GK Holding: 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.
What changed
GK Holding
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,598
2024 · €41,106-€35,508
Equity
€4.6m
2024 · €4.6m+€5,598
Cash
€6,390
2024 · €168,743-€162,353
Balance sheet total
€9.0m
2024 · €9.9m-€950,362
Largest movements
Assets
- Receivables within one year -€628,505
down €628,505 (-24.7%), from €2.5m to €1.9m
of which Trade receivables: -€635,022
- Cash -€162,353
down €162,353 (-96.2%), from €168,743 to €6,390
mainly Other debts (-€841,294) and Debts after one year (-€107,143)
Equity and liabilities
- Other debts -€841,294
down €841,294 (-19.5%), from €4.3m to €3.5m
- Short-term financial debts +€136,794
up €136,794 (+34.2%), from €400,000 to €536,794
- Debts after one year -€107,143
down €107,143 (-71.4%), from €150,000 to €42,857
Income statement
- Gross operating margin -€33,132
down €33,132 (-16.4%), from €201,945 to €168,813
- Financial income -€2,307
down €2,307 (-26.3%), from €8,771 to €6,464
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.
Result 2024
€41,106
Gross operating margin
-€33,132
Depreciation
+€135
Other operating charges
-€629
Financial income
-€2,307
Financial charges
+€424
Result 2025
€5,598
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.
From operations
-€224,513
Investment
+€82,509
Financing
-€20,349
Cash 2024
€168,743
From operations (derived)
-€224,513
Net result for the year
+€5,598
Depreciation
+€76,995
Receivables within one year
+€628,505
Trade debts
-€45,943
Tax, wage and social debts
+€2,461
Other debts
-€841,294
Accrued charges and deferred income
-€50,835
Investment (derived)
+€82,509
Investment in fixed assets (net)
+€82,509
Financing
-€20,349
Debts after one year
-€107,143
Current portion of long-term debt
-€50,000
Short-term financial debts
+€136,794
Cash 2025
€6,390
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,902,618 | €8,952,255 | -€950,362 | -9.6% |
| Fixed assets | 21/28 | €6,733,871 | €6,574,367 | -€159,504 | -2.4% |
| Intangible fixed assets | 21 | €650 | €430 | -€220 | -33.8% |
| Tangible fixed assets | 22/27 | €1,597,193 | €1,520,418 | -€76,775 | -4.8% |
| Land and buildings | 22 | €1,597,193 | €1,520,418 | -€76,775 | -4.8% |
| Financial fixed assets | 28 | €5,136,027 | €5,053,519 | -€82,509 | -1.6% |
| Current assets | 29/58 | €3,168,746 | €2,377,888 | -€790,858 | -25.0% |
| Amounts receivable within one year | 40/41 | €2,540,420 | €1,911,914 | -€628,505 | -24.7% |
| Trade receivables | 40 | €1,475,668 | €840,646 | -€635,022 | -43.0% |
| Other amounts receivable | 41 | €1,064,751 | €1,071,268 | +€6,517 | +0.6% |
| Current investments | 50/53 | €459,584 | €459,584 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €168,743 | €6,390 | -€162,353 | -96.2% |
| Total equity and liabilities | 10/49 | €9,902,618 | €8,952,255 | -€950,362 | -9.6% |
| Equity | 10/15 | €4,626,243 | €4,631,841 | +€5,598 | +0.1% |
| Contributions | 10/11 | €1,964,300 | €1,964,300 | = | 0.0% |
| Capital | 10 | €1,964,300 | €1,964,300 | = | 0.0% |
| Issued capital | 100 | €1,964,300 | €1,964,300 | = | 0.0% |
| Reserves | 13 | €2,661,943 | €2,667,541 | +€5,598 | +0.2% |
| Non-distributable reserves | 130/1 | €607,216 | €607,496 | +€280 | 0.0% |
| Legal reserve | 130 | €147,632 | €147,912 | +€280 | +0.2% |
| Own shares acquired | 1312 | €459,584 | €459,584 | = | 0.0% |
| Distributable reserves | 133 | €2,054,728 | €2,060,046 | +€5,318 | +0.3% |
| Amounts payable | 17/49 | €5,276,374 | €4,320,414 | -€955,960 | -18.1% |
| Amounts payable after more than one year | 17 | €150,000 | €42,857 | -€107,143 | -71.4% |
| Financial debts | 170/4 | €150,000 | €42,857 | -€107,143 | -71.4% |
| Amounts payable within one year | 42/48 | €5,074,039 | €4,276,057 | -€797,982 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €157,143 | €107,143 | -€50,000 | -31.8% |
| Financial debts | 43 | €400,000 | €536,794 | +€136,794 | +34.2% |
| Credit institutions | 430/8 | €400,000 | €536,794 | +€136,794 | +34.2% |
| Trade debts | 44 | €201,467 | €155,525 | -€45,943 | -22.8% |
| Suppliers | 440/4 | €201,467 | €155,525 | -€45,943 | -22.8% |
| Taxes, remuneration and social security | 45 | €7,198 | €9,659 | +€2,461 | +34.2% |
| Taxes | 450/3 | €7,198 | €9,659 | +€2,461 | +34.2% |
| Other amounts payable | 47/48 | €4,308,231 | €3,466,937 | -€841,294 | -19.5% |
| Accrued charges and deferred income | 492/3 | €52,335 | €1,500 | -€50,835 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,130 | €76,995 | -€135 | -0.2% |
| Other operating charges | 640/8 | €2,551 | €3,180 | +€629 | +24.6% |
| Gross operating margin | 9900 | €201,945 | €168,813 | -€33,132 | -16.4% |
| Operating profit (loss) | 9901 | €122,264 | €88,638 | -€33,626 | -27.5% |
| Financial income | 75/76B | €8,771 | €6,464 | -€2,307 | -26.3% |
| Recurring financial income | 75 | €8,771 | €6,464 | -€2,307 | -26.3% |
| Financial charges | 65/66B | €78,161 | €77,737 | -€424 | -0.5% |
| Recurring financial charges | 65 | €78,161 | €77,737 | -€424 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €52,873 | €17,365 | -€35,508 | -67.2% |
| Income taxes | 67/77 | €11,768 | €11,768 | = | 0.0% |
| Profit (loss) for the period | 9904 | €41,106 | €5,598 | -€35,508 | -86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,106 | €5,598 | -€35,508 | -86.4% |
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 7 October 2026 via checked.be.