III KING: 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.
III KING
Largest movements
- Tangible fixed assets -€95,726
down €95,726 (-17.3%), from €552,372 to €456,646
of which Land and buildings: -€93,580
- Cash -€53,018
down €53,018 (-4.7%), from €1.1m to €1.1m
mainly Contributions, distributions and other (-€280,000) and Trade debts (-€196,542)
- Stocks and contracts -€27,843
no longer reported in 2025 (was €27,843)
- Trade debts -€196,542
down €196,542 (-22.6%), from €868,614 to €672,071
- Reserves +€153,788
up €153,788 (+47.6%), from €322,798 to €476,586
of which Distributable reserves: +€153,788
- Tax, wage and social debts -€67,673
down €67,673 (-17.4%), from €389,808 to €322,136
of which Remuneration and social security: -€95,565
- Current portion of long-term debt -€34,835
down €34,835 (-17.0%), from €204,409 to €169,574
- Gross operating margin +€137,333
up €137,333 (+12.3%), from €1.1m to €1.3m
- Other operating charges -€132,252
down €132,252 (-72.3%), from €182,844 to €50,593
- Staff costs +€58,550
up €58,550 (+16.6%), from €351,758 to €410,308
- Depreciation +€48,390
up €48,390 (+31.5%), from €153,801 to €202,191
- Taxes +€36,138
up €36,138 (+35.7%), from €101,232 to €137,370
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 | €1,936,900 | €1,765,968 | -€170,932 | -8.8% |
| Fixed assets | 21/28 | €567,894 | €472,061 | -€95,834 | -16.9% |
| Tangible fixed assets | 22/27 | €552,372 | €456,646 | -€95,726 | -17.3% |
| Land and buildings | 22 | €175,330 | €81,750 | -€93,580 | -53.4% |
| Plant, machinery and equipment | 23 | €77,301 | €85,275 | +€7,974 | +10.3% |
| Furniture and vehicles | 24 | €294,214 | €286,857 | -€7,357 | -2.5% |
| Leasing and similar rights | 25 | €5,526 | €2,763 | -€2,763 | -50.0% |
| Financial fixed assets | 28 | €15,523 | €15,415 | -€108 | -0.7% |
| Current assets | 29/58 | €1,369,006 | €1,293,907 | -€75,099 | -5.5% |
| Stocks and contracts in progress | 3 | €27,843 | - | -€27,843 | |
| Stocks | 30/36 | €27,843 | - | -€27,843 | |
| Amounts receivable within one year | 40/41 | €223,274 | €229,037 | +€5,763 | +2.6% |
| Trade receivables | 40 | €103,422 | €98,598 | -€4,824 | -4.7% |
| Other amounts receivable | 41 | €119,852 | €130,439 | +€10,587 | +8.8% |
| Cash at bank and in hand | 54/58 | €1,117,888 | €1,064,870 | -€53,018 | -4.7% |
| Total equity and liabilities | 10/49 | €1,936,900 | €1,765,968 | -€170,932 | -8.8% |
| Equity | 10/15 | €446,744 | €600,533 | +€153,788 | +34.4% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €322,798 | €476,586 | +€153,788 | +47.6% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €310,403 | €464,191 | +€153,788 | +49.5% |
| Amounts payable | 17/49 | €1,490,156 | €1,165,435 | -€324,721 | -21.8% |
| Amounts payable after more than one year | 17 | €11,554 | - | -€11,554 | |
| Financial debts | 170/4 | €11,554 | - | -€11,554 | |
| Amounts payable within one year | 42/48 | €1,478,601 | €1,165,435 | -€313,167 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €204,409 | €169,574 | -€34,835 | -17.0% |
| Trade debts | 44 | €868,614 | €672,071 | -€196,542 | -22.6% |
| Suppliers | 440/4 | €868,614 | €672,071 | -€196,542 | -22.6% |
| Taxes, remuneration and social security | 45 | €389,808 | €322,136 | -€67,673 | -17.4% |
| Taxes | 450/3 | €198,243 | €226,136 | +€27,892 | +14.1% |
| Remuneration and social security | 454/9 | €191,565 | €96,000 | -€95,565 | -49.9% |
| Other amounts payable | 47/48 | €15,771 | €1,654 | -€14,117 | -89.5% |
| Non-recurring operating income | 76A | €32,313 | €10,274 | -€22,039 | -68.2% |
| Remuneration, social security and pensions | 62 | €351,758 | €410,308 | +€58,550 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,801 | €202,191 | +€48,390 | +31.5% |
| Other operating charges | 640/8 | €182,844 | €50,593 | -€132,252 | -72.3% |
| Non-recurring operating charges | 66A | - | €1,581 | +€1,581 | |
| Gross operating margin | 9900 | €1,118,499 | €1,255,832 | +€137,333 | +12.3% |
| Operating profit (loss) | 9901 | €430,096 | €591,160 | +€161,064 | +37.4% |
| Financial income | 75/76B | €1,068 | €681 | -€388 | -36.3% |
| Recurring financial income | 75 | €1,068 | €681 | -€388 | -36.3% |
| Financial charges | 65/66B | €33,092 | €20,683 | -€12,409 | -37.5% |
| Recurring financial charges | 65 | €25,868 | €20,683 | -€5,186 | -20.0% |
| Non-recurring financial charges | 66B | €7,224 | - | -€7,224 | |
| Profit (loss) for the period before taxes | 9903 | €398,072 | €571,158 | +€173,085 | +43.5% |
| Income taxes | 67/77 | €101,232 | €137,370 | +€36,138 | +35.7% |
| Profit (loss) for the period | 9904 | €296,841 | €433,788 | +€136,948 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €296,841 | €433,788 | +€136,948 | +46.1% |
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.