KREST 2: 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
KREST 2
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · -€51,822+€4.1m
Equity
€7.8m
2024 · €7.6m+€200,290
Cash
€5.5m
2024 · €92,467+€5.4m
Balance sheet total
€16.3m
2024 · €12.5m+€3.8m
Largest movements
Assets
- Cash +€5.4m
up €5.4m (+5798.9%), from €92,467 to €5.5m
mainly Net result for the year (+€4.0m) and Other debts (+€3.8m)
- Financial fixed assets -€1.0m
no longer reported in 2025 (was €1.0m)
- Tangible fixed assets -€458,434
down €458,434 (-4.8%), from €9.6m to €9.2m
of which Land and buildings: -€457,406
Equity and liabilities
- Other debts +€3.8m
up €3.8m (+63850856.7%), from €6 to €3.8m
- Reserves +€200,290
up €200,290 (+1975.8%), from €10,137 to €210,428
- Debts after one year -€196,217
down €196,217 (-4.5%), from €4.4m to €4.2m
of which Financial debts: -€496,217
Income statement
- Financial income +€4.1m
up €4.1m (+1735.5%), from €238,311 to €4.4m
of which Non-recurring financial income: +€4.3m
- Gross operating margin -€356,206
no longer reported in 2025 (was €356,206)
- Turnover +€331,116
new in 2025: €331,116
- Services and other goods +€112,405
new in 2025: €112,405
- Financial charges -€51,280
down €51,280 (-32.7%), from €156,617 to €105,337
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
-€51,822
Turnover
+€331,116
Other operating income
+€29,591
Services and other goods
-€112,405
Depreciation
-€1,295
Write-downs
-€595
Other operating charges
-€26,242
Other operating items
-€358,008
Financial income
+€4.1m
Financial charges
+€51,280
Taxes
+€8,327
Result 2025
€4.0m
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
+€8.4m
Investment
+€999,086
Financing
-€4.0m
Cash 2024
€92,467
From operations (derived)
+€8.4m
Net result for the year
+€4.0m
Depreciation
+€474,325
Receivables within one year
+€76,977
Deferred charges and accrued income
-€31,187
Smaller working-capital items
-€1,703
Tax, wage and social debts
+€24,739
Other debts
+€3.8m
Investment (derived)
+€999,086
Investment in fixed assets (net)
+€999,086
Financing
-€4.0m
Debts after one year
-€196,217
Current portion of long-term debt
+€10,297
Contributions, distributions and other
-€3.8m
Cash 2025
€5.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,462,352 | €16,305,269 | +€3.8m | +30.8% |
| Fixed assets | 21/28 | €10,634,079 | €9,160,668 | -€1.5m | -13.9% |
| Tangible fixed assets | 22/27 | €9,619,102 | €9,160,668 | -€458,434 | -4.8% |
| Land and buildings | 22 | €9,609,936 | €9,152,531 | -€457,406 | -4.8% |
| Plant, machinery and equipment | 23 | €9,166 | €8,138 | -€1,029 | -11.2% |
| Financial fixed assets | 28 | €1,014,977 | - | -€1.0m | |
| Current assets | 29/58 | €1,828,272 | €7,144,601 | +€5.3m | +290.8% |
| Amounts receivable after more than one year | 29 | €1,575,900 | €1,575,900 | = | 0.0% |
| Other amounts receivable | 291 | €1,575,900 | €1,575,900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €108,395 | €31,418 | -€76,977 | -71.0% |
| Trade receivables | 40 | €103,380 | €26,418 | -€76,962 | -74.4% |
| Other amounts receivable | 41 | €5,015 | €5,000 | -€15 | -0.3% |
| Cash at bank and in hand | 54/58 | €92,467 | €5,454,586 | +€5.4m | +5798.9% |
| Deferred charges and accrued income | 490/1 | €51,510 | €82,698 | +€31,187 | +60.5% |
| Total equity and liabilities | 10/49 | €12,462,352 | €16,305,269 | +€3.8m | +30.8% |
| Equity | 10/15 | €7,588,488 | €7,788,779 | +€200,290 | +2.6% |
| Contributions | 10/11 | €7,500,000 | €7,500,000 | = | 0.0% |
| Capital | 10 | €7,500,000 | €7,500,000 | = | 0.0% |
| Issued capital | 100 | €7,500,000 | €7,500,000 | = | 0.0% |
| Reserves | 13 | €10,137 | €210,428 | +€200,290 | +1975.8% |
| Non-distributable reserves | 130/1 | €10,137 | €210,428 | +€200,290 | +1975.8% |
| Legal reserve | 130 | €10,137 | €210,428 | +€200,290 | +1975.8% |
| Profit (loss) carried forward | 14 | €78,351 | €78,351 | = | 0.0% |
| Amounts payable | 17/49 | €4,873,864 | €8,516,491 | +€3.6m | +74.7% |
| Amounts payable after more than one year | 17 | €4,373,926 | €4,177,710 | -€196,217 | -4.5% |
| Financial debts | 170/4 | €4,373,926 | €3,877,710 | -€496,217 | -11.3% |
| Credit institutions | 173 | - | €3,877,710 | +€3.9m | |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €499,637 | €4,334,910 | +€3.8m | +767.6% |
| Current portion of amounts payable after more than one year | 42 | €485,920 | €496,217 | +€10,297 | +2.1% |
| Trade debts | 44 | €13,711 | €8,437 | -€5,274 | -38.5% |
| Suppliers | 440/4 | €13,711 | €8,437 | -€5,274 | -38.5% |
| Taxes, remuneration and social security | 45 | - | €24,739 | +€24,739 | |
| Taxes | 450/3 | - | €24,739 | +€24,739 | |
| Other amounts payable | 47/48 | €6 | €3,805,517 | +€3.8m | +63850856.7% |
| Accrued charges and deferred income | 492/3 | €300 | €3,871 | +€3,571 | +1189.7% |
| Operating income | 70/76A | - | €360,708 | +€360,708 | |
| Turnover | 70 | - | €331,116 | +€331,116 | |
| Other operating income | 74 | - | €29,591 | +€29,591 | |
| Operating charges | 60/66A | - | €632,061 | +€632,061 | |
| Services and other goods | 61 | - | €112,405 | +€112,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473,030 | €474,325 | +€1,295 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €595 | +€595 | |
| Other operating charges | 640/8 | €16,692 | €42,934 | +€26,242 | +157.2% |
| Non-recurring operating charges | 66A | - | €1,802 | +€1,802 | |
| Gross operating margin | 9900 | €356,206 | - | -€356,206 | |
| Operating profit (loss) | 9901 | -€133,516 | -€271,353 | -€137,836 | -103.2% |
| Financial income | 75/76B | €238,311 | €4,374,170 | +€4.1m | +1735.5% |
| Recurring financial income | 75 | €238,311 | €79,753 | -€158,558 | -66.5% |
| Income from current assets | 751 | - | €79,753 | +€79,753 | |
| Non-recurring financial income | 76B | - | €4,294,417 | +€4.3m | |
| Financial charges | 65/66B | €156,617 | €105,337 | -€51,280 | -32.7% |
| Recurring financial charges | 65 | €156,617 | €105,337 | -€51,280 | -32.7% |
| Debt charges | 650 | - | €104,032 | +€104,032 | |
| Other financial charges | 652/9 | - | €1,305 | +€1,305 | |
| Profit (loss) for the period before taxes | 9903 | -€51,822 | €3,997,480 | +€4.0m | |
| Income taxes | 67/77 | - | -€8,327 | -€8,327 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €8,327 | +€8,327 | |
| Profit (loss) for the period | 9904 | -€51,822 | €4,005,807 | +€4.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,822 | €4,005,807 | +€4.1m |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.