KORYS INVESTMENTS: 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
KORYS INVESTMENTS
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€18.7m
2025 · €3.5m+€15.2m
Equity
€1.13bn
2025 · €1.11bn+€18.7m
Cash
€11.9m
2025 · €3.3m+€8.6m
Balance sheet total
€1.17bn
2025 · €1.11bn+€56.3m
Largest movements
Assets
- Financial fixed assets +€173.0m
up €173.0m (+19.8%), from €872.7m to €1.05bn
of which Affiliated companies: +€133.2m
- Receivables within one year -€137.2m
down €137.2m (-96.6%), from €142.1m to €4.9m
of which Other amounts receivable: -€137.2m
- Current investments +€11.9m
up €11.9m (+12.5%), from €95.0m to €106.9m
Equity and liabilities
- Other debts +€37.8m
new in 2026: €37.8m
- Profit (loss) carried forward +€18.7m
up €18.7m (+2.5%), from €758.6m to €777.3m
Income statement
- Financial income +€15.6m
up €15.6m (+26.2%), from €59.7m to €75.4m
of which Non-recurring financial income: +€17.4m
- Other operating charges +€508,630
up €508,630 (+144%), from €353,343 to €861,973
- Turnover -€335,722
down €335,722 (-29.2%), from €1.1m to €814,224
- Taxes +€231,813
up €231,813 (+305%), from €76,087 to €307,899
- Provisions -€194,954
down €194,954, from €22,070 to -€172,884
From the 2025 result to the 2026 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 2025
€3.5m
Turnover
-€335,722
Other operating income
+€86,993
Goods and materials
-€3,403
Services and other goods
+€34,237
Staff costs
+€42,215
Depreciation
+€106
Provisions
+€194,954
Other operating charges
-€508,630
Other operating items
+€241,286
Financial income
+€15.6m
Financial charges
+€77,959
Taxes
-€231,813
Result 2026
€18.7m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€193.6m
Investment
-€185.0m
Financing
€0
Cash 2025
€3.3m
From operations (derived)
+€193.6m
Net result for the year
+€18.7m
Depreciation
+€254,983
Receivables within one year
+€137.2m
Smaller working-capital items
-€426,862
Other debts
+€37.8m
Investment (derived)
-€185.0m
Investment in fixed assets (net)
-€173.1m
Current investments
-€11.9m
Cash 2026
€11.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,114,538,460 | €1,170,815,210 | +€56.3m | +5.0% |
| Fixed assets | 21/28 | €873,652,549 | €1,046,508,742 | +€172.9m | +19.8% |
| Intangible fixed assets | 21 | €29,061 | €19,374 | -€9,687 | -33.3% |
| Tangible fixed assets | 22/27 | €890,131 | €766,576 | -€123,555 | -13.9% |
| Plant, machinery and equipment | 23 | €65,065 | €56,889 | -€8,175 | -12.6% |
| Furniture and vehicles | 24 | €764,256 | €643,081 | -€121,175 | -15.9% |
| Other tangible fixed assets | 26 | €60,811 | €66,605 | +€5,795 | +9.5% |
| Financial fixed assets | 28 | €872,733,357 | €1,045,722,792 | +€173.0m | +19.8% |
| Affiliated companies | 280/1 | €542,144,124 | €675,327,223 | +€133.2m | +24.6% |
| Participating interests | 280 | €542,144,124 | €672,077,223 | +€129.9m | +24.0% |
| Amounts receivable | 281 | - | €3,250,000 | +€3.3m | |
| Companies linked by participating interests | 282/3 | €134,308,318 | €160,310,387 | +€26.0m | +19.4% |
| Participating interests | 282 | €132,792,825 | €159,492,887 | +€26.7m | +20.1% |
| Amounts receivable | 283 | €1,515,493 | €817,500 | -€697,993 | -46.1% |
| Other financial fixed assets | 284/8 | €196,280,916 | €210,085,183 | +€13.8m | +7.0% |
| Shares | 284 | €196,280,916 | €210,085,183 | +€13.8m | +7.0% |
| Current assets | 29/58 | €240,885,911 | €124,306,468 | -€116.6m | -48.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €142,106,497 | €4,882,714 | -€137.2m | -96.6% |
| Trade receivables | 40 | €336,987 | €342,460 | +€5,473 | +1.6% |
| Other amounts receivable | 41 | €141,769,510 | €4,540,254 | -€137.2m | -96.8% |
| Current investments | 50/53 | €94,984,838 | €106,890,215 | +€11.9m | +12.5% |
| Other investments | 51/53 | €94,984,838 | €106,890,215 | +€11.9m | +12.5% |
| Cash at bank and in hand | 54/58 | €3,329,725 | €11,944,856 | +€8.6m | +259% |
| Deferred charges and accrued income | 490/1 | €464,852 | €588,683 | +€123,831 | +26.6% |
| Total equity and liabilities | 10/49 | €1,114,538,460 | €1,170,815,210 | +€56.3m | +5.0% |
| Equity | 10/15 | €1,110,572,846 | €1,129,317,507 | +€18.7m | +1.7% |
| Contributions | 10/11 | €320,000,000 | €320,000,000 | = | 0.0% |
| Capital | 10 | €320,000,000 | €320,000,000 | = | 0.0% |
| Issued capital | 100 | €320,000,000 | €320,000,000 | = | 0.0% |
| Reserves | 13 | €32,000,000 | €32,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,000,000 | €32,000,000 | = | 0.0% |
| Legal reserve | 130 | €32,000,000 | €32,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €758,572,846 | €777,317,507 | +€18.7m | +2.5% |
| Provisions and deferred taxes | 16 | €195,727 | €22,843 | -€172,884 | -88.3% |
| Provisions for liabilities and charges | 160/5 | €195,727 | €22,843 | -€172,884 | -88.3% |
| Pensions and similar obligations | 160 | €195,727 | €22,843 | -€172,884 | -88.3% |
| Amounts payable | 17/49 | €3,769,887 | €41,474,860 | +€37.7m | +1,000% |
| Amounts payable within one year | 42/48 | €1,452,113 | €39,465,313 | +€38.0m | +2,618% |
| Trade debts | 44 | €821,553 | €767,263 | -€54,290 | -6.6% |
| Suppliers | 440/4 | €821,553 | €767,263 | -€54,290 | -6.6% |
| Taxes, remuneration and social security | 45 | €630,559 | €862,930 | +€232,371 | +36.9% |
| Taxes | 450/3 | - | €64,005 | +€64,005 | |
| Remuneration and social security | 454/9 | €630,559 | €798,925 | +€168,365 | +26.7% |
| Other amounts payable | 47/48 | - | €37,835,120 | +€37.8m | |
| Accrued charges and deferred income | 492/3 | €2,317,774 | €2,009,547 | -€308,228 | -13.3% |
| Operating income | 70/76A | €2,067,764 | €2,060,321 | -€7,443 | -0.4% |
| Turnover | 70 | €1,149,946 | €814,224 | -€335,722 | -29.2% |
| Other operating income | 74 | €917,819 | €1,004,812 | +€86,993 | +9.5% |
| Non-recurring operating income | 76A | - | €241,286 | +€241,286 | |
| Operating charges | 60/66A | €14,528,997 | €14,769,517 | +€240,520 | +1.7% |
| Goods for resale, raw materials and consumables | 60 | - | €3,403 | +€3,403 | |
| Purchases | 600/8 | - | €3,403 | +€3,403 | |
| Services and other goods | 61 | €6,353,222 | €6,318,984 | -€34,237 | -0.5% |
| Remuneration, social security and pensions | 62 | €7,545,273 | €7,503,058 | -€42,215 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,090 | €254,983 | -€106 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €22,070 | -€172,884 | -€194,954 | |
| Other operating charges | 640/8 | €353,343 | €861,973 | +€508,630 | +144% |
| Operating profit (loss) | 9901 | -€12,461,233 | -€12,709,196 | -€247,963 | -2.0% |
| Financial income | 75/76B | €59,748,983 | €75,384,825 | +€15.6m | +26.2% |
| Recurring financial income | 75 | €23,820,617 | €22,065,916 | -€1.8m | -7.4% |
| Income from financial fixed assets | 750 | €11,310,214 | €17,569,443 | +€6.3m | +55.3% |
| Income from current assets | 751 | €5,788,149 | €1,220,339 | -€4.6m | -78.9% |
| Other financial income | 752/9 | €6,722,254 | €3,276,134 | -€3.4m | -51.3% |
| Non-recurring financial income | 76B | €35,928,366 | €53,318,908 | +€17.4m | +48.4% |
| Financial charges | 65/66B | €43,701,028 | €43,623,069 | -€77,959 | -0.2% |
| Recurring financial charges | 65 | €1,706,859 | €4,107,461 | +€2.4m | +141% |
| Debt charges | 650 | €307,645 | €210,796 | -€96,850 | -31.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€294,928 | €2,744,917 | +€3.0m | |
| Other financial charges | 652/9 | €1,694,141 | €1,151,749 | -€542,392 | -32.0% |
| Non-recurring financial charges | 66B | €41,994,169 | €39,515,607 | -€2.5m | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €3,586,722 | €19,052,560 | +€15.5m | +431% |
| Income taxes | 67/77 | €76,087 | €307,899 | +€231,813 | +305% |
| Taxes | 670/3 | €76,087 | €307,899 | +€231,813 | +305% |
| Profit (loss) for the period | 9904 | €3,510,635 | €18,744,661 | +€15.2m | +434% |
| Profit (loss) for the period to be appropriated | 9905 | €3,510,635 | €18,744,661 | +€15.2m | +434% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.