K-DER: what changed
What changed
K-DER
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€372,733
2024 · €126,758+€245,975
Equity
€1.5m
2024 · €1.5m+€733
Cash
€23,840
2024 · €51,887-€28,047
Balance sheet total
€4.3m
2024 · €3.8m+€480,918
Largest movements
Assets
- Receivables within one year +€553,108
up €553,108 (+61.2%), from €903,044 to €1.5m
of which Other amounts receivable: +€552,119
- Tangible fixed assets -€64,251
down €64,251 (-3.7%), from €1.7m to €1.7m
of which Land and buildings: -€63,870
Equity and liabilities
- Debts after one year +€201,170
up €201,170 (+10.2%), from €2.0m to €2.2m
- Other debts +€192,765
up €192,765 (+108%), from €179,235 to €372,000
- Current portion of long-term debt +€66,060
up €66,060 (+65.3%), from €101,158 to €167,218
Income statement
- Financial income +€220,345
up €220,345 (+441%), from €50,000 to €270,345
of which Financial income: +€220,345
- Gross operating margin +€29,669
up €29,669 (+12.9%), from €229,214 to €258,883
- Financial charges +€17,512
up €17,512 (+33.2%), from €52,739 to €70,251
of which Financial charges: +€23,981
- Taxes -€14,199
down €14,199 (-79.0%), from €17,962 to €3,763
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
€126,758
Gross operating margin
+€29,669
Depreciation
-€168
Other operating charges
-€559
Financial income
+€220,345
Financial charges
-€17,512
Taxes
+€14,199
Result 2025
€372,733
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
+€76,722
Investment
€0
Financing
-€104,769
Cash 2024
€51,887
From operations (derived)
+€76,722
Net result for the year
+€372,733
Depreciation
+€64,251
Receivables within one year
-€553,108
Deferred charges and accrued income
-€20,108
Trade debts
+€363
Tax, wage and social debts
+€19,826
Other debts
+€192,765
Financing
-€104,769
Debts after one year
+€201,170
Current portion of long-term debt
+€66,060
Contributions, distributions and other
-€372,000
Cash 2025
€23,840
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,772,773 | €4,253,691 | +€480,918 | +12.7% |
| Fixed assets | 21/28 | €2,816,450 | €2,752,199 | -€64,251 | -2.3% |
| Tangible fixed assets | 22/27 | €1,716,450 | €1,652,199 | -€64,251 | -3.7% |
| Land and buildings | 22 | €1,715,139 | €1,651,269 | -€63,870 | -3.7% |
| Furniture and vehicles | 24 | €1,311 | €930 | -€381 | -29.1% |
| Financial fixed assets | 28 | €1,100,000 | €1,100,000 | = | 0.0% |
| Current assets | 29/58 | €956,323 | €1,501,493 | +€545,169 | +57.0% |
| Amounts receivable within one year | 40/41 | €903,044 | €1,456,152 | +€553,108 | +61.2% |
| Trade receivables | 40 | - | €989 | +€989 | |
| Other amounts receivable | 41 | €903,044 | €1,455,163 | +€552,119 | +61.1% |
| Cash at bank and in hand | 54/58 | €51,887 | €23,840 | -€28,047 | -54.1% |
| Deferred charges and accrued income | 490/1 | €1,392 | €21,501 | +€20,108 | +1,444% |
| Total equity and liabilities | 10/49 | €3,772,773 | €4,253,691 | +€480,918 | +12.7% |
| Equity | 10/15 | €1,528,780 | €1,529,513 | +€733 | 0.0% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Contributions outside capital | 11 | €120,000 | €120,000 | = | 0.0% |
| Other | 1109/19 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,408,780 | €1,409,513 | +€733 | +0.1% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €1,396,780 | €1,397,513 | +€733 | +0.1% |
| Amounts payable | 17/49 | €2,243,993 | €2,724,178 | +€480,185 | +21.4% |
| Amounts payable after more than one year | 17 | €1,963,566 | €2,164,737 | +€201,170 | +10.2% |
| Financial debts | 170/4 | €1,963,566 | €2,164,737 | +€201,170 | +10.2% |
| Amounts payable within one year | 42/48 | €280,427 | €559,441 | +€279,014 | +99.5% |
| Current portion of amounts payable after more than one year | 42 | €101,158 | €167,218 | +€66,060 | +65.3% |
| Trade debts | 44 | €34 | €397 | +€363 | +1,051% |
| Suppliers | 440/4 | €34 | €397 | +€363 | +1,051% |
| Taxes, remuneration and social security | 45 | - | €19,826 | +€19,826 | |
| Taxes | 450/3 | - | €19,826 | +€19,826 | |
| Other amounts payable | 47/48 | €179,235 | €372,000 | +€192,765 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,084 | €64,251 | +€168 | +0.3% |
| Other operating charges | 640/8 | €17,670 | €18,230 | +€559 | +3.2% |
| Gross operating margin | 9900 | €229,214 | €258,883 | +€29,669 | +12.9% |
| Operating profit (loss) | 9901 | €147,460 | €176,402 | +€28,942 | +19.6% |
| Financial income | 75/76B | €50,000 | €270,345 | +€220,345 | +441% |
| Recurring financial income | 75 | €50,000 | €270,345 | +€220,345 | +441% |
| Non-recurring financial income | 76B | €50,000 | - | -€50,000 | |
| Financial charges | 65/66B | €52,739 | €70,251 | +€17,512 | +33.2% |
| Recurring financial charges | 65 | €46,270 | €70,251 | +€23,981 | +51.8% |
| Non-recurring financial charges | 66B | €6,469 | - | -€6,469 | |
| Profit (loss) for the period before taxes | 9903 | €144,720 | €376,496 | +€231,776 | +160% |
| Income taxes | 67/77 | €17,962 | €3,763 | -€14,199 | -79.0% |
| Profit (loss) for the period | 9904 | €126,758 | €372,733 | +€245,975 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €126,758 | €372,733 | +€245,975 | +194% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.