K & E: 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 & E
NACE 64.210, Activities of holding companies
financial year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€3.3m
31-12-2024 · €10.1m-€6.8m
Equity
€409.2m
31-12-2024 · €405.9m+€3.3m
Cash
€346,354
31-12-2024 · €552,658-€206,303
Balance sheet total
€411.3m
31-12-2024 · €406.6m+€4.7m
Largest movements
Assets
- Financial fixed assets +€23.2m
up €23.2m (+7.4%), from €314.2m to €337.4m
of which Other financial fixed assets: +€22.6m
- Receivables after one year -€13.5m
down €13.5m (-58.1%), from €23.2m to €9.7m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€3.0m
down €3.0m (-35.4%), from €8.6m to €5.5m
- Turnover -€2.9m
down €2.9m (-49.3%), from €5.8m to €2.9m
- Financial charges +€458,855
up €458,855 (+732.7%), from €62,627 to €521,482
- Taxes +€289,472
up €289,472 (+27.2%), from €1.1m to €1.4m
of which Taxes: +€185,722
- Staff costs +€214,921
up €214,921 (+10.9%), from €2.0m to €2.2m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€10.1m
Turnover
-€2.9m
Other operating income
+€5,533
Goods and materials
-€22,061
Services and other goods
+€30,822
Staff costs
-€214,921
Depreciation
-€11,075
Write-downs
-€15,088
Other operating charges
+€625
Other operating items
+€96,606
Financial income
-€3.0m
Financial charges
-€458,855
Taxes
-€289,472
Result 31-12-2025
€3.3m
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€19.7m
Investment
-€19.9m
Financing
€0
Cash 31-12-2024
€552,658
From operations (derived)
+€19.7m
Net result for the year
+€3.3m
Depreciation
+€50,478
Receivables after one year
+€13.5m
Smaller working-capital items
-€15,412
Receivables within one year
+€1.5m
Deferred charges and accrued income
-€91,995
Other debts
+€1.4m
Investment (derived)
-€19.9m
Investment in fixed assets (net)
-€23.2m
Current investments
+€3.3m
Cash 31-12-2025
€346,354
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €406,563,343 | €411,287,324 | +€4.7m | +1.2% |
| Fixed assets | 21/28 | €314,415,270 | €337,543,478 | +€23.1m | +7.4% |
| Tangible fixed assets | 22/27 | €212,988 | €162,510 | -€50,478 | -23.7% |
| Plant, machinery and equipment | 23 | €172,086 | €131,686 | -€40,400 | -23.5% |
| Furniture and vehicles | 24 | €40,902 | €30,823 | -€10,078 | -24.6% |
| Financial fixed assets | 28 | €314,202,282 | €337,380,968 | +€23.2m | +7.4% |
| Affiliated companies | 280/1 | €314,202,282 | €314,807,714 | +€605,431 | +0.2% |
| Participating interests | 280 | €312,587,672 | €313,093,104 | +€505,431 | +0.2% |
| Amounts receivable | 281 | €1,614,610 | €1,714,610 | +€100,000 | +6.2% |
| Other financial fixed assets | 284/8 | - | €22,573,255 | +€22.6m | |
| Shares | 284 | - | €22,573,255 | +€22.6m | |
| Current assets | 29/58 | €92,148,072 | €73,743,846 | -€18.4m | -20.0% |
| Amounts receivable after more than one year | 29 | €23,238,445 | €9,726,566 | -€13.5m | -58.1% |
| Other amounts receivable | 291 | €23,238,445 | €9,726,566 | -€13.5m | -58.1% |
| Stocks and contracts in progress | 3 | €5,148 | - | -€5,148 | |
| Stocks | 30/36 | €5,148 | - | -€5,148 | |
| Finished goods | 33 | €5,148 | - | -€5,148 | |
| Amounts receivable within one year | 40/41 | €4,497,873 | €3,003,319 | -€1.5m | -33.2% |
| Trade receivables | 40 | €710,316 | €758,582 | +€48,266 | +6.8% |
| Other amounts receivable | 41 | €3,787,557 | €2,244,737 | -€1.5m | -40.7% |
| Current investments | 50/53 | €63,412,735 | €60,134,398 | -€3.3m | -5.2% |
| Other investments | 51/53 | €63,412,735 | €60,134,398 | -€3.3m | -5.2% |
| Cash at bank and in hand | 54/58 | €552,658 | €346,354 | -€206,303 | -37.3% |
| Deferred charges and accrued income | 490/1 | €441,214 | €533,209 | +€91,995 | +20.9% |
| Total equity and liabilities | 10/49 | €406,563,343 | €411,287,324 | +€4.7m | +1.2% |
| Equity | 10/15 | €405,889,706 | €409,234,962 | +€3.3m | +0.8% |
| Contributions | 10/11 | €23,636,135 | €23,636,135 | = | 0.0% |
| Reserves | 13 | €2,074,040 | €2,074,040 | = | 0.0% |
| Distributable reserves | 133 | €2,074,040 | €2,074,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €380,179,531 | €383,524,787 | +€3.3m | +0.9% |
| Amounts payable | 17/49 | €673,637 | €2,052,362 | +€1.4m | +204.7% |
| Amounts payable within one year | 42/48 | €672,797 | €2,052,362 | +€1.4m | +205.0% |
| Trade debts | 44 | €101,319 | €59,171 | -€42,148 | -41.6% |
| Suppliers | 440/4 | €101,319 | €59,171 | -€42,148 | -41.6% |
| Taxes, remuneration and social security | 45 | €412,457 | €434,885 | +€22,428 | +5.4% |
| Taxes | 450/3 | €24,449 | - | -€24,449 | |
| Remuneration and social security | 454/9 | €388,008 | €434,885 | +€46,877 | +12.1% |
| Other amounts payable | 47/48 | €159,021 | €1,558,306 | +€1.4m | +879.9% |
| Accrued charges and deferred income | 492/3 | €840 | - | -€840 | |
| Operating income | 70/76A | €5,736,546 | €2,981,049 | -€2.8m | -48.0% |
| Turnover | 70 | €5,798,525 | €2,940,889 | -€2.9m | -49.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€101,753 | -€5,148 | +€96,606 | +94.9% |
| Other operating income | 74 | €39,774 | €45,307 | +€5,533 | +13.9% |
| Operating charges | 60/66A | €3,070,460 | €3,302,158 | +€231,698 | +7.5% |
| Goods for resale, raw materials and consumables | 60 | €2,580 | €24,641 | +€22,061 | +855.1% |
| Purchases | 600/8 | €2,580 | €24,641 | +€22,061 | +855.1% |
| Services and other goods | 61 | €1,023,380 | €992,558 | -€30,822 | -3.0% |
| Remuneration, social security and pensions | 62 | €1,980,814 | €2,195,736 | +€214,921 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,404 | €50,478 | +€11,075 | +28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,088 | - | +€15,088 | |
| Other operating charges | 640/8 | €39,370 | €38,744 | -€625 | -1.6% |
| Operating profit (loss) | 9901 | €2,666,086 | -€321,109 | -€3.0m | |
| Financial income | 75/76B | €8,576,233 | €5,540,603 | -€3.0m | -35.4% |
| Recurring financial income | 75 | €8,576,233 | €5,540,603 | -€3.0m | -35.4% |
| Income from financial fixed assets | 750 | €6,981,194 | €3,810,328 | -€3.2m | -45.4% |
| Income from current assets | 751 | €1,422,280 | €1,473,292 | +€51,012 | +3.6% |
| Other financial income | 752/9 | €172,758 | €256,983 | +€84,225 | +48.8% |
| Financial charges | 65/66B | €62,627 | €521,482 | +€458,855 | +732.7% |
| Recurring financial charges | 65 | €62,627 | €521,482 | +€458,855 | +732.7% |
| Debt charges | 650 | €26,098 | €40,122 | +€14,023 | +53.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€377,850 | €352,577 | +€730,427 | |
| Other financial charges | 652/9 | €414,378 | €128,784 | -€285,595 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €11,179,692 | €4,698,012 | -€6.5m | -58.0% |
| Income taxes | 67/77 | €1,063,284 | €1,352,755 | +€289,472 | +27.2% |
| Taxes | 670/3 | €1,167,034 | €1,352,755 | +€185,722 | +15.9% |
| Tax adjustments and reversals of tax provisions | 77 | €103,750 | - | -€103,750 | |
| Profit (loss) for the period | 9904 | €10,116,408 | €3,345,256 | -€6.8m | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,116,408 | €3,345,256 | -€6.8m | -66.9% |
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 11 October 2026 via checked.be.