KIM & GLENN: 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
KIM & GLENN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,419
2024 · €14,539+€29,880
Equity
€125,400
2024 · €80,981+€44,419
Cash
€11,623
2024 · €20,870-€9,247
Balance sheet total
€1.3m
2024 · €1.3m+€4,967
Largest movements
Assets
- Financial fixed assets +€75,000
up €75,000 (+25.0%), from €300,300 to €375,300
- Tangible fixed assets -€68,925
down €68,925 (-7.2%), from €951,383 to €882,458
Equity and liabilities
- Debts after one year -€57,535
down €57,535 (-5.3%), from €1.1m to €1.0m
- Profit (loss) carried forward +€44,419
up €44,419 (+78.0%), from €56,981 to €101,400
- Other debts +€16,581
up €16,581 (+34.5%), from €48,014 to €64,595
Income statement
- Gross operating margin +€29,075
up €29,075 (+26.9%), from €107,997 to €137,072
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
€14,539
Gross operating margin
+€29,075
Other operating charges
+€52
Financial income
-€0
Financial charges
+€742
Taxes
+€10
Result 2025
€44,419
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
+€122,430
Investment
-€75,000
Financing
-€56,676
Cash 2024
€20,870
From operations (derived)
+€122,430
Net result for the year
+€44,419
Depreciation
+€68,925
Receivables within one year
-€7,905
Deferred charges and accrued income
-€234
Smaller working-capital items
-€93
Tax, wage and social debts
+€736
Other debts
+€16,581
Investment (derived)
-€75,000
Investment in fixed assets (net)
-€75,000
Financing
-€56,676
Debts after one year
-€57,535
Current portion of long-term debt
+€859
Cash 2025
€11,623
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,275,314 | €1,280,282 | +€4,967 | +0.4% |
| Fixed assets | 21/28 | €1,251,683 | €1,257,758 | +€6,075 | +0.5% |
| Tangible fixed assets | 22/27 | €951,383 | €882,458 | -€68,925 | -7.2% |
| Land and buildings | 22 | €951,383 | €882,458 | -€68,925 | -7.2% |
| Financial fixed assets | 28 | €300,300 | €375,300 | +€75,000 | +25.0% |
| Current assets | 29/58 | €23,631 | €22,524 | -€1,107 | -4.7% |
| Amounts receivable within one year | 40/41 | €212 | €8,117 | +€7,905 | +3,729% |
| Trade receivables | 40 | €212 | €8,117 | +€7,905 | +3,729% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,870 | €11,623 | -€9,247 | -44.3% |
| Deferred charges and accrued income | 490/1 | €2,549 | €2,783 | +€234 | +9.2% |
| Total equity and liabilities | 10/49 | €1,275,314 | €1,280,282 | +€4,967 | +0.4% |
| Equity | 10/15 | €80,981 | €125,400 | +€44,419 | +54.9% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,981 | €101,400 | +€44,419 | +78.0% |
| Amounts payable | 17/49 | €1,194,333 | €1,154,882 | -€39,452 | -3.3% |
| Amounts payable after more than one year | 17 | €1,090,694 | €1,033,159 | -€57,535 | -5.3% |
| Financial debts | 170/4 | €1,090,694 | €1,033,159 | -€57,535 | -5.3% |
| Amounts payable within one year | 42/48 | €103,002 | €121,060 | +€18,058 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €53,148 | €54,007 | +€859 | +1.6% |
| Trade debts | 44 | €634 | €682 | +€48 | +7.6% |
| Suppliers | 440/4 | €634 | €682 | +€48 | +7.6% |
| Advances received on contracts in progress | 46 | €166 | €0 | -€166 | -100% |
| Taxes, remuneration and social security | 45 | €1,040 | €1,776 | +€736 | +70.8% |
| Taxes | 450/3 | €1,040 | €1,776 | +€736 | +70.8% |
| Other amounts payable | 47/48 | €48,014 | €64,595 | +€16,581 | +34.5% |
| Accrued charges and deferred income | 492/3 | €638 | €663 | +€25 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,925 | €68,925 | = | 0.0% |
| Other operating charges | 640/8 | €3,865 | €3,813 | -€52 | -1.3% |
| Gross operating margin | 9900 | €107,997 | €137,072 | +€29,075 | +26.9% |
| Operating profit (loss) | 9901 | €35,206 | €64,334 | +€29,127 | +82.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €20,538 | €19,796 | -€742 | -3.6% |
| Recurring financial charges | 65 | €20,538 | €19,796 | -€742 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €14,669 | €44,538 | +€29,869 | +204% |
| Income taxes | 67/77 | €129 | €119 | -€10 | -8.1% |
| Profit (loss) for the period | 9904 | €14,539 | €44,419 | +€29,880 | +206% |
| Profit (loss) for the period to be appropriated | 9905 | €14,539 | €44,419 | +€29,880 | +206% |
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 22 October 2026 via checked.be.