KH INVEST: what changed
KH INVEST
Largest movements
- Tangible fixed assets -€182,015
down €182,015 (-39.7%), from €458,048 to €276,033
of which Land and buildings: -€173,788
- Receivables within one year +€50,002
up €50,002 (+28.3%), from €176,553 to €226,555
- Cash -€40,822
down €40,822 (-24.7%), from €165,485 to €124,663
mainly Current portion of long-term debt (-€133,707) and Receivables within one year (-€50,002)
- Current portion of long-term debt -€133,707
down €133,707 (-87.6%), from €152,573 to €18,866
- Debts after one year -€36,215
down €36,215 (-22.3%), from €162,204 to €125,989
- Gross operating margin +€85,953
up €85,953, from -€70,506 to €15,447
- Financial income -€50,828
down €50,828 (-89.4%), from €56,840 to €6,012
- Depreciation -€9,045
down €9,045 (-43.1%), from €20,985 to €11,940
- Financial charges -€1,297
down €1,297 (-24.3%), from €5,343 to €4,045
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €861,899 | €689,064 | -€172,835 | -20.1% |
| Fixed assets | 21/28 | €519,860 | €337,845 | -€182,015 | -35.0% |
| Tangible fixed assets | 22/27 | €458,048 | €276,033 | -€182,015 | -39.7% |
| Land and buildings | 22 | €430,151 | €256,363 | -€173,788 | -40.4% |
| Furniture and vehicles | 24 | €27,897 | €19,670 | -€8,227 | -29.5% |
| Financial fixed assets | 28 | €61,812 | €61,812 | = | 0.0% |
| Current assets | 29/58 | €342,039 | €351,218 | +€9,180 | +2.7% |
| Amounts receivable within one year | 40/41 | €176,553 | €226,555 | +€50,002 | +28.3% |
| Other amounts receivable | 41 | €176,553 | €226,555 | +€50,002 | +28.3% |
| Cash at bank and in hand | 54/58 | €165,485 | €124,663 | -€40,822 | -24.7% |
| Total equity and liabilities | 10/49 | €861,899 | €689,064 | -€172,835 | -20.1% |
| Equity | 10/15 | €523,708 | €527,757 | +€4,049 | +0.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €691,108 | €691,108 | = | 0.0% |
| Distributable reserves | 133 | €691,108 | €691,108 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,400 | -€164,351 | +€4,049 | +2.4% |
| Amounts payable | 17/49 | €338,191 | €161,306 | -€176,885 | -52.3% |
| Amounts payable after more than one year | 17 | €162,204 | €125,989 | -€36,215 | -22.3% |
| Financial debts | 170/4 | €162,204 | €125,989 | -€36,215 | -22.3% |
| Amounts payable within one year | 42/48 | €175,987 | €35,317 | -€140,670 | -79.9% |
| Current portion of amounts payable after more than one year | 42 | €152,573 | €18,866 | -€133,707 | -87.6% |
| Financial debts | 43 | €6,836 | €2,304 | -€4,532 | -66.3% |
| Credit institutions | 430/8 | - | €2,304 | +€2,304 | |
| Other loans | 439 | €6,836 | - | -€6,836 | |
| Trade debts | 44 | €4,673 | €2,606 | -€2,067 | -44.2% |
| Suppliers | 440/4 | €4,673 | €2,606 | -€2,067 | -44.2% |
| Taxes, remuneration and social security | 45 | €11,905 | €11,541 | -€363 | -3.1% |
| Taxes | 450/3 | €11,905 | €11,541 | -€363 | -3.1% |
| Non-recurring operating income | 76A | - | €71,432 | +€71,432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,985 | €11,940 | -€9,045 | -43.1% |
| Other operating charges | 640/8 | €1,064 | €1,425 | +€361 | +33.9% |
| Gross operating margin | 9900 | -€70,506 | €15,447 | +€85,953 | |
| Operating profit (loss) | 9901 | -€92,556 | €2,083 | +€94,638 | |
| Financial income | 75/76B | €56,840 | €6,012 | -€50,828 | -89.4% |
| Recurring financial income | 75 | €56,840 | €6,012 | -€50,828 | -89.4% |
| Financial charges | 65/66B | €5,343 | €4,045 | -€1,297 | -24.3% |
| Recurring financial charges | 65 | €5,343 | €4,045 | -€1,297 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€41,058 | €4,049 | +€45,107 | |
| Income taxes | 67/77 | €330 | - | -€330 | |
| Profit (loss) for the period | 9904 | -€41,388 | €4,049 | +€45,437 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,388 | €4,049 | +€45,437 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.