KBC Focus fund: 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.
KBC Focus fund
Largest movements
- Financial fixed assets -€4.2m
down €4.2m (-18.0%), from €23.3m to €19.1m
of which Companies linked by participating interests: -€14.1m
- Cash +€2.0m
up €2.0m (+599%), from €341,995 to €2.4m
mainly Investment in fixed assets (net) (+€4.2m) and Contributions, distributions and other (+€4.0m)
- Receivables within one year -€670,873
down €670,873 (-69.6%), from €963,762 to €292,889
- Receivables after one year -€292,889
down €292,889 (-100%), from €292,889 to €0
- Profit (loss) carried forward -€7.1m
down €7.1m (-81.5%), from -€8.7m to -€15.8m
- Contributions +€4.0m
up €4.0m (+12.2%), from €32.8m to €36.8m
- Financial charges +€2.7m
up €2.7m (+68.6%), from €4.0m to €6.7m
of which Non-recurring financial charges: +€2.7m
- Financial income -€1.4m
down €1.4m (-69.8%), from €2.0m to €591,637
of which Non-recurring financial income: -€1.4m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,911,707 | €21,833,423 | -€3.1m | -12.4% |
| Fixed assets | 21/28 | €23,262,886 | €19,068,053 | -€4.2m | -18.0% |
| Financial fixed assets | 28 | €23,262,886 | €19,068,053 | -€4.2m | -18.0% |
| Companies linked by participating interests | 282/3 | €23,262,886 | €9,180,538 | -€14.1m | -60.5% |
| Participating interests | 282 | €23,112,886 | €8,544,038 | -€14.6m | -63.0% |
| Amounts receivable | 283 | €150,000 | €636,500 | +€486,500 | +324% |
| Other financial fixed assets | 284/8 | - | €9,887,515 | +€9.9m | |
| Shares | 284 | - | €9,662,515 | +€9.7m | |
| Amounts receivable and cash guarantees | 285/8 | - | €225,000 | +€225,000 | |
| Current assets | 29/58 | €1,648,821 | €2,765,370 | +€1.1m | +67.7% |
| Amounts receivable after more than one year | 29 | €292,889 | €0 | -€292,889 | -100% |
| Other amounts receivable | 291 | €292,889 | €0 | -€292,889 | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €963,762 | €292,889 | -€670,873 | -69.6% |
| Other amounts receivable | 41 | €963,762 | €292,889 | -€670,873 | -69.6% |
| Cash at bank and in hand | 54/58 | €341,995 | €2,390,327 | +€2.0m | +599% |
| Deferred charges and accrued income | 490/1 | €50,175 | €82,154 | +€31,980 | +63.7% |
| Total equity and liabilities | 10/49 | €24,911,707 | €21,833,423 | -€3.1m | -12.4% |
| Equity | 10/15 | €24,157,017 | €21,081,543 | -€3.1m | -12.7% |
| Contributions | 10/11 | €32,836,925 | €36,836,925 | +€4.0m | +12.2% |
| Capital | 10 | €32,836,925 | €36,836,925 | +€4.0m | +12.2% |
| Issued capital | 100 | €55,147,700 | €55,147,700 | = | 0.0% |
| Uncalled capital | 101 | €22,310,775 | €18,310,775 | -€4.0m | -17.9% |
| Profit (loss) carried forward | 14 | -€8,679,908 | -€15,755,382 | -€7.1m | -81.5% |
| Amounts payable | 17/49 | €754,690 | €751,879 | -€2,810 | -0.4% |
| Amounts payable within one year | 42/48 | €754,690 | €751,879 | -€2,810 | -0.4% |
| Trade debts | 44 | €754,665 | €751,854 | -€2,810 | -0.4% |
| Suppliers | 440/4 | €754,665 | €751,854 | -€2,810 | -0.4% |
| Other amounts payable | 47/48 | €25 | €25 | = | 0.0% |
| Operating charges | 60/66A | €985,809 | €980,256 | -€5,553 | -0.6% |
| Services and other goods | 61 | €967,424 | €978,881 | +€11,457 | +1.2% |
| Other operating charges | 640/8 | €18,385 | €1,375 | -€17,010 | -92.5% |
| Operating profit (loss) | 9901 | -€985,809 | -€980,256 | +€5,553 | +0.6% |
| Financial income | 75/76B | €1,961,750 | €591,637 | -€1.4m | -69.8% |
| Recurring financial income | 75 | €11,561 | €35,908 | +€24,347 | +211% |
| Income from financial fixed assets | 750 | €11,561 | €35,908 | +€24,347 | +211% |
| Non-recurring financial income | 76B | €1,950,189 | €555,729 | -€1.4m | -71.5% |
| Financial charges | 65/66B | €3,965,055 | €6,686,854 | +€2.7m | +68.6% |
| Recurring financial charges | 65 | €2,054 | €178 | -€1,876 | -91.3% |
| Debt charges | 650 | €2,054 | €178 | -€1,876 | -91.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Non-recurring financial charges | 66B | €3,963,002 | €6,686,676 | +€2.7m | +68.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,989,114 | -€7,075,473 | -€4.1m | -137% |
| Profit (loss) for the period | 9904 | -€2,989,114 | -€7,075,473 | -€4.1m | -137% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,989,114 | -€7,075,473 | -€4.1m | -137% |
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.