | 62 | €48,278 | €50,540 | +€2,263 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,221 | €17,329 | +€4,108 | +31.1% |
| Other operating charges | 640/8 | €731 | €1,062 | +€330 | +45.1% |
| Gross operating margin | 9900 | €128,254 | €80,237 | -€48,018 | -37.4% |
| Operating profit (loss) | 9901 | €66,024 | €11,306 | -€54,718 | -82.9% |
| Financial income | 75/76B | €12 | €10 | -€1 | -9.1% |
| Recurring financial income | 75 | €12 | €10 | -€1 | -9.1% |
| Financial charges | 65/66B | €2,058 | €2,585 | +€528 | +25.6% |
| Recurring financial charges | 65 | €2,058 | €2,585 | +€528 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €63,978 | €8,731 | -€55,247 | -86.4% |
| Income taxes | 67/77 | €13,360 | €2,043 | -€11,317 | -84.7% |
| Profit (loss) for the period | 9904 | €50,618 | €6,688 | -€43,930 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,618 | €6,688 | -€43,930 | -86.8% |
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 8 October 2026 via checked.be.