KORDAELBOS: 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
KORDAELBOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,455
2024 · €29,421-€20,967
Equity
€3.1m
2024 · €3.1m+€8,455
Cash
€2,273
2024 · €839+€1,433
Balance sheet total
€3.3m
2024 · €3.3m-€765
Largest movements
Assets
- Current investments +€154,865
up €154,865 (+387%), from €40,000 to €194,865
- Receivables within one year -€102,569
down €102,569 (-7.7%), from €1.3m to €1.2m
of which Other amounts receivable: -€97,238
- Receivables after one year -€75,000
down €75,000 (-100%), from €75,000 to €0
Equity and liabilities
- Other debts +€70,588
up €70,588, from €0 to €70,588
- Debts after one year -€54,853
down €54,853 (-52.6%), from €104,186 to €49,333
Income statement
- Other operating income -€14,498
down €14,498 (-57.6%), from €25,171 to €10,673
- Services and other goods +€9,149
up €9,149 (+2.8%), from €327,353 to €336,502
- Depreciation +€6,633
up €6,633 (+296%), from €2,243 to €8,876
- Taxes -€6,559
down €6,559 (-56.8%), from €11,552 to €4,993
of which Taxes: -€6,433
- Turnover -€5,331
down €5,331 (-1.5%), from €347,331 to €342,000
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
€29,421
Turnover
-€5,331
Other operating income
-€14,498
Goods and materials
+€5,331
Services and other goods
-€9,149
Depreciation
-€6,633
Other operating charges
-€60
Financial income
+€14
Financial charges
+€2,800
Taxes
+€6,559
Result 2025
€8,455
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
+€266,476
Investment
-€193,008
Financing
-€72,034
Cash 2024
€839
From operations (derived)
+€266,476
Net result for the year
+€8,455
Depreciation
+€8,876
Receivables after one year
+€75,000
Receivables within one year
+€102,569
Deferred charges and accrued income
+€8,761
Trade debts
+€17,246
Tax, wage and social debts
-€5,020
Other debts
+€70,588
Accrued charges and deferred income
-€20,000
Investment (derived)
-€193,008
Investment in fixed assets (net)
-€38,143
Current investments
-€154,865
Financing
-€72,034
Debts after one year
-€54,853
Current portion of long-term debt
-€17,182
Cash 2025
€2,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,285,450 | €3,284,685 | -€765 | 0.0% |
| Fixed assets | 21/28 | €1,827,057 | €1,856,324 | +€29,267 | +1.6% |
| Tangible fixed assets | 22/27 | €20,046 | €49,313 | +€29,267 | +146% |
| Furniture and vehicles | 24 | - | €31,510 | +€31,510 | |
| Other tangible fixed assets | 26 | €20,046 | €17,803 | -€2,243 | -11.2% |
| Financial fixed assets | 28 | €1,807,011 | €1,807,011 | = | 0.0% |
| Affiliated companies | 280/1 | €1,807,011 | €1,807,011 | = | 0.0% |
| Participating interests | 280 | €1,807,011 | €1,807,011 | = | 0.0% |
| Current assets | 29/58 | €1,458,393 | €1,428,361 | -€30,032 | -2.1% |
| Amounts receivable after more than one year | 29 | €75,000 | €0 | -€75,000 | -100% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,330,512 | €1,227,942 | -€102,569 | -7.7% |
| Trade receivables | 40 | €5,331 | €0 | -€5,331 | -100% |
| Other amounts receivable | 41 | €1,325,180 | €1,227,942 | -€97,238 | -7.3% |
| Current investments | 50/53 | €40,000 | €194,865 | +€154,865 | +387% |
| Other investments | 51/53 | €40,000 | €194,865 | +€154,865 | +387% |
| Cash at bank and in hand | 54/58 | €839 | €2,273 | +€1,433 | +171% |
| Deferred charges and accrued income | 490/1 | €12,042 | €3,281 | -€8,761 | -72.8% |
| Total equity and liabilities | 10/49 | €3,285,450 | €3,284,685 | -€765 | 0.0% |
| Equity | 10/15 | €3,050,194 | €3,058,649 | +€8,455 | +0.3% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €300,443 | €300,443 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €300,443 | €300,443 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,584,751 | €2,593,206 | +€8,455 | +0.3% |
| Amounts payable | 17/49 | €235,256 | €226,036 | -€9,220 | -3.9% |
| Amounts payable after more than one year | 17 | €104,186 | €49,333 | -€54,853 | -52.6% |
| Financial debts | 170/4 | €104,186 | €49,333 | -€54,853 | -52.6% |
| Credit institutions | 173 | €104,186 | €49,333 | -€54,853 | -52.6% |
| Amounts payable within one year | 42/48 | €111,070 | €176,703 | +€65,633 | +59.1% |
| Current portion of amounts payable after more than one year | 42 | €72,034 | €54,853 | -€17,182 | -23.9% |
| Trade debts | 44 | €23,844 | €41,090 | +€17,246 | +72.3% |
| Suppliers | 440/4 | €23,844 | €41,090 | +€17,246 | +72.3% |
| Taxes, remuneration and social security | 45 | €15,192 | €10,172 | -€5,020 | -33.0% |
| Taxes | 450/3 | €15,192 | €10,172 | -€5,020 | -33.0% |
| Other amounts payable | 47/48 | €0 | €70,588 | +€70,588 | |
| Accrued charges and deferred income | 492/3 | €20,000 | €0 | -€20,000 | -100% |
| Operating income | 70/76A | €372,502 | €352,673 | -€19,829 | -5.3% |
| Turnover | 70 | €347,331 | €342,000 | -€5,331 | -1.5% |
| Other operating income | 74 | €25,171 | €10,673 | -€14,498 | -57.6% |
| Operating charges | 60/66A | €339,722 | €350,232 | +€10,510 | +3.1% |
| Goods for resale, raw materials and consumables | 60 | €5,331 | €0 | -€5,331 | -100% |
| Purchases | 600/8 | €5,331 | €0 | -€5,331 | -100% |
| Services and other goods | 61 | €327,353 | €336,502 | +€9,149 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,243 | €8,876 | +€6,633 | +296% |
| Other operating charges | 640/8 | €4,794 | €4,854 | +€60 | +1.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €32,780 | €2,441 | -€30,340 | -92.6% |
| Financial income | 75/76B | €17,611 | €17,625 | +€14 | +0.1% |
| Recurring financial income | 75 | €17,611 | €17,625 | +€14 | +0.1% |
| Income from financial fixed assets | 750 | €14,500 | €15,000 | +€500 | +3.4% |
| Income from current assets | 751 | €3,111 | €2,625 | -€486 | -15.6% |
| Financial charges | 65/66B | €9,418 | €6,618 | -€2,800 | -29.7% |
| Recurring financial charges | 65 | €9,418 | €6,618 | -€2,800 | -29.7% |
| Debt charges | 650 | €8,769 | €5,730 | -€3,039 | -34.7% |
| Other financial charges | 652/9 | €649 | €888 | +€239 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €40,973 | €13,447 | -€27,525 | -67.2% |
| Income taxes | 67/77 | €11,552 | €4,993 | -€6,559 | -56.8% |
| Taxes | 670/3 | €11,552 | €5,119 | -€6,433 | -55.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €126 | +€126 | |
| Profit (loss) for the period | 9904 | €29,421 | €8,455 | -€20,967 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,421 | €8,455 | -€20,967 | -71.3% |
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 24 October 2026 via checked.be.