KORYS: 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
KORYS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€135.5m
2024 · €132.9m+€2.6m
Equity
€2.54bn
2024 · €2.42bn+€110.5m
Cash
€85.6m
2024 · €43.6m+€42.0m
Balance sheet total
€2.78bn
2024 · €2.79bn-€9.4m
Largest movements
Assets
- Current investments -€445.6m
down €445.6m (-67.3%), from €662.4m to €216.9m
of which Other investments: -€445.6m
- Financial fixed assets +€393.8m
up €393.8m (+19.0%), from €2.08bn to €2.47bn
of which Affiliated companies: +€393.8m
- Cash +€42.0m
up €42.0m (+96.5%), from €43.6m to €85.6m
mainly Current investments (+€445.6m) and Net result for the year (+€135.5m)
Equity and liabilities
- Other debts -€123.6m
down €123.6m (-34.3%), from €360.1m to €236.6m
- Profit (loss) carried forward +€113.7m
up €113.7m (+15.4%), from €738.9m to €852.6m
Income statement
- Financial income +€4.8m
up €4.8m (+3.3%), from €146.2m to €151.0m
of which Non-recurring financial income: +€13.6m
- Other operating charges +€3.0m
up €3.0m (+516.1%), from €582,916 to €3.6m
- Financial charges -€1.0m
down €1.0m (-9.8%), from €10.7m to €9.7m
of which Non-recurring financial charges: -€652,988
- Services and other goods +€450,383
up €450,383 (+46.8%), from €962,331 to €1.4m
- Taxes -€217,784
down €217,784 (-18.0%), from €1.2m to €990,536
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
€132.9m
Other operating income
-€13,251
Services and other goods
-€450,383
Depreciation
+€3,645
Other operating charges
-€3.0m
Financial income
+€4.8m
Financial charges
+€1.0m
Taxes
+€217,784
Result 2025
€135.5m
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
+€15.3m
Investment
+€51.8m
Financing
-€25.0m
Cash 2024
€43.6m
From operations (derived)
+€15.3m
Net result for the year
+€135.5m
Depreciation
+€6,050
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€1.6m
Smaller working-capital items
+€13,473
Other debts
-€123.6m
Accrued charges and deferred income
+€3.7m
Investment (derived)
+€51.8m
Investment in fixed assets (net)
-€393.8m
Current investments
+€445.6m
Financing
-€25.0m
Contributions, distributions and other
-€25.0m
Cash 2025
€85.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,786,825,492 | €2,777,433,018 | -€9.4m | -0.3% |
| Fixed assets | 21/28 | €2,075,588,742 | €2,469,390,920 | +€393.8m | +19.0% |
| Intangible fixed assets | 21 | €6,050 | €0 | -€6,050 | -100.0% |
| Financial fixed assets | 28 | €2,075,582,692 | €2,469,390,920 | +€393.8m | +19.0% |
| Affiliated companies | 280/1 | €2,075,580,981 | €2,469,389,209 | +€393.8m | +19.0% |
| Participating interests | 280 | €2,075,580,981 | €2,469,389,209 | +€393.8m | +19.0% |
| Other financial fixed assets | 284/8 | €1,711 | €1,711 | = | 0.0% |
| Shares | 284 | €1,711 | €1,711 | = | 0.0% |
| Current assets | 29/58 | €711,236,751 | €308,042,098 | -€403.2m | -56.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,448,567 | €4,344,241 | +€1.9m | +77.4% |
| Trade receivables | 40 | €34,567 | €673,895 | +€639,328 | +1849.5% |
| Other amounts receivable | 41 | €2,414,001 | €3,670,346 | +€1.3m | +52.0% |
| Current investments | 50/53 | €662,449,408 | €216,889,913 | -€445.6m | -67.3% |
| Own shares | 50 | €25,581,566 | €25,581,566 | = | 0.0% |
| Other investments | 51/53 | €636,867,842 | €191,308,347 | -€445.6m | -70.0% |
| Cash at bank and in hand | 54/58 | €43,567,466 | €85,606,342 | +€42.0m | +96.5% |
| Deferred charges and accrued income | 490/1 | €2,771,309 | €1,201,602 | -€1.6m | -56.6% |
| Total equity and liabilities | 10/49 | €2,786,825,492 | €2,777,433,018 | -€9.4m | -0.3% |
| Equity | 10/15 | €2,424,801,748 | €2,535,299,734 | +€110.5m | +4.6% |
| Contributions | 10/11 | €1,551,414,081 | €1,551,414,081 | = | 0.0% |
| Capital | 10 | €1,551,414,081 | €1,551,414,081 | = | 0.0% |
| Issued capital | 100 | €1,551,414,081 | €1,551,414,081 | = | 0.0% |
| Reserves | 13 | €134,461,727 | €131,236,460 | -€3.2m | -2.4% |
| Non-distributable reserves | 130/1 | €81,347,588 | €88,122,329 | +€6.8m | +8.3% |
| Legal reserve | 130 | €55,766,023 | €62,540,764 | +€6.8m | +12.1% |
| Own shares acquired | 1312 | €25,581,566 | €25,581,566 | = | 0.0% |
| Distributable reserves | 133 | €53,114,139 | €43,114,131 | -€10.0m | -18.8% |
| Profit (loss) carried forward | 14 | €738,925,939 | €852,649,193 | +€113.7m | +15.4% |
| Amounts payable | 17/49 | €362,023,744 | €242,133,283 | -€119.9m | -33.1% |
| Amounts payable within one year | 42/48 | €361,663,006 | €238,104,140 | -€123.6m | -34.2% |
| Trade debts | 44 | €234,568 | €304,931 | +€70,363 | +30.0% |
| Suppliers | 440/4 | €234,568 | €304,931 | +€70,363 | +30.0% |
| Taxes, remuneration and social security | 45 | €1,283,768 | €1,226,878 | -€56,890 | -4.4% |
| Taxes | 450/3 | €1,283,768 | €1,226,878 | -€56,890 | -4.4% |
| Other amounts payable | 47/48 | €360,144,670 | €236,572,331 | -€123.6m | -34.3% |
| Accrued charges and deferred income | 492/3 | €360,739 | €4,029,143 | +€3.7m | +1016.9% |
| Operating income | 70/76A | €122,000 | €108,749 | -€13,251 | -10.9% |
| Turnover | 70 | €97,000 | €97,000 | = | 0.0% |
| Other operating income | 74 | €25,000 | €11,749 | -€13,251 | -53.0% |
| Operating charges | 60/66A | €1,554,942 | €5,009,846 | +€3.5m | +222.2% |
| Services and other goods | 61 | €962,331 | €1,412,713 | +€450,383 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,695 | €6,050 | -€3,645 | -37.6% |
| Other operating charges | 640/8 | €582,916 | €3,591,083 | +€3.0m | +516.1% |
| Operating profit (loss) | 9901 | -€1,432,942 | -€4,901,097 | -€3.5m | -242.0% |
| Financial income | 75/76B | €146,247,712 | €151,040,617 | +€4.8m | +3.3% |
| Recurring financial income | 75 | €145,105,052 | €136,299,456 | -€8.8m | -6.1% |
| Income from financial fixed assets | 750 | €135,465,842 | €111,970,268 | -€23.5m | -17.3% |
| Income from current assets | 751 | €9,639,177 | €9,867,226 | +€228,049 | +2.4% |
| Other financial income | 752/9 | €33 | €14,461,962 | +€14.5m | +43850604.3% |
| Non-recurring financial income | 76B | €1,142,660 | €14,741,161 | +€13.6m | +1190.1% |
| Financial charges | 65/66B | €10,698,141 | €9,654,164 | -€1.0m | -9.8% |
| Recurring financial charges | 65 | €10,038,842 | €9,647,853 | -€390,989 | -3.9% |
| Debt charges | 650 | €9,604,391 | €8,088,032 | -€1.5m | -15.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €155,210 | €154,999 | -€211 | -0.1% |
| Other financial charges | 652/9 | €279,241 | €1,404,821 | +€1.1m | +403.1% |
| Non-recurring financial charges | 66B | €659,299 | €6,311 | -€652,988 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | €134,116,630 | €136,485,356 | +€2.4m | +1.8% |
| Income taxes | 67/77 | €1,208,320 | €990,536 | -€217,784 | -18.0% |
| Taxes | 670/3 | €1,208,320 | €990,536 | -€217,784 | -18.0% |
| Profit (loss) for the period | 9904 | €132,908,310 | €135,494,821 | +€2.6m | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €132,908,310 | €135,494,821 | +€2.6m | +1.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.