KORESTATE: 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
KORESTATE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €3.0m-€1.3m
Equity
€28.2m
2024 · €26.7m+€1.6m
Cash
€856,143
2024 · €424,743+€431,400
Balance sheet total
€31.7m
2024 · €30.7m+€953,878
Largest movements
Assets
- Current investments +€3.6m
up €3.6m (+24.2%), from €15.0m to €18.7m
- Financial fixed assets -€3.3m
down €3.3m (-100.0%), from €3.3m to €0
- Cash +€431,400
up €431,400 (+101.6%), from €424,743 to €856,143
mainly Investment in fixed assets (net) (+€2.8m) and Net result for the year (+€1.7m)
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+5.8%), from €26.1m to €27.7m
of which Distributable reserves: +€2.8m
- Debts after one year -€562,789
down €562,789 (-18.8%), from €3.0m to €2.4m
Income statement
- Gross operating margin -€4.1m
down €4.1m (-72.3%), from €5.6m to €1.6m
- Financial charges -€951,925
down €951,925 (-75.3%), from €1.3m to €311,485
- Financial income +€912,552
up €912,552 (+105.0%), from €868,818 to €1.8m
- Taxes -€696,504
down €696,504 (-53.0%), from €1.3m to €618,083
- Depreciation -€131,723
down €131,723 (-24.3%), from €542,289 to €410,566
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
€3.0m
Gross operating margin
-€4.1m
Staff costs
-€974
Depreciation
+€131,723
Write-downs
+€54,075
Other operating charges
-€13,243
Financial income
+€912,552
Financial charges
+€951,925
Taxes
+€696,504
Result 2025
€1.7m
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
+€1.9m
Investment
-€831,393
Financing
-€658,377
Cash 2024
€424,743
From operations (derived)
+€1.9m
Net result for the year
+€1.7m
Depreciation
+€410,566
Receivables within one year
-€157,371
Deferred charges and accrued income
+€55,720
Provisions
-€10,004
Trade debts
+€14,346
Tax, wage and social debts
-€34,477
Other debts
+€4,259
Accrued charges and deferred income
-€15,513
Investment (derived)
-€831,393
Investment in fixed assets (net)
+€2.8m
Current investments
-€3.6m
Financing
-€658,377
Debts after one year
-€562,789
Current portion of long-term debt
-€15
Contributions, distributions and other
-€95,573
Cash 2025
€856,143
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,739,804 | €31,693,682 | +€953,878 | +3.1% |
| Fixed assets | 21/28 | €15,092,847 | €11,867,945 | -€3.2m | -21.4% |
| Tangible fixed assets | 22/27 | €11,800,661 | €11,867,945 | +€67,284 | +0.6% |
| Land and buildings | 22 | €7,994,296 | €7,972,424 | -€21,872 | -0.3% |
| Plant, machinery and equipment | 23 | €15,828 | €10,974 | -€4,854 | -30.7% |
| Furniture and vehicles | 24 | €100,463 | €60,431 | -€40,032 | -39.8% |
| Other tangible fixed assets | 26 | €3,690,075 | €3,699,116 | +€9,042 | +0.2% |
| Assets under construction and advance payments | 27 | - | €125,000 | +€125,000 | |
| Financial fixed assets | 28 | €3,292,185 | €0 | -€3.3m | -100.0% |
| Current assets | 29/58 | €15,646,957 | €19,825,737 | +€4.2m | +26.7% |
| Amounts receivable within one year | 40/41 | €86,795 | €244,166 | +€157,371 | +181.3% |
| Trade receivables | 40 | €42,188 | €8,202 | -€33,986 | -80.6% |
| Other amounts receivable | 41 | €44,607 | €235,964 | +€191,357 | +429.0% |
| Current investments | 50/53 | €15,036,904 | €18,682,633 | +€3.6m | +24.2% |
| Cash at bank and in hand | 54/58 | €424,743 | €856,143 | +€431,400 | +101.6% |
| Deferred charges and accrued income | 490/1 | €98,515 | €42,795 | -€55,720 | -56.6% |
| Total equity and liabilities | 10/49 | €30,739,804 | €31,693,682 | +€953,878 | +3.1% |
| Equity | 10/15 | €26,687,039 | €28,245,110 | +€1.6m | +5.8% |
| Contributions | 10/11 | €320,991 | €320,991 | = | 0.0% |
| Revaluation surpluses | 12 | €220,795 | €262,722 | +€41,927 | +19.0% |
| Reserves | 13 | €26,145,253 | €27,661,397 | +€1.5m | +5.8% |
| Tax-exempt reserves | 132 | €2,860,266 | €1,599,505 | -€1.3m | -44.1% |
| Distributable reserves | 133 | €23,284,987 | €26,061,892 | +€2.8m | +11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €161,843 | €151,839 | -€10,004 | -6.2% |
| Deferred taxes | 168 | €161,843 | €151,839 | -€10,004 | -6.2% |
| Amounts payable | 17/49 | €3,890,921 | €3,296,732 | -€594,189 | -15.3% |
| Amounts payable after more than one year | 17 | €2,986,691 | €2,423,902 | -€562,789 | -18.8% |
| Financial debts | 170/4 | €2,986,691 | €2,423,902 | -€562,789 | -18.8% |
| Amounts payable within one year | 42/48 | €818,652 | €802,766 | -€15,887 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €562,804 | €562,789 | -€15 | 0.0% |
| Trade debts | 44 | €99,962 | €114,308 | +€14,346 | +14.4% |
| Suppliers | 440/4 | €99,962 | €114,308 | +€14,346 | +14.4% |
| Taxes, remuneration and social security | 45 | €61,744 | €27,267 | -€34,477 | -55.8% |
| Taxes | 450/3 | €48,178 | €15,172 | -€33,006 | -68.5% |
| Remuneration and social security | 454/9 | €13,566 | €12,094 | -€1,471 | -10.8% |
| Other amounts payable | 47/48 | €94,143 | €98,402 | +€4,259 | +4.5% |
| Accrued charges and deferred income | 492/3 | €85,578 | €70,065 | -€15,513 | -18.1% |
| Non-recurring operating income | 76A | €3,772,385 | €1,228 | -€3.8m | -100.0% |
| Remuneration, social security and pensions | 62 | €78,970 | €79,944 | +€974 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542,289 | €410,566 | -€131,723 | -24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,075 | €0 | -€54,075 | -100.0% |
| Other operating charges | 640/8 | €262,905 | €276,148 | +€13,243 | +5.0% |
| Gross operating margin | 9900 | €5,624,170 | €1,558,495 | -€4.1m | -72.3% |
| Operating profit (loss) | 9901 | €4,685,931 | €791,838 | -€3.9m | -83.1% |
| Financial income | 75/76B | €868,818 | €1,781,370 | +€912,552 | +105.0% |
| Recurring financial income | 75 | €868,818 | €1,781,370 | +€912,552 | +105.0% |
| Financial charges | 65/66B | €1,263,410 | €311,485 | -€951,925 | -75.3% |
| Recurring financial charges | 65 | €1,263,410 | €311,485 | -€951,925 | -75.3% |
| Profit (loss) for the period before taxes | 9903 | €4,291,339 | €2,261,723 | -€2.0m | -47.3% |
| Transfer from deferred taxes | 780 | €10,004 | €10,004 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €1,314,587 | €618,083 | -€696,504 | -53.0% |
| Profit (loss) for the period | 9904 | €2,986,756 | €1,653,644 | -€1.3m | -44.6% |
| Transfer from tax-exempt reserves | 789 | €771,731 | €1,260,760 | +€489,029 | +63.4% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €0 | -€999,997 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,758,490 | €2,914,404 | +€155,914 | +5.7% |
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 8 October 2026 via checked.be.