KEVIN 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
KEVIN HOLDING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€36,372
2024 · €29,717+€6,655
Equity
€3.0m
2024 · €3.0m+€36,372
Cash
€9,409
2024 · €5,419+€3,990
Balance sheet total
€3.7m
2024 · €3.5m+€195,943
Largest movements
Assets
- Receivables within one year +€210,401
up €210,401 (+73.9%), from €284,654 to €495,054
of which Other amounts receivable: +€228,218
Equity and liabilities
- Other debts +€231,888
up €231,888 (+184%), from €125,690 to €357,578
- Debts after one year -€53,400
down €53,400 (-17.6%), from €302,735 to €249,335
Income statement
- Gross operating margin +€7,274
up €7,274 (+9.9%), from €73,167 to €80,441
- Taxes +€2,329
up €2,329 (+17.8%), from €13,063 to €15,392
- Financial charges -€1,465
down €1,465 (-14.6%), from €10,003 to €8,538
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
€29,717
Gross operating margin
+€7,274
Other operating charges
+€245
Financial income
+€0
Financial charges
+€1,465
Taxes
-€2,329
Result 2025
€36,372
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
+€55,895
Investment
€0
Financing
-€51,905
Cash 2024
€5,419
From operations (derived)
+€55,895
Net result for the year
+€36,372
Depreciation
+€18,528
Receivables within one year
-€210,401
Deferred charges and accrued income
-€82
Trade debts
-€21,031
Tax, wage and social debts
+€620
Other debts
+€231,888
Financing
-€51,905
Debts after one year
-€53,400
Current portion of long-term debt
+€1,495
Cash 2025
€9,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,543,085 | €3,739,028 | +€195,943 | +5.5% |
| Fixed assets | 21/28 | €3,194,321 | €3,175,792 | -€18,528 | -0.6% |
| Tangible fixed assets | 22/27 | €67,921 | €49,392 | -€18,528 | -27.3% |
| Furniture and vehicles | 24 | €67,921 | €49,392 | -€18,528 | -27.3% |
| Financial fixed assets | 28 | €3,126,400 | €3,126,400 | = | 0.0% |
| Current assets | 29/58 | €348,765 | €563,236 | +€214,472 | +61.5% |
| Amounts receivable within one year | 40/41 | €284,654 | €495,054 | +€210,401 | +73.9% |
| Trade receivables | 40 | €52,611 | €34,794 | -€17,817 | -33.9% |
| Other amounts receivable | 41 | €232,043 | €460,261 | +€228,218 | +98.4% |
| Current investments | 50/53 | €57,011 | €57,011 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,419 | €9,409 | +€3,990 | +73.6% |
| Deferred charges and accrued income | 490/1 | €1,681 | €1,763 | +€82 | +4.8% |
| Total equity and liabilities | 10/49 | €3,543,085 | €3,739,028 | +€195,943 | +5.5% |
| Equity | 10/15 | €3,012,325 | €3,048,697 | +€36,372 | +1.2% |
| Contributions | 10/11 | €1,320,000 | €1,320,000 | = | 0.0% |
| Capital | 10 | €1,320,000 | €1,320,000 | = | 0.0% |
| Issued capital | 100 | €1,320,000 | €1,320,000 | = | 0.0% |
| Reserves | 13 | €1,692,325 | €1,728,697 | +€36,372 | +2.1% |
| Non-distributable reserves | 130/1 | €189,011 | €189,011 | = | 0.0% |
| Legal reserve | 130 | €132,000 | €132,000 | = | 0.0% |
| Own shares acquired | 1312 | €57,011 | €57,011 | = | 0.0% |
| Distributable reserves | 133 | €1,503,314 | €1,539,686 | +€36,372 | +2.4% |
| Amounts payable | 17/49 | €530,760 | €690,332 | +€159,571 | +30.1% |
| Amounts payable after more than one year | 17 | €302,735 | €249,335 | -€53,400 | -17.6% |
| Financial debts | 170/4 | €302,735 | €249,335 | -€53,400 | -17.6% |
| Amounts payable within one year | 42/48 | €228,025 | €440,997 | +€212,972 | +93.4% |
| Current portion of amounts payable after more than one year | 42 | €51,905 | €53,400 | +€1,495 | +2.9% |
| Trade debts | 44 | €21,174 | €143 | -€21,031 | -99.3% |
| Suppliers | 440/4 | €21,174 | €143 | -€21,031 | -99.3% |
| Taxes, remuneration and social security | 45 | €29,255 | €29,875 | +€620 | +2.1% |
| Taxes | 450/3 | €25,790 | €29,875 | +€4,085 | +15.8% |
| Remuneration and social security | 454/9 | €3,466 | €0 | -€3,466 | -100% |
| Other amounts payable | 47/48 | €125,690 | €357,578 | +€231,888 | +184% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,528 | €18,528 | = | 0.0% |
| Other operating charges | 640/8 | €1,856 | €1,611 | -€245 | -13.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,167 | €80,441 | +€7,274 | +9.9% |
| Operating profit (loss) | 9901 | €52,783 | €60,301 | +€7,518 | +14.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +83.3% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +83.3% |
| Financial charges | 65/66B | €10,003 | €8,538 | -€1,465 | -14.6% |
| Recurring financial charges | 65 | €10,003 | €8,538 | -€1,465 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €42,780 | €51,764 | +€8,984 | +21.0% |
| Income taxes | 67/77 | €13,063 | €15,392 | +€2,329 | +17.8% |
| Profit (loss) for the period | 9904 | €29,717 | €36,372 | +€6,655 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,717 | €36,372 | +€6,655 | +22.4% |
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 26 October 2026 via checked.be.