KDGA Holding: 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
KDGA Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€723,036
2024 · €7,791+€715,245
Equity
€1.9m
2024 · -€42,330+€2.0m
Cash
€7,494
2024 · €55+€7,439
Balance sheet total
€5.0m
2024 · €1.7m+€3.3m
Largest movements
Assets
- Financial fixed assets +€1.9m
up €1.9m (+178%), from €1.1m to €3.0m
- Tangible fixed assets +€1.0m
up €1.0m (+15,526%), from €6,470 to €1.0m
of which Land and buildings: +€1.0m
- Receivables within one year +€336,454
up €336,454 (+53.7%), from €626,358 to €962,811
of which Trade receivables: +€197,545
Equity and liabilities
- Reserves +€1.6m
new in 2025: €1.6m
- Debts after one year +€611,320
up €611,320 (+74.7%), from €818,038 to €1.4m
- Provisions +€517,571
new in 2025: €517,571
- Contributions +€365,048
up €365,048 (+913%), from €40,000 to €405,048
- Trade debts +€300,253
up €300,253 (+102%), from €294,337 to €594,590
Income statement
- Gross operating margin +€717,712
up €717,712 (+1,044%), from €68,750 to €786,462
- Financial charges -€23,198
down €23,198 (-42.0%), from €55,248 to €32,049
- Other operating charges +€14,750
up €14,750 (+224%), from €6,585 to €21,335
- Depreciation +€13,133
up €13,133 (+250%), from €5,244 to €18,377
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
€7,791
Gross operating margin
+€717,712
Staff costs
+€1,273
Depreciation
-€13,133
Other operating charges
-€14,750
Financial income
+€455
Financial charges
+€23,198
Taxes
+€490
Result 2025
€723,036
raises the resultlowers the result
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.
From operations
+€1.3m
Investment
-€3.0m
Financing
+€1.7m
Cash 2024
€55
From operations (derived)
+€1.3m
Net result for the year
+€723,036
Depreciation
+€18,377
Receivables after one year
+€32,654
Receivables within one year
-€336,454
Smaller working-capital items
-€4,346
Provisions
+€517,571
Trade debts
+€300,253
Tax, wage and social debts
+€31,789
Accrued charges and deferred income
-€15,353
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Financing
+€1.7m
Debts after one year
+€611,320
Current portion of long-term debt
+€116,132
Short-term financial debts
-€281,612
Contributions, distributions and other
+€1.3m
Cash 2025
€7,494
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,745,659 | €5,009,399 | +€3.3m | +187% |
| Formation expenses | 20 | - | €26,045 | +€26,045 | |
| Fixed assets | 21/28 | €1,084,470 | €4,012,325 | +€2.9m | +270% |
| Tangible fixed assets | 22/27 | €6,470 | €1,010,976 | +€1.0m | +15,526% |
| Land and buildings | 22 | - | €1,008,753 | +€1.0m | |
| Furniture and vehicles | 24 | €1,002 | - | -€1,002 | |
| Other tangible fixed assets | 26 | €5,468 | €2,223 | -€3,245 | -59.3% |
| Financial fixed assets | 28 | €1,078,000 | €3,001,349 | +€1.9m | +178% |
| Current assets | 29/58 | €661,190 | €971,029 | +€309,839 | +46.9% |
| Amounts receivable after more than one year | 29 | €32,654 | - | -€32,654 | |
| Other amounts receivable | 291 | €32,654 | - | -€32,654 | |
| Amounts receivable within one year | 40/41 | €626,358 | €962,811 | +€336,454 | +53.7% |
| Trade receivables | 40 | €317,801 | €515,346 | +€197,545 | +62.2% |
| Other amounts receivable | 41 | €308,557 | €447,465 | +€138,908 | +45.0% |
| Cash at bank and in hand | 54/58 | €55 | €7,494 | +€7,439 | +13,464% |
| Deferred charges and accrued income | 490/1 | €2,122 | €724 | -€1,399 | -65.9% |
| Total equity and liabilities | 10/49 | €1,745,659 | €5,009,399 | +€3.3m | +187% |
| Equity | 10/15 | -€42,330 | €1,947,056 | +€2.0m | |
| Contributions | 10/11 | €40,000 | €405,048 | +€365,048 | +913% |
| Reserves | 13 | - | €1,552,712 | +€1.6m | |
| Tax-exempt reserves | 132 | - | €1,552,712 | +€1.6m | |
| Profit (loss) carried forward | 14 | -€82,330 | -€10,704 | +€71,626 | +87.0% |
| Provisions and deferred taxes | 16 | - | €517,571 | +€517,571 | |
| Deferred taxes | 168 | - | €517,571 | +€517,571 | |
| Amounts payable | 17/49 | €1,787,989 | €2,544,773 | +€756,784 | +42.3% |
| Amounts payable after more than one year | 17 | €818,038 | €1,429,358 | +€611,320 | +74.7% |
| Financial debts | 170/4 | €818,038 | €1,429,358 | +€611,320 | +74.7% |
| Amounts payable within one year | 42/48 | €953,099 | €1,113,916 | +€160,817 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €114,747 | €230,879 | +€116,132 | +101% |
| Financial debts | 43 | €294,136 | €12,524 | -€281,612 | -95.7% |
| Credit institutions | 430/8 | €294,136 | €12,524 | -€281,612 | -95.7% |
| Trade debts | 44 | €294,337 | €594,590 | +€300,253 | +102% |
| Suppliers | 440/4 | €294,337 | €594,590 | +€300,253 | +102% |
| Taxes, remuneration and social security | 45 | €28,793 | €60,582 | +€31,789 | +110% |
| Taxes | 450/3 | €26,247 | €58,036 | +€31,789 | +121% |
| Remuneration and social security | 454/9 | €2,546 | €2,546 | = | 0.0% |
| Other amounts payable | 47/48 | €221,086 | €215,341 | -€5,745 | -2.6% |
| Accrued charges and deferred income | 492/3 | €16,852 | €1,498 | -€15,353 | -91.1% |
| Non-recurring operating income | 76A | - | €651,410 | +€651,410 | |
| Remuneration, social security and pensions | 62 | €1,273 | - | -€1,273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,244 | €18,377 | +€13,133 | +250% |
| Other operating charges | 640/8 | €6,585 | €21,335 | +€14,750 | +224% |
| Gross operating margin | 9900 | €68,750 | €786,462 | +€717,712 | +1,044% |
| Operating profit (loss) | 9901 | €55,648 | €746,750 | +€691,102 | +1,242% |
| Financial income | 75/76B | €7,881 | €8,335 | +€455 | +5.8% |
| Recurring financial income | 75 | €7,881 | €8,335 | +€455 | +5.8% |
| Financial charges | 65/66B | €55,248 | €32,049 | -€23,198 | -42.0% |
| Recurring financial charges | 65 | €55,248 | €32,049 | -€23,198 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €8,281 | €723,036 | +€714,755 | +8,631% |
| Income taxes | 67/77 | €490 | - | -€490 | |
| Profit (loss) for the period | 9904 | €7,791 | €723,036 | +€715,245 | +9,180% |
| Transfer to tax-exempt reserves | 689 | - | €651,410 | +€651,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,791 | €71,626 | +€63,835 | +819% |
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 30 October 2026 via checked.be.