KONVERT: what changed
Two fiscal 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
KONVERT
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€194,597
2024 · €421,059-€226,462
Equity
€22.4m
2024 · €22.3m+€54,252
Cash
€267,845
2024 · €8.5m-€8.2m
Balance sheet total
€27.0m
2024 · €27.0m-€12,866
Largest movements
Assets
- Cash -€8.2m
down €8.2m (-96.8%), from €8.5m to €267,845
mainly Current investments (-€6.9m) and Investment in fixed assets (net) (-€1.6m)
- Current investments +€6.9m
up €6.9m, from €0 to €6.9m
- Financial fixed assets +€1.6m
up €1.6m (+20.5%), from €7.9m to €9.5m
of which Affiliated companies: +€1.6m
- Tangible fixed assets -€533,287
down €533,287 (-5.6%), from €9.6m to €9.0m
of which Land and buildings: -€439,383
Equity and liabilities
- Trade debts +€417,328
up €417,328 (+50.7%), from €822,485 to €1.2m
- Debts after one year -€403,864
down €403,864 (-13.1%), from €3.1m to €2.7m
Income statement
- Turnover -€643,931
down €643,931 (-10.7%), from €6.0m to €5.4m
- Other operating charges -€485,315
down €485,315 (-46.5%), from €1.0m to €558,115
- Other operating income -€457,093
down €457,093 (-46.6%), from €981,835 to €524,742
- Staff costs -€289,484
down €289,484 (-12.3%), from €2.3m to €2.1m
- Goods and materials -€144,478
down €144,478 (-42.8%), from €337,614 to €193,135
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
€421,059
Turnover
-€643,931
Other operating income
-€457,093
Goods and materials
+€144,478
Services and other goods
-€88,049
Staff costs
+€289,484
Depreciation
+€70,614
Write-downs
-€112
Other operating charges
+€485,315
Financial income
-€109,977
Financial charges
+€8,655
Taxes
+€74,152
Result 2025
€194,597
Cash bridge derived
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
+€846,495
Investment
-€8.5m
Financing
-€537,916
Cash 2024
€8.5m
From operations (derived)
+€846,495
Net result for the year
+€194,597
Depreciation
+€536,688
Receivables within one year
-€185,584
Deferred charges and accrued income
-€29,658
Trade debts
+€417,328
Tax, wage and social debts
-€92,559
Accrued charges and deferred income
+€5,684
Investment (derived)
-€8.5m
Investment in fixed assets (net)
-€1.6m
Current investments
-€6.9m
Financing
-€537,916
Debts after one year
-€403,864
Current portion of long-term debt
+€6,293
Contributions, distributions and other
-€140,345
Cash 2025
€267,845
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,049,963 | €27,037,097 | -€12,866 | 0.0% |
| Fixed assets | 21/28 | €17,420,898 | €18,498,486 | +€1.1m | +6.2% |
| Intangible fixed assets | 21 | €1,196 | €1,613 | +€416 | +34.8% |
| Tangible fixed assets | 22/27 | €9,569,133 | €9,035,846 | -€533,287 | -5.6% |
| Land and buildings | 22 | €8,934,075 | €8,494,691 | -€439,383 | -4.9% |
| Furniture and vehicles | 24 | €635,058 | €541,155 | -€93,904 | -14.8% |
| Financial fixed assets | 28 | €7,850,569 | €9,461,027 | +€1.6m | +20.5% |
| Affiliated companies | 280/1 | €7,842,884 | €9,453,343 | +€1.6m | +20.5% |
| Participating interests | 280 | €7,842,884 | €7,842,884 | = | 0.0% |
| Amounts receivable | 281 | - | €1,610,459 | +€1.6m | |
| Other financial fixed assets | 284/8 | €7,685 | €7,685 | = | 0.0% |
| Shares | 284 | €7,437 | €7,437 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €9,629,065 | €8,538,611 | -€1.1m | -11.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,157,749 | €1,343,333 | +€185,584 | +16.0% |
| Trade receivables | 40 | €1,024,749 | €808,085 | -€216,664 | -21.1% |
| Other amounts receivable | 41 | €133,000 | €535,248 | +€402,248 | +302.4% |
| Current investments | 50/53 | €0 | €6,897,775 | +€6.9m | |
| Other investments | 51/53 | €0 | €6,897,775 | +€6.9m | |
| Cash at bank and in hand | 54/58 | €8,471,317 | €267,845 | -€8.2m | -96.8% |
| Deferred charges and accrued income | 490/1 | - | €29,658 | +€29,658 | |
| Total equity and liabilities | 10/49 | €27,049,963 | €27,037,097 | -€12,866 | 0.0% |
| Equity | 10/15 | €22,306,538 | €22,360,791 | +€54,252 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €22,244,538 | €22,298,791 | +€54,252 | +0.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,438 | €69,438 | = | 0.0% |
| Distributable reserves | 133 | €22,168,901 | €22,223,153 | +€54,252 | +0.2% |
| Amounts payable | 17/49 | €4,743,425 | €4,676,306 | -€67,119 | -1.4% |
| Amounts payable after more than one year | 17 | €3,076,805 | €2,672,941 | -€403,864 | -13.1% |
| Financial debts | 170/4 | €3,076,805 | €2,672,941 | -€403,864 | -13.1% |
| Credit institutions | 173 | €3,076,805 | €2,672,941 | -€403,864 | -13.1% |
| Amounts payable within one year | 42/48 | €1,666,619 | €1,997,681 | +€331,062 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €397,571 | €403,864 | +€6,293 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €822,485 | €1,239,813 | +€417,328 | +50.7% |
| Suppliers | 440/4 | €822,485 | €1,239,813 | +€417,328 | +50.7% |
| Taxes, remuneration and social security | 45 | €446,564 | €354,005 | -€92,559 | -20.7% |
| Taxes | 450/3 | €147,463 | €122,506 | -€24,958 | -16.9% |
| Remuneration and social security | 454/9 | €299,100 | €231,499 | -€67,601 | -22.6% |
| Accrued charges and deferred income | 492/3 | - | €5,684 | +€5,684 | |
| Operating income | 70/76A | €6,983,815 | €5,882,792 | -€1.1m | -15.8% |
| Turnover | 70 | €6,001,981 | €5,358,050 | -€643,931 | -10.7% |
| Other operating income | 74 | €981,835 | €524,742 | -€457,093 | -46.6% |
| Operating charges | 60/66A | €6,622,320 | €5,720,589 | -€901,731 | -13.6% |
| Goods for resale, raw materials and consumables | 60 | €337,614 | €193,135 | -€144,478 | -42.8% |
| Purchases | 600/8 | €337,614 | €193,135 | -€144,478 | -42.8% |
| Services and other goods | 61 | €2,284,808 | €2,372,857 | +€88,049 | +3.9% |
| Remuneration, social security and pensions | 62 | €2,349,166 | €2,059,682 | -€289,484 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €607,303 | €536,688 | -€70,614 | -11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €112 | +€112 | |
| Other operating charges | 640/8 | €1,043,430 | €558,115 | -€485,315 | -46.5% |
| Operating profit (loss) | 9901 | €361,496 | €162,203 | -€199,293 | -55.1% |
| Financial income | 75/76B | €287,310 | €177,333 | -€109,977 | -38.3% |
| Recurring financial income | 75 | €287,310 | €177,333 | -€109,977 | -38.3% |
| Income from current assets | 751 | €287,310 | €176,975 | -€110,336 | -38.4% |
| Other financial income | 752/9 | €0 | €359 | +€359 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €67,494 | €58,839 | -€8,655 | -12.8% |
| Recurring financial charges | 65 | €67,494 | €58,839 | -€8,655 | -12.8% |
| Debt charges | 650 | €62,477 | €54,188 | -€8,289 | -13.3% |
| Other financial charges | 652/9 | €5,017 | €4,650 | -€366 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €581,312 | €280,698 | -€300,614 | -51.7% |
| Income taxes | 67/77 | €160,253 | €86,101 | -€74,152 | -46.3% |
| Taxes | 670/3 | €160,253 | €86,101 | -€74,152 | -46.3% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €421,059 | €194,597 | -€226,462 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €421,059 | €194,597 | -€226,462 | -53.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.