4 K's: what changed
What changed
4 K's
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€70,400
2024 · €18,638-€89,038
Equity
€145,974
2024 · €216,374-€70,400
Cash
€6,128
2024 · €12,656-€6,527
Balance sheet total
€206,844
2024 · €598,456-€391,612
Largest movements
Assets
- Financial fixed assets -€413,597
down €413,597 (-97.1%), from €426,092 to €12,495
- Receivables within one year +€25,410
up €25,410 (+16.0%), from €158,470 to €183,880
- Cash -€6,527
down €6,527 (-51.6%), from €12,656 to €6,128
mainly Other debts (-€321,853) and Net result for the year (-€70,400)
Equity and liabilities
- Other debts -€321,853
down €321,853 (-94.8%), from €339,356 to €17,503
- Reserves -€70,400
down €70,400 (-33.5%), from €210,174 to €139,774
of which Distributable reserves: -€70,400
Income statement
- Financial charges +€162,599
up €162,599 (+9,117%), from €1,783 to €164,382
of which Non-recurring financial charges: +€162,817
- Financial income +€71,883
new in 2025: €71,883
of which Financial income: +€71,883
- Taxes -€2,849
down €2,849 (-30.9%), from €9,215 to €6,366
- Depreciation +€1,550
new in 2025: €1,550
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€18,638
Gross operating margin
+€226
Depreciation
-€1,550
Other operating charges
+€152
Financial income
+€71,883
Financial charges
-€162,599
Taxes
+€2,849
Result 2025
-€70,400
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€410,136
Investment
+€408,025
Financing
-€4,416
Cash 2024
€12,656
From operations (derived)
-€410,136
Net result for the year
-€70,400
Depreciation
+€1,550
Receivables within one year
-€25,410
Smaller working-capital items
+€1,139
Tax, wage and social debts
+€4,838
Other debts
-€321,853
Investment (derived)
+€408,025
Investment in fixed assets (net)
+€408,025
Financing
-€4,416
Current portion of long-term debt
-€4,416
Cash 2025
€6,128
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €598,456 | €206,844 | -€391,612 | -65.4% |
| Fixed assets | 21/28 | €426,092 | €16,517 | -€409,575 | -96.1% |
| Tangible fixed assets | 22/27 | - | €4,022 | +€4,022 | |
| Furniture and vehicles | 24 | - | €4,022 | +€4,022 | |
| Financial fixed assets | 28 | €426,092 | €12,495 | -€413,597 | -97.1% |
| Current assets | 29/58 | €172,364 | €190,327 | +€17,963 | +10.4% |
| Amounts receivable within one year | 40/41 | €158,470 | €183,880 | +€25,410 | +16.0% |
| Trade receivables | 40 | €158,470 | €183,880 | +€25,410 | +16.0% |
| Cash at bank and in hand | 54/58 | €12,656 | €6,128 | -€6,527 | -51.6% |
| Deferred charges and accrued income | 490/1 | €1,238 | €319 | -€919 | -74.3% |
| Total equity and liabilities | 10/49 | €598,456 | €206,844 | -€391,612 | -65.4% |
| Equity | 10/15 | €216,374 | €145,974 | -€70,400 | -32.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €210,174 | €139,774 | -€70,400 | -33.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €210,174 | €139,774 | -€70,400 | -33.5% |
| Provisions and deferred taxes | 16 | €27,223 | €27,223 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €27,223 | €27,223 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,223 | €27,223 | = | 0.0% |
| Amounts payable | 17/49 | €354,859 | €33,648 | -€321,211 | -90.5% |
| Amounts payable within one year | 42/48 | €354,346 | €33,120 | -€321,226 | -90.7% |
| Current portion of amounts payable after more than one year | 42 | €4,416 | €0 | -€4,416 | -100% |
| Trade debts | 44 | €68 | €273 | +€205 | +301% |
| Suppliers | 440/4 | €68 | €273 | +€205 | +301% |
| Taxes, remuneration and social security | 45 | €10,506 | €15,345 | +€4,838 | +46.1% |
| Taxes | 450/3 | €7,727 | €12,565 | +€4,838 | +62.6% |
| Remuneration and social security | 454/9 | €2,779 | €2,779 | = | 0.0% |
| Other amounts payable | 47/48 | €339,356 | €17,503 | -€321,853 | -94.8% |
| Accrued charges and deferred income | 492/3 | €513 | €528 | +€14 | +2.8% |
| Non-recurring operating income | 76A | €681 | €0 | -€681 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,550 | +€1,550 | |
| Other operating charges | 640/8 | €919 | €767 | -€152 | -16.6% |
| Gross operating margin | 9900 | €30,555 | €30,782 | +€226 | +0.7% |
| Operating profit (loss) | 9901 | €29,636 | €28,465 | -€1,171 | -4.0% |
| Financial income | 75/76B | - | €71,883 | +€71,883 | |
| Recurring financial income | 75 | - | €71,883 | +€71,883 | |
| Non-recurring financial income | 76B | - | €71,883 | +€71,883 | |
| Financial charges | 65/66B | €1,783 | €164,382 | +€162,599 | +9,117% |
| Recurring financial charges | 65 | €1,783 | €1,566 | -€218 | -12.2% |
| Non-recurring financial charges | 66B | - | €162,817 | +€162,817 | |
| Profit (loss) for the period before taxes | 9903 | €27,853 | -€64,034 | -€91,887 | |
| Income taxes | 67/77 | €9,215 | €6,366 | -€2,849 | -30.9% |
| Profit (loss) for the period | 9904 | €18,638 | -€70,400 | -€89,038 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,638 | -€70,400 | -€89,038 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.