KORDERAL: what changed
What changed
KORDERAL
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-
2024 · -€183,060+€183,060
Equity
€1.9m
2024 · €1.9m-€1,621
Cash
€168,017
2024 · €156,593+€11,424
Balance sheet total
€6.2m
2024 · €6.5m-€289,702
Largest movements
Assets
- Tangible fixed assets -€292,955
down €292,955 (-4.6%), from €6.3m to €6.0m
of which Leasing and similar rights: -€255,000
Equity and liabilities
- Debts after one year -€328,221
down €328,221 (-9.9%), from €3.3m to €3.0m
of which Financial debts: -€328,221
- Other debts +€110,000
up €110,000 (+20.2%), from €545,477 to €655,477
- Reserves -€67,241
down €67,241 (-4.2%), from €1.6m to €1.5m
of which Tax-exempt reserves: -€67,241
- Profit (loss) carried forward +€65,621
up €65,621 (+35.0%), from €187,474 to €253,095
Income statement
- Gross operating margin +€176,630
up €176,630 (+76.1%), from €232,094 to €408,724
- Taxes -€57,059
down €57,059 (-72.3%), from €78,932 to €21,873
- Purchases and services +€7,547
up €7,547 (+9.6%), from €79,016 to €86,563
- Financial charges -€4,285
down €4,285 (-7.7%), from €55,872 to €51,587
Change in the result, 2024 to 2025
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,501,590 | €6,211,888 | -€289,702 | -4.5% |
| Fixed assets | 21/28 | €6,335,063 | €6,042,108 | -€292,955 | -4.6% |
| Tangible fixed assets | 22/27 | €6,335,063 | €6,042,108 | -€292,955 | -4.6% |
| Land and buildings | 22 | €1,378,204 | €1,378,204 | -€0 | 0.0% |
| Plant, machinery and equipment | 23 | €15 | €0 | -€15 | -100% |
| Furniture and vehicles | 24 | €732 | €549 | -€183 | -25.0% |
| Leasing and similar rights | 25 | €3,912,397 | €3,657,397 | -€255,000 | -6.5% |
| Other tangible fixed assets | 26 | €1,043,715 | €1,005,958 | -€37,757 | -3.6% |
| Current assets | 29/58 | €166,527 | €169,780 | +€3,253 | +2.0% |
| Amounts receivable within one year | 40/41 | €7,805 | €837 | -€6,968 | -89.3% |
| Other amounts receivable | 41 | €7,805 | €837 | -€6,968 | -89.3% |
| Cash at bank and in hand | 54/58 | €156,593 | €168,017 | +€11,424 | +7.3% |
| Deferred charges and accrued income | 490/1 | €2,129 | €926 | -€1,203 | -56.5% |
| Total equity and liabilities | 10/49 | €6,501,590 | €6,211,888 | -€289,702 | -4.5% |
| Equity | 10/15 | €1,861,699 | €1,860,078 | -€1,621 | -0.1% |
| Contributions | 10/11 | €72,248 | €72,248 | +€0 | 0.0% |
| Capital | 10 | €72,248 | €72,248 | +€0 | 0.0% |
| Issued capital | 100 | €72,248 | €72,248 | +€0 | 0.0% |
| Reserves | 13 | €1,601,977 | €1,534,736 | -€67,241 | -4.2% |
| Non-distributable reserves | 130/1 | €29,906 | €29,906 | +€0 | 0.0% |
| Legal reserve | 130 | €28,037 | €28,037 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,869 | €1,869 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €987,328 | €920,087 | -€67,241 | -6.8% |
| Distributable reserves | 133 | €584,743 | €584,743 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €187,474 | €253,095 | +€65,621 | +35.0% |
| Provisions and deferred taxes | 16 | €328,739 | €306,325 | -€22,414 | -6.8% |
| Deferred taxes | 168 | €328,739 | €306,325 | -€22,414 | -6.8% |
| Amounts payable | 17/49 | €4,311,152 | €4,045,485 | -€265,667 | -6.2% |
| Amounts payable after more than one year | 17 | €3,321,522 | €2,993,301 | -€328,221 | -9.9% |
| Financial debts | 170/4 | €3,320,847 | €2,992,626 | -€328,221 | -9.9% |
| Other amounts payable | 178/9 | €675 | €675 | = | 0.0% |
| Amounts payable within one year | 42/48 | €989,629 | €1,052,183 | +€62,554 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €323,457 | €328,221 | +€4,764 | +1.5% |
| Trade debts | 44 | €42,725 | €37,363 | -€5,362 | -12.6% |
| Suppliers | 440/4 | €42,725 | €37,363 | -€5,362 | -12.6% |
| Advances received on contracts in progress | 46 | - | €9,249 | +€9,249 | |
| Taxes, remuneration and social security | 45 | €77,970 | €21,873 | -€56,097 | -71.9% |
| Taxes | 450/3 | €77,970 | €21,873 | -€56,097 | -71.9% |
| Other amounts payable | 47/48 | €545,477 | €655,477 | +€110,000 | +20.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €79,016 | €86,563 | +€7,547 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320,355 | €324,286 | +€3,931 | +1.2% |
| Other operating charges | 640/8 | €33,900 | €35,012 | +€1,112 | +3.3% |
| Gross operating margin | 9900 | €232,094 | €408,724 | +€176,630 | +76.1% |
| Operating profit (loss) | 9901 | -€122,161 | €49,426 | +€171,587 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €55,872 | €51,587 | -€4,285 | -7.7% |
| Recurring financial charges | 65 | €55,872 | €51,587 | -€4,285 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€178,033 | -€2,161 | +€175,872 | +98.8% |
| Transfer from deferred taxes | 780 | €73,905 | €22,414 | -€51,491 | -69.7% |
| Income taxes | 67/77 | €78,932 | €21,873 | -€57,059 | -72.3% |
| Profit (loss) for the period | 9904 | -€183,060 | - | +€183,060 | |
| Transfer from tax-exempt reserves | 789 | €221,716 | €67,241 | -€154,475 | -69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,656 | - | -€38,656 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.