KTF INVEST: 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.
What changed
KTF INVEST
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,750
2024 · €60,239-€15,489
Equity
€154,682
2024 · €109,932+€44,750
Cash
€5,636
2024 · €14,388-€8,752
Balance sheet total
€1.2m
2024 · €1.2m-€28,121
Largest movements
Assets
- Tangible fixed assets -€18,774
down €18,774 (-1.6%), from €1.2m to €1.2m
Equity and liabilities
- Debts after one year -€75,039
down €75,039 (-7.3%), from €1.0m to €955,482
- Reserves +€44,750
up €44,750 (+49.8%), from €89,932 to €134,682
Income statement
- Taxes +€13,977
new in 2025: €13,977
- Gross operating margin -€1,484
down €1,484 (-1.5%), from €96,201 to €94,717
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
€60,239
Gross operating margin
-€1,484
Other operating charges
-€83
Financial charges
+€55
Taxes
-€13,977
Result 2025
€44,750
raises the resultlowers the result
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.
From operations
+€65,307
Investment
€0
Financing
-€74,059
Cash 2024
€14,388
From operations (derived)
+€65,307
Net result for the year
+€44,750
Depreciation
+€18,774
Receivables within one year
+€1,540
Deferred charges and accrued income
-€945
Smaller working-capital items
-€65
Other debts
+€1,254
Financing
-€74,059
Debts after one year
-€75,039
Current portion of long-term debt
+€980
Cash 2025
€5,636
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,215,636 | €1,187,515 | -€28,121 | -2.3% |
| Fixed assets | 21/28 | €1,197,555 | €1,178,781 | -€18,774 | -1.6% |
| Tangible fixed assets | 22/27 | €1,197,555 | €1,178,781 | -€18,774 | -1.6% |
| Land and buildings | 22 | €1,197,555 | €1,178,781 | -€18,774 | -1.6% |
| Current assets | 29/58 | €18,081 | €8,734 | -€9,347 | -51.7% |
| Amounts receivable within one year | 40/41 | €3,167 | €1,627 | -€1,540 | -48.6% |
| Trade receivables | 40 | €2,058 | €0 | -€2,058 | -100% |
| Other amounts receivable | 41 | €1,109 | €1,627 | +€518 | +46.8% |
| Cash at bank and in hand | 54/58 | €14,388 | €5,636 | -€8,752 | -60.8% |
| Deferred charges and accrued income | 490/1 | €527 | €1,471 | +€945 | +179% |
| Total equity and liabilities | 10/49 | €1,215,636 | €1,187,515 | -€28,121 | -2.3% |
| Equity | 10/15 | €109,932 | €154,682 | +€44,750 | +40.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €89,932 | €134,682 | +€44,750 | +49.8% |
| Distributable reserves | 133 | €89,932 | €134,682 | +€44,750 | +49.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,105,704 | €1,032,833 | -€72,871 | -6.6% |
| Amounts payable after more than one year | 17 | €1,030,520 | €955,482 | -€75,039 | -7.3% |
| Financial debts | 170/4 | €1,030,520 | €955,482 | -€75,039 | -7.3% |
| Amounts payable within one year | 42/48 | €74,986 | €77,321 | +€2,335 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €74,059 | €75,039 | +€980 | +1.3% |
| Trade debts | 44 | €927 | €1,029 | +€101 | +10.9% |
| Suppliers | 440/4 | €927 | €1,029 | +€101 | +10.9% |
| Other amounts payable | 47/48 | €0 | €1,254 | +€1,254 | |
| Accrued charges and deferred income | 492/3 | €197 | €30 | -€167 | -84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,774 | €18,774 | = | 0.0% |
| Other operating charges | 640/8 | €2,649 | €2,732 | +€83 | +3.1% |
| Gross operating margin | 9900 | €96,201 | €94,717 | -€1,484 | -1.5% |
| Operating profit (loss) | 9901 | €74,778 | €73,211 | -€1,567 | -2.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €14,540 | €14,485 | -€55 | -0.4% |
| Recurring financial charges | 65 | €14,540 | €14,485 | -€55 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €60,239 | €58,727 | -€1,512 | -2.5% |
| Income taxes | 67/77 | - | €13,977 | +€13,977 | |
| Profit (loss) for the period | 9904 | €60,239 | €44,750 | -€15,489 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,239 | €44,750 | -€15,489 | -25.7% |
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 29 October 2026 via checked.be.