KVTS: 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.
KVTS
Largest movements
- Cash +€11,847
up €11,847 (+39.8%), from €29,762 to €41,609
mainly Depreciation (+€30,176) and Net result for the year (+€27,605)
- Current investments +€11,834
new in 2025: €11,834
- Stocks and contracts +€9,130
up €9,130 (+13.0%), from €70,298 to €79,428
- Tangible fixed assets -€8,210
down €8,210 (-5.0%), from €163,842 to €155,632
of which Land and buildings: -€9,277
- Receivables within one year -€6,499
down €6,499 (-13.1%), from €49,643 to €43,144
of which Trade receivables: -€12,974
- Reserves +€27,605
up €27,605 (+14.9%), from €185,031 to €212,635
- Debts after one year -€10,958
down €10,958 (-12.6%), from €86,893 to €75,935
- Current portion of long-term debt -€5,637
down €5,637 (-34.0%), from €16,595 to €10,958
- Trade debts +€3,650
up €3,650 (+251.2%), from €1,453 to €5,103
- Gross operating margin -€52,006
down €52,006 (-38.3%), from €135,643 to €83,638
- Write-downs +€11,193
new in 2025: €11,193
- Taxes -€11,186
down €11,186 (-51.6%), from €21,688 to €10,502
- Depreciation +€3,934
up €3,934 (+15.0%), from €26,241 to €30,176
- Financial charges -€1,603
down €1,603 (-47.2%), from €3,396 to €1,793
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 | €315,980 | €333,640 | +€17,660 | +5.6% |
| Fixed assets | 21/28 | €163,867 | €155,657 | -€8,210 | -5.0% |
| Tangible fixed assets | 22/27 | €163,842 | €155,632 | -€8,210 | -5.0% |
| Land and buildings | 22 | €109,743 | €100,466 | -€9,277 | -8.5% |
| Plant, machinery and equipment | 23 | €25,963 | €34,585 | +€8,622 | +33.2% |
| Furniture and vehicles | 24 | €28,136 | €20,581 | -€7,555 | -26.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €152,112 | €177,983 | +€25,870 | +17.0% |
| Stocks and contracts in progress | 3 | €70,298 | €79,428 | +€9,130 | +13.0% |
| Stocks | 30/36 | €70,298 | €79,428 | +€9,130 | +13.0% |
| Amounts receivable within one year | 40/41 | €49,643 | €43,144 | -€6,499 | -13.1% |
| Trade receivables | 40 | €43,659 | €30,685 | -€12,974 | -29.7% |
| Other amounts receivable | 41 | €5,984 | €12,459 | +€6,475 | +108.2% |
| Current investments | 50/53 | - | €11,834 | +€11,834 | |
| Cash at bank and in hand | 54/58 | €29,762 | €41,609 | +€11,847 | +39.8% |
| Deferred charges and accrued income | 490/1 | €2,409 | €1,968 | -€442 | -18.3% |
| Total equity and liabilities | 10/49 | €315,980 | €333,640 | +€17,660 | +5.6% |
| Equity | 10/15 | €203,631 | €231,235 | +€27,605 | +13.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €185,031 | €212,635 | +€27,605 | +14.9% |
| Distributable reserves | 133 | €185,031 | €212,635 | +€27,605 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €112,349 | €102,405 | -€9,944 | -8.9% |
| Amounts payable after more than one year | 17 | €86,893 | €75,935 | -€10,958 | -12.6% |
| Financial debts | 170/4 | €86,893 | €75,935 | -€10,958 | -12.6% |
| Amounts payable within one year | 42/48 | €25,423 | €26,022 | +€599 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €16,595 | €10,958 | -€5,637 | -34.0% |
| Trade debts | 44 | €1,453 | €5,103 | +€3,650 | +251.2% |
| Suppliers | 440/4 | €1,453 | €5,103 | +€3,650 | +251.2% |
| Taxes, remuneration and social security | 45 | €7,055 | €9,961 | +€2,906 | +41.2% |
| Taxes | 450/3 | €7,055 | €9,481 | +€2,426 | +34.4% |
| Remuneration and social security | 454/9 | €0 | €480 | +€480 | |
| Other amounts payable | 47/48 | €320 | €0 | -€320 | -100.0% |
| Accrued charges and deferred income | 492/3 | €32 | €447 | +€415 | +1278.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,241 | €30,176 | +€3,934 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,193 | +€11,193 | |
| Other operating charges | 640/8 | €2,157 | €2,357 | +€200 | +9.3% |
| Non-recurring operating charges | 66A | - | €478 | +€478 | |
| Gross operating margin | 9900 | €135,643 | €83,638 | -€52,006 | -38.3% |
| Operating profit (loss) | 9901 | €107,245 | €39,435 | -€67,810 | -63.2% |
| Financial income | 75/76B | €957 | €465 | -€493 | -51.4% |
| Recurring financial income | 75 | €957 | €465 | -€493 | -51.4% |
| Financial charges | 65/66B | €3,396 | €1,793 | -€1,603 | -47.2% |
| Recurring financial charges | 65 | €3,396 | €1,793 | -€1,603 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €104,806 | €38,107 | -€66,700 | -63.6% |
| Income taxes | 67/77 | €21,688 | €10,502 | -€11,186 | -51.6% |
| Profit (loss) for the period | 9904 | €83,118 | €27,605 | -€55,514 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,118 | €27,605 | -€55,514 | -66.8% |
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 5 October 2026 via checked.be.