KING GEORGE: 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.
KING GEORGE
Largest movements
- Tangible fixed assets +€339,949
up €339,949 (+59.0%), from €575,878 to €915,827
of which Land and buildings: +€361,665
- Receivables within one year -€84,848
down €84,848 (-28.4%), from €298,289 to €213,441
of which Trade receivables: -€100,478
- Current investments +€73,170
new in 2025: €73,170
- Cash -€35,977
down €35,977 (-6.2%), from €581,817 to €545,840
mainly Contributions, distributions and other (-€542,140) and Investment in fixed assets (net) (-€435,888)
- Reserves -€542,140
down €542,140 (-53.9%), from €1.0m to €464,080
- Other debts +€296,674
up €296,674 (+365%), from €81,330 to €378,004
- Debts after one year +€277,111
up €277,111 (+136%), from €204,259 to €481,371
- Trade debts +€139,356
up €139,356 (+151%), from €92,095 to €231,450
- Profit (loss) carried forward +€95,911
up €95,911 (+59.8%), from -€160,448 to -€64,537
- Gross operating margin -€115,082
down €115,082 (-10.1%), from €1.1m to €1.0m
- Staff costs -€69,297
down €69,297 (-8.7%), from €798,442 to €729,144
- Depreciation -€45,108
down €45,108 (-32.0%), from €141,047 to €95,939
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,487,865 | €1,771,156 | +€283,291 | +19.0% |
| Fixed assets | 21/28 | €575,878 | €915,827 | +€339,949 | +59.0% |
| Tangible fixed assets | 22/27 | €575,878 | €915,827 | +€339,949 | +59.0% |
| Land and buildings | 22 | €518,331 | €879,996 | +€361,665 | +69.8% |
| Plant, machinery and equipment | 23 | €11,705 | €3,710 | -€7,996 | -68.3% |
| Furniture and vehicles | 24 | €42,526 | €26,447 | -€16,079 | -37.8% |
| Other tangible fixed assets | 26 | €3,315 | €5,674 | +€2,359 | +71.1% |
| Current assets | 29/58 | €911,986 | €855,328 | -€56,658 | -6.2% |
| Amounts receivable within one year | 40/41 | €298,289 | €213,441 | -€84,848 | -28.4% |
| Trade receivables | 40 | €267,975 | €167,497 | -€100,478 | -37.5% |
| Other amounts receivable | 41 | €30,314 | €45,944 | +€15,630 | +51.6% |
| Current investments | 50/53 | - | €73,170 | +€73,170 | |
| Cash at bank and in hand | 54/58 | €581,817 | €545,840 | -€35,977 | -6.2% |
| Deferred charges and accrued income | 490/1 | €31,880 | €22,877 | -€9,003 | -28.2% |
| Total equity and liabilities | 10/49 | €1,487,865 | €1,771,156 | +€283,291 | +19.0% |
| Equity | 10/15 | €870,772 | €424,543 | -€446,228 | -51.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,006,220 | €464,080 | -€542,140 | -53.9% |
| Distributable reserves | 133 | €1,006,220 | €464,080 | -€542,140 | -53.9% |
| Profit (loss) carried forward | 14 | -€160,448 | -€64,537 | +€95,911 | +59.8% |
| Amounts payable | 17/49 | €617,093 | €1,346,612 | +€729,519 | +118% |
| Amounts payable after more than one year | 17 | €204,259 | €481,371 | +€277,111 | +136% |
| Financial debts | 170/4 | €204,259 | €481,371 | +€277,111 | +136% |
| Amounts payable within one year | 42/48 | €351,757 | €808,551 | +€456,794 | +130% |
| Current portion of amounts payable after more than one year | 42 | €60,177 | €77,333 | +€17,156 | +28.5% |
| Financial debts | 43 | €16,892 | €16,841 | -€51 | -0.3% |
| Credit institutions | 430/8 | €16,892 | €16,841 | -€51 | -0.3% |
| Trade debts | 44 | €92,095 | €231,450 | +€139,356 | +151% |
| Suppliers | 440/4 | €92,095 | €231,450 | +€139,356 | +151% |
| Taxes, remuneration and social security | 45 | €101,264 | €104,923 | +€3,659 | +3.6% |
| Taxes | 450/3 | €31,234 | €39,128 | +€7,894 | +25.3% |
| Remuneration and social security | 454/9 | €70,030 | €65,795 | -€4,234 | -6.0% |
| Other amounts payable | 47/48 | €81,330 | €378,004 | +€296,674 | +365% |
| Accrued charges and deferred income | 492/3 | €61,076 | €56,690 | -€4,386 | -7.2% |
| Non-recurring operating income | 76A | €18,925 | - | -€18,925 | |
| Remuneration, social security and pensions | 62 | €798,442 | €729,144 | -€69,297 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,047 | €95,939 | -€45,108 | -32.0% |
| Other operating charges | 640/8 | €69,757 | €68,926 | -€831 | -1.2% |
| Gross operating margin | 9900 | €1,144,837 | €1,029,755 | -€115,082 | -10.1% |
| Operating profit (loss) | 9901 | €135,591 | €135,745 | +€154 | +0.1% |
| Financial income | 75/76B | €6,234 | €1,277 | -€4,957 | -79.5% |
| Recurring financial income | 75 | €6,234 | €1,277 | -€4,957 | -79.5% |
| Financial charges | 65/66B | €16,169 | €13,207 | -€2,962 | -18.3% |
| Recurring financial charges | 65 | €16,169 | €13,207 | -€2,962 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €125,656 | €123,815 | -€1,841 | -1.5% |
| Income taxes | 67/77 | €37,215 | €27,904 | -€9,311 | -25.0% |
| Profit (loss) for the period | 9904 | €88,441 | €95,911 | +€7,470 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,441 | €95,911 | +€7,470 | +8.4% |
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 23 October 2026 via checked.be.