KRISTOFIN: 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.
KRISTOFIN
Largest movements
- Current investments +€2.7m
up €2.7m (+18.0%), from €15.0m to €17.7m
- Reserves +€2.6m
up €2.6m (+2.9%), from €89.8m to €92.4m
of which Distributable reserves: +€2.6m
- Debts after one year +€1.5m
new in 2025: €1.5m
- Short-term financial debts -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Financial income +€658,560
up €658,560 (+23.2%), from €2.8m to €3.5m
- Taxes +€57,406
up €57,406 (+23.8%), from €240,812 to €298,218
- Gross operating margin +€9,850
up €9,850 (+23.6%), from -€41,770 to -€31,920
- Financial charges -€5,424
down €5,424 (-5.1%), from €106,171 to €100,747
- Depreciation -€3,493
down €3,493 (-14.9%), from €23,437 to €19,944
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 | €101,542,669 | €104,000,218 | +€2.5m | +2.4% |
| Fixed assets | 21/28 | €85,571,536 | €85,552,471 | -€19,065 | 0.0% |
| Tangible fixed assets | 22/27 | €82,781 | €63,716 | -€19,065 | -23.0% |
| Plant, machinery and equipment | 23 | €13,036 | €11,373 | -€1,663 | -12.8% |
| Furniture and vehicles | 24 | €69,045 | €51,783 | -€17,262 | -25.0% |
| Other tangible fixed assets | 26 | €700 | €560 | -€140 | -20.0% |
| Financial fixed assets | 28 | €85,488,755 | €85,488,755 | = | 0.0% |
| Current assets | 29/58 | €15,971,133 | €18,447,747 | +€2.5m | +15.5% |
| Amounts receivable within one year | 40/41 | €461,322 | €751,414 | +€290,092 | +62.9% |
| Other amounts receivable | 41 | €461,322 | €751,414 | +€290,092 | +62.9% |
| Current investments | 50/53 | €14,985,652 | €17,681,484 | +€2.7m | +18.0% |
| Cash at bank and in hand | 54/58 | €523,856 | €14,427 | -€509,429 | -97.2% |
| Deferred charges and accrued income | 490/1 | €303 | €422 | +€119 | +39.3% |
| Total equity and liabilities | 10/49 | €101,542,669 | €104,000,218 | +€2.5m | +2.4% |
| Equity | 10/15 | €99,770,485 | €102,400,175 | +€2.6m | +2.6% |
| Contributions | 10/11 | €9,943,000 | €9,943,000 | = | 0.0% |
| Reserves | 13 | €89,791,476 | €92,421,166 | +€2.6m | +2.9% |
| Tax-exempt reserves | 132 | €44 | €44 | = | 0.0% |
| Distributable reserves | 133 | €89,791,432 | €92,421,122 | +€2.6m | +2.9% |
| Profit (loss) carried forward | 14 | €36,009 | €36,009 | = | 0.0% |
| Amounts payable | 17/49 | €1,772,184 | €1,600,043 | -€172,141 | -9.7% |
| Amounts payable after more than one year | 17 | - | €1,500,000 | +€1.5m | |
| Financial debts | 170/4 | - | €1,500,000 | +€1.5m | |
| Amounts payable within one year | 42/48 | €1,750,608 | €78,467 | -€1.7m | -95.5% |
| Financial debts | 43 | €1,500,000 | €0 | -€1.5m | -100% |
| Credit institutions | 430/8 | €1,500,000 | €0 | -€1.5m | -100% |
| Trade debts | 44 | €2,537 | €0 | -€2,537 | -100% |
| Suppliers | 440/4 | €2,537 | €0 | -€2,537 | -100% |
| Other amounts payable | 47/48 | €248,071 | €78,467 | -€169,604 | -68.4% |
| Accrued charges and deferred income | 492/3 | €21,576 | €21,576 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,437 | €19,944 | -€3,493 | -14.9% |
| Other operating charges | 640/8 | €22,566 | €25,749 | +€3,183 | +14.1% |
| Gross operating margin | 9900 | -€41,770 | -€31,920 | +€9,850 | +23.6% |
| Operating profit (loss) | 9901 | -€87,773 | -€77,613 | +€10,160 | +11.6% |
| Financial income | 75/76B | €2,840,215 | €3,498,775 | +€658,560 | +23.2% |
| Recurring financial income | 75 | €2,840,215 | €3,498,775 | +€658,560 | +23.2% |
| Financial charges | 65/66B | €106,171 | €100,747 | -€5,424 | -5.1% |
| Recurring financial charges | 65 | €106,171 | €100,747 | -€5,424 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €2,646,271 | €3,320,415 | +€674,144 | +25.5% |
| Income taxes | 67/77 | €240,812 | €298,218 | +€57,406 | +23.8% |
| Profit (loss) for the period | 9904 | €2,405,459 | €3,022,197 | +€616,738 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,405,459 | €3,022,197 | +€616,738 | +25.6% |
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.