KIMAGE: 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
KIMAGE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€49,171
2024 · -€72,335+€23,164
Equity
€131,255
2024 · €180,427-€49,171
Cash
€1,473
2024 · €5,266-€3,794
Balance sheet total
€727,711
2024 · €752,362-€24,651
Largest movements
Assets
- Tangible fixed assets -€23,687
down €23,687 (-27.1%), from €87,332 to €63,646
Equity and liabilities
- Debts after one year +€67,857
up €67,857 (+25.7%), from €264,285 to €332,142
- Profit (loss) carried forward -€49,171
down €49,171 (-68.0%), from -€72,335 to -€121,507
- Other debts -€28,057
down €28,057 (-12.0%), from €233,395 to €205,338
Income statement
- Gross operating margin +€22,413
up €22,413 (+62.2%), from -€36,011 to -€13,598
- Financial charges -€865
down €865 (-8.0%), from €10,865 to €10,000
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
-€72,335
Gross operating margin
+€22,413
Other operating charges
+€65
Financial charges
+€865
Taxes
-€179
Result 2025
-€49,171
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
-€71,651
Investment
€0
Financing
+€67,857
Cash 2024
€5,266
From operations (derived)
-€71,651
Net result for the year
-€49,171
Depreciation
+€23,687
Receivables within one year
-€2,725
Deferred charges and accrued income
-€104
Trade debts
-€4,866
Tax, wage and social debts
-€2,914
Other debts
-€28,057
Accrued charges and deferred income
-€7,500
Financing
+€67,857
Debts after one year
+€67,857
Cash 2025
€1,473
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €752,362 | €727,711 | -€24,651 | -3.3% |
| Fixed assets | 21/28 | €737,332 | €713,646 | -€23,687 | -3.2% |
| Tangible fixed assets | 22/27 | €87,332 | €63,646 | -€23,687 | -27.1% |
| Furniture and vehicles | 24 | €87,332 | €63,646 | -€23,687 | -27.1% |
| Financial fixed assets | 28 | €650,000 | €650,000 | = | 0.0% |
| Current assets | 29/58 | €15,030 | €14,065 | -€965 | -6.4% |
| Amounts receivable within one year | 40/41 | €5,588 | €8,314 | +€2,725 | +48.8% |
| Trade receivables | 40 | €5,387 | €0 | -€5,387 | -100% |
| Other amounts receivable | 41 | €201 | €8,314 | +€8,112 | +4,034% |
| Cash at bank and in hand | 54/58 | €5,266 | €1,473 | -€3,794 | -72.0% |
| Deferred charges and accrued income | 490/1 | €4,175 | €4,279 | +€104 | +2.5% |
| Total equity and liabilities | 10/49 | €752,362 | €727,711 | -€24,651 | -3.3% |
| Equity | 10/15 | €180,427 | €131,255 | -€49,171 | -27.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €152,762 | €152,762 | = | 0.0% |
| Distributable reserves | 133 | €152,762 | €152,762 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,335 | -€121,507 | -€49,171 | -68.0% |
| Amounts payable | 17/49 | €571,936 | €596,456 | +€24,520 | +4.3% |
| Amounts payable after more than one year | 17 | €264,285 | €332,142 | +€67,857 | +25.7% |
| Financial debts | 170/4 | €264,285 | €332,142 | +€67,857 | +25.7% |
| Amounts payable within one year | 42/48 | €300,150 | €264,313 | -€35,837 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €57,143 | €57,143 | = | 0.0% |
| Trade debts | 44 | €4,866 | €0 | -€4,866 | -100% |
| Suppliers | 440/4 | €4,866 | €0 | -€4,866 | -100% |
| Taxes, remuneration and social security | 45 | €4,747 | €1,832 | -€2,914 | -61.4% |
| Taxes | 450/3 | €4,747 | €332 | -€4,414 | -93.0% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €233,395 | €205,338 | -€28,057 | -12.0% |
| Accrued charges and deferred income | 492/3 | €7,500 | €0 | -€7,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,687 | €23,687 | = | 0.0% |
| Other operating charges | 640/8 | €1,620 | €1,554 | -€65 | -4.0% |
| Gross operating margin | 9900 | -€36,011 | -€13,598 | +€22,413 | +62.2% |
| Operating profit (loss) | 9901 | -€61,317 | -€38,839 | +€22,478 | +36.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €10,865 | €10,000 | -€865 | -8.0% |
| Recurring financial charges | 65 | €10,865 | €10,000 | -€865 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€72,182 | -€48,839 | +€23,343 | +32.3% |
| Income taxes | 67/77 | €154 | €332 | +€179 | +116% |
| Profit (loss) for the period | 9904 | -€72,335 | -€49,171 | +€23,164 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,335 | -€49,171 | +€23,164 | +32.0% |
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 28 October 2026 via checked.be.