K.C.M.-BEHEER: 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.
What changed
K.C.M.-BEHEER
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€102,937
2024 · €37,060-€139,997
Equity
€2.9m
2024 · €3.0m-€102,937
Cash
€32,376
2024 · €293,687-€261,311
Balance sheet total
€2.9m
2024 · €3.0m-€118,401
Largest movements
Assets
- Cash -€261,311
down €261,311 (-89.0%), from €293,687 to €32,376
mainly Current investments (-€240,000) and Net result for the year (-€102,937)
- Current investments +€240,000
new in 2025: €240,000
- Receivables within one year -€77,302
down €77,302 (-4.8%), from €1.6m to €1.5m
of which Trade receivables: -€66,855
Equity and liabilities
- Profit (loss) carried forward -€102,937
down €102,937, from €102,896 to -€41
Income statement
- Gross operating margin -€149,641
down €149,641, from €59,379 to -€90,262
- Taxes -€13,744
down €13,744 (-92.2%), from €14,910 to €1,166
- Financial income -€5,080
down €5,080 (-56.6%), from €8,978 to €3,898
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
€37,060
Gross operating margin
-€149,641
Depreciation
+€175
Other operating charges
+€103
Financial income
-€5,080
Financial charges
+€702
Taxes
+€13,744
Result 2025
-€102,937
raises the resultlowers the result
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.
From operations
-€20,368
Investment
-€240,943
Financing
€0
Cash 2024
€293,687
From operations (derived)
-€20,368
Net result for the year
-€102,937
Depreciation
+€9,149
Receivables after one year
+€12,000
Receivables within one year
+€77,302
Smaller working-capital items
-€386
Trade debts
-€5,768
Tax, wage and social debts
-€8,402
Accrued charges and deferred income
-€1,326
Investment (derived)
-€240,943
Investment in fixed assets (net)
-€943
Current investments
-€240,000
Cash 2025
€32,376
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,022,011 | €2,903,611 | -€118,401 | -3.9% |
| Fixed assets | 21/28 | €680,865 | €672,659 | -€8,206 | -1.2% |
| Tangible fixed assets | 22/27 | €490,209 | €482,003 | -€8,206 | -1.7% |
| Land and buildings | 22 | €436,619 | €436,619 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €802 | +€802 | |
| Furniture and vehicles | 24 | €10,884 | €1,877 | -€9,007 | -82.8% |
| Other tangible fixed assets | 26 | €42,706 | €42,706 | = | 0.0% |
| Financial fixed assets | 28 | €190,656 | €190,656 | = | 0.0% |
| Current assets | 29/58 | €2,341,146 | €2,230,952 | -€110,195 | -4.7% |
| Amounts receivable after more than one year | 29 | €432,000 | €420,000 | -€12,000 | -2.8% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €432,000 | €420,000 | -€12,000 | -2.8% |
| Amounts receivable within one year | 40/41 | €1,613,313 | €1,536,011 | -€77,302 | -4.8% |
| Trade receivables | 40 | €1,435,260 | €1,368,405 | -€66,855 | -4.7% |
| Other amounts receivable | 41 | €178,053 | €167,606 | -€10,447 | -5.9% |
| Current investments | 50/53 | - | €240,000 | +€240,000 | |
| Cash at bank and in hand | 54/58 | €293,687 | €32,376 | -€261,311 | -89.0% |
| Deferred charges and accrued income | 490/1 | €2,147 | €2,565 | +€418 | +19.5% |
| Total equity and liabilities | 10/49 | €3,022,011 | €2,903,611 | -€118,401 | -3.9% |
| Equity | 10/15 | €2,959,515 | €2,856,579 | -€102,937 | -3.5% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €2,791,620 | €2,791,620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,120 | €5,120 | = | 0.0% |
| Distributable reserves | 133 | €2,780,000 | €2,780,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,896 | -€41 | -€102,937 | |
| Amounts payable | 17/49 | €62,496 | €47,032 | -€15,464 | -24.7% |
| Amounts payable within one year | 42/48 | €60,968 | €46,830 | -€14,138 | -23.2% |
| Trade debts | 44 | €14,220 | €8,452 | -€5,768 | -40.6% |
| Suppliers | 440/4 | €14,220 | €8,452 | -€5,768 | -40.6% |
| Taxes, remuneration and social security | 45 | €35,426 | €27,025 | -€8,402 | -23.7% |
| Taxes | 450/3 | €35,426 | €27,025 | -€8,402 | -23.7% |
| Other amounts payable | 47/48 | €11,322 | €11,354 | +€32 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,528 | €202 | -€1,326 | -86.8% |
| Non-recurring operating income | 76A | €1,619 | - | -€1,619 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,324 | €9,149 | -€175 | -1.9% |
| Other operating charges | 640/8 | €3,512 | €3,409 | -€103 | -2.9% |
| Gross operating margin | 9900 | €59,379 | -€90,262 | -€149,641 | |
| Operating profit (loss) | 9901 | €46,543 | -€102,820 | -€149,363 | |
| Financial income | 75/76B | €8,978 | €3,898 | -€5,080 | -56.6% |
| Recurring financial income | 75 | €8,978 | €3,898 | -€5,080 | -56.6% |
| Financial charges | 65/66B | €3,552 | €2,850 | -€702 | -19.8% |
| Recurring financial charges | 65 | €3,552 | €2,850 | -€702 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €51,970 | -€101,771 | -€153,741 | |
| Income taxes | 67/77 | €14,910 | €1,166 | -€13,744 | -92.2% |
| Profit (loss) for the period | 9904 | €37,060 | -€102,937 | -€139,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,060 | -€102,937 | -€139,997 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.