KORHAV HOLDING: 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.
KORHAV HOLDING
Largest movements
- Tangible fixed assets +€704,593
up €704,593 (+78.5%), from €897,539 to €1.6m
of which Land and buildings: +€709,476
- Cash -€62,026
down €62,026 (-9.6%), from €645,122 to €583,097
mainly Investment in fixed assets (net) (-€822,427) and Tax, wage and social debts (-€49,184)
- Receivables within one year -€59,718
down €59,718 (-72.2%), from €82,695 to €22,977
of which Trade receivables: -€75,995
- Debts after one year +€389,688
up €389,688 (+60.9%), from €639,875 to €1.0m
- Reserves +€268,635
up €268,635 (+22.6%), from €1.2m to €1.5m
of which Tax-exempt reserves: +€176,820
- Tax, wage and social debts -€49,184
down €49,184 (-47.2%), from €104,197 to €55,013
- Trade debts -€31,018
down €31,018 (-73.4%), from €42,270 to €11,252
- Gross operating margin +€136,601
up €136,601 (+20.5%), from €666,364 to €802,965
- Depreciation +€44,187
up €44,187 (+59.8%), from €73,832 to €118,019
- Staff costs -€32,561
down €32,561 (-11.7%), from €278,106 to €245,545
- Taxes +€15,784
up €15,784 (+13.4%), from €117,383 to €133,167
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 | €2,043,681 | €2,631,386 | +€587,705 | +28.8% |
| Formation expenses | 20 | €184 | - | -€184 | |
| Fixed assets | 21/28 | €1,313,393 | €2,017,986 | +€704,593 | +53.6% |
| Tangible fixed assets | 22/27 | €897,539 | €1,602,132 | +€704,593 | +78.5% |
| Land and buildings | 22 | €886,340 | €1,595,816 | +€709,476 | +80.0% |
| Furniture and vehicles | 24 | €11,199 | €6,316 | -€4,883 | -43.6% |
| Financial fixed assets | 28 | €415,854 | €415,854 | = | 0.0% |
| Current assets | 29/58 | €730,104 | €613,400 | -€116,704 | -16.0% |
| Amounts receivable within one year | 40/41 | €82,695 | €22,977 | -€59,718 | -72.2% |
| Trade receivables | 40 | €75,995 | - | -€75,995 | |
| Other amounts receivable | 41 | €6,700 | €22,977 | +€16,277 | +243% |
| Cash at bank and in hand | 54/58 | €645,122 | €583,097 | -€62,026 | -9.6% |
| Deferred charges and accrued income | 490/1 | €2,287 | €7,327 | +€5,040 | +220% |
| Total equity and liabilities | 10/49 | €2,043,681 | €2,631,386 | +€587,705 | +28.8% |
| Equity | 10/15 | €1,192,889 | €1,461,524 | +€268,635 | +22.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,186,689 | €1,455,324 | +€268,635 | +22.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €176,820 | +€176,820 | |
| Distributable reserves | 133 | €1,184,829 | €1,276,644 | +€91,815 | +7.7% |
| Amounts payable | 17/49 | €850,792 | €1,169,862 | +€319,069 | +37.5% |
| Amounts payable after more than one year | 17 | €639,875 | €1,029,563 | +€389,688 | +60.9% |
| Financial debts | 170/4 | €639,875 | €1,029,563 | +€389,688 | +60.9% |
| Amounts payable within one year | 42/48 | €210,917 | €137,598 | -€73,319 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €52,335 | €65,218 | +€12,883 | +24.6% |
| Trade debts | 44 | €42,270 | €11,252 | -€31,018 | -73.4% |
| Suppliers | 440/4 | €42,270 | €11,252 | -€31,018 | -73.4% |
| Taxes, remuneration and social security | 45 | €104,197 | €55,013 | -€49,184 | -47.2% |
| Taxes | 450/3 | €104,197 | €55,013 | -€49,184 | -47.2% |
| Other amounts payable | 47/48 | €12,115 | €6,115 | -€5,999 | -49.5% |
| Accrued charges and deferred income | 492/3 | - | €2,700 | +€2,700 | |
| Remuneration, social security and pensions | 62 | €278,106 | €245,545 | -€32,561 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,832 | €118,019 | +€44,187 | +59.8% |
| Other operating charges | 640/8 | €13,282 | €7,264 | -€6,018 | -45.3% |
| Gross operating margin | 9900 | €666,364 | €802,965 | +€136,601 | +20.5% |
| Operating profit (loss) | 9901 | €301,144 | €432,137 | +€130,994 | +43.5% |
| Financial income | 75/76B | €273 | €160 | -€113 | -41.3% |
| Recurring financial income | 75 | €273 | €160 | -€113 | -41.3% |
| Financial charges | 65/66B | €25,879 | €30,495 | +€4,616 | +17.8% |
| Recurring financial charges | 65 | €25,879 | €30,495 | +€4,616 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €275,538 | €401,803 | +€126,265 | +45.8% |
| Income taxes | 67/77 | €117,383 | €133,167 | +€15,784 | +13.4% |
| Profit (loss) for the period | 9904 | €158,155 | €268,635 | +€110,481 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,155 | €268,635 | +€110,481 | +69.9% |
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 18 October 2026 via checked.be.