K-INVEST: 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
K-INVEST
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,543
2024 · -€6,536+€35,079
Equity
€21.5m
2024 · €3.0m+€18.4m
Cash
€18,160
2024 · €42,912-€24,752
Balance sheet total
€24.3m
2024 · €5.7m+€18.6m
Largest movements
Assets
- Financial fixed assets +€18.7m
up €18.7m (+491.4%), from €3.8m to €22.5m
Equity and liabilities
- Revaluation surpluses +€18.4m
up €18.4m (+974.5%), from €1.9m to €20.3m
Income statement
- Other operating charges -€36,695
down €36,695 (-83.2%), from €44,109 to €7,414
- Financial charges -€7,634
down €7,634 (-18.1%), from €42,230 to €34,596
- Taxes +€5,269
up €5,269, from €0 to €5,269
- Depreciation +€2,436
up €2,436 (+5.8%), from €42,152 to €44,587
- Gross operating margin -€1,671
down €1,671 (-1.4%), from €121,955 to €120,284
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
-€6,536
Gross operating margin
-€1,671
Depreciation
-€2,436
Other operating charges
+€36,695
Financial income
+€125
Financial charges
+€7,634
Taxes
-€5,269
Result 2025
€28,543
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
+€441,407
Investment
-€18.7m
Financing
+€18.2m
Cash 2024
€42,912
From operations (derived)
+€441,407
Net result for the year
+€28,543
Depreciation
+€44,587
Smaller working-capital items
-€31,815
Trade debts
+€239,299
Other debts
+€160,793
Investment (derived)
-€18.7m
Investment in fixed assets (net)
-€18.7m
Financing
+€18.2m
Debts after one year
-€85,217
Current portion of long-term debt
-€4,745
Short-term financial debts
-€105,000
Contributions, distributions and other
+€18.4m
Cash 2025
€18,160
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,725,123 | €24,335,083 | +€18.6m | +325.1% |
| Fixed assets | 21/28 | €4,738,002 | €23,363,883 | +€18.6m | +393.1% |
| Tangible fixed assets | 22/27 | €938,633 | €894,046 | -€44,587 | -4.8% |
| Land and buildings | 22 | €862,043 | €817,456 | -€44,587 | -5.2% |
| Other tangible fixed assets | 26 | €75,000 | €75,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,590 | €1,590 | = | 0.0% |
| Financial fixed assets | 28 | €3,799,369 | €22,469,837 | +€18.7m | +491.4% |
| Current assets | 29/58 | €987,121 | €971,200 | -€15,920 | -1.6% |
| Stocks and contracts in progress | 3 | €57,000 | €57,000 | = | 0.0% |
| Stocks | 30/36 | €57,000 | €57,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €884,659 | €896,041 | +€11,382 | +1.3% |
| Trade receivables | 40 | €9,235 | €34,185 | +€24,950 | +270.2% |
| Other amounts receivable | 41 | €875,423 | €861,855 | -€13,568 | -1.5% |
| Cash at bank and in hand | 54/58 | €42,912 | €18,160 | -€24,752 | -57.7% |
| Deferred charges and accrued income | 490/1 | €2,550 | €0 | -€2,550 | -100.0% |
| Total equity and liabilities | 10/49 | €5,725,123 | €24,335,083 | +€18.6m | +325.1% |
| Equity | 10/15 | €3,047,185 | €21,474,998 | +€18.4m | +604.7% |
| Contributions | 10/11 | €574,900 | €574,900 | = | 0.0% |
| Revaluation surpluses | 12 | €1,889,257 | €20,300,528 | +€18.4m | +974.5% |
| Reserves | 13 | €583,027 | €599,570 | +€16,543 | +2.8% |
| Distributable reserves | 133 | €583,027 | €599,570 | +€16,543 | +2.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €120,215 | €120,215 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €120,215 | €120,215 | = | 0.0% |
| Pensions and similar obligations | 160 | €120,215 | €120,215 | = | 0.0% |
| Amounts payable | 17/49 | €2,557,723 | €2,739,870 | +€182,147 | +7.1% |
| Amounts payable after more than one year | 17 | €650,955 | €565,738 | -€85,217 | -13.1% |
| Financial debts | 170/4 | €649,155 | €563,938 | -€85,217 | -13.1% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,906,767 | €2,174,131 | +€267,364 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €89,962 | €85,217 | -€4,745 | -5.3% |
| Financial debts | 43 | €145,000 | €40,000 | -€105,000 | -72.4% |
| Credit institutions | 430/8 | €145,000 | €40,000 | -€105,000 | -72.4% |
| Trade debts | 44 | €387,476 | €626,775 | +€239,299 | +61.8% |
| Suppliers | 440/4 | €387,476 | €626,775 | +€239,299 | +61.8% |
| Advances received on contracts in progress | 46 | €259 | €259 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €32,885 | €9,902 | -€22,983 | -69.9% |
| Taxes | 450/3 | €32,885 | €9,902 | -€22,983 | -69.9% |
| Other amounts payable | 47/48 | €1,251,186 | €1,411,979 | +€160,793 | +12.9% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,152 | €44,587 | +€2,436 | +5.8% |
| Other operating charges | 640/8 | €44,109 | €7,414 | -€36,695 | -83.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €121,955 | €120,284 | -€1,671 | -1.4% |
| Operating profit (loss) | 9901 | €35,694 | €68,283 | +€32,589 | +91.3% |
| Financial income | 75/76B | €0 | €125 | +€125 | |
| Recurring financial income | 75 | €0 | €125 | +€125 | |
| Financial charges | 65/66B | €42,230 | €34,596 | -€7,634 | -18.1% |
| Recurring financial charges | 65 | €42,230 | €34,596 | -€7,634 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,536 | €33,812 | +€40,348 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €5,269 | +€5,269 | |
| Profit (loss) for the period | 9904 | -€6,536 | €28,543 | +€35,079 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,536 | €28,543 | +€35,079 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.