K & R PROJECTS: 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 & R PROJECTS
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€416,278
2024 · €478,505-€62,227
Equity
€5.3m
2024 · €4.9m+€416,278
Cash
€221,771
2024 · €943,304-€721,533
Balance sheet total
€28.7m
2024 · €10.5m+€18.2m
Largest movements
Assets
- Financial fixed assets +€12.5m
new in 2025: €12.5m
- Tangible fixed assets +€6.6m
up €6.6m (+91.6%), from €7.2m to €13.9m
of which Land and buildings: +€6.6m
- Cash -€721,533
down €721,533 (-76.5%), from €943,304 to €221,771
mainly Investment in fixed assets (net) (-€19.6m) and Receivables within one year (-€49,789)
- Stocks and contracts -€289,883
down €289,883 (-94.5%), from €306,718 to €16,835
Equity and liabilities
- Other debts +€6.9m
up €6.9m (+1506.2%), from €460,783 to €7.4m
- Short-term financial debts +€5.6m
up €5.6m (+557.1%), from €1.0m to €6.6m
- Debts after one year +€4.7m
up €4.7m (+137.6%), from €3.4m to €8.1m
- Reserves +€416,278
up €416,278 (+13.5%), from €3.1m to €3.5m
- Current portion of long-term debt +€399,487
up €399,487 (+83.3%), from €479,832 to €879,319
Income statement
- Financial income +€809,981
up €809,981 (+1809.7%), from €44,757 to €854,737
- Other operating income -€621,497
down €621,497 (-46.1%), from €1.3m to €726,870
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
€478,505
Other operating income
-€621,497
Goods and materials
+€19,994
Services and other goods
-€75,775
Depreciation
-€166,271
Other operating charges
-€87,197
Other operating items
+€10,512
Financial income
+€809,981
Financial charges
-€132,813
Taxes
+€180,840
Result 2025
€416,278
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
+€8.2m
Investment
-€19.6m
Financing
+€10.7m
Cash 2024
€943,304
From operations (derived)
+€8.2m
Net result for the year
+€416,278
Depreciation
+€425,870
Stocks and contracts
+€289,883
Receivables within one year
-€49,789
Smaller working-capital items
-€8,329
Trade debts
+€176,349
Other debts
+€6.9m
Investment (derived)
-€19.6m
Investment in fixed assets (net)
-€19.6m
Financing
+€10.7m
Debts after one year
+€4.7m
Current portion of long-term debt
+€399,487
Short-term financial debts
+€5.6m
Cash 2025
€221,771
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,499,478 | €28,660,847 | +€18.2m | +173.0% |
| Fixed assets | 21/28 | €7,230,107 | €26,368,827 | +€19.1m | +264.7% |
| Tangible fixed assets | 22/27 | €7,230,107 | €13,850,793 | +€6.6m | +91.6% |
| Land and buildings | 22 | €7,128,171 | €13,769,296 | +€6.6m | +93.2% |
| Furniture and vehicles | 24 | €101,936 | €81,497 | -€20,440 | -20.1% |
| Financial fixed assets | 28 | - | €12,518,034 | +€12.5m | |
| Affiliated companies | 280/1 | - | €12,518,034 | +€12.5m | |
| Participating interests | 280 | - | €12,518,034 | +€12.5m | |
| Current assets | 29/58 | €3,269,371 | €2,292,020 | -€977,350 | -29.9% |
| Stocks and contracts in progress | 3 | €306,718 | €16,835 | -€289,883 | -94.5% |
| Stocks | 30/36 | €306,718 | €16,835 | -€289,883 | -94.5% |
| Property held for sale | 35 | €306,718 | €16,835 | -€289,883 | -94.5% |
| Amounts receivable within one year | 40/41 | €1,957,857 | €2,007,646 | +€49,789 | +2.5% |
| Trade receivables | 40 | €128,761 | €26,358 | -€102,402 | -79.5% |
| Other amounts receivable | 41 | €1,829,096 | €1,981,288 | +€152,192 | +8.3% |
| Cash at bank and in hand | 54/58 | €943,304 | €221,771 | -€721,533 | -76.5% |
| Deferred charges and accrued income | 490/1 | €61,492 | €45,767 | -€15,725 | -25.6% |
| Total equity and liabilities | 10/49 | €10,499,478 | €28,660,847 | +€18.2m | +173.0% |
| Equity | 10/15 | €4,862,607 | €5,278,886 | +€416,278 | +8.6% |
| Contributions | 10/11 | €1,768,076 | €1,768,076 | = | 0.0% |
| Reserves | 13 | €3,094,531 | €3,510,810 | +€416,278 | +13.5% |
| Distributable reserves | 133 | €3,094,531 | €3,510,810 | +€416,278 | +13.5% |
| Amounts payable | 17/49 | €5,636,871 | €23,381,962 | +€17.7m | +314.8% |
| Amounts payable after more than one year | 17 | €3,402,195 | €8,083,888 | +€4.7m | +137.6% |
| Financial debts | 170/4 | €3,402,195 | €8,083,888 | +€4.7m | +137.6% |
| Credit institutions | 173 | €3,402,195 | €8,083,888 | +€4.7m | +137.6% |
| Amounts payable within one year | 42/48 | €2,210,413 | €15,278,037 | +€13.1m | +591.2% |
| Current portion of amounts payable after more than one year | 42 | €479,832 | €879,319 | +€399,487 | +83.3% |
| Financial debts | 43 | €1,000,000 | €6,571,352 | +€5.6m | +557.1% |
| Credit institutions | 430/8 | €1,000,000 | €6,571,352 | +€5.6m | +557.1% |
| Trade debts | 44 | €68,112 | €244,462 | +€176,349 | +258.9% |
| Suppliers | 440/4 | €68,112 | €244,462 | +€176,349 | +258.9% |
| Taxes, remuneration and social security | 45 | €201,685 | €181,857 | -€19,829 | -9.8% |
| Taxes | 450/3 | €201,685 | €181,857 | -€19,829 | -9.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €460,783 | €7,401,046 | +€6.9m | +1506.2% |
| Accrued charges and deferred income | 492/3 | €24,262 | €20,037 | -€4,225 | -17.4% |
| Operating income | 70/76A | €1,382,530 | €771,545 | -€610,986 | -44.2% |
| Turnover | 70 | €0 | - | = | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€594,951 | -€289,883 | +€305,068 | +51.3% |
| Own construction capitalised | 72 | €614,944 | €289,883 | -€325,062 | -52.9% |
| Other operating income | 74 | €1,348,367 | €726,870 | -€621,497 | -46.1% |
| Non-recurring operating income | 76A | €14,169 | €44,675 | +€30,506 | +215.3% |
| Operating charges | 60/66A | €610,596 | €919,845 | +€309,249 | +50.6% |
| Goods for resale, raw materials and consumables | 60 | €19,994 | €0 | -€19,994 | -100.0% |
| Purchases | 600/8 | €19,994 | €0 | -€19,994 | -100.0% |
| Services and other goods | 61 | €291,194 | €366,969 | +€75,775 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259,600 | €425,870 | +€166,271 | +64.0% |
| Other operating charges | 640/8 | €39,809 | €127,006 | +€87,197 | +219.0% |
| Operating profit (loss) | 9901 | €771,934 | -€148,301 | -€920,235 | |
| Financial income | 75/76B | €44,757 | €854,737 | +€809,981 | +1809.7% |
| Recurring financial income | 75 | €44,757 | €854,737 | +€809,981 | +1809.7% |
| Income from financial fixed assets | 750 | - | €811,544 | +€811,544 | |
| Income from current assets | 751 | €44,757 | €39,605 | -€5,151 | -11.5% |
| Other financial income | 752/9 | - | €3,589 | +€3,589 | |
| Financial charges | 65/66B | €157,346 | €290,158 | +€132,813 | +84.4% |
| Recurring financial charges | 65 | €157,346 | €290,158 | +€132,813 | +84.4% |
| Debt charges | 650 | €154,813 | €284,372 | +€129,560 | +83.7% |
| Other financial charges | 652/9 | €2,533 | €5,786 | +€3,253 | +128.4% |
| Profit (loss) for the period before taxes | 9903 | €659,345 | €416,278 | -€243,067 | -36.9% |
| Income taxes | 67/77 | €180,840 | €0 | -€180,840 | -100.0% |
| Taxes | 670/3 | €180,840 | €0 | -€180,840 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €478,505 | €416,278 | -€62,227 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €478,505 | €416,278 | -€62,227 | -13.0% |
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 10 October 2026 via checked.be.