KVW MANAGEMENT: 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.
KVW MANAGEMENT
Largest movements
- Receivables after one year +€226,845
up €226,845 (+171%), from €132,887 to €359,731
- Cash -€48,468
down €48,468 (-57.7%), from €84,022 to €35,554
mainly Receivables after one year (-€226,845) and Contributions, distributions and other (-€28,705)
- Tangible fixed assets +€19,463
up €19,463 (+193%), from €10,077 to €29,541
of which Other tangible fixed assets: +€23,278
- Receivables within one year -€12,605
down €12,605 (-17.3%), from €72,716 to €60,111
of which Other amounts receivable: -€10,790
- Debts after one year +€150,101
up €150,101, from €0 to €150,101
- Current portion of long-term debt +€34,901
up €34,901 (+490%), from €7,120 to €42,021
- Reserves -€11,988
down €11,988 (-1.7%), from €710,965 to €698,977
of which Distributable reserves: -€11,988
- Other debts +€10,055
up €10,055, from €0 to €10,055
- Gross operating margin -€21,974
down €21,974 (-41.5%), from €53,000 to €31,026
- Taxes -€7,117
down €7,117 (-41.5%), from €17,141 to €10,024
- Staff costs -€2,050
down €2,050 (-47.7%), from €4,301 to €2,251
- Financial charges +€2,020
up €2,020 (+39.5%), from €5,119 to €7,139
- Financial income +€1,734
up €1,734 (+18.1%), from €9,585 to €11,319
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.
Derived cash bridge
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 | €733,133 | €918,256 | +€185,123 | +25.3% |
| Fixed assets | 21/28 | €431,577 | €451,041 | +€19,463 | +4.5% |
| Tangible fixed assets | 22/27 | €10,077 | €29,541 | +€19,463 | +193% |
| Plant, machinery and equipment | 23 | €7,313 | €4,691 | -€2,622 | -35.9% |
| Furniture and vehicles | 24 | €2,764 | €1,572 | -€1,192 | -43.1% |
| Other tangible fixed assets | 26 | €0 | €23,278 | +€23,278 | |
| Financial fixed assets | 28 | €421,500 | €421,500 | = | 0.0% |
| Current assets | 29/58 | €301,555 | €467,216 | +€165,660 | +54.9% |
| Amounts receivable after more than one year | 29 | €132,887 | €359,731 | +€226,845 | +171% |
| Trade receivables | 290 | €132,887 | €359,731 | +€226,845 | +171% |
| Amounts receivable within one year | 40/41 | €72,716 | €60,111 | -€12,605 | -17.3% |
| Trade receivables | 40 | €54,450 | €52,635 | -€1,815 | -3.3% |
| Other amounts receivable | 41 | €18,266 | €7,476 | -€10,790 | -59.1% |
| Current investments | 50/53 | €10,044 | €11,819 | +€1,774 | +17.7% |
| Cash at bank and in hand | 54/58 | €84,022 | €35,554 | -€48,468 | -57.7% |
| Deferred charges and accrued income | 490/1 | €1,886 | €0 | -€1,886 | -100% |
| Total equity and liabilities | 10/49 | €733,133 | €918,256 | +€185,123 | +25.3% |
| Equity | 10/15 | €717,165 | €705,177 | -€11,988 | -1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €710,965 | €698,977 | -€11,988 | -1.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €193 | €193 | = | 0.0% |
| Distributable reserves | 133 | €710,772 | €698,784 | -€11,988 | -1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,968 | €213,079 | +€197,112 | +1,234% |
| Amounts payable after more than one year | 17 | €0 | €150,101 | +€150,101 | |
| Financial debts | 170/4 | €0 | €150,101 | +€150,101 | |
| Amounts payable within one year | 42/48 | €13,391 | €62,978 | +€49,588 | +370% |
| Current portion of amounts payable after more than one year | 42 | €7,120 | €42,021 | +€34,901 | +490% |
| Trade debts | 44 | €2,008 | €7,042 | +€5,034 | +251% |
| Suppliers | 440/4 | €2,008 | €7,042 | +€5,034 | +251% |
| Taxes, remuneration and social security | 45 | €4,263 | €3,861 | -€402 | -9.4% |
| Taxes | 450/3 | €4,094 | €3,861 | -€233 | -5.7% |
| Remuneration and social security | 454/9 | €169 | €0 | -€169 | -100% |
| Other amounts payable | 47/48 | €0 | €10,055 | +€10,055 | |
| Accrued charges and deferred income | 492/3 | €2,577 | €0 | -€2,577 | -100% |
| Remuneration, social security and pensions | 62 | €4,301 | €2,251 | -€2,050 | -47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,676 | €4,973 | +€1,296 | +35.3% |
| Other operating charges | 640/8 | €912 | €1,242 | +€330 | +36.2% |
| Non-recurring operating charges | 66A | €632 | €0 | -€632 | -100% |
| Gross operating margin | 9900 | €53,000 | €31,026 | -€21,974 | -41.5% |
| Operating profit (loss) | 9901 | €43,479 | €22,560 | -€20,919 | -48.1% |
| Financial income | 75/76B | €9,585 | €11,319 | +€1,734 | +18.1% |
| Recurring financial income | 75 | €9,585 | €11,319 | +€1,734 | +18.1% |
| Financial charges | 65/66B | €5,119 | €7,139 | +€2,020 | +39.5% |
| Recurring financial charges | 65 | €5,119 | €7,139 | +€2,020 | +39.5% |
| Profit (loss) for the period before taxes | 9903 | €47,944 | €26,740 | -€21,204 | -44.2% |
| Income taxes | 67/77 | €17,141 | €10,024 | -€7,117 | -41.5% |
| Profit (loss) for the period | 9904 | €30,803 | €16,716 | -€14,087 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,803 | €16,716 | -€14,087 | -45.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.