V - KING: 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
V - KING
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€73,506
2024 · €1,238+€72,268
Equity
€1.1m
2024 · €1.1m+€28,506
Cash
€206,535
2024 · €199,737+€6,799
Balance sheet total
€2.5m
2024 · €3.2m-€647,353
Largest movements
Assets
- Receivables within one year -€702,029
down €702,029 (-68.7%), from €1.0m to €320,231
of which Trade receivables: -€487,021
- Stocks and contracts +€106,000
up €106,000 (+198.1%), from €53,510 to €159,510
- Deferred charges and accrued income -€34,866
down €34,866 (-75.7%), from €46,041 to €11,175
Equity and liabilities
- Other debts -€397,369
down €397,369 (-93.2%), from €426,157 to €28,788
- Debts after one year -€140,770
down €140,770 (-13.0%), from €1.1m to €940,299
- Trade debts -€139,639
down €139,639 (-95.0%), from €147,042 to €7,403
Income statement
- Depreciation -€170,614
down €170,614 (-76.7%), from €222,508 to €51,894
- Gross operating margin -€86,937
down €86,937 (-22.4%), from €388,282 to €301,346
- Financial charges +€51,802
up €51,802 (+348.6%), from €14,860 to €66,662
- Other operating charges -€23,937
down €23,937 (-24.1%), from €99,435 to €75,498
- Taxes -€18,540
down €18,540 (-54.2%), from €34,182 to €15,643
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
€1,238
Gross operating margin
-€86,937
Staff costs
-€1,562
Depreciation
+€170,614
Other operating charges
+€23,937
Financial income
-€522
Financial charges
-€51,802
Taxes
+€18,540
Result 2025
€73,506
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
+€228,651
Investment
-€28,638
Financing
-€193,215
Cash 2024
€199,737
From operations (derived)
+€228,651
Net result for the year
+€73,506
Depreciation
+€51,894
Stocks and contracts
-€106,000
Receivables within one year
+€702,029
Deferred charges and accrued income
+€34,866
Trade debts
-€139,639
Tax, wage and social debts
-€15,061
Other debts
-€397,369
Accrued charges and deferred income
+€24,425
Investment (derived)
-€28,638
Investment in fixed assets (net)
-€24,338
Current investments
-€4,299
Financing
-€193,215
Debts after one year
-€140,770
Current portion of long-term debt
-€7,445
Contributions, distributions and other
-€45,000
Cash 2025
€206,535
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,154,737 | €2,507,383 | -€647,353 | -20.5% |
| Fixed assets | 21/28 | €1,833,188 | €1,805,632 | -€27,556 | -1.5% |
| Tangible fixed assets | 22/27 | €1,833,053 | €1,805,497 | -€27,556 | -1.5% |
| Land and buildings | 22 | €1,646,940 | €1,641,857 | -€5,083 | -0.3% |
| Plant, machinery and equipment | 23 | €175,818 | €146,172 | -€29,646 | -16.9% |
| Furniture and vehicles | 24 | €10,295 | €17,468 | +€7,173 | +69.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €1,321,549 | €701,752 | -€619,797 | -46.9% |
| Stocks and contracts in progress | 3 | €53,510 | €159,510 | +€106,000 | +198.1% |
| Stocks | 30/36 | €53,510 | €159,510 | +€106,000 | +198.1% |
| Amounts receivable within one year | 40/41 | €1,022,261 | €320,231 | -€702,029 | -68.7% |
| Trade receivables | 40 | €514,216 | €27,195 | -€487,021 | -94.7% |
| Other amounts receivable | 41 | €508,045 | €293,037 | -€215,008 | -42.3% |
| Current investments | 50/53 | - | €4,299 | +€4,299 | |
| Cash at bank and in hand | 54/58 | €199,737 | €206,535 | +€6,799 | +3.4% |
| Deferred charges and accrued income | 490/1 | €46,041 | €11,175 | -€34,866 | -75.7% |
| Total equity and liabilities | 10/49 | €3,154,737 | €2,507,383 | -€647,353 | -20.5% |
| Equity | 10/15 | €1,106,354 | €1,134,860 | +€28,506 | +2.6% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €864,850 | €889,850 | +€25,000 | +2.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €846,100 | €871,100 | +€25,000 | +3.0% |
| Profit (loss) carried forward | 14 | €1,504 | €5,010 | +€3,506 | +233.0% |
| Amounts payable | 17/49 | €2,048,382 | €1,372,523 | -€675,859 | -33.0% |
| Amounts payable after more than one year | 17 | €1,081,069 | €940,299 | -€140,770 | -13.0% |
| Financial debts | 170/4 | €1,081,069 | €940,299 | -€140,770 | -13.0% |
| Amounts payable within one year | 42/48 | €961,467 | €401,953 | -€559,513 | -58.2% |
| Current portion of amounts payable after more than one year | 42 | €148,215 | €140,770 | -€7,445 | -5.0% |
| Trade debts | 44 | €147,042 | €7,403 | -€139,639 | -95.0% |
| Suppliers | 440/4 | €147,042 | €7,403 | -€139,639 | -95.0% |
| Advances received on contracts in progress | 46 | €220,000 | €220,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,053 | €4,993 | -€15,061 | -75.1% |
| Taxes | 450/3 | €15,346 | €45 | -€15,300 | -99.7% |
| Remuneration and social security | 454/9 | €4,707 | €4,947 | +€240 | +5.1% |
| Other amounts payable | 47/48 | €426,157 | €28,788 | -€397,369 | -93.2% |
| Accrued charges and deferred income | 492/3 | €5,846 | €30,271 | +€24,425 | +417.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €31,665 | €33,227 | +€1,562 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,508 | €51,894 | -€170,614 | -76.7% |
| Other operating charges | 640/8 | €99,435 | €75,498 | -€23,937 | -24.1% |
| Gross operating margin | 9900 | €388,282 | €301,346 | -€86,937 | -22.4% |
| Operating profit (loss) | 9901 | €34,674 | €140,727 | +€106,053 | +305.9% |
| Financial income | 75/76B | €15,606 | €15,084 | -€522 | -3.3% |
| Recurring financial income | 75 | €15,606 | €15,084 | -€522 | -3.3% |
| Financial charges | 65/66B | €14,860 | €66,662 | +€51,802 | +348.6% |
| Recurring financial charges | 65 | €14,860 | €66,662 | +€51,802 | +348.6% |
| Profit (loss) for the period before taxes | 9903 | €35,421 | €89,148 | +€53,728 | +151.7% |
| Income taxes | 67/77 | €34,182 | €15,643 | -€18,540 | -54.2% |
| Profit (loss) for the period | 9904 | €1,238 | €73,506 | +€72,268 | +5836.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,238 | €73,506 | +€72,268 | +5836.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.