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"Tag850": {
"value": "\nOur core markets are Belgium, \nthe Czech Republic, Slovakia, Hungary and Bulgaria.\n",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag849": {
"value": "\n\u2022 The overall impact on the net result of fluctuations in the exchange rates of the main non-euro currencies was very limited.
\n\n\nEffects of changes in foreign exchange rates
\n
\n
\n\n
KBC\u2019s functional and presentation currency is the euro. Monetary assets and liabilities denominated in foreign currency are
\n
translated into the functional currency at the spot rate on the balance sheet date.
\n\n\n\n
Negative and positive valuation
\ndifferences, except for those relating to the funding of equity instruments and investments of consolidated companies in a
\nforeign currency, are recognised in the income statement. Non-monetary items measured at historical cost are translated
\ninto the functional currency at the historical exchange rate that existed on the transaction date. Non-monetary items
\ncarried at fair value are translated at the spot rate on the date the fair value was determined. Translation differences are
\nreported together with changes in fair value in \u2018Net result from financial instruments at fair value through profit or loss\u2019 of
\nthe income statement. Income and expense items in foreign currency are taken to the income statement at the exchange
\nrate prevailing when they were recognised.
\n
\nValuation differences are accounted for either in the income statement or in other comprehensive income. Valuation
\ndifferences that are initially accounted for in other comprehensive income and that relate to gains or losses that are
\nsubsequently recognised in the income statement are recycled to the income statement in the same period in which that
\nitem is accounted for in the income statement. The balance sheets of foreign subsidiaries are translated into the
\npresentation currency at the spot rate on the reporting date (except for equity, which is translated at the historical rate).
\nThe income statement is translated at the average rate for the financial year as a best estimate of the exchange rate on
\nthe transaction date.
\n
\n
\n\n",
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"Tag837": {
"value": "\n
\n\n
Market risk in non-trading activities
\n
AUDITED
\n
Risk management
\n
General information
\n
Credit risk
\n
Market risk in non-trading activities
\n
Liquidity risk
\n
Market risk in trading activities
\n
Technical insurance risk
\n
Non-financial risks
\n
Market risk relates to changes in the level or in
\n
the volatility of prices in financial markets. The
\n
process of managing our structural exposure to
\n
market risks in the non-trading activities covers
\n
interest rate risk, gap risk, basis risk, option risk
\n
(such as prepayment risk), currency risk, equity
\n
price risk, real estate price risk, credit spread risk
\n
and inflation risk. \u2018Structural exposure\u2019
\n
encompasses all exposure inherent in our
\n
commercial activity or in our investments
\n
(banking and insurance). Trading activities are
\n
therefore not included. This process is also known
\n
as Asset/Liability Management (ALM).
\n
Managing market risk in non-trading activities
\n
In the area of market risk in the non-trading activities, the
\n
ExCo is supported by the Group Asset and Liability
\n
Committee (GALCO), which is to provide assistance in the
\n
area of (integrated) balance sheet management at group
\n
level. The governance, rules and procedures and how asset
\n
and liability risk management is performed throughout the
\n
group are outlined in the Non-Trading Market Risk
\n
Management Framework. Its implementation is monitored by
\n
the Market Non-Trading Risk Competence Centre of Group
\n
Risk. Within the risk function, the ALM & Liquidity Risk Council,
\n
chaired by the CRO Markets & Treasury, aims to establish,
\n
facilitate, promote and support the solid and efficient
\n
integration of all tasks assigned to the local and group risk
\n
departments covering ALM and liquidity risks.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
The building blocks for managing market risk in non-trading activities
\n
\u2022 Risk identification: all risk identification exercises
\n
described in the \u2018Components of sound risk management\u2019
\n
section apply to the non-trading market risk management
\n
context (such as the Risk Scan, the NAPP and the collection
\n
of risk signals). Within the Framework, deep dives (in-depth
\n
analyses) are performed to identify specific risks related to
\n
the market (non-trading) activities and their materiality.
\n
Additionally, the key risk drivers for ALM risk for KBC are
\n
determined and updated annually and regulatory
\n
developments are monitored on a continuous basis.
\n
\u2022 Risk measurements: a common rulebook, which
\n
supplements the framework for technical aspects, and a
\n
shared group measurement tool ensure that these risks are
\n
measured consistently throughout the group through,
\n
among others:
\n
Basis Point Value (BPV) for interest rate risk
\n
- Gap analysis for interest rate risk, related to repricing
\n
mismatches between assets and liabilities and
\n
inflation risk
\n
- Economic sensitivities for currency risk, equity price risk
\n
and real estate price risk
\n
Measures are complemented by stress tests, covering
\n
back testing of prepayments, net interest income results
\n
under various scenarios, or the impact on regulatory
\n
capital stemming from interest, spread or equity risk
\n
residing within the banking books.
\n
\u2022 Setting and cascading risk appetite: we pursue a medium risk
\n
appetite for non-trading market risk. Limits cover all material
\n
market risks resulting from the ALM activities, being interest
\n
rate risk, equity risk, real estate risk and foreign exchange risk.
\n
\u2022 Risk analysis, reporting, response and follow-up: besides
\n
regulatory reporting, structural reporting to the GALCO is
\n
performed. The reporting process includes a sign-off
\n
process to ensure data and processing accuracy.
\n
Market risk in the non-trading activities consists of different
\n
risk sub-types. These are outlined below, including more
\n
details and figures.
\n
Interest rate risk and gap risk
\n
We manage the interest rate risk positions separately for
\n
the banking and insurance activities. The management of
\n
the non-trading books consists in maintaining a sound
\n
equilibrium between the resilience of the balance sheet to
\n
interest rate movements (value) and the generation of
\n
interest income, through the reinvestment of the free capital
\n
and the management of opportunities brought by natural
\n
imbalances in the product mix stemming from commercial
\n
activities.
\n
The main technique used to measure interest rate risks is the
\n
10 Basis Point Value (BPV) method, which measures the
\n
extent to which the value of the portfolio would change if
\n
interest rates were to go up by ten basis points across the
\n
entire swap curve (negative figures indicate a decrease in
\n
the value of the portfolio).
\n
\n
\n\n\n| Impact of a parallel 10-basis-point increase in the swap1 curve | \n | \n | \n\n\n
\n\n| for the KBC group, impact on value2 (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Banking | \n-60 | \n-55 | \n\n\n
\n\n| Insurance | \n4 | \n20 | \n\n\n
\n\n| Total | \n-56 | \n-35 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
1 In accordance with market standards, sensitivity figures are based on a risk-free curve (swap curve).
\n
2 Full market value, regardless of accounting classification or impairment rules.
\n
Through sensitivity gap analysis in the banking book, we
\n
manage the interest rate sensitivity of assets and liabilities
\n
across the different maturities, as shown in the table below.
\n
To determine the sensitivity gap, we break down the carrying
\n
value of assets (positive amount) and liabilities (negative
\n
amount) according to their maturity date for fixed rate
\n
instruments, or to their repricing date for floating rate
\n
instruments. We include derivative financial instruments,
\n
mainly to reduce exposure to interest rate movements.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Our interest rate exposure is mainly concentrated in the
\n
currencies of our primary markets (EUR, CZK, HUF and BGN),
\n
whereas the interest rate exposure to other currencies is less
\n
material. Looking at our funding mix, a large part of our
\n
portfolio consists of current and savings accounts (despite
\n
the migration to some term deposits in 2023 and 2024). More
\n
information on our funding mix can be found in the on
\n
\u2018Liquidity risk\u2019 section.
\n
For the banking activities, two other methodologies to
\n
measure interest rate sensitivity, which are comparable
\n
across institutions, are the outlier stress test (SOT) on
\n
Economic Value of Equity (EVE) and the outlier stress test
\n
(SOT) on Net Interest Income (NII), both calculated according
\n
to the guidelines of the EBA.
\n
For the SOT on EVE, six different scenarios are applied to the
\n
banking books (material currencies) every quarter. These
\n
scenarios comprise material parallel shifts up and down,
\n
steepening or flattening of the swap curves or shifts in the
\n
short-term rates only. The worst-case scenario impact (the
\n
most negative impact on the economic value of equity) is set
\n
off against tier-1 capital. For the banking book, the SOT EVE
\n
came to -6.27% of tier-1 capital at year-end 2025. This is well
\n
below the -15% threshold, which is monitored by the ECB and
\n
indicates that the overall interest rate sensitivity of KBC\u2019s
\n
balance sheet is limited.
\n
The SOT on EVE is complemented by the SOT on NII, which
\n
measures the impact of two scenarios (parallel up and down)
\n
on NII, assuming a constant balance sheet. The impact of the
\n
worst-case scenario on NII is also set off against tier-1
\n
capital. According to this measure, the interest rate
\n
sensitivity of KBC is limited too: it came to -1.00% at year-end
\n
2025, compared to the 5% outlier threshold used by the
\n
supervisory authority.
\n
We also use other techniques to measure potential
\n
imbalances in terms of our interest rate position, such as gap
\n
analysis, the duration approach, scenario analysis and stress
\n
testing. Information regarding the Gap table, detailing
\n
mismatches between assets and liabilities by time bucket, is
\n
provided in the Risk Report.
\n
As regards the group\u2019s insurance activities, the fixed-income
\n
investments for the Non-life reserves are invested with the
\n
aim of matching the projected pay-out patterns for claims,
\n
based on extensive actuarial analysis.
\n
The non-unit-linked Life activities combine a guaranteed
\n
interest rate with a discretionary participation feature (DPF)
\n
fixed by the insurer. The main risks to which the insurer is
\n
exposed as a result of such activities are a low-interest-rate
\n
risk (the risk that return on investments will drop below the
\n
guaranteed level) and the risk that the investment return will
\n
not be sufficient to give clients a competitive profit-sharing
\n
rate. The risk of low interest rates is managed via a cashflow-
\n
matching policy, which is applied to that portion of the Life
\n
insurance portfolios covered by fixed-income securities.
\n
Unit-linked Life insurance investments are not dealt with here,
\n
since this activity does not entail any market risk for KBC.
\n
We also adopt an interest rate gap view for our insurance
\n
activities. The Life insurance assets and liabilities relating to
\n
business offering guaranteed rates are grouped according
\n
to the expected timing of cashflows, whereas, Non-life
\n
activities are less material in volume and have a substantially
\n
lower average duration.
\n
\n
\n\n\n| Interest sensitivity gap of the ALM book (including derivatives), | \n | \n | \n | \n | \n\n\n
\n\n| banking activities | \n | \n | \n | \n | \n\n\n
\n\n| (in millions of EUR) | \n0-1 year | \n1-5 years | \n5-10 years | \n>10 years | \n\n\n
\n\n| 31-12-2025 | \n3 273 | \n10 216 | \n3 595 | \n1 090 | \n\n\n
\n\n| Of which derivatives* | \n32 814 | \n-41 | \n-15 067 | \n-18 045 | \n\n\n
\n\n| 31-12-2024 | \n4 734 | \n6 053 | \n8 163 | \n1 089 | \n\n\n
\n\n| Of which derivatives* | \n16 429 | \n1 428 | \n2 936 | \n-20 503 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
* The evolution of derivative values is related to an increase in the loan and asset-swapped bond portfolio in 2025.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n\n\n| Expected cashflows (not discounted), | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Life insurance activities (in millions of EUR) | \n0\u20131 year | \n1\u20132 years | \n2-3 years | \n3-4 years | \n4-5 years | \n>5 years | \nTotal | \n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Fixed-income assets backing liabilities, | \n1 555 | \n 908 | \n1 105 | \n 830 | \n 843 | \n9 289 | \n14 529 | \n\n\n
\n\n| guaranteed component | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Equity | \n- | \n- | \n- | \n- | \n- | \n- | \n1 021 | \n\n\n
\n\n| Property | \n- | \n- | \n- | \n- | \n- | \n- | \n365 | \n\n\n
\n\n| Other (no maturity) | \n- | \n- | \n- | \n- | \n- | \n- | \n183 | \n\n\n
\n\n| Liabilities, guaranteed component | \n1 257 | \n 975 | \n 764 | \n 751 | \n 779 | \n10 556 | \n15 083 | \n\n\n
\n\n| Difference in time-sensitive expected cashflows | \n298 | \n- 67 | \n 340 | \n 79 | \n 64 | \n-1 267 | \n- 553 | \n\n\n
\n\n| Mean duration of assets | \n | \n | \n | \n | \n | \n | \n5.36 years | \n\n\n
\n\n| Mean duration of liabilities | \n | \n | \n | \n | \n | \n | \n6.60 years | \n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Fixed-income assets backing liabilities, | \n1 629 | \n942 | \n924 | \n1 072 | \n895 | \n8 507 | \n13 969 | \n\n\n
\n\n| guaranteed component | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Equity | \n- | \n- | \n- | \n- | \n- | \n- | \n964 | \n\n\n
\n\n| Property | \n- | \n- | \n- | \n- | \n- | \n- | \n286 | \n\n\n
\n\n| Other (no maturity) | \n- | \n- | \n- | \n- | \n- | \n- | \n182 | \n\n\n
\n\n| Liabilities, guaranteed component | \n1 120 | \n941 | \n969 | \n722 | \n714 | \n9 945 | \n14 410 | \n\n\n
\n\n| Difference in time-sensitive expected cashflows | \n509 | \n1 | \n-45 | \n350 | \n181 | \n-1 438 | \n-422 | \n\n\n
\n\n| Mean duration of assets | \n | \n | \n | \n | \n | \n | \n5.67 years | \n\n\n
\n\n| Mean duration of liabilities | \n | \n | \n | \n | \n | \n | \n7.35 years | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
As mentioned above, the main interest rate risk for the insurer
\n
is the risk of low rates for a longer period. We adopt a
\n
liability-driven ALM approach focused on mitigating the
\n
interest rate risk in accordance with KBC\u2019s risk appetite. For
\n
the remaining interest rate risk, we adhere to a policy that
\n
takes into account the possible negative consequences of a
\n
sustained decline in interest rates, and have built up
\n
adequate supplementary reserves.
\n
\n
\n\n\n| Breakdown of the reserves for non-unit-linked Life insurance | \n | \n | \n\n\n
\n\n| by guaranteed interest rate, insurance activities | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| 5.00% and higher | \n3% | \n3% | \n\n\n
\n\n| More than 4.25% up to and including 4.99% | \n4% | \n5% | \n\n\n
\n\n| More than 3.50% up to and including 4.25% | \n3% | \n3% | \n\n\n
\n\n| More than 3.00% up to and including 3.50% | \n8% | \n9% | \n\n\n
\n\n| More than 2.50% up to and including 3.00% | \n4% | \n4% | \n\n\n
\n\n| 2.50% and lower | \n76% | \n74% | \n\n\n
\n\n| 0.00% | \n3% | \n2% | \n\n\n
\n\n| Total | \n100% | \n100% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
Credit spread risk
\n
We purchase bonds with a view to acquiring interest income.
\n
Their selection is largely conservative and based on criteria
\n
such as credit risk rating, risk/return measures and liquidity
\n
characteristics.
\n
We manage the credit spread risk for, inter alia, the sovereign
\n
bond portfolio by monitoring the extent to which the value of
\n
the sovereign bonds would change if credit spreads were to go
\n
up by 100 basis points across the entire curve. KBC primarily
\n
invests in government bonds from its domestic markets, with
\n
some diversification across Europe. Bonds denominated in
\n
non-domestic currencies are mainly intended to hedge
\n
same-currency liabilities. In addition to the sovereign portfolio,
\n
KBC holds a non-sovereign bond portfolio (banks,
\n
corporations, supranational bodies). More details regarding the
\n
bond portfolio components can be found in the Risk Report.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Exposure to bonds at year-end 2025, KBC Group, carrying value
\n
\n
(in millions of EUR)
\n
\n
\n\n\n | \n | \n | \n | \n | \nFor compari- | \n | \n\n\n
\n\n | \n | \nAt fair value | \n | \n | \nson purposes: | \nEconomic | \n\n\n
\n\n | \n | \nthrough other | \n | \n | \ntotal | \nimpact of | \n\n\n
\n\n | \nAt amortised | \ncomprehensive | \nHeld | \n | \nat year-end | \n+100 basis | \n\n\n
\n\n | \ncost | \nincome (FVOCI) | \nfor trading | \nTotal | \n2024 | \npoints1 | \n\n\n
\n\n| Sovereign | \n45 016 | \n22 426 | \n3 805 | \n71 247 | \n63 480 | \n-3 332 | \n\n\n
\n\n| Of which2: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Czech Republic | \n11 238 | \n3 463 | \n2 113 | \n16 814 | \n14 968 | \n-708 | \n\n\n
\n\n| Belgium | \n8 891 | \n6 198 | \n776 | \n15 866 | \n12 727 | \n-872 | \n\n\n
\n\n| France | \n4 348 | \n2 582 | \n1 | \n6 931 | \n6 851 | \n-319 | \n\n\n
\n\n| Slovakia | \n3 851 | \n1 535 | \n345 | \n5 731 | \n4 876 | \n-295 | \n\n\n
\n\n| Hungary | \n3 274 | \n1 147 | \n110 | \n4 531 | \n3 767 | \n-120 | \n\n\n
\n\n| Non-sovereign3 | \n6 736 | \n4 556 | \n3 407 | \n14 699 | \n14 225 | \n-329 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
1 Theoretical economic impact in fair value terms of a parallel 100-basis-point upward shift in the spread over the entire maturity structure. Only a portion of this impact is reflected in
\n
profit or loss and/or equity. Sensitivity figures relate to non-trading positions in sovereign bonds for the banking and insurance businesses (impact on trading book exposure was quite
\n
limited and amounted to -48 million euros at year-end 2025).
\n
2 Top 5 largest sovereign portfolios.
\n
3 An immaterial portfolio held at fair value through profit or loss is included in the Non-sovereign total.
\n
Equity risk
\n
We define equity risk as the risk due to changes in the level or
\n
in the volatility of equity prices. KBC holds equity portfolios for
\n
several purposes. The main exposure to equity is within our
\n
insurance business, where the ALM strategies are based on a
\n
risk-return evaluation, taking into account the market risk
\n
attached to open equity positions. The vast majority of the
\n
equity portfolio is held as an economic hedge for long-term
\n
liabilities of the insurance company. A limited tactical portfolio
\n
(106 million euros) aims to contribute to the financial objectives
\n
through dividend payouts and capital gains. The equity
\n
portfolio held in the insurance business is largely diversified
\n
through sectors and geographical areas as it is benchmarked
\n
against a basket of major indexes such as the S&P 500 or the
\n
EUROSTOXX 600. Smaller equity portfolios are also held by
\n
other group entities, where the portfolios are of a strategic
\n
nature, such as participations in relation to the execution of
\n
KBC\u2019s business model. The sectoral repartition of the
\n
portfolio is included in the Risk Report.
\n
\n
\n\n\n| Equity portfolio of the KBC group | \nBanking activities | \nInsurance activities | \nGroup | \n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| In millions of EUR* | \n236 | \n239 | \n1 579 | \n1 422 | \n1 816 | \n1 660 | \n\n\n
\n\n| of which unlisted | \n236 | \n231 | \n282 | \n240 | \n518 | \n471 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
* The main reason for the difference with \u2018Equity instruments\u2018 in Note 4.1 of the \u2018Consolidated financial statements\u2019 section is that shares in the trading book are excluded above,
\n
but included in the table in Note 4.1.
\n
\n
\n\n\n| Impact of a 25% drop in equity prices, impact on value | \n | \n | \n\n\n
\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Banking activities | \n-59 | \n-60 | \n\n\n
\n\n| Insurance activities | \n-395 | \n-355 | \n\n\n
\n\n| Total | \n-454 | \n-415 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n | \nNet realised gains | \nNet unrealised gains | \n\n\n
\n\n | \n(in income statement) | \non year-end exposure | \n\n\n
\n\n| Non-trading equity exposure | \n | \n | \n(in equity) | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| Banking activities | \n- | \n- | \n-38 | \n22 | \n\n\n
\n\n| Insurance activities | \n1 | \n-1 | \n351 | \n339 | \n\n\n
\n\n| Total | \n1 | \n-1 | \n313 | \n361 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Real estate risk
\n
We define real estate risk as the risk due to changes in the
\n
level or in the volatility of real estate prices. Real estate that
\n
is exclusively used by KBC and its subsidiaries for their own
\n
activities are excluded here. The group\u2019s real estate
\n
businesses hold a limited real estate investment portfolio.
\n
KBC Insurance also holds a diversified real estate portfolio,
\n
as an investment for Non-life reserves and long-term Life
\n
activities. The real estate exposure is viewed as a long-term
\n
hedge against inflation risks and as a way of optimising the
\n
risk/return profile of these portfolios.
\n
\n
\n\n\n| Impact of a 25% drop in real estate prices, impact on value (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Bank portfolios | \n-113 | \n-116 | \n\n\n
\n\n| Insurance portfolios | \n-138 | \n-120 | \n\n\n
\n\n| Total | \n-251 | \n-235 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
Inflation risk
\n
We define inflation risk as the risk due to changes in the level
\n
or in the volatility of inflation rates. Inflation can impact a
\n
financial company in many ways, for instance via changes in
\n
interest rates or operational costs. Inflation in general
\n
therefore is not easily quantifiable as a market risk concept.
\n
However, certain financial products or instruments have a
\n
direct link with inflation and their value is directly impacted
\n
by a change in market expectations. KBC Bank uses
\n
inflation-linked bonds as an opportunity to diversify its asset
\n
portfolio. At KBC Insurance, inflation risk relates specifically
\n
to workmen\u2019s compensation insurance, where, particularly in
\n
the case of permanent or long-term disabilities, an annuity
\n
benefit is paid to the insured person (with the annuity being
\n
linked to inflation by law). KBC Insurance partly mitigates the
\n
risks by investing in inflation-linked bonds and complements
\n
its inflation hedging programme by investing in real estate
\n
and shares, as these assets are traditionally correlated with
\n
inflation and do not have a maturity date.
\n
The banking business holds a portfolio of inflation-linked
\n
bonds with a sensitivity to inflation (BPI) of 4.2 million euros (a
\n
0.10% move in inflation expectations) at the end of 2025. For
\n
the workmen\u2019s compensation business in the insurance
\n
activities the BPI of liabilities was calculated at -4.4 million
\n
euros (increasing the liabilities), against which inflation-linked
\n
bonds are held with a 3.6-million-euro BPI, supplemented
\n
with a 31-million-euro real estate portfolio. The sensitivity of
\n
liabilities to inflation is only known with a quarter\u2019s delay.
\n
Therefore, the insurance figures in this section are based on
\n
the third quarter of 2025.
\n
Foreign exchange risk
\n
We define foreign exchange risk as the risk due to changes in
\n
the level or in the volatility of currency exchange rates. We
\n
pursue a prudent policy as regards our non-trading currency
\n
exposure. Material foreign exchange exposure in the ALM
\n
books of banking entities with a trading book is transferred
\n
via internal deals to the trading book, where it is managed
\n
within the allocated trading limits. The foreign exchange
\n
exposure of banking entities without a trading book and of
\n
insurance and other entities has to be hedged, if material.
\n
However, non-euro-denominated equity holdings in the
\n
insurance portfolio are not hedged, as foreign exchange
\n
volatility is considered part of the investment return.
\n
KBC focuses on stabilising the common equity ratio against
\n
foreign exchange fluctuations.
\n
\n
\n\n\n| Impact of a 10% decrease in currency value* | \n | \nBanking | \n | \nInsurance | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| CZK | \n-251 | \n-217 | \n-39 | \n-32 | \n\n\n
\n\n| HUF | \n-79 | \n-74 | \n-12 | \n-10 | \n\n\n
\n\n| USD | \n-7 | \n-3 | \n-61 | \n-59 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
* Exposure for currencies where the impact exceeds 10 million euros in Banking or Insurance. The BGN is pegged to the euro, ensuring a highly stable exchange rate and as of 2026,
\n
Bulgaria has adopted the euro.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Hedge accounting
\n
Assets and liabilities management uses derivatives to
\n
mitigate interest rate and foreign exchange risks. The aim of
\n
hedge accounting is to reduce the volatility in P&L resulting
\n
from the use of these derivatives.
\n
KBC decided not to apply hedge accounting to credit and
\n
equity risks. When the necessary criteria are met, it is applied
\n
to remove the accounting mismatch between the hedging
\n
instrument and the hedged item. For more information about
\n
hedge accounting, please see Note 1.2 in the \u2018Consolidated
\n
financial statements\u2019 section.
\n
Hedging interest rate risks
\n
Hedging derivatives are used to mitigate an interest rate risk
\n
that arises from a difference in the interest rate profile of
\n
assets and their funding liabilities. The hedge accounting
\n
status of a hedge can be associated with either the asset or
\n
the liability item.
\n
Interest rate derivatives can be designated as:
\n
\u2022 Hedges of the fair value of recognised assets or liabilities.
\n
Changes in the fair value of derivatives that are designated
\n
and qualify as fair value hedges are recorded in profit or loss,
\n
together with any changes in the fair value of the hedged
\n
asset or liability that are attributable to the hedged risk. The
\n
gain or loss relating to the ineffective portion is also
\n
recognised in profit or loss.
\n
\u2022 Hedges of the cashflow of recognised assets and liabilities
\n
which are either certain or highly probable forecasted
\n
transactions. The effective portion of changes in the fair
\n
value of derivatives that are designated and qualify as
\n
cashflow hedges is recognised in the cashflow hedge reserve
\n
within equity. The gain or loss relating to the ineffective
\n
portion is recognised directly in profit or loss.
\n
KBC uses macro hedge accounting strategies f
\n
or
\n
homogeneous
\n
portfolios of smaller items, where the frequency
\n
of occurrence or the relatively small size of the average
\n
operation renders the one-to-one relationship sub-optimal.
\n
This is the case for
\n
inter alia
\n
mortgages, loans to SMEs or
\n
customer deposits. Macro hedge strategies may be dynamic
\n
and undergo frequent changes based on balancing the
\n
portfolio (\u2018open portfolio hedge\u2019), among other things.
\n
The micro hedge designation is used when large individual
\n
assets or liabilities are hedged. Typical assets are large
\n
corporate loans and bond acquisitions for which only the credit
\n
spread profile is relevant. Liabilities can include KBC\u2019s own
\n
issues. Micro hedges are either fair-value or cashflow based.
\n
Hedging foreign exchange risks
\n
KBC has strategic investments denominated in non-euro
\n
currencies. The net asset value of significant participations is
\n
partly funded in the local currency by deposits and foreign
\n
exchange derivatives, to ensure stability of the common
\n
equity ratio. By using hedges of net investments in foreign
\n
operations, the foreign exchange component is reported in
\n
equity until realisation (unwinding of funding due to
\n
liquidation, dividend payments or other decreases in net
\n
asset value).
\n
KBC also has a limited portfolio of foreign-currency-
\n
denominated bonds that are funded through euro proceeds.
\n
These bonds are hedged by cross-currency interest rate
\n
swaps to create a synthetic EUR fixed-rate interest income.
\n
Cashflow hedge accounting (micro-hedge) is performed to
\n
mitigate foreign exchange volatility.
\n
Hedge effectiveness
\n
Hedge effectiveness is determined at the inception of the
\n
hedge relationship, as well as through periodic prospective
\n
and retrospective effectiveness assessments, to ensure that
\n
a relevant relationship between the hedged item and the
\n
hedging instrument exists and remains valid.
\n
Effectiveness testing
\n
For interest rates, several prospective and retrospective tests
\n
are performed to ensure the relationship between the
\n
hedged item and the hedging instrument qualifies for the
\n
hedge accounting strategy.
\n
Prospective tests are mostly based either on a sensitivity
\n
analysis (verifying if the basis point value of the hedged
\n
portfolio relative to the hedging instrument stays within the
\n
80-125% interval) or volume tests (if the principal amount of
\n
hedge-eligible items exceeds the notional volume of
\n
hedging instruments expected to be repriced or repaid in
\n
each specified time bucket).
\n
For macro cashflow hedges, extensive forward-looking
\n
analyses assess the sufficient likelihood that the future
\n
volume of hedged items will largely cover the volume of
\n
hedging instruments. A hedge ratio \u2013 measuring the
\n
proportion of a portfolio that is hedged by derivatives \u2013 is
\n
calculated for each hedging strategy.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
The retrospective effectiveness test of the hedge
\n
relationship is periodically carried out by comparing the
\n
change in fair value of the portfolio of hedging instruments
\n
relative to the change in fair value of the hedged eligible
\n
items imputable to the hedged risk over a given period (the
\n
ratio of fair value changes remains within the 80-125%
\n
interval).
\n
For foreign exchange hedging, effectiveness is ensured by
\n
adjusting the sum of the nominal amount of the funding
\n
deals and foreign exchange derivatives to the targeted
\n
hedge amount of the strategic participations. For foreign-
\n
currency-denominated bonds swapped into euro, the start
\n
date, maturity date and coupon dates are also matched.
\n
Sources of hedge ineffectiveness
\n
Ineffectiveness for interest rate swaps may occur due to:
\n
\u2022 Differences in relevant terms between the hedged item
\n
and the hedging instrument (it can include discrepancies
\n
in interest curves and in periodicity)
\n
\u2022 A reduction in volume of the hedged item that would fall
\n
under the volume of hedging instruments for any time
\n
bucket
\n
\u2022 The credit value adjustment on the interest rate swap not
\n
being matched by the loan; however, hedging swaps are
\n
fully collateralised or traded through clearing houses and
\n
the credit value adjustment is limited
\n
Regarding the hedge of the net investment in foreign
\n
currency, the interest rate component from the hedging
\n
instruments can be a source of inefficiency. The counterparty
\n
risk on the hedging instrument, even if collateralised, can
\n
also be a source of inefficiency.
\n
Discontinuation of hedge accounting
\n
Hedge accounting strategies failing the effectiveness tests
\n
are discontinued. A dedesignated hedging instrument can
\n
be redesignated in a new hedge relationship. Effective
\n
hedge accounting strategies may also be discontinued for
\n
technical or strategic reasons. Any impact on profit and loss
\n
arising from hedge ineffectiveness and discontinuation is
\n
reported to the GALCO.
\n
Capital sensitivity to market movements
\n
Available capital can be impacted by changes in the value of
\n
balance sheet items (e.g., sovereign and corporate bonds and
\n
equity) booked at fair value through other comprehensive
\n
income or fair value through profit or loss. This impact can be
\n
negative when the market is stressed, which can be triggered
\n
by a number of market parameters, including swap rates or
\n
bond spreads that increase or equity prices that fall. At KBC,
\n
we use this capital sensitivity as a common denominator to
\n
measure the vulnerability of the banking book to different
\n
market risk shocks.
\n
\n
\n\n\n| CET1 sensitivity to main market drivers (under Danish compromise), | \n | \n | \n\n\n\n\n
\n\n| KBC group (as % points of CET1 ratio), IFRS impact caused by: | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| +100-basis-point parallel shift in interest rates | \n-0.1% | \n-0.1% | \n\n\n\n\n
\n\n| +100-basis-point parallel shift in spread | \n-0.5% | \n-0.4% | \n\n\n\n\n
\n\n| -25% in equity prices | \n-0.1% | \n-0.2% | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
The table shows that the sensitivity of capital to market
\n
movements is limited. The sensitivity to spread volatility has
\n
increased over the past year as KBC has opted to increase
\n
the part of its bond portfolio that is booked at fair value
\n
through other comprehensive income (FVOCI). Currently,
\n
roughly a quarter of KBC Bank\u2019s bond portfolio is captured at
\n
FVOCI. The majority of the portfolio is deemed to be held to
\n
maturity and is therefore booked at amortised cost. Those
\n
positions do not impact capital unless they are liquidated
\n
before maturity. Note that KBC holds material amounts of
\n
liquid assets (see the liquidity section) to absorb unexpected
\n
funding outflows. If these are not sufficient, KBC can still
\n
enter into repo agreements to access liquidity rather than
\n
having to realise losses on the bonds.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
Liquidity risk
\n
AUDITED
\n
\n
General information
\n
Credit risk
\n
Market risk in non-trading activities
\n
Liquidity risk
\n
Market risk in trading activities
\n
Technical insurance risk
\n
Non-financial risks
\n
Risk management
\n
Managing liquidity risk
\n
In the area of liquidity risk, the ExCo is supported by the Group
\n
Asset and Liability Committee (GALCO), which provides
\n
assistance in the area of (integrated) balance sheet
\n
management at group level, including liquidity and funding, and
\n
ensures compliance with all internal and regulatory limits. The
\n
governance, rules and procedures and how asset and liability risk
\n
management is performed throughout the group are outlined in
\n
the Liquidity Risk Management Framework. Its implementation is
\n
monitored by the Liquidity Risk Competence Centre of Group
\n
Risk. Within the risk function, the ALM & Liquidity Risk Council aims
\n
to establish, facilitate, promote and support the solid and
\n
efficient integration of all tasks assigned to the local and group
\n
risk departments.
\n
The building blocks for managing liquidity risk
\n
\u2022 Risk identification
\n
: all risk identification exercises described in
\n
the \u2018Components of sound risk management\u2019 section apply to
\n
the liquidity risk management context (such as the Risk Scan,
\n
the NAPP and the collection of risk signals).
\n
\u2022 Risk measurement
\n
: identified liquidity risks are measured by
\n
means of both regulatory metrics such as the Liquidity
\n
Coverage Ratio (159% in 2025) and the Net Stable Funding
\n
Ratio 138%), and internal metrics on, for example, the funding
\n
mix and concentration and the composition of the liquid
\n
asset buffer. In the maturity analysis table below, KBC\u2019s
\n
structural liquidity risk is illustrated by grouping the
\n
assets
\n
and liabilities according to the remaining term to maturity
\n
(using the contractual maturity date). The difference
\n
between the cash inflows and outflows is referred to as the
\n
\u2018net funding gap\u2019.
\n
\u2022 Setting and cascading risk appetite: the GALCO monitors the
\n
development of the liquidity risk profile in relation to the limits.
\n
KBC\u2019s low risk profile for liquidity risk is illustrated by the fact
\n
that KBC is well above the thresholds for regulatory and
\n
internal liquidity measures. The GALCO decides on and
\n
periodically reviews a framework of limits, early warning levels
\n
and policies on liquidity risk activities that is consistent with
\n
the group\u2019s risk appetite.
\n
\u2022 Risk analysis, reporting, response and follow-up: to mitigate
\n
day-to-day and intraday liquidity risk, group-wide trends in
\n
funding liquidity and funding needs are monitored
\n
continuously by the Group Treasury and Risk function. A
\n
Liquidity Contingency Plan drafted by the Group Treasury
\n
function is in place to address possible liquidity crisis situations
\n
and is tested at least annually.
\n
\u2022 Stress testing: liquidity stress tests assess KBC\u2019s liquidity
\n
contingency risk by measuring how the liquidity buffer of the
\n
group\u2019s bank and insurance entities changes under extreme
\n
stress scenarios. This buffer is based on assumptions
\n
regarding liquidity outflows and liquidity inflows resulting from
\n
actions to increase liquidity. The liquidity buffer has to be
\n
sufficient to cover liquidity needs over (i) a period that is
\n
required to restore market confidence in the group following a
\n
KBC-specific event, (ii) a period that is required for markets to
\n
stabilise after a general market event and (iii) a combined
\n
scenario, which takes a KBC-specific event and a general
\n
market event into account. This information is fed into the
\n
Liquidity Contingency Plan.
\n
Moreover, KBC has an Internal Liquidity Adequacy Assessment
\n
Process (ILAAP) in place to ensure it has robust strategies,
\n
policies, processes and systems for identifying, measuring,
\n
managing and monitoring liquidity risk and funding positions
\n
over all appropriate time horizons, in order to maintain
\n
adequate levels of liquidity buffers.
\n
Liquidity risk is the risk that an organisation will
\n
be unable to meet its liabilities and obligations
\n
as they come due, without incurring higher-than-
\n
expected costs.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
Maturity analysis
\n
The table below shows the maturity analysis of the total
\n
inflows and outflows. Note that the structural liquidity gap
\n
shown in the table does not include the concept of a Liquid
\n
Asset Buffer (i.e. the fact that KBC can monetise its liquid
\n
bonds at all times via repo or pledging to central banks).
\n
Rather, in this table, cash-generating capacity from bonds is
\n
only visible at final maturity of the bond. As a result, the net
\n
funding gaps shown in the first buckets in the table are a
\n
clear overestimation of the risk as in practice KBC would
\n
monetise its Liquid Asset Buffer (103 billion euros at year-end
\n
2025 (or 101 billion euros, 12-month average over 2025), of
\n
which 74 billion euros in unencumbered central bank eligible
\n
assets and the remainder in cash and withdrawable central
\n
bank receivables) to address these net outflows.
\n
At year-end 2025, KBC had 74 billion euros\u2019 worth of
\n
unencumbered central bank eligible assets, 60 billion euros
\n
of which in the form of liquid government bonds (81%). The
\n
remaining available liquid assets were mainly covered bonds
\n
(14%). Most of the liquid assets are expressed in our home
\n
market currencies. The funding from non-wholesale markets
\n
was accounted for by stable funding from core customer
\n
segments in our core markets.
\n
\n
\n\n\n| Liquidity risk (excluding intercompany deals)* | \n<= 1 | \n1\u20133 | \n3\u201312 | \n1\u20135 | \n>5 | \nOn | \nNot | \n | \n\n\n\n\n
\n\n| (in billions of EUR) | \nmonth | \nmonths | \nmonths | \nyears | \nyears | \ndemand | \ndefined | \nTotal | \n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total inflows | \n9 | \n13 | \n30 | \n110 | \n136 | \n2 | \n57 | \n358 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n0 | \n1 | \n3 | \n0 | \n0 | \n0 | \n4 | \n\n\n\n\n
\n\n| Total outflows | \n53 | \n28 | \n16 | \n21 | \n7 | \n201 | \n31 | \n358 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n0 | \n1 | \n3 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Professional funding | \n19 | \n1 | \n3 | \n6 | \n0 | \n6 | \n0 | \n35 | \n\n\n\n\n
\n\n| Customer funding | \n21 | \n12 | \n9 | \n1 | \n0 | \n195 | \n0 | \n238 | \n\n\n\n\n
\n\n| Debt certificates | \n11 | \n15 | \n4 | \n14 | \n7 | \n0 | \n0 | \n50 | \n\n\n\n\n
\n\n| Other | \n4 | \n0 | \n0 | \n0 | \n0 | \n0 | \n31 | \n34 | \n\n\n\n\n
\n\n| Liquidity gap (excl. undrawn commitments) | \n-45 | \n-15 | \n14 | \n89 | \n129 | \n-198 | \n26 | \n0 | \n\n\n\n\n
\n\n| Undrawn commitments | \n- | \n- | \n- | \n- | \n- | \n- | \n-54 | \n-54 | \n\n\n\n\n
\n\n| Financial guarantees | \n- | \n- | \n- | \n- | \n- | \n- | \n-12 | \n-12 | \n\n\n\n\n
\n\n| Net funding gap (incl. undrawn commitments) | \n-45 | \n-15 | \n14 | \n89 | \n129 | \n-198 | \n-39 | \n-66 | \n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total inflows | \n7 | \n14 | \n29 | \n105 | \n119 | \n7 | \n55 | \n336 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n1 | \n1 | \n2 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Total outflows | \n66 | \n25 | \n19 | \n26 | \n7 | \n163 | \n30 | \n336 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n1 | \n1 | \n3 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Professional funding | \n22 | \n0 | \n0 | \n1 | \n0 | \n8 | \n0 | \n32 | \n\n\n\n\n
\n\n| Customer funding | \n26 | \n14 | \n16 | \n13 | \n6 | \n154 | \n0 | \n229 | \n\n\n\n\n
\n\n| Debt certificates | \n15 | \n10 | \n3 | \n13 | \n1 | \n0 | \n0 | \n43 | \n\n\n\n\n
\n\n| Other | \n3 | \n0 | \n0 | \n0 | \n0 | \n0 | \n30 | \n33 | \n\n\n\n\n
\n\n| Liquidity gap (excl. undrawn commitments) | \n-59 | \n-11 | \n10 | \n79 | \n112 | \n-155 | \n25 | \n0 | \n\n\n\n\n
\n\n| Undrawn commitments | \n- | \n- | \n- | \n- | \n- | \n- | \n-49 | \n-49 | \n\n\n\n\n
\n\n| Financial guarantees | \n- | \n- | \n- | \n- | \n- | \n- | \n-11 | \n-11 | \n\n\n\n\n
\n\n| Net funding gap (incl. undrawn commitments) | \n-59 | \n-11 | \n10 | \n79 | \n112 | \n-155 | \n-35 | \n-60 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
* Cashflows include interest rate flows consistent with internal and regulatory liquidity reporting. Inflows/outflows that arise from central bank reserves and non-financial assets/
\n
liabilities are reported in the \u2018Not defined\u2019 bucket. \u2018Professional funding\u2019 includes all deposits from credit institutions and investment firms, as well as all repos. Instruments are
\n
classified on the basis of their first callable date. Some instruments are reported at fair value (on a discounted basis), whereas others are reported on an undiscounted basis (in
\n
order to reconcile them with Note 4.1 of the \u2018Consolidated financial statements\u2019 section). Due to the uncertain nature of the maturity profile of undrawn commitments and
\n
financial guarantees, these instruments are reported in the \u2018Not defined\u2019 bucket. The \u2018Other\u2019 category under \u2018Total outflows\u2019 contains own equity, short positions, provisions for
\n
risks and charges, tax liabilities and other liabilities. The liquidity table is based on the bank\u2019s consolidated scope. This implies that insurance entities are excluded, impacting asset
\n
composition. Additionally, repo transactions are excluded from liquidity inflows and outflows because they involve liquid collateral, resulting in no net liquidity impact. As for asset
\n
classification, equity instruments are not considered liquid due to their inherent volatility. Similarly, corporate bonds are treated as less liquid for the same reason.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n
\n\n
Funding information
\n
We have a strong retail/mid-cap deposit base in our core markets, resulting in a stable funding mix. A significant portion of the
\n
funding is attracted from core customer segments and markets.
\n
\n
\n\n\n| Funding mix | \nInformation | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| Funding from customers1 | \nDemand deposits, term deposits, savings deposits, other deposits, | \n76% | \n75% | \n\n\n\n\n
\n\n | \nsavings certificates and debt issues placed in the network | \n | \n | \n\n\n\n\n
\n\n| Debt issues placed with institutional | \nIncluding covered bonds, tier-2 issues, KBC Group NV senior debt | \n8% | \n8% | \n\n\n\n\n
\n\n| investors | \n | \n | \n | \n\n\n\n\n
\n\n| Net unsecured interbank funding | \nIncluding TLTRO | \n3% | \n3% | \n\n\n\n\n
\n\n| Net secured funding2 | \nRepo financing | \n-3% | \n-0% | \n\n\n\n\n
\n\n| Certificates of deposit | \n\u2013 | \n7% | \n5% | \n\n\n\n\n
\n\n| Total equity | \nIncluding AT1 issues | \n9% | \n8% | \n\n\n\n\n
\n\n| Total | \n | \n100% | \n100% | \n\n\n\n\n
\n\n| in billions of EUR | \n | \n315 | \n306 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
1 Some 87% of this funding relates to private individuals and SMEs at year-end 2025.
\n
2 Negative on account of KBC carrying out more reverse repo transactions than repo transactions.
\n
\n\n\n
\n
Market risk in trading activities
\n
AUDITED
\n
\n
Risk management
\n
General information
\n
Credit risk
\n
Market risk in non-trading activities
\n
Liquidity risk
\n
Market risk in trading activities
\n
Technical insurance risk
\n
Non-financial risks
\n
Market risk relates to changes in the level or in
\n
the volatility of prices in financial markets. Market
\n
risk in trading activities is the potential negative
\n
deviation from the expected value of a financial
\n
instrument (or portfolio of such instruments) in the
\n
trading book due to changing interest rates,
\n
exchange rates, equity or commodity prices, etc.
\n
KBC\u2019s
\n
strategic objectives in undertaking trading activities are to
\n
offer sound and appropriate financial products and solutions to
\n
its clients in order to help them manage their risks and access
\n
capital, and to engage in certified market-making activities. In
\n
addition to the small (long or short) positions that occur during
\n
our certified market-making activities, our focus on client-driven,
\n
client-facilitation-related business leaves us with some residual
\n
market risks, which are necessary to enable us to fulfil our
\n
intermediary role towards clients.
\n
Traditionally, the focus of our trading activities is on interest-
\n
rate instruments, whil
\n
e activity on the foreign exchange
\n
markets and in relation to equity is limited. In order to ensure
\n
the tradability of these positions, the following principles apply:
\n
\u2022 Trading activity is limited to linear and non-linear interest-
\n
rate, foreign-exchange and equity products, as well as to
\n
bonds, bond futures and government debt.
\n
\u2022 Commodity-related products are only allowed on a
\n
back-to-back basis.
\n
These activities are carried out by our dealing rooms in our
\n
home countries as well as via a minor presence via sales desks
\n
in the UK and Asia.
\n
Managing market risk
\n
In the area of market risk in the trading activities, the ExCo is
\n
supported by the Group Markets Committee (GMC), which
\n
advises on risk monitoring and capital usage with respect to
\n
trading activities. The governance, rules and procedures on
\n
how trading risk management should be performed
\n
throughout the group are outlined in the Trading Market Risk
\n
Management Framework.
\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n
The building blocks for managing market risk
\n
\u2022 Risk identification: all risk identification exercises
\n
described in the \u2018Components of sound risk management\u2019
\n
section apply to the trading market risk management
\n
context (such as the Risk Scan, the NAPP and the collection
\n
of risk signals). Furthermore, we analyse the results of value
\n
and risk calculations, market developments, ESG risk
\n
assessments, industry trends, new modelling insights,
\n
changes in regulations, etc.
\n
\u2022 Risk measurement: we measure trading risk via a number
\n
of parameters including nominal positions, concentrations,
\n
Basis Point Value (BPV) and other sensitivities and scenario
\n
analysis. However, the primary tool we use for measuring
\n
and monitoring market risk exposures in the trading book is
\n
the Historical Value-at-Risk (HVaR) method, which gives an
\n
estimate of the amount of economic value that might be
\n
lost on a given portfolio due to market risk over a defined
\n
holding period, with a given confidence level.
\n
\u2022 Setting and cascading risk appetite: the risk appetite for
\n
market risk in trading activities is set at low and is overseen
\n
by the GMC via a risk limit framework consisting of a
\n
hierarchy of limits and early warning indicators. These are
\n
defined down to trading desk level and, in addition to
\n
HVaR, include a series of concentration limits, basis-point-
\n
value limits and (stress) scenario limits.
\n
\u2022 Risk analysis, reporting, response and follow-up: in
\n
addition to the more proactive elements described under
\n
\u2018Risk identification\u2019, this involves compiling the necessary
\n
external and internal reports, issuing advice on business
\n
proposals, and monitoring and advising on the risks
\n
attached to the positions. The GMC, which meets every
\n
month, receives an extensive Core Report as well as
\n
periodic and ad hoc memos and reports. The GMC also
\n
receives a dashboard halfway between the monthly
\n
meetings whose frequency is increased (up to daily, if
\n
needed) depending on market circumstances.
\n
\u2022 Stress testing: in addition to the risk limit framework, we
\n
conduct extensive stress tests on our positions on a weekly
\n
basis. The stress tests are discussed at GMC meetings to
\n
enable the members to gain an insight into potential
\n
weaknesses in the positions held by the group.
\n
Market risk profile
\n
Our Approved Internal Model is used to calculate the vast
\n
majority of market risk regulatory capital. Regulatory capital
\n
for business lines not included in the Approved Internal Model
\n
is measured according to the Standardised approach.
\n
To compute shifts in the risk factors (interest rate risk, FX
\n
risk, equity risk), the Historical Value-at-Risk (HVaR)
\n
method is used. This means that the actual market
\n
performance is used in order to simulate how the market
\n
could develop going forward. KBC\u2019s HVaR methodology
\n
for regulatory capital calculation is based on a 10-day
\n
holding period and a 99% confidence level, with historical
\n
data going back 500 working days.
\n
The tables below show the Management HVaR for the
\n
residual trading positions at all the dealing rooms of KBC
\n
that can be modelled by HVaR and the breakdown per
\n
risk type.
\n
While HVaR provides a useful estimate of potential losses
\n
under normal market conditions, the HVaR relies on historical
\n
data to simulate future price movements which might not
\n
capture sudden market shifts or structural changes. During
\n
periods of market stress or illiquidity, it is possible that
\n
positions cannot be liquated or hedged within the defined
\n
holding period. Additionally, tail risks can be understated as
\n
a 99% confidence level is used.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\n\n\n| Market risk (Management HVaR) (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n
\n\n| Average for 1Q | \n4 | \n7 | \n\n\n\n\n
\n\n| Average for 2Q | \n4 | \n5 | \n\n\n\n\n
\n\n| Average for 3Q | \n4 | \n5 | \n\n\n\n\n
\n\n| Average for 4Q | \n4 | \n4 | \n\n\n\n\n
\n\n| As at 31 December | \n4 | \n4 | \n\n\n\n\n
\n\n| Maximum in year | \n6 | \n10 | \n\n\n\n\n
\n\n| Minimum in year | \n2 | \n3 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n\n| Breakdown by risk factor of trading HVaR for the KBC group | \nAverage for | \nAverage for | \n\n\n\n\n
\n\n| (Management HVaR; in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n
\n\n| Interest rate risk | \n3.6 | \n4.9 | \n\n\n\n\n
\n\n| FX risk | \n0.4 | \n0.5 | \n\n\n\n\n
\n\n| Equity risk | \n2.1 | \n1.9 | \n\n\n\n\n
\n\n| Diversification effect | \n-2.2 | \n-2.0 | \n\n\n\n\n
\n\n| Total HVaR | \n4.0 | \n5.2 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
Note 6.7: Risk management and capital adequacy
\n
\n
Capital management is a key management process relating to all decisions on the level and composition of our capital, both
\n
for banking and for insurance. It covers all instruments that are positioned to absorb losses in going concern and/or gone
\n
concern situations. Capital management aims to achieve the best possible balance between regulatory requirements, investor
\n
expectations, rating agencies\u2019 views and management ambitions. Ultimate accountability for capital management lies with
\n
the Board of Directors. Capital management entails a broad scope of activities covering strategic topics (such as defining
\n
policies, targets, etc.), frameworks and models (e.g., for regulatory capital, internal capital, cost of equity, measuring
\n
performance, etc.), planning and allocation (e.g., allocating capital to business, planning capital instrument issuances,
\n
forecasting capital ratios, etc.), implementation (e.g., dividends, capital transactions) and monitoring (including current
\n
solvency positions at various levels, compliance with group policies and regulatory requirements). ICAAP (Internal Capital
\n
Adequacy Assessment Process) consists of numerous business and risk processes that together contribute to the aim of being
\n
adequately capitalised at all times in view of our risk profile and the quality of our risk management and control environment. In
\n
addition to the integrated approach at group level, KBC Insurance and its insurance and reinsurance subsidiaries conduct an
\n
Own Risk and Solvency Assessment (ORSA) on a regular basis, in accordance with Solvency II requirements.
\n
\n
We report the solvency based on IFRS data and according to the rules imposed by the regulator.
\n
\u2022 For the KBC group and KBC Bank, this implies that we calculate the solvency ratios based on CRR/CRD. KBC applies the
\n
transitional provisions for Basel IV. KBC has received authorisation from the regulator to apply a risk weighting to the
\n
participation in KBC Insurance (Danish compromise method) at the level of KBC Group. KBC Group and KBC Bank are
\n
subject to minimum solvency ratios.
\n
\u2022 In accordance with the regulatory requirement, the common equity ratio of the KBC group must be 10.87% (fully loaded) at
\n
year-end 2025. This includes the Pillar 1 minimum requirement (4.5%), the Pillar 2 requirement (1.10% set by the ECB following
\n
its supervisory review and evaluation process) and the buffer requirements (5.28% set by the local competent authorities in
\n
KBC\u2019s core markets). The unfloored fully loaded (i.e. fully loaded but excluding the output floor impact under Basel IV)
\n
common equity ratio at year-end 2025 came to 14.85% (see the \u2018Capital management\u2019 section). At year-end 2025, the
\n
transitional common equity ratio came to 14.73%, which represented a capital buffer of 3.99% relative to the minimum
\n
requirement of 10.74%.
\n
\u2022 In accordance with the regulatory requirement, the common equity ratio of KBC Bank must be 10.76% (transitional) at year-
\n
end 2025. At year-end 2025, the transitional common equity ratio was 13.89%.
\n
\u2022 The solvency of KBC Insurance is calculated on the basis of Solvency II. At year-end 2025, the Solvency II ratio came to
\n
227% relative to the minimum requirement of 100%.
\n
\n
\n
\n\n\n | \nKBC group | \n | \n | \n | \n | \n\n\n
\n\n | \n(consolidated) | \nKBC Bank | \nKBC Insurance | \n | \n\n\n
\n\n| Key solvency figures for the KBC group, | \nCRR/CRD transitional, | \n(consolidated) | \n(consolidated) | \n\n\n
\n\n| KBC Bank and KBC Insurance (in millions of EUR) | \nDanish compromise method | \nCRR/CRD transitional | \nSolvency II | \n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| Total regulatory capital, after profit appropriation | \n24 381 | \n21 048 | \n22 341 | \n18 981 | \n5 154 | \n4 392 | \n\n\n
\n\n| Tier-1 capital | \n21 295 | \n18 485 | \n19 273 | \n16 440 | \n4 630 | \n3 873 | \n\n\n
\n\n| Common equity | \n18 795 | \n16 621 | \n16 773 | \n14 576 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Parent shareholders\u2019 equity (after deconsolidating KBC | \n23 813 | \n18 932 | \n21 593 | \n16 665 | \n4 064 | \n3 331 | \n\n\n
\n\n| Insurance for the KBC group) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Solvency adjustments | \n-5 018 | \n-2 311 | \n-4 820 | \n-2 088 | \n566 | \n542 | \n\n\n
\n\n| Additional going concern capital1 | \n2 500 | \n1 864 | \n2 500 | \n1 864 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Tier-2 capital2 | \n3 086 | \n2 563 | \n3 068 | \n2 541 | \n501 | \n501 | \n\n\n
\n\n| Tier-3 capital | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n23 | \n18 | \n\n\n
\n\n| Total weighted risk volume (RWA)3 | \n127 588 | \n119 950 | \n120 797 | \n110 087 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Credit risks | \n100 541 | \n94 218 | \n100 541 | \n94 218 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Market risks | \n2 919 | \n2 026 | \n2 919 | \n2 026 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Operational risks | \n17 337 | \n13 843 | \n17 337 | \n13 843 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Insurance risks | \n6 171 | \n9 133 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Holding-company activities and elimination of intragroup | \n620 | \n729 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| transactions | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Solvency capital requirement (insurance) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 268 | \n2 196 | \n\n\n
\n\n| Common equity ratio (group, bank) | \n14.7% | \n13.9% | \n13.9% | \n13.2% | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Solvency II ratio (insurance) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n227% | \n200% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
1 Includes perpetual subordinated loans with fully discretionary, non-cumulative interest payments (included in \u2018Total equity\u2019 under IFRS). The securities also have a loss absorption
\n
mechanism (i.e. a temporary write-down trigger should the common equity tier-1 ratio fall below 5.125%). Also see Note 5.10.
\n
2 Includes subordinated loans with a fixed maturity date where principal and interest payments cannot be cancelled in a going concern.
\n
3 Supervision of the RWA internal models\u2019 compliance with the approval criteria as provided for in the standards imposed by the regulator does not come under the responsibility of the
\n
statutory auditor.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\u2022 More detailed information is provided in the \u2018Capital management\u2019 section of this report and in KBC\u2019s Risk Report. These
\n
reports also provide further information on the Significant Risk Transfer (SRT) that was completed in 2025.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). The
\n
information required in relation to risks is provided in those parts of the \u2018Risk management\u2019 section which have been
\n
audited by the statutory auditor and which constitute part of the financial statements.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag838": {
"value": "\nMarket risk in non-trading activities
\nAUDITED
\nRisk management
\nGeneral information
\nCredit risk
\nMarket risk in non-trading activities
\nLiquidity risk
\nMarket risk in trading activities
\nTechnical insurance risk
\nNon-financial risks
\nMarket risk relates to changes in the level or in
\nthe volatility of prices in financial markets. The
\nprocess of managing our structural exposure to
\nmarket risks in the non-trading activities covers
\ninterest rate risk, gap risk, basis risk, option risk
\n(such as prepayment risk), currency risk, equity
\nprice risk, real estate price risk, credit spread risk
\nand inflation risk. \u2018Structural exposure\u2019
\nencompasses all exposure inherent in our
\ncommercial activity or in our investments
\n(banking and insurance). Trading activities are
\ntherefore not included. This process is also known
\nas Asset/Liability Management (ALM).
\nManaging market risk in non-trading activities
\nIn the area of market risk in the non-trading activities, the
\nExCo is supported by the Group Asset and Liability
\nCommittee (GALCO), which is to provide assistance in the
\narea of (integrated) balance sheet management at group
\nlevel. The governance, rules and procedures and how asset
\nand liability risk management is performed throughout the
\ngroup are outlined in the Non-Trading Market Risk
\nManagement Framework. Its implementation is monitored by
\nthe Market Non-Trading Risk Competence Centre of Group
\nRisk. Within the risk function, the ALM & Liquidity Risk Council,
\nchaired by the CRO Markets & Treasury, aims to establish,
\nfacilitate, promote and support the solid and efficient
\nintegration of all tasks assigned to the local and group risk
\ndepartments covering ALM and liquidity risks.
\n
\n\n\n\n\nThe building blocks for managing market risk in non-trading activities
\n\u2022 Risk identification: all risk identification exercises
\ndescribed in the \u2018Components of sound risk management\u2019
\nsection apply to the non-trading market risk management
\ncontext (such as the Risk Scan, the NAPP and the collection
\nof risk signals). Within the Framework, deep dives (in-depth
\nanalyses) are performed to identify specific risks related to
\nthe market (non-trading) activities and their materiality.
\nAdditionally, the key risk drivers for ALM risk for KBC are
\ndetermined and updated annually and regulatory
\ndevelopments are monitored on a continuous basis.
\n\u2022 Risk measurements: a common rulebook, which
\nsupplements the framework for technical aspects, and a
\nshared group measurement tool ensure that these risks are
\nmeasured consistently throughout the group through,
\namong others:
\nBasis Point Value (BPV) for interest rate risk
\n - Gap analysis for interest rate risk, related to repricing
\nmismatches between assets and liabilities and
\ninflation risk
\n - Economic sensitivities for currency risk, equity price risk
\nand real estate price risk
\nMeasures are complemented by stress tests, covering
\nback testing of prepayments, net interest income results
\nunder various scenarios, or the impact on regulatory
\ncapital stemming from interest, spread or equity risk
\nresiding within the banking books.
\n\u2022 Setting and cascading risk appetite: we pursue a medium risk
\nappetite for non-trading market risk. Limits cover all material
\nmarket risks resulting from the ALM activities, being interest
\nrate risk, equity risk, real estate risk and foreign exchange risk.
\n\u2022 Risk analysis, reporting, response and follow-up: besides
\nregulatory reporting, structural reporting to the GALCO is
\nperformed. The reporting process includes a sign-off
\nprocess to ensure data and processing accuracy.
\nMarket risk in the non-trading activities consists of different
\nrisk sub-types. These are outlined below, including more
\ndetails and figures.
\nInterest rate risk and gap risk
\nWe manage the interest rate risk positions separately for
\nthe banking and insurance activities. The management of
\nthe non-trading books consists in maintaining a sound
\nequilibrium between the resilience of the balance sheet to
\ninterest rate movements (value) and the generation of
\ninterest income, through the reinvestment of the free capital
\nand the management of opportunities brought by natural
\nimbalances in the product mix stemming from commercial
\nactivities.
\nThe main technique used to measure interest rate risks is the
\n10 Basis Point Value (BPV) method, which measures the
\nextent to which the value of the portfolio would change if
\ninterest rates were to go up by ten basis points across the
\nentire swap curve (negative figures indicate a decrease in
\nthe value of the portfolio).
\n\n
\n\n\n| Impact of a parallel 10-basis-point increase in the swap1 curve | \n | \n | \n\n\n
\n\n| for the KBC group, impact on value2 (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Banking | \n-60 | \n-55 | \n\n\n
\n\n| Insurance | \n4 | \n20 | \n\n\n
\n\n| Total | \n-56 | \n-35 | \n\n\n
\n\n\n\n\n\n
\n\n\n
1 In accordance with market standards, sensitivity figures are based on a risk-free curve (swap curve).
\n2 Full market value, regardless of accounting classification or impairment rules.
\nThrough sensitivity gap analysis in the banking book, we
\nmanage the interest rate sensitivity of assets and liabilities
\nacross the different maturities, as shown in the table below.
\nTo determine the sensitivity gap, we break down the carrying
\nvalue of assets (positive amount) and liabilities (negative
\namount) according to their maturity date for fixed rate
\ninstruments, or to their repricing date for floating rate
\ninstruments. We include derivative financial instruments,
\nmainly to reduce exposure to interest rate movements.
\n
\n\n\n\n\nOur interest rate exposure is mainly concentrated in the
\ncurrencies of our primary markets (EUR, CZK, HUF and BGN),
\nwhereas the interest rate exposure to other currencies is less
\nmaterial. Looking at our funding mix, a large part of our
\nportfolio consists of current and savings accounts (despite
\nthe migration to some term deposits in 2023 and 2024). More
\ninformation on our funding mix can be found in the on
\n\u2018Liquidity risk\u2019 section.
\nFor the banking activities, two other methodologies to
\nmeasure interest rate sensitivity, which are comparable
\nacross institutions, are the outlier stress test (SOT) on
\nEconomic Value of Equity (EVE) and the outlier stress test
\n(SOT) on Net Interest Income (NII), both calculated according
\nto the guidelines of the EBA.
\nFor the SOT on EVE, six different scenarios are applied to the
\nbanking books (material currencies) every quarter. These
\nscenarios comprise material parallel shifts up and down,
\nsteepening or flattening of the swap curves or shifts in the
\nshort-term rates only. The worst-case scenario impact (the
\nmost negative impact on the economic value of equity) is set
\noff against tier-1 capital. For the banking book, the SOT EVE
\ncame to -6.27% of tier-1 capital at year-end 2025. This is well
\nbelow the -15% threshold, which is monitored by the ECB and
\nindicates that the overall interest rate sensitivity of KBC\u2019s
\nbalance sheet is limited.
\nThe SOT on EVE is complemented by the SOT on NII, which
\nmeasures the impact of two scenarios (parallel up and down)
\non NII, assuming a constant balance sheet. The impact of the
\nworst-case scenario on NII is also set off against tier-1
\ncapital. According to this measure, the interest rate
\nsensitivity of KBC is limited too: it came to -1.00% at year-end
\n2025, compared to the 5% outlier threshold used by the
\nsupervisory authority.
\nWe also use other techniques to measure potential
\nimbalances in terms of our interest rate position, such as gap
\nanalysis, the duration approach, scenario analysis and stress
\ntesting. Information regarding the Gap table, detailing
\nmismatches between assets and liabilities by time bucket, is
\nprovided in the Risk Report.
\nAs regards the group\u2019s insurance activities, the fixed-income
\ninvestments for the Non-life reserves are invested with the
\naim of matching the projected pay-out patterns for claims,
\nbased on extensive actuarial analysis.
\nThe non-unit-linked Life activities combine a guaranteed
\ninterest rate with a discretionary participation feature (DPF)
\nfixed by the insurer. The main risks to which the insurer is
\nexposed as a result of such activities are a low-interest-rate
\nrisk (the risk that return on investments will drop below the
\nguaranteed level) and the risk that the investment return will
\nnot be sufficient to give clients a competitive profit-sharing
\nrate. The risk of low interest rates is managed via a cashflow-
\nmatching policy, which is applied to that portion of the Life
\ninsurance portfolios covered by fixed-income securities.
\nUnit-linked Life insurance investments are not dealt with here,
\nsince this activity does not entail any market risk for KBC.
\nWe also adopt an interest rate gap view for our insurance
\nactivities. The Life insurance assets and liabilities relating to
\nbusiness offering guaranteed rates are grouped according
\nto the expected timing of cashflows, whereas, Non-life
\nactivities are less material in volume and have a substantially
\nlower average duration.
\n\n
\n\n\n| Interest sensitivity gap of the ALM book (including derivatives), | \n | \n | \n | \n | \n\n\n
\n\n| banking activities | \n | \n | \n | \n | \n\n\n
\n\n| (in millions of EUR) | \n0-1 year | \n1-5 years | \n5-10 years | \n>10 years | \n\n\n
\n\n| 31-12-2025 | \n3 273 | \n10 216 | \n3 595 | \n1 090 | \n\n\n
\n\n| Of which derivatives* | \n32 814 | \n-41 | \n-15 067 | \n-18 045 | \n\n\n
\n\n| 31-12-2024 | \n4 734 | \n6 053 | \n8 163 | \n1 089 | \n\n\n
\n\n| Of which derivatives* | \n16 429 | \n1 428 | \n2 936 | \n-20 503 | \n\n\n
\n\n\n\n\n\n
\n\n\n
* The evolution of derivative values is related to an increase in the loan and asset-swapped bond portfolio in 2025.
\n
\n\n\n\n\n\n
\n\n\n| Expected cashflows (not discounted), | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Life insurance activities (in millions of EUR) | \n0\u20131 year | \n1\u20132 years | \n2-3 years | \n3-4 years | \n4-5 years | \n>5 years | \nTotal | \n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Fixed-income assets backing liabilities, | \n1 555 | \n 908 | \n1 105 | \n 830 | \n 843 | \n9 289 | \n14 529 | \n\n\n
\n\n| guaranteed component | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Equity | \n- | \n- | \n- | \n- | \n- | \n- | \n1 021 | \n\n\n
\n\n| Property | \n- | \n- | \n- | \n- | \n- | \n- | \n365 | \n\n\n
\n\n| Other (no maturity) | \n- | \n- | \n- | \n- | \n- | \n- | \n183 | \n\n\n
\n\n| Liabilities, guaranteed component | \n1 257 | \n 975 | \n 764 | \n 751 | \n 779 | \n10 556 | \n15 083 | \n\n\n
\n\n| Difference in time-sensitive expected cashflows | \n298 | \n- 67 | \n 340 | \n 79 | \n 64 | \n-1 267 | \n- 553 | \n\n\n
\n\n| Mean duration of assets | \n | \n | \n | \n | \n | \n | \n5.36 years | \n\n\n
\n\n| Mean duration of liabilities | \n | \n | \n | \n | \n | \n | \n6.60 years | \n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Fixed-income assets backing liabilities, | \n1 629 | \n942 | \n924 | \n1 072 | \n895 | \n8 507 | \n13 969 | \n\n\n
\n\n| guaranteed component | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Equity | \n- | \n- | \n- | \n- | \n- | \n- | \n964 | \n\n\n
\n\n| Property | \n- | \n- | \n- | \n- | \n- | \n- | \n286 | \n\n\n
\n\n| Other (no maturity) | \n- | \n- | \n- | \n- | \n- | \n- | \n182 | \n\n\n
\n\n| Liabilities, guaranteed component | \n1 120 | \n941 | \n969 | \n722 | \n714 | \n9 945 | \n14 410 | \n\n\n
\n\n| Difference in time-sensitive expected cashflows | \n509 | \n1 | \n-45 | \n350 | \n181 | \n-1 438 | \n-422 | \n\n\n
\n\n| Mean duration of assets | \n | \n | \n | \n | \n | \n | \n5.67 years | \n\n\n
\n\n| Mean duration of liabilities | \n | \n | \n | \n | \n | \n | \n7.35 years | \n\n\n
\n\n\n\n\n\n
\n\n\n
As mentioned above, the main interest rate risk for the insurer
\nis the risk of low rates for a longer period. We adopt a
\nliability-driven ALM approach focused on mitigating the
\ninterest rate risk in accordance with KBC\u2019s risk appetite. For
\nthe remaining interest rate risk, we adhere to a policy that
\ntakes into account the possible negative consequences of a
\nsustained decline in interest rates, and have built up
\nadequate supplementary reserves.
\n\n
\n\n\n| Breakdown of the reserves for non-unit-linked Life insurance | \n | \n | \n\n\n
\n\n| by guaranteed interest rate, insurance activities | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| 5.00% and higher | \n3% | \n3% | \n\n\n
\n\n| More than 4.25% up to and including 4.99% | \n4% | \n5% | \n\n\n
\n\n| More than 3.50% up to and including 4.25% | \n3% | \n3% | \n\n\n
\n\n| More than 3.00% up to and including 3.50% | \n8% | \n9% | \n\n\n
\n\n| More than 2.50% up to and including 3.00% | \n4% | \n4% | \n\n\n
\n\n| 2.50% and lower | \n76% | \n74% | \n\n\n
\n\n| 0.00% | \n3% | \n2% | \n\n\n
\n\n| Total | \n100% | \n100% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Credit spread risk
\nWe purchase bonds with a view to acquiring interest income.
\nTheir selection is largely conservative and based on criteria
\nsuch as credit risk rating, risk/return measures and liquidity
\ncharacteristics.
\nWe manage the credit spread risk for, inter alia, the sovereign
\nbond portfolio by monitoring the extent to which the value of
\nthe sovereign bonds would change if credit spreads were to go
\nup by 100 basis points across the entire curve. KBC primarily
\ninvests in government bonds from its domestic markets, with
\nsome diversification across Europe. Bonds denominated in
\nnon-domestic currencies are mainly intended to hedge
\nsame-currency liabilities. In addition to the sovereign portfolio,
\nKBC holds a non-sovereign bond portfolio (banks,
\ncorporations, supranational bodies). More details regarding the
\nbond portfolio components can be found in the Risk Report.
\n
\n\n\n\n\nExposure to bonds at year-end 2025, KBC Group, carrying value
\n
\n(in millions of EUR)
\n\n
\n\n\n | \n | \n | \n | \n | \nFor compari- | \n | \n\n\n
\n\n | \n | \nAt fair value | \n | \n | \nson purposes: | \nEconomic | \n\n\n
\n\n | \n | \nthrough other | \n | \n | \ntotal | \nimpact of | \n\n\n
\n\n | \nAt amortised | \ncomprehensive | \nHeld | \n | \nat year-end | \n+100 basis | \n\n\n
\n\n | \ncost | \nincome (FVOCI) | \nfor trading | \nTotal | \n2024 | \npoints1 | \n\n\n
\n\n| Sovereign | \n45 016 | \n22 426 | \n3 805 | \n71 247 | \n63 480 | \n-3 332 | \n\n\n
\n\n| Of which2: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Czech Republic | \n11 238 | \n3 463 | \n2 113 | \n16 814 | \n14 968 | \n-708 | \n\n\n
\n\n| Belgium | \n8 891 | \n6 198 | \n776 | \n15 866 | \n12 727 | \n-872 | \n\n\n
\n\n| France | \n4 348 | \n2 582 | \n1 | \n6 931 | \n6 851 | \n-319 | \n\n\n
\n\n| Slovakia | \n3 851 | \n1 535 | \n345 | \n5 731 | \n4 876 | \n-295 | \n\n\n
\n\n| Hungary | \n3 274 | \n1 147 | \n110 | \n4 531 | \n3 767 | \n-120 | \n\n\n
\n\n| Non-sovereign3 | \n6 736 | \n4 556 | \n3 407 | \n14 699 | \n14 225 | \n-329 | \n\n\n
\n\n\n\n\n\n
\n\n\n
1 Theoretical economic impact in fair value terms of a parallel 100-basis-point upward shift in the spread over the entire maturity structure. Only a portion of this impact is reflected in
\nprofit or loss and/or equity. Sensitivity figures relate to non-trading positions in sovereign bonds for the banking and insurance businesses (impact on trading book exposure was quite
\nlimited and amounted to -48 million euros at year-end 2025).
\n2 Top 5 largest sovereign portfolios.
\n3 An immaterial portfolio held at fair value through profit or loss is included in the Non-sovereign total.
\nEquity risk
\nWe define equity risk as the risk due to changes in the level or
\nin the volatility of equity prices. KBC holds equity portfolios for
\nseveral purposes. The main exposure to equity is within our
\ninsurance business, where the ALM strategies are based on a
\nrisk-return evaluation, taking into account the market risk
\nattached to open equity positions. The vast majority of the
\nequity portfolio is held as an economic hedge for long-term
\nliabilities of the insurance company. A limited tactical portfolio
\n(106 million euros) aims to contribute to the financial objectives
\nthrough dividend payouts and capital gains. The equity
\nportfolio held in the insurance business is largely diversified
\nthrough sectors and geographical areas as it is benchmarked
\nagainst a basket of major indexes such as the S&P 500 or the
\nEUROSTOXX 600. Smaller equity portfolios are also held by
\nother group entities, where the portfolios are of a strategic
\nnature, such as participations in relation to the execution of
\nKBC\u2019s business model. The sectoral repartition of the
\nportfolio is included in the Risk Report.
\n\n
\n\n\n| Equity portfolio of the KBC group | \nBanking activities | \nInsurance activities | \nGroup | \n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| In millions of EUR* | \n236 | \n239 | \n1 579 | \n1 422 | \n1 816 | \n1 660 | \n\n\n
\n\n| of which unlisted | \n236 | \n231 | \n282 | \n240 | \n518 | \n471 | \n\n\n
\n\n\n\n\n\n
\n\n\n
* The main reason for the difference with \u2018Equity instruments\u2018 in Note 4.1 of the \u2018Consolidated financial statements\u2019 section is that shares in the trading book are excluded above,
\nbut included in the table in Note 4.1.
\n\n
\n\n\n| Impact of a 25% drop in equity prices, impact on value | \n | \n | \n\n\n
\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Banking activities | \n-59 | \n-60 | \n\n\n
\n\n| Insurance activities | \n-395 | \n-355 | \n\n\n
\n\n| Total | \n-454 | \n-415 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n | \nNet realised gains | \nNet unrealised gains | \n\n\n
\n\n | \n(in income statement) | \non year-end exposure | \n\n\n
\n\n| Non-trading equity exposure | \n | \n | \n(in equity) | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| Banking activities | \n- | \n- | \n-38 | \n22 | \n\n\n
\n\n| Insurance activities | \n1 | \n-1 | \n351 | \n339 | \n\n\n
\n\n| Total | \n1 | \n-1 | \n313 | \n361 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nReal estate risk
\nWe define real estate risk as the risk due to changes in the
\nlevel or in the volatility of real estate prices. Real estate that
\nis exclusively used by KBC and its subsidiaries for their own
\nactivities are excluded here. The group\u2019s real estate
\nbusinesses hold a limited real estate investment portfolio.
\nKBC Insurance also holds a diversified real estate portfolio,
\nas an investment for Non-life reserves and long-term Life
\nactivities. The real estate exposure is viewed as a long-term
\nhedge against inflation risks and as a way of optimising the
\nrisk/return profile of these portfolios.
\n\n
\n\n\n| Impact of a 25% drop in real estate prices, impact on value (in millions of EUR) | \n2025 | \n2024 | \n\n\n
\n\n| Bank portfolios | \n-113 | \n-116 | \n\n\n
\n\n| Insurance portfolios | \n-138 | \n-120 | \n\n\n
\n\n| Total | \n-251 | \n-235 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Inflation risk
\nWe define inflation risk as the risk due to changes in the level
\nor in the volatility of inflation rates. Inflation can impact a
\nfinancial company in many ways, for instance via changes in
\ninterest rates or operational costs. Inflation in general
\ntherefore is not easily quantifiable as a market risk concept.
\nHowever, certain financial products or instruments have a
\ndirect link with inflation and their value is directly impacted
\nby a change in market expectations. KBC Bank uses
\ninflation-linked bonds as an opportunity to diversify its asset
\nportfolio. At KBC Insurance, inflation risk relates specifically
\nto workmen\u2019s compensation insurance, where, particularly in
\nthe case of permanent or long-term disabilities, an annuity
\nbenefit is paid to the insured person (with the annuity being
\nlinked to inflation by law). KBC Insurance partly mitigates the
\nrisks by investing in inflation-linked bonds and complements
\nits inflation hedging programme by investing in real estate
\nand shares, as these assets are traditionally correlated with
\ninflation and do not have a maturity date.
\nThe banking business holds a portfolio of inflation-linked
\nbonds with a sensitivity to inflation (BPI) of 4.2 million euros (a
\n0.10% move in inflation expectations) at the end of 2025. For
\nthe workmen\u2019s compensation business in the insurance
\nactivities the BPI of liabilities was calculated at -4.4 million
\neuros (increasing the liabilities), against which inflation-linked
\nbonds are held with a 3.6-million-euro BPI, supplemented
\nwith a 31-million-euro real estate portfolio. The sensitivity of
\nliabilities to inflation is only known with a quarter\u2019s delay.
\nTherefore, the insurance figures in this section are based on
\nthe third quarter of 2025.
\nForeign exchange risk
\nWe define foreign exchange risk as the risk due to changes in
\nthe level or in the volatility of currency exchange rates. We
\npursue a prudent policy as regards our non-trading currency
\nexposure. Material foreign exchange exposure in the ALM
\nbooks of banking entities with a trading book is transferred
\nvia internal deals to the trading book, where it is managed
\nwithin the allocated trading limits. The foreign exchange
\nexposure of banking entities without a trading book and of
\ninsurance and other entities has to be hedged, if material.
\nHowever, non-euro-denominated equity holdings in the
\ninsurance portfolio are not hedged, as foreign exchange
\nvolatility is considered part of the investment return.
\nKBC focuses on stabilising the common equity ratio against
\nforeign exchange fluctuations.
\n\n
\n\n\n| Impact of a 10% decrease in currency value* | \n | \nBanking | \n | \nInsurance | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| CZK | \n-251 | \n-217 | \n-39 | \n-32 | \n\n\n
\n\n| HUF | \n-79 | \n-74 | \n-12 | \n-10 | \n\n\n
\n\n| USD | \n-7 | \n-3 | \n-61 | \n-59 | \n\n\n
\n\n\n\n\n\n
\n\n\n
* Exposure for currencies where the impact exceeds 10 million euros in Banking or Insurance. The BGN is pegged to the euro, ensuring a highly stable exchange rate and as of 2026,
\nBulgaria has adopted the euro.
\n
\n\n\n\n\nHedge accounting
\nAssets and liabilities management uses derivatives to
\nmitigate interest rate and foreign exchange risks. The aim of
\nhedge accounting is to reduce the volatility in P&L resulting
\nfrom the use of these derivatives.
\nKBC decided not to apply hedge accounting to credit and
\nequity risks. When the necessary criteria are met, it is applied
\nto remove the accounting mismatch between the hedging
\ninstrument and the hedged item. For more information about
\nhedge accounting, please see Note 1.2 in the \u2018Consolidated
\nfinancial statements\u2019 section.
\nHedging interest rate risks
\nHedging derivatives are used to mitigate an interest rate risk
\nthat arises from a difference in the interest rate profile of
\nassets and their funding liabilities. The hedge accounting
\nstatus of a hedge can be associated with either the asset or
\nthe liability item.
\nInterest rate derivatives can be designated as:
\n\u2022 Hedges of the fair value of recognised assets or liabilities.
\nChanges in the fair value of derivatives that are designated
\nand qualify as fair value hedges are recorded in profit or loss,
\ntogether with any changes in the fair value of the hedged
\nasset or liability that are attributable to the hedged risk. The
\ngain or loss relating to the ineffective portion is also
\nrecognised in profit or loss.
\n\u2022 Hedges of the cashflow of recognised assets and liabilities
\nwhich are either certain or highly probable forecasted
\ntransactions. The effective portion of changes in the fair
\nvalue of derivatives that are designated and qualify as
\ncashflow hedges is recognised in the cashflow hedge reserve
\nwithin equity. The gain or loss relating to the ineffective
\nportion is recognised directly in profit or loss.
\nKBC uses macro hedge accounting strategies f
\nor
\nhomogeneous
\n portfolios of smaller items, where the frequency
\nof occurrence or the relatively small size of the average
\noperation renders the one-to-one relationship sub-optimal.
\nThis is the case for
\ninter alia
\n mortgages, loans to SMEs or
\ncustomer deposits. Macro hedge strategies may be dynamic
\nand undergo frequent changes based on balancing the
\nportfolio (\u2018open portfolio hedge\u2019), among other things.
\nThe micro hedge designation is used when large individual
\nassets or liabilities are hedged. Typical assets are large
\ncorporate loans and bond acquisitions for which only the credit
\nspread profile is relevant. Liabilities can include KBC\u2019s own
\nissues. Micro hedges are either fair-value or cashflow based.
\nHedging foreign exchange risks
\nKBC has strategic investments denominated in non-euro
\ncurrencies. The net asset value of significant participations is
\npartly funded in the local currency by deposits and foreign
\nexchange derivatives, to ensure stability of the common
\nequity ratio. By using hedges of net investments in foreign
\noperations, the foreign exchange component is reported in
\nequity until realisation (unwinding of funding due to
\nliquidation, dividend payments or other decreases in net
\nasset value).
\nKBC also has a limited portfolio of foreign-currency-
\ndenominated bonds that are funded through euro proceeds.
\nThese bonds are hedged by cross-currency interest rate
\nswaps to create a synthetic EUR fixed-rate interest income.
\nCashflow hedge accounting (micro-hedge) is performed to
\nmitigate foreign exchange volatility.
\nHedge effectiveness
\nHedge effectiveness is determined at the inception of the
\nhedge relationship, as well as through periodic prospective
\nand retrospective effectiveness assessments, to ensure that
\na relevant relationship between the hedged item and the
\nhedging instrument exists and remains valid.
\nEffectiveness testing
\nFor interest rates, several prospective and retrospective tests
\nare performed to ensure the relationship between the
\nhedged item and the hedging instrument qualifies for the
\nhedge accounting strategy.
\nProspective tests are mostly based either on a sensitivity
\nanalysis (verifying if the basis point value of the hedged
\nportfolio relative to the hedging instrument stays within the
\n80-125% interval) or volume tests (if the principal amount of
\nhedge-eligible items exceeds the notional volume of
\nhedging instruments expected to be repriced or repaid in
\neach specified time bucket).
\nFor macro cashflow hedges, extensive forward-looking
\nanalyses assess the sufficient likelihood that the future
\nvolume of hedged items will largely cover the volume of
\nhedging instruments. A hedge ratio \u2013 measuring the
\nproportion of a portfolio that is hedged by derivatives \u2013 is
\ncalculated for each hedging strategy.
\n
\n\n\n\n\n\n\n\nThe retrospective effectiveness test of the hedge
\nrelationship is periodically carried out by comparing the
\nchange in fair value of the portfolio of hedging instruments
\nrelative to the change in fair value of the hedged eligible
\nitems imputable to the hedged risk over a given period (the
\nratio of fair value changes remains within the 80-125%
\ninterval).
\nFor foreign exchange hedging, effectiveness is ensured by
\nadjusting the sum of the nominal amount of the funding
\ndeals and foreign exchange derivatives to the targeted
\nhedge amount of the strategic participations. For foreign-
\ncurrency-denominated bonds swapped into euro, the start
\ndate, maturity date and coupon dates are also matched.
\nSources of hedge ineffectiveness
\nIneffectiveness for interest rate swaps may occur due to:
\n\u2022 Differences in relevant terms between the hedged item
\nand the hedging instrument (it can include discrepancies
\nin interest curves and in periodicity)
\n\u2022 A reduction in volume of the hedged item that would fall
\nunder the volume of hedging instruments for any time
\nbucket
\n\u2022 The credit value adjustment on the interest rate swap not
\nbeing matched by the loan; however, hedging swaps are
\nfully collateralised or traded through clearing houses and
\nthe credit value adjustment is limited
\nRegarding the hedge of the net investment in foreign
\ncurrency, the interest rate component from the hedging
\ninstruments can be a source of inefficiency. The counterparty
\nrisk on the hedging instrument, even if collateralised, can
\nalso be a source of inefficiency.
\nDiscontinuation of hedge accounting
\nHedge accounting strategies failing the effectiveness tests
\nare discontinued. A dedesignated hedging instrument can
\nbe redesignated in a new hedge relationship. Effective
\nhedge accounting strategies may also be discontinued for
\ntechnical or strategic reasons. Any impact on profit and loss
\narising from hedge ineffectiveness and discontinuation is
\nreported to the GALCO.
\nCapital sensitivity to market movements
\nAvailable capital can be impacted by changes in the value of
\nbalance sheet items (e.g., sovereign and corporate bonds and
\nequity) booked at fair value through other comprehensive
\nincome or fair value through profit or loss. This impact can be
\nnegative when the market is stressed, which can be triggered
\nby a number of market parameters, including swap rates or
\nbond spreads that increase or equity prices that fall. At KBC,
\nwe use this capital sensitivity as a common denominator to
\nmeasure the vulnerability of the banking book to different
\nmarket risk shocks.
\n\n
\n\n\n| CET1 sensitivity to main market drivers (under Danish compromise), | \n | \n | \n\n\n\n\n
\n\n| KBC group (as % points of CET1 ratio), IFRS impact caused by: | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| +100-basis-point parallel shift in interest rates | \n-0.1% | \n-0.1% | \n\n\n\n\n
\n\n| +100-basis-point parallel shift in spread | \n-0.5% | \n-0.4% | \n\n\n\n\n
\n\n| -25% in equity prices | \n-0.1% | \n-0.2% | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The table shows that the sensitivity of capital to market
\nmovements is limited. The sensitivity to spread volatility has
\nincreased over the past year as KBC has opted to increase
\nthe part of its bond portfolio that is booked at fair value
\nthrough other comprehensive income (FVOCI). Currently,
\nroughly a quarter of KBC Bank\u2019s bond portfolio is captured at
\nFVOCI. The majority of the portfolio is deemed to be held to
\nmaturity and is therefore booked at amortised cost. Those
\npositions do not impact capital unless they are liquidated
\nbefore maturity. Note that KBC holds material amounts of
\nliquid assets (see the liquidity section) to absorb unexpected
\nfunding outflows. If these are not sufficient, KBC can still
\nenter into repo agreements to access liquidity rather than
\nhaving to realise losses on the bonds.
\n
\n\n\n\n\n\n\n\n Market risk in trading activities
\nAUDITED
\n
\nRisk management
\nGeneral information
\nCredit risk
\nMarket risk in non-trading activities
\nLiquidity risk
\nMarket risk in trading activities
\nTechnical insurance risk
\nNon-financial risks
\nMarket risk relates to changes in the level or in
\nthe volatility of prices in financial markets. Market
\nrisk in trading activities is the potential negative
\ndeviation from the expected value of a financial
\ninstrument (or portfolio of such instruments) in the
\ntrading book due to changing interest rates,
\nexchange rates, equity or commodity prices, etc.
\nKBC\u2019s
\n strategic objectives in undertaking trading activities are to
\noffer sound and appropriate financial products and solutions to
\nits clients in order to help them manage their risks and access
\ncapital, and to engage in certified market-making activities. In
\naddition to the small (long or short) positions that occur during
\nour certified market-making activities, our focus on client-driven,
\nclient-facilitation-related business leaves us with some residual
\nmarket risks, which are necessary to enable us to fulfil our
\nintermediary role towards clients.
\nTraditionally, the focus of our trading activities is on interest-
\nrate instruments, whil
\ne activity on the foreign exchange
\nmarkets and in relation to equity is limited. In order to ensure
\nthe tradability of these positions, the following principles apply:
\n\u2022 Trading activity is limited to linear and non-linear interest-
\nrate, foreign-exchange and equity products, as well as to
\nbonds, bond futures and government debt.
\n\u2022 Commodity-related products are only allowed on a
\nback-to-back basis.
\nThese activities are carried out by our dealing rooms in our
\nhome countries as well as via a minor presence via sales desks
\nin the UK and Asia.
\nManaging market risk
\nIn the area of market risk in the trading activities, the ExCo is
\nsupported by the Group Markets Committee (GMC), which
\nadvises on risk monitoring and capital usage with respect to
\ntrading activities. The governance, rules and procedures on
\nhow trading risk management should be performed
\nthroughout the group are outlined in the Trading Market Risk
\nManagement Framework.
\n
\n\n\n\nThe building blocks for managing market risk
\n\u2022 Risk identification: all risk identification exercises
\ndescribed in the \u2018Components of sound risk management\u2019
\nsection apply to the trading market risk management
\ncontext (such as the Risk Scan, the NAPP and the collection
\nof risk signals). Furthermore, we analyse the results of value
\nand risk calculations, market developments, ESG risk
\nassessments, industry trends, new modelling insights,
\nchanges in regulations, etc.
\n\u2022 Risk measurement: we measure trading risk via a number
\nof parameters including nominal positions, concentrations,
\nBasis Point Value (BPV) and other sensitivities and scenario
\nanalysis. However, the primary tool we use for measuring
\nand monitoring market risk exposures in the trading book is
\nthe Historical Value-at-Risk (HVaR) method, which gives an
\nestimate of the amount of economic value that might be
\nlost on a given portfolio due to market risk over a defined
\nholding period, with a given confidence level.
\n\u2022 Setting and cascading risk appetite: the risk appetite for
\nmarket risk in trading activities is set at low and is overseen
\nby the GMC via a risk limit framework consisting of a
\nhierarchy of limits and early warning indicators. These are
\ndefined down to trading desk level and, in addition to
\nHVaR, include a series of concentration limits, basis-point-
\nvalue limits and (stress) scenario limits.
\n\u2022 Risk analysis, reporting, response and follow-up: in
\naddition to the more proactive elements described under
\n\u2018Risk identification\u2019, this involves compiling the necessary
\nexternal and internal reports, issuing advice on business
\nproposals, and monitoring and advising on the risks
\nattached to the positions. The GMC, which meets every
\nmonth, receives an extensive Core Report as well as
\nperiodic and ad hoc memos and reports. The GMC also
\nreceives a dashboard halfway between the monthly
\nmeetings whose frequency is increased (up to daily, if
\nneeded) depending on market circumstances.
\n\u2022 Stress testing: in addition to the risk limit framework, we
\nconduct extensive stress tests on our positions on a weekly
\nbasis. The stress tests are discussed at GMC meetings to
\nenable the members to gain an insight into potential
\nweaknesses in the positions held by the group.
\nMarket risk profile
\nOur Approved Internal Model is used to calculate the vast
\nmajority of market risk regulatory capital. Regulatory capital
\nfor business lines not included in the Approved Internal Model
\nis measured according to the Standardised approach.
\nTo compute shifts in the risk factors (interest rate risk, FX
\nrisk, equity risk), the Historical Value-at-Risk (HVaR)
\nmethod is used. This means that the actual market
\nperformance is used in order to simulate how the market
\ncould develop going forward. KBC\u2019s HVaR methodology
\nfor regulatory capital calculation is based on a 10-day
\nholding period and a 99% confidence level, with historical
\ndata going back 500 working days.
\nThe tables below show the Management HVaR for the
\nresidual trading positions at all the dealing rooms of KBC
\nthat can be modelled by HVaR and the breakdown per
\nrisk type.
\nWhile HVaR provides a useful estimate of potential losses
\nunder normal market conditions, the HVaR relies on historical
\ndata to simulate future price movements which might not
\ncapture sudden market shifts or structural changes. During
\nperiods of market stress or illiquidity, it is possible that
\npositions cannot be liquated or hedged within the defined
\nholding period. Additionally, tail risks can be understated as
\na 99% confidence level is used.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n| Market risk (Management HVaR) (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n
\n\n| Average for 1Q | \n4 | \n7 | \n\n\n\n\n
\n\n| Average for 2Q | \n4 | \n5 | \n\n\n\n\n
\n\n| Average for 3Q | \n4 | \n5 | \n\n\n\n\n
\n\n| Average for 4Q | \n4 | \n4 | \n\n\n\n\n
\n\n| As at 31 December | \n4 | \n4 | \n\n\n\n\n
\n\n| Maximum in year | \n6 | \n10 | \n\n\n\n\n
\n\n| Minimum in year | \n2 | \n3 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n| Breakdown by risk factor of trading HVaR for the KBC group | \nAverage for | \nAverage for | \n\n\n\n\n
\n\n| (Management HVaR; in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n
\n\n| Interest rate risk | \n3.6 | \n4.9 | \n\n\n\n\n
\n\n| FX risk | \n0.4 | \n0.5 | \n\n\n\n\n
\n\n| Equity risk | \n2.1 | \n1.9 | \n\n\n\n\n
\n\n| Diversification effect | \n-2.2 | \n-2.0 | \n\n\n\n\n
\n\n| Total HVaR | \n4.0 | \n5.2 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag824": {
"value": "\n Liquidity risk
\nAUDITED
\n
\nGeneral information
\nCredit risk
\nMarket risk in non-trading activities
\nLiquidity risk
\nMarket risk in trading activities
\nTechnical insurance risk
\nNon-financial risks
\nRisk management
\nManaging liquidity risk
\nIn the area of liquidity risk, the ExCo is supported by the Group
\nAsset and Liability Committee (GALCO), which provides
\nassistance in the area of (integrated) balance sheet
\nmanagement at group level, including liquidity and funding, and
\nensures compliance with all internal and regulatory limits. The
\ngovernance, rules and procedures and how asset and liability risk
\nmanagement is performed throughout the group are outlined in
\nthe Liquidity Risk Management Framework. Its implementation is
\nmonitored by the Liquidity Risk Competence Centre of Group
\nRisk. Within the risk function, the ALM & Liquidity Risk Council aims
\nto establish, facilitate, promote and support the solid and
\nefficient integration of all tasks assigned to the local and group
\nrisk departments.
\nThe building blocks for managing liquidity risk
\n\u2022 Risk identification
\n: all risk identification exercises described in
\nthe \u2018Components of sound risk management\u2019 section apply to
\nthe liquidity risk management context (such as the Risk Scan,
\nthe NAPP and the collection of risk signals).
\n\u2022 Risk measurement
\n: identified liquidity risks are measured by
\nmeans of both regulatory metrics such as the Liquidity
\nCoverage Ratio (159% in 2025) and the Net Stable Funding
\nRatio 138%), and internal metrics on, for example, the funding
\nmix and concentration and the composition of the liquid
\nasset buffer. In the maturity analysis table below, KBC\u2019s
\nstructural liquidity risk is illustrated by grouping the
\n assets
\nand liabilities according to the remaining term to maturity
\n(using the contractual maturity date). The difference
\nbetween the cash inflows and outflows is referred to as the
\n\u2018net funding gap\u2019.
\n\u2022 Setting and cascading risk appetite: the GALCO monitors the
\ndevelopment of the liquidity risk profile in relation to the limits.
\nKBC\u2019s low risk profile for liquidity risk is illustrated by the fact
\nthat KBC is well above the thresholds for regulatory and
\ninternal liquidity measures. The GALCO decides on and
\nperiodically reviews a framework of limits, early warning levels
\nand policies on liquidity risk activities that is consistent with
\nthe group\u2019s risk appetite.
\n\u2022 Risk analysis, reporting, response and follow-up: to mitigate
\nday-to-day and intraday liquidity risk, group-wide trends in
\nfunding liquidity and funding needs are monitored
\ncontinuously by the Group Treasury and Risk function. A
\nLiquidity Contingency Plan drafted by the Group Treasury
\nfunction is in place to address possible liquidity crisis situations
\nand is tested at least annually.
\n\u2022 Stress testing: liquidity stress tests assess KBC\u2019s liquidity
\ncontingency risk by measuring how the liquidity buffer of the
\ngroup\u2019s bank and insurance entities changes under extreme
\nstress scenarios. This buffer is based on assumptions
\nregarding liquidity outflows and liquidity inflows resulting from
\nactions to increase liquidity. The liquidity buffer has to be
\nsufficient to cover liquidity needs over (i) a period that is
\nrequired to restore market confidence in the group following a
\nKBC-specific event, (ii) a period that is required for markets to
\nstabilise after a general market event and (iii) a combined
\nscenario, which takes a KBC-specific event and a general
\nmarket event into account. This information is fed into the
\nLiquidity Contingency Plan.
\nMoreover, KBC has an Internal Liquidity Adequacy Assessment
\nProcess (ILAAP) in place to ensure it has robust strategies,
\npolicies, processes and systems for identifying, measuring,
\nmanaging and monitoring liquidity risk and funding positions
\nover all appropriate time horizons, in order to maintain
\nadequate levels of liquidity buffers.
\nLiquidity risk is the risk that an organisation will
\nbe unable to meet its liabilities and obligations
\nas they come due, without incurring higher-than-
\nexpected costs.
\n
\n\n\n\n\n\n\n\nMaturity analysis
\nThe table below shows the maturity analysis of the total
\ninflows and outflows. Note that the structural liquidity gap
\nshown in the table does not include the concept of a Liquid
\nAsset Buffer (i.e. the fact that KBC can monetise its liquid
\nbonds at all times via repo or pledging to central banks).
\nRather, in this table, cash-generating capacity from bonds is
\nonly visible at final maturity of the bond. As a result, the net
\nfunding gaps shown in the first buckets in the table are a
\nclear overestimation of the risk as in practice KBC would
\nmonetise its Liquid Asset Buffer (103 billion euros at year-end
\n2025 (or 101 billion euros, 12-month average over 2025), of
\nwhich 74 billion euros in unencumbered central bank eligible
\nassets and the remainder in cash and withdrawable central
\nbank receivables) to address these net outflows.
\nAt year-end 2025, KBC had 74 billion euros\u2019 worth of
\nunencumbered central bank eligible assets, 60 billion euros
\nof which in the form of liquid government bonds (81%). The
\nremaining available liquid assets were mainly covered bonds
\n(14%). Most of the liquid assets are expressed in our home
\nmarket currencies. The funding from non-wholesale markets
\nwas accounted for by stable funding from core customer
\nsegments in our core markets.
\n\n
\n\n\n| Liquidity risk (excluding intercompany deals)* | \n<= 1 | \n1\u20133 | \n3\u201312 | \n1\u20135 | \n>5 | \nOn | \nNot | \n | \n\n\n\n\n
\n\n| (in billions of EUR) | \nmonth | \nmonths | \nmonths | \nyears | \nyears | \ndemand | \ndefined | \nTotal | \n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total inflows | \n9 | \n13 | \n30 | \n110 | \n136 | \n2 | \n57 | \n358 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n0 | \n1 | \n3 | \n0 | \n0 | \n0 | \n4 | \n\n\n\n\n
\n\n| Total outflows | \n53 | \n28 | \n16 | \n21 | \n7 | \n201 | \n31 | \n358 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n0 | \n1 | \n3 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Professional funding | \n19 | \n1 | \n3 | \n6 | \n0 | \n6 | \n0 | \n35 | \n\n\n\n\n
\n\n| Customer funding | \n21 | \n12 | \n9 | \n1 | \n0 | \n195 | \n0 | \n238 | \n\n\n\n\n
\n\n| Debt certificates | \n11 | \n15 | \n4 | \n14 | \n7 | \n0 | \n0 | \n50 | \n\n\n\n\n
\n\n| Other | \n4 | \n0 | \n0 | \n0 | \n0 | \n0 | \n31 | \n34 | \n\n\n\n\n
\n\n| Liquidity gap (excl. undrawn commitments) | \n-45 | \n-15 | \n14 | \n89 | \n129 | \n-198 | \n26 | \n0 | \n\n\n\n\n
\n\n| Undrawn commitments | \n- | \n- | \n- | \n- | \n- | \n- | \n-54 | \n-54 | \n\n\n\n\n
\n\n| Financial guarantees | \n- | \n- | \n- | \n- | \n- | \n- | \n-12 | \n-12 | \n\n\n\n\n
\n\n| Net funding gap (incl. undrawn commitments) | \n-45 | \n-15 | \n14 | \n89 | \n129 | \n-198 | \n-39 | \n-66 | \n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total inflows | \n7 | \n14 | \n29 | \n105 | \n119 | \n7 | \n55 | \n336 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n1 | \n1 | \n2 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Total outflows | \n66 | \n25 | \n19 | \n26 | \n7 | \n163 | \n30 | \n336 | \n\n\n\n\n
\n\n| Of which derivatives | \n0 | \n1 | \n1 | \n3 | \n0 | \n0 | \n0 | \n5 | \n\n\n\n\n
\n\n| Professional funding | \n22 | \n0 | \n0 | \n1 | \n0 | \n8 | \n0 | \n32 | \n\n\n\n\n
\n\n| Customer funding | \n26 | \n14 | \n16 | \n13 | \n6 | \n154 | \n0 | \n229 | \n\n\n\n\n
\n\n| Debt certificates | \n15 | \n10 | \n3 | \n13 | \n1 | \n0 | \n0 | \n43 | \n\n\n\n\n
\n\n| Other | \n3 | \n0 | \n0 | \n0 | \n0 | \n0 | \n30 | \n33 | \n\n\n\n\n
\n\n| Liquidity gap (excl. undrawn commitments) | \n-59 | \n-11 | \n10 | \n79 | \n112 | \n-155 | \n25 | \n0 | \n\n\n\n\n
\n\n| Undrawn commitments | \n- | \n- | \n- | \n- | \n- | \n- | \n-49 | \n-49 | \n\n\n\n\n
\n\n| Financial guarantees | \n- | \n- | \n- | \n- | \n- | \n- | \n-11 | \n-11 | \n\n\n\n\n
\n\n| Net funding gap (incl. undrawn commitments) | \n-59 | \n-11 | \n10 | \n79 | \n112 | \n-155 | \n-35 | \n-60 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
* Cashflows include interest rate flows consistent with internal and regulatory liquidity reporting. Inflows/outflows that arise from central bank reserves and non-financial assets/
\nliabilities are reported in the \u2018Not defined\u2019 bucket. \u2018Professional funding\u2019 includes all deposits from credit institutions and investment firms, as well as all repos. Instruments are
\nclassified on the basis of their first callable date. Some instruments are reported at fair value (on a discounted basis), whereas others are reported on an undiscounted basis (in
\norder to reconcile them with Note 4.1 of the \u2018Consolidated financial statements\u2019 section). Due to the uncertain nature of the maturity profile of undrawn commitments and
\nfinancial guarantees, these instruments are reported in the \u2018Not defined\u2019 bucket. The \u2018Other\u2019 category under \u2018Total outflows\u2019 contains own equity, short positions, provisions for
\nrisks and charges, tax liabilities and other liabilities. The liquidity table is based on the bank\u2019s consolidated scope. This implies that insurance entities are excluded, impacting asset
\ncomposition. Additionally, repo transactions are excluded from liquidity inflows and outflows because they involve liquid collateral, resulting in no net liquidity impact. As for asset
\nclassification, equity instruments are not considered liquid due to their inherent volatility. Similarly, corporate bonds are treated as less liquid for the same reason.
\n
\n\n\n\n\n\n\n\nFunding information
\nWe have a strong retail/mid-cap deposit base in our core markets, resulting in a stable funding mix. A significant portion of the
\nfunding is attracted from core customer segments and markets.
\n\n
\n\n\n| Funding mix | \nInformation | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| Funding from customers1 | \nDemand deposits, term deposits, savings deposits, other deposits, | \n76% | \n75% | \n\n\n\n\n
\n\n | \nsavings certificates and debt issues placed in the network | \n | \n | \n\n\n\n\n
\n\n| Debt issues placed with institutional | \nIncluding covered bonds, tier-2 issues, KBC Group NV senior debt | \n8% | \n8% | \n\n\n\n\n
\n\n| investors | \n | \n | \n | \n\n\n\n\n
\n\n| Net unsecured interbank funding | \nIncluding TLTRO | \n3% | \n3% | \n\n\n\n\n
\n\n| Net secured funding2 | \nRepo financing | \n-3% | \n-0% | \n\n\n\n\n
\n\n| Certificates of deposit | \n\u2013 | \n7% | \n5% | \n\n\n\n\n
\n\n| Total equity | \nIncluding AT1 issues | \n9% | \n8% | \n\n\n\n\n
\n\n| Total | \n | \n100% | \n100% | \n\n\n\n\n
\n\n| in billions of EUR | \n | \n315 | \n306 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1 Some 87% of this funding relates to private individuals and SMEs at year-end 2025.
\n2 Negative on account of KBC carrying out more reverse repo transactions than repo transactions.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag834": {
"value": "\nSensitivity to parameters underlying the IFRS 17 valuation of insurance
\nliabilities
\nThe table gives an overview of the sensitivity of IFRS 17
\ninsurance liabilities to a change at the reporting date of a
\nselection of parameters which are used in the calculation of
\nthe IFRS 17 fulfilment cashflows. Liabilities on the balance sheet
\nwhich are in scope of IFRS 9 reporting, mainly unit-linked
\nliabilities, are not included in the sensitivity reporting below.
\nThe impact is reported before reinsurance, given the small
\nimpact which the reinsurance has on the sensitivities.
\n\n
\n\n\n | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| Sensitivity (in millions of EUR) | \nDiscounted | \nContrac- | \nResult | \nEquity: OCI | \nDiscounted | \nContrac- | \nResult | \nEquity: OCI | \n\n\n\n\n
\n\n | \nfulfilment | \ntual Service | \nbefore tax | \nbefore tax | \nfulfilment | \ntual Service | \nbefore tax | \nbefore tax | \n\n\n\n\n
\n\n | \ncashflows | \nMargin | \n | \n | \ncashflows | \nMargin | \n | \n | \n\n\n\n\n
\n\n| Life insurance: balance | \n11 848 | \n2 261 | \n- | \n- | \n11 782 | \n2 143 | \n- | \n- | \n\n\n\n\n
\n\n| Impact of: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Mortality rates: +1% | \n6 | \n-4 | \n0 | \n-2 | \n6 | \n-4 | \n-0 | \n-1 | \n\n\n\n\n
\n\n| Mortality rates: -1% | \n-6 | \n4 | \n0 | \n2 | \n-6 | \n5 | \n-0 | \n1 | \n\n\n\n\n
\n\n| Morbidity rates: +1% | \n7 | \n-7 | \n-1 | \n1 | \n6 | \n-6 | \n-1 | \n1 | \n\n\n\n\n
\n\n| Morbidity rates: -1% | \n-7 | \n7 | \n1 | \n-1 | \n-6 | \n7 | \n0 | \n-1 | \n\n\n\n\n
\n\n| Expenses: +5% | \n50 | \n-55 | \n-6 | \n12 | \n55 | \n-57 | \n-7 | \n9 | \n\n\n\n\n
\n\n| Expenses: -5% | \n-50 | \n56 | \n6 | \n-12 | \n-55 | \n57 | \n6 | \n-9 | \n\n\n\n\n
\n\n| Lapse rate: +10%* | \n59 | \n91 | \n9 | \n-159 | \n58 | \n5 | \n3 | \n-66 | \n\n\n\n\n
\n\n| Lapse rate: -10%* | \n-61 | \n-96 | \n-10 | \n168 | \n-60 | \n-5 | \n-4 | \n69 | \n\n\n\n\n
\n\n| Non-life insurance: balance | \n2 551 | \n- | \n- | \n- | \n2 444 | \n- | \n- | \n- | \n\n\n\n\n
\n\n| Impact of: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Unpaid claims & expenses: +5% | \n127 | \n- | \n-133 | \n7 | \n122 | \n- | \n-125 | \n3 | \n\n\n\n\n
\n\n| Unpaid claims & expenses: -5% | \n-127 | \n- | \n133 | \n-7 | \n-122 | \n- | \n125 | \n-3 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
* The significant change in the impact on CSM and OCI is due to the further increase in interest rates in 2025.
\n
\n\n\n\n\n\n\n\nSensitivity of the IFRS 17 valuation of insurance liabilities to a change in
\nthe discount curve
\nThe table shows the sensitivity to a 30-bp parallel shift up and down of the discount curve.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n| Sensitivity (in millions of EUR) | \nFulfilment | \nContrac- | \n Result | \nEquity: OCI | \nFulfilment | \nContrac- | \nResult | \nEquity: OCI | \n\n\n\n
\n\n | \ncashflows | \ntual Service | \nbefore tax | \nbefore tax | \ncashflows | \ntual Service | \nbefore tax | \nbefore tax | \n\n\n\n
\n\n | \n | \nMargin | \n | \n | \n | \nMargin | \n | \n | \n\n\n\n
\n\n| Life insurance: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Assets*: balance | \n15 300 | \n- | \n- | \n- | \n14 729 | \n- | \n- | \n- | \n\n\n\n
\n\n| Impact of discount rate +0.30% | \n-225 | \n0 | \n2 | \n-227 | \n-230 | \n0 | \n4 | \n-234 | \n\n\n\n
\n\n| Impact of discount rate -0.30% | \n230 | \n0 | \n-2 | \n232 | \n238 | \n0 | \n-4 | \n242 | \n\n\n\n
\n\n| Insurance liabilities (excl. unit-linked): balance | \n11 848 | \n2 261 | \n- | \n- | \n11 782 | \n2 143 | \n- | \n- | \n\n\n\n
\n\n| Impact of discount rate +0.30% | \n-300 | \n-2 | \n0 | \n302 | \n-334 | \n6 | \n-0 | \n328 | \n\n\n\n
\n\n| Impact of discount rate -0.30% | \n306 | \n1 | \n1 | \n-308 | \n364 | \n-7 | \n1 | \n-358 | \n\n\n\n
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\n\n| Impact of discount rate -0.30% | \n-77 | \n-1 | \n-1 | \n-77 | \n-126 | \n7 | \n-3 | \n-116 | \n\n\n\n
\n\n| Non-life insurance | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Assets*: balance | \n4 767 | \n- | \n - | \n- | \n4 204 | \n- | \n - | \n- | \n\n\n\n
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"value": "\n\u2022 The \u2018Dividends\u2019 item in 2025 (1.6 billion euros) includes the final dividend of 3.15 euros per share (paid in May 2025) and
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\n
\n\n\n\n\nNote 3.2: Dividend income
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
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},
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},
"Tag1272": {
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},
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},
"Tag1274": {
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},
"Tag1275": {
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"period": "2025-01-01T00:00:00",
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},
"Tag1297": {
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"period": "2026-01-01T00:00:00",
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},
"Tag1298": {
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},
"Tag1296": {
"value": "55000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToBanks",
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"period": "2026-01-01T00:00:00",
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},
"Tag1295": {
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"dimensions": {
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},
"Tag1287": {
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"dimensions": {
"concept": "ifrs-full:ReverseRepurchaseAgreementsAndCashCollateralOnSecuritiesBorrowed",
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"period": "2026-01-01T00:00:00",
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},
"Tag1288": {
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},
"Tag1276": {
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"period": "2026-01-01T00:00:00",
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},
"Tag1277": {
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"dimensions": {
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"period": "2025-01-01T00:00:00",
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},
"Tag1281": {
"value": "0.0",
"decimals": -6,
"dimensions": {
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"entity": "scheme:213800X3Q9LSAKRUWY91",
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},
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"period": "2025-01-01T00:00:00",
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},
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},
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"value": "\n\u2022 KBC uses the indirect method to report on cashflows from operating activities.
\n
\n\n",
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"language": "en",
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},
"Tag1279": {
"value": "\n\u2022 Net cash from or used in operating activities:
\n- In 2025, this item included the result before tax, growth in deposits from credit institutions, savings accounts, current
\naccounts, certificates of deposit, repos and insurance liabilities, partly offset by higher loans and advances to
\ncustomers, higher volumes of debt instruments and lower time deposits and savings certificates.
\n- In 2024, this item included the result before tax, growth in customer deposits (related in part to the recovery of the
\noutflow to the Belgian State Note in 2023) and a strong increase in repos, partly offset by a decrease in deposits
\nfrom credit institutions (including the repayment of the remaining 2.6 billion euros borrowed under TLTRO III) and
\ncertificates of deposit as well as an increase in loans and advances to customers and debt instruments.
\n\u2022 Net cash from or used in investing activities:
\n- In 2025, this item included additional net purchases of debt securities at amortised cost and additional net
\ninvestments in tangible and tangible fixed assets.
\n- In 2024, this item included additional net investments in tangible and intangible fixed assets, partly offset by a
\ndecrease in debt securities at amortised cost.
\n\u2022 Net cash from or used in financing activities:
\n- In 2025, this item included the dividend payment, the issue and repayment of promissory notes and other debt
\nsecurities (KBC Ifima, KBC Group NV and KBC Bank NV accounted for the bulk of the figure), the issue and
\nrepayments of subordinated liabilities (KBC Ifima and KBC Group NV accounted for the bulk of the figure) and AT1.
\n- In 2024, this item included the dividend payment, treasury share buybacks, the issue and repayment of promissory
\nnotes and other debt securities (KBC Ifima, KBC Group NV and KBC Bank NV accounted for the bulk of the figure).
\nFurthermore, net cash related to financing activities was impacted by the issue of subordinated liabilities (KBC
\nGroup NV accounted for the bulk of the figure) and AT1.
\n
\n\n",
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}
},
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"Tag1": {
"value": "\n
\n
\nNote 1.1: Statement of compliance
\n
\n
\n\n
The consolidated financial statements of KBC Group NV, including all the notes, were authorised for issue on 12 March 2026
\n
by the Board of Directors.
\n\n\n\n\n\n
\n\n
They have been prepared in accordance with the IFRS Accounting Standards as adopted by the
\n
European Union (\u2018endorsed IFRS\u2019) and present one year of comparative information.
\n\n\n\n\n\n
All amounts are shown in millions of
\neuros and rounded to the million (unless otherwise stated).
\n\n
\n
\n
\n
\n
\n
\n
The following standards became effective on 1 January 2025:
\n
\u2022 The IASB has published several limited amendments to existing IFRSs, with no impact for KBC.
\n
\n\n\n\n\n\n
\n
\n\n
The following IFRS standards were issued but not yet effective in 2025. KBC will apply these standards when they become
\n
mandatory.
\n
\u2022 IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from 2027, with limited impact on the
\n
presentation and disclosures.
\n
\u2022 IFRS 19 (Subsidiaries without public accountability), with no impact expected.
\n
\u2022 The IASB has published several limited amendments to existing IFRSs and IFRICs. They will be applied when they
\n
become mandatory, but their impact is currently estimated to be negligible.
\n
\n
\n\n\n\n\n\n\n
The summary of material accounting policies includes the recognition and measurement principles for reimbursement
\n
assets. This new valuation rule applies to Significant Risk Transfer (SRT) transactions for which the first issuance of credit-
\n
linked notes took place in 2025 (see also Note 4.1).
\n
\n
The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\n
As a bank-insurance group, KBC presents banking and insurance information in its financial statements on an integrated
\n
basis. Information relating specifically to our banking business and to our insurance business is provided separately in the
\n
respective annual reports of KBC Bank and KBC Insurance under \u2018Information on KBC Bank\u2019 and \u2018Information on KBC
\n
Insurance\u2019 at www.kbc.com > Investor Relations.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag2": {
"value": "\nThe consolidated financial statements of KBC Group NV, including all the notes, were authorised for issue on 12 March 2026
\nby the Board of Directors.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag3": {
"value": "KBC Group NV",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag4": {
"value": "\nThey have been prepared in accordance with the IFRS Accounting Standards as adopted by the
\nEuropean Union (\u2018endorsed IFRS\u2019) and present one year of comparative information.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag5": {
"value": "\n
\n\n
\n
\n
\n
\n
The following standards became effective on 1 January 2025:
\n
\u2022 The IASB has published several limited amendments to existing IFRSs, with no impact for KBC.
\n
\n\n\n\n\n\n
\n
\n\n
The following IFRS standards were issued but not yet effective in 2025. KBC will apply these standards when they become
\n
mandatory.
\n
\u2022 IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from 2027, with limited impact on the
\n
presentation and disclosures.
\n
\u2022 IFRS 19 (Subsidiaries without public accountability), with no impact expected.
\n
\u2022 The IASB has published several limited amendments to existing IFRSs and IFRICs. They will be applied when they
\n
become mandatory, but their impact is currently estimated to be negligible.
\n
\n
\n\n\n\n\n\n\n
The summary of material accounting policies includes the recognition and measurement principles for reimbursement
\n
assets. This new valuation rule applies to Significant Risk Transfer (SRT) transactions for which the first issuance of credit-
\n
linked notes took place in 2025 (see also Note 4.1).
\n
\n
The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\n
As a bank-insurance group, KBC presents banking and insurance information in its financial statements on an integrated
\n
basis. Information relating specifically to our banking business and to our insurance business is provided separately in the
\n
respective annual reports of KBC Bank and KBC Insurance under \u2018Information on KBC Bank\u2019 and \u2018Information on KBC
\n
Insurance\u2019 at www.kbc.com > Investor Relations.
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag6": {
"value": "\n
\n
\n
\n\n
The following standards became effective on 1 January 2025:
\n
\u2022 The IASB has published several limited amendments to existing IFRSs, with no impact for KBC.
\n
\n\n\n\n\n\n
\n\nThe following IFRS standards were issued but not yet effective in 2025. KBC will apply these standards when they become
\nmandatory.
\n\u2022 IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from 2027, with limited impact on the
\npresentation and disclosures.
\n\u2022 IFRS 19 (Subsidiaries without public accountability), with no impact expected.
\n\u2022 The IASB has published several limited amendments to existing IFRSs and IFRICs. They will be applied when they
\nbecome mandatory, but their impact is currently estimated to be negligible.
\n
\n
\n\n\n\n\n\n\nThe summary of material accounting policies includes the recognition and measurement principles for reimbursement
\nassets. This new valuation rule applies to Significant Risk Transfer (SRT) transactions for which the first issuance of credit-
\nlinked notes took place in 2025 (see also Note 4.1).
\n
\nThe loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\nparts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\nAs a bank-insurance group, KBC presents banking and insurance information in its financial statements on an integrated
\nbasis. Information relating specifically to our banking business and to our insurance business is provided separately in the
\nrespective annual reports of KBC Bank and KBC Insurance under \u2018Information on KBC Bank\u2019 and \u2018Information on KBC
\nInsurance\u2019 at www.kbc.com > Investor Relations.
\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag7": {
"value": "\nThe following standards became effective on 1 January 2025:
\n\u2022 The IASB has published several limited amendments to existing IFRSs, with no impact for KBC.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag8": {
"value": "\nThe following IFRS standards were issued but not yet effective in 2025. KBC will apply these standards when they become \nmandatory. \n\u2022 IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from 2027, with limited impact on the \npresentation and disclosures. \n\u2022 IFRS 19 (Subsidiaries without public accountability), with no impact expected. \n\u2022 The IASB has published several limited amendments to existing IFRSs and IFRICs. They will be applied when they \nbecome mandatory, but their impact is currently estimated to be negligible. \n \n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag9": {
"value": "bank-insurance group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag11": {
"value": "\n
\nGeneral / Basic principle
\n
\nThe general accounting principles of KBC Group NV (\u2018KBC\u2019) are based on the IFRS Accounting Standards, as approved by
\nthe European Union, and on the IFRS Framework.
\n\n
The financial statements of KBC are prepared based on the going
\n
concern assumption. KBC presents each material class of similar items separately.
\n\n\n\n\n\n
Dissimilar items are presented
\nseparately unless they are immaterial, and items are only offset when explicitly required or permitted by the relevant IFRS.
\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag12": {
"value": "\nThe financial statements of KBC are prepared based on the going
\nconcern assumption. KBC presents each material class of similar items separately.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag14": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
Financial assets
\n
\n
KBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\n
continue to be accounted for in accordance with IAS 39.
\n
\n
\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
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\n
\n
Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\n
\n
Business model assessment
\n
\n
The business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\n
the assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\n
best reflects how the business is managed and how information is provided to management. The information considered
\n
includes:
\n
\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\n
management\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\n
matching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\n
through the sale of the assets)
\n
\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n
\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\n
those risks are managed
\n
\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\n
managed or the contractual cashflows collected), and
\n
\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\n
sales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\n
assessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\n
realised
\n
\n
\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
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\n
\n
\n
Assessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\n
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\n
outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\n
administrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\n
and interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\n
contains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\n
would not meet this condition. In making the assessment, KBC considers:
\n
\u2022 Contingent events that could change the amount and timing of cashflows
\n
\u2022 Leverage features
\n
\u2022 Prepayment and extension terms
\n
\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n
\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n
\n
\n
\n
Reclassifications
\n
\n
Financial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\n
model for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\n
to its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\n
start of the reporting period immediately following the change.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
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Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
\n\n\n\n\n\n
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\n
Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
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\n
Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
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Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
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Cash, cash balances with central banks and other demand deposits with credit institutions
\n
\n
Cash comprises cash on hand and demand deposits, e.g., cheques, petty cash and cash balances at central and other
\n
banks. Cash equivalents comprises term loans to banks at not more than three months (excluding reverse repos), reverse
\n
repos up to three months with credit institutions and, as a deduction, deposits from banks repayable on demand. Cash and
\n
cash equivalents includes cash and cash equivalents held at disposal groups.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag18": {
"value": "\n
\nFinancial assets \u2013 recognition and derecognition
\n
\nRecognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\ncontractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\nsettlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\nmeasured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\nWrite-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\nuncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\nmanner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\nthe settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\noff directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\nof impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\nstill subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\nrecover all or part of the debt outstanding to the client.
\n
\nLoan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\nare generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\nmodel. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\nimpairment line.
\n
\nClassification of debt instruments and equity instruments
\n
\nOn initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\nan equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\nin another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\nobligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\nconditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\ninstruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
\n\n\n\n\n\n\nThe ECL model is used to measure impairment of financial assets.
\n
\nThe scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\nfinancial assets:
\n\u2022 Financial assets measured at AC and at FVOCI
\n\u2022 Loan commitments and financial guarantees
\n\u2022 Finance lease receivables
\n\u2022 Trade and other receivables
\n
\n\n\n\n\n\n\nFor trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\nequal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag19": {
"value": "\nDerecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\nor when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\nsubstantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\nfinancial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\nchanges indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\nsubstantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\nfinancial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\nConversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\nfinancial asset modification.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag26": {
"value": "\nClassification and measurement \u2013 debt instruments
\n
\nIf KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\nthe following categories:
\n\u2022 Measured at fair value through profit or loss (FVPL):
\n- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\ninstruments (HFT)
\n- Designated upon initial recognition at fair value through profit or loss (FVO)
\n\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n\u2022 Measured at amortised cost (AC)
\n
\nDebt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\nobjective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\nby both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\nmodel but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\nof principal and interest on the principal amount outstanding.
\n
\nFurthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\nthe requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\naccounting mismatch that would otherwise arise.
\n
\nA debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\nmeasured at FVO:
\n\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\nselling financial assets
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\nprincipal and interest on the principal amount outstanding
\n
\nA debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\nat FVO:
\n\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\nprincipal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n\n
\n
\n\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nFinancial liabilities \u2013 classification and measurement
\n
\nKBC classifies recognised financial liabilities in three different categories, as provided for by IFRS 9:
\n\n
\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
\n
short-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
\n
of financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
\n
term profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
\n
time deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
\n
case of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
\n
period, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
\n
statement.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\u2022 Financial liabilities designated by the entity as liabilities at fair value through profit or loss upon initial recognition (FVO).
\nUnder IFRS 9, a financial liability or group of financial liabilities can be measured upon initial recognition at fair value,
\nwhereby fair value changes are recognised in the income statement except for fair value changes related to changes in
\nown credit risk, which are presented separately in OCI. The fair value designation is used by KBC for the following
\nreasons:
\n- Managed on an FV basis: KBC designates a financial liability or a group of financial liabilities at fair value where it is
\nmanaged and its performance is evaluated on a fair value basis. It is used to account for (unbundled) deposit
\ncomponents (i.e. financial liabilities that do not include a discretionary participation feature).
\n- Accounting mismatch: the fair value option can be used when doing so eliminates or significantly reduces a
\nmeasurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or
\nrecognising gains and losses on them on different bases.
\n- Hybrid instruments: a financial instrument is regarded as hybrid when it contains one or more embedded derivatives
\nthat are not closely related to the host contract. The fair value option can be used when it is not possible to
\nseparate the non-closely-related embedded derivative from the host contract, in which case the entire hybrid
\ninstrument can be designated at fair value. This means that both the embedded derivative and the host contract
\nare measured at fair value. KBC uses this option when structured products contain non-closely-related embedded
\nderivatives, in which case both the host contract and the embedded derivative is measured at fair value.
\n\u2022 Financial liabilities measured at amortised cost (AC). KBC classifies most of its financial liabilities under this category,
\nincluding those used to fund trading activities where no trading intent is present in them (e.g., issued bonds). These
\nfinancial liabilities are initially measured at cost, which is the fair value of the consideration received including
\ntransaction costs. Subsequently, they are measured at amortised cost, which is the amount at which the funding liability
\nwas initially recognised minus principal repayments, plus or minus the cumulative amortisation of any difference
\nbetween that initial amount and the maturity amount. The difference between the amount made available and the
\nnominal value is recorded as an interest expense calculated by applying the effective interest rate method. Interest
\nexpenses accrued but not yet paid are included in the carrying amount of the financial liability.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag27": {
"value": "\nFinancial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\nbecause they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\nselling financial assets.
\n
\n\n\n\n\n\n\n\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
\nshort-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
\nof financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
\nterm profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
\ntime deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
\ncase of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
\nperiod, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
\nstatement.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag34": {
"value": "\nReclassifications
\n
\nFinancial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\nmodel for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\nto its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\nstart of the reporting period immediately following the change.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag36": {
"value": "\nClassification and measurement \u2013 equity instruments
\n
\nEquity instruments are classified in one of the following categories:
\n\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n(HFT)
\n\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\nThere is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\ncontingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\nFVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\ninterpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\nvalue, with all value changes recognised in other comprehensive income and without any recycling to the income
\nstatement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\nthe income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag37": {
"value": "\n
\n\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag44": {
"value": "\n
\n\n
\n
\n
Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag70": {
"value": "\nCash, cash balances with central banks and other demand deposits with credit institutions
\n
\nCash comprises cash on hand and demand deposits, e.g., cheques, petty cash and cash balances at central and other
\nbanks. Cash equivalents comprises term loans to banks at not more than three months (excluding reverse repos), reverse
\nrepos up to three months with credit institutions and, as a deduction, deposits from banks repayable on demand. Cash and
\ncash equivalents includes cash and cash equivalents held at disposal groups.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag71": {
"value": "\n
\n\n
\n
Financial liabilities
\n
\n
Financial instruments or their component parts are classified on initial recognition as liabilities or as equity in accordance
\n
with the substance of the contractual arrangements and the definitions of financial liabilities and equity instruments. A
\n
financial instrument is classified as a liability if:
\n
\u2022 KBC has a contractual obligation to deliver cash or another financial asset to the holder or to exchange another
\n
financial instrument with the holder under conditions that are potentially unfavourable to KBC
\n
\u2022 KBC has a contractual obligation to settle the financial instrument in a variable number of its own shares
\n
\n
A financial instrument is classified as an equity instrument if neither condition is met. In that case, it is accounted for in the
\n
way set out under \u2018Equity\u2019.
\n
\n
Financial liabilities \u2013 recognition and derecognition
\n
\n
KBC recognises a financial liability when it becomes party to the contractual provisions of the relevant instrument. This is
\n
typically the date when the consideration in the form of cash or some other financial asset is received. Upon initial
\n
recognition, the financial liability is recognised at fair value less transaction costs directly attributable to issuance of the
\n
instrument, except for financial liabilities at fair value through profit or loss.
\n
\n
Financial liabilities are derecognised when they are extinguished, i.e. the obligation specified in the contract is discharged
\n
or cancelled, or it expires. KBC can also derecognise the financial liability and recognise a new one where an exchange
\n
takes place between KBC and the lenders of the financial liability, each with substantially different terms, or if there are
\n
substantial modifications to the terms of the existing financial liabilities. In assessing whether terms differ, KBC compares
\n
the discounted present value of cashflows under the new terms, including any fees paid net of any fees received and
\n
discounted using the original effective interest rate, and the discounted present value of the remaining cashflows of the
\n
original financial liability. If the difference is 10% or more, KBC derecognises the original financial liability and recognises a
\n
new one. Where the exchange of debt instruments or modification of terms is accounted for as an extinguishment, any
\n
costs or fees incurred are recognised as part of the gain or loss on the extinguishment.
\n
\n
\n
\n
Financial liabilities \u2013 classification and measurement
\n
\n
KBC classifies recognised financial liabilities in three different categories, as provided for by IFRS 9:
\n
\n
\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
\n
short-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
\n
of financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
\n
term profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
\n
time deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
\n
case of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
\n
period, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
\n
statement.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\u2022 Financial liabilities designated by the entity as liabilities at fair value through profit or loss upon initial recognition (FVO).
\n
Under IFRS 9, a financial liability or group of financial liabilities can be measured upon initial recognition at fair value,
\n
whereby fair value changes are recognised in the income statement except for fair value changes related to changes in
\n
own credit risk, which are presented separately in OCI. The fair value designation is used by KBC for the following
\n
reasons:
\n
- Managed on an FV basis: KBC designates a financial liability or a group of financial liabilities at fair value where it is
\n
managed and its performance is evaluated on a fair value basis. It is used to account for (unbundled) deposit
\n
components (i.e. financial liabilities that do not include a discretionary participation feature).
\n
- Accounting mismatch: the fair value option can be used when doing so eliminates or significantly reduces a
\n
measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or
\n
recognising gains and losses on them on different bases.
\n
- Hybrid instruments: a financial instrument is regarded as hybrid when it contains one or more embedded derivatives
\n
that are not closely related to the host contract. The fair value option can be used when it is not possible to
\n
separate the non-closely-related embedded derivative from the host contract, in which case the entire hybrid
\n
instrument can be designated at fair value. This means that both the embedded derivative and the host contract
\n
are measured at fair value. KBC uses this option when structured products contain non-closely-related embedded
\n
derivatives, in which case both the host contract and the embedded derivative is measured at fair value.
\n
\u2022 Financial liabilities measured at amortised cost (AC). KBC classifies most of its financial liabilities under this category,
\n
including those used to fund trading activities where no trading intent is present in them (e.g., issued bonds). These
\n
financial liabilities are initially measured at cost, which is the fair value of the consideration received including
\n
transaction costs. Subsequently, they are measured at amortised cost, which is the amount at which the funding liability
\n
was initially recognised minus principal repayments, plus or minus the cumulative amortisation of any difference
\n
between that initial amount and the maturity amount. The difference between the amount made available and the
\n
nominal value is recorded as an interest expense calculated by applying the effective interest rate method. Interest
\n
expenses accrued but not yet paid are included in the carrying amount of the financial liability.
\n
\n\n\n\n\n\n
\n
\n
Financial liabilities \u2013 own credit risk
\n
\n
For financial liabilities designated at fair value, IFRS 9 requires the financial liability to be measured at fair value upon initial
\n
recognition. Any changes in fair value are subsequently recognised in the income statement, except for changes in own
\n
credit risk, which are presented separately in OCI.
\n
Accordingly, movements in the fair value of the liability are presented in different places: changes in own credit risk are
\n
presented in OCI and all other fair value changes are presented in the income statement under Net result from financial
\n
instruments at fair value through profit or loss. Amounts recognised in OCI relating to own credit risk are not recycled to the
\n
income statement even if the liability is derecognised and the amounts are realised. Although recycling is prohibited, KBC
\n
does transfer the amounts in OCI to retained earnings within equity upon derecognition. The only situation in which
\n
presentation of own credit risk in OCI is not applied is where this would create an accounting mismatch in the income
\n
statement. This could arise if there is a close economic relationship between the financial liability designated at fair value
\n
(for which the own credit risk is recognised in OCI), while all changes in fair value of the corresponding financial asset are
\n
measured and recognised at fair value through profit or loss. This is the case with unit-linked investment contracts, where
\n
changes in fair value of the liability position are fully offset by the asset position.
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
Financial liabilities \u2013 financial guarantee contract
\n
\n
A financial guarantee contract is one that requires KBC to make specified payments to reimburse holders for losses they
\n
incur because a specified debtor fails to make payment when due in accordance with the original or modified terms of a
\n
debt instrument. A financial guarantee contract is initially recognised at fair value and is subsequently measured at the
\n
higher of (a) the amount determined in accordance with the impairment provisions of IFRS 9 (see \u2018Financial assets \u2013
\n
impairment\u2019) and (b) the amount initially recognised less, when appropriate, cumulative amortisation recognised in
\n
accordance with the revenue recognition principle of IFRS 15.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag72": {
"value": "\n
\nFinancial liabilities
\n
\nFinancial instruments or their component parts are classified on initial recognition as liabilities or as equity in accordance
\nwith the substance of the contractual arrangements and the definitions of financial liabilities and equity instruments. A
\nfinancial instrument is classified as a liability if:
\n\u2022 KBC has a contractual obligation to deliver cash or another financial asset to the holder or to exchange another
\nfinancial instrument with the holder under conditions that are potentially unfavourable to KBC
\n\u2022 KBC has a contractual obligation to settle the financial instrument in a variable number of its own shares
\n
\nA financial instrument is classified as an equity instrument if neither condition is met. In that case, it is accounted for in the
\nway set out under \u2018Equity\u2019.
\n
\nFinancial liabilities \u2013 recognition and derecognition
\n
\nKBC recognises a financial liability when it becomes party to the contractual provisions of the relevant instrument. This is
\ntypically the date when the consideration in the form of cash or some other financial asset is received. Upon initial
\nrecognition, the financial liability is recognised at fair value less transaction costs directly attributable to issuance of the
\ninstrument, except for financial liabilities at fair value through profit or loss.
\n
\nFinancial liabilities are derecognised when they are extinguished, i.e. the obligation specified in the contract is discharged
\nor cancelled, or it expires. KBC can also derecognise the financial liability and recognise a new one where an exchange
\ntakes place between KBC and the lenders of the financial liability, each with substantially different terms, or if there are
\nsubstantial modifications to the terms of the existing financial liabilities. In assessing whether terms differ, KBC compares
\nthe discounted present value of cashflows under the new terms, including any fees paid net of any fees received and
\ndiscounted using the original effective interest rate, and the discounted present value of the remaining cashflows of the
\noriginal financial liability. If the difference is 10% or more, KBC derecognises the original financial liability and recognises a
\nnew one. Where the exchange of debt instruments or modification of terms is accounted for as an extinguishment, any
\ncosts or fees incurred are recognised as part of the gain or loss on the extinguishment.
\n
\n\n
\n
Financial liabilities \u2013 classification and measurement
\n
\n
KBC classifies recognised financial liabilities in three different categories, as provided for by IFRS 9:
\n
\n
\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
\n
short-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
\n
of financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
\n
term profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
\n
time deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
\n
case of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
\n
period, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
\n
statement.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\u2022 Financial liabilities designated by the entity as liabilities at fair value through profit or loss upon initial recognition (FVO).
\n
Under IFRS 9, a financial liability or group of financial liabilities can be measured upon initial recognition at fair value,
\n
whereby fair value changes are recognised in the income statement except for fair value changes related to changes in
\n
own credit risk, which are presented separately in OCI. The fair value designation is used by KBC for the following
\n
reasons:
\n
- Managed on an FV basis: KBC designates a financial liability or a group of financial liabilities at fair value where it is
\n
managed and its performance is evaluated on a fair value basis. It is used to account for (unbundled) deposit
\n
components (i.e. financial liabilities that do not include a discretionary participation feature).
\n
- Accounting mismatch: the fair value option can be used when doing so eliminates or significantly reduces a
\n
measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or
\n
recognising gains and losses on them on different bases.
\n
- Hybrid instruments: a financial instrument is regarded as hybrid when it contains one or more embedded derivatives
\n
that are not closely related to the host contract. The fair value option can be used when it is not possible to
\n
separate the non-closely-related embedded derivative from the host contract, in which case the entire hybrid
\n
instrument can be designated at fair value. This means that both the embedded derivative and the host contract
\n
are measured at fair value. KBC uses this option when structured products contain non-closely-related embedded
\n
derivatives, in which case both the host contract and the embedded derivative is measured at fair value.
\n
\u2022 Financial liabilities measured at amortised cost (AC). KBC classifies most of its financial liabilities under this category,
\n
including those used to fund trading activities where no trading intent is present in them (e.g., issued bonds). These
\n
financial liabilities are initially measured at cost, which is the fair value of the consideration received including
\n
transaction costs. Subsequently, they are measured at amortised cost, which is the amount at which the funding liability
\n
was initially recognised minus principal repayments, plus or minus the cumulative amortisation of any difference
\n
between that initial amount and the maturity amount. The difference between the amount made available and the
\n
nominal value is recorded as an interest expense calculated by applying the effective interest rate method. Interest
\n
expenses accrued but not yet paid are included in the carrying amount of the financial liability.
\n
\n\n\n\n\n\n
\nFinancial liabilities \u2013 own credit risk
\n
\nFor financial liabilities designated at fair value, IFRS 9 requires the financial liability to be measured at fair value upon initial
\nrecognition. Any changes in fair value are subsequently recognised in the income statement, except for changes in own
\ncredit risk, which are presented separately in OCI.
\nAccordingly, movements in the fair value of the liability are presented in different places: changes in own credit risk are
\npresented in OCI and all other fair value changes are presented in the income statement under Net result from financial
\ninstruments at fair value through profit or loss. Amounts recognised in OCI relating to own credit risk are not recycled to the
\nincome statement even if the liability is derecognised and the amounts are realised. Although recycling is prohibited, KBC
\ndoes transfer the amounts in OCI to retained earnings within equity upon derecognition. The only situation in which
\npresentation of own credit risk in OCI is not applied is where this would create an accounting mismatch in the income
\nstatement. This could arise if there is a close economic relationship between the financial liability designated at fair value
\n(for which the own credit risk is recognised in OCI), while all changes in fair value of the corresponding financial asset are
\nmeasured and recognised at fair value through profit or loss. This is the case with unit-linked investment contracts, where
\nchanges in fair value of the liability position are fully offset by the asset position.
\n
\n
\n\n\n\n\n\n\n
\n\n
Financial liabilities \u2013 financial guarantee contract
\n
\n
A financial guarantee contract is one that requires KBC to make specified payments to reimburse holders for losses they
\n
incur because a specified debtor fails to make payment when due in accordance with the original or modified terms of a
\n
debt instrument. A financial guarantee contract is initially recognised at fair value and is subsequently measured at the
\n
higher of (a) the amount determined in accordance with the impairment provisions of IFRS 9 (see \u2018Financial assets \u2013
\n
impairment\u2019) and (b) the amount initially recognised less, when appropriate, cumulative amortisation recognised in
\n
accordance with the revenue recognition principle of IFRS 15.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag84": {
"value": "\nFinancial liabilities \u2013 financial guarantee contract
\n
\nA financial guarantee contract is one that requires KBC to make specified payments to reimburse holders for losses they
\nincur because a specified debtor fails to make payment when due in accordance with the original or modified terms of a
\ndebt instrument. A financial guarantee contract is initially recognised at fair value and is subsequently measured at the
\nhigher of (a) the amount determined in accordance with the impairment provisions of IFRS 9 (see \u2018Financial assets \u2013
\nimpairment\u2019) and (b) the amount initially recognised less, when appropriate, cumulative amortisation recognised in
\naccordance with the revenue recognition principle of IFRS 15.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag85": {
"value": "\nReverse repos and repos
\n
\nA reverse repo is a transaction in which KBC purchases a financial asset and simultaneously enters into an agreement to
\nsell the asset (or a similar asset) on a future date at a fixed price; this agreement is accounted for as a loan or advance,
\nand the underlying asset is not recognised in the financial statements.
\n
\nIn a repo transaction, KBC sells a security and simultaneously agrees to repurchase the security (or a substantially similar
\nasset) on a future date at a fixed price. KBC continues to recognise the securities in their entirety because it retains
\nsubstantially all of the risks and rewards of ownership. The cash consideration received is recognised as a financial asset
\nand the financial liability is recognised as the obligation to pay the repurchase price.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag86": {
"value": "\nOffsetting
\n
\nFor a financial asset and financial liability, KBC offsets and presents only a net amount in its balance sheet if and only if (i) it
\ncurrently has a legally enforceable right to set off the recognised amounts and (ii) it intends either to settle on a net basis or
\nto realise the asset and settle the liability simultaneously.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag87": {
"value": "\nFair value
\n
\nKBC defines \u2018fair value\u2019 as \u2018the price that would be received for sale of an asset or paid to transfer a liability in an orderly
\ntransaction between market participants at the measurement date\u2019. Fair value is not the amount that an entity would
\nreceive or pay in a forced transaction, involuntary liquidation or distress sale. An imbalance between supply and demand
\n(e.g., fewer buyers than sellers, thereby forcing prices down) is not the same as a forced transaction or distress sale.
\n
\nMarket value adjustments are recognised on all positions that are measured at fair value, with fair value changes being
\nreported in the income statement or in OCI. They relate to close-out costs, adjustments for less-liquid positions or markets,
\nmark-to-model-related valuation adjustments, counterparty risk (credit value adjustment) and funding costs:
\n\u2022 Credit value adjustments (CVAs) are used when measuring derivatives to ensure that their market value is adjusted to
\nreflect the credit risk of the counterparty. In making this adjustment, both the mark-to-market value of the contract and
\nits expected future fair value are taken into account. These valuations are weighted based on the counterparty credit
\nrisk that is determined using a quoted Credit Default Swap (CDS) spread, or, if there is no such spread, on the
\ncounterparty credit risk that is derived from bonds whose issuers are similar to the derivative counterparty in terms of
\nrating, sector and geographical location. A debt value adjustment (DVA) is made for contracts where the counterparty
\nis exposed to KBC. It is similar to a CVA, but the expected future negative fair value of the contracts is taken into
\nconsideration.
\n\u2022 A funding value adjustment (FVA) is a correction made to the fair value of uncollateralised derivatives in order to ensure
\nthat the (future) funding costs or income attached to entering into and hedging such instruments are factored in when
\nmeasuring their value.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1301": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
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\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Insurance contracts
\n
\n
General
\n
\n
Scope
\n
\n
In order to qualify as an insurance contract, the associated insurance risk must be significant even if the insured event is
\n
extremely unlikely to occur, for example a catastrophic event such as an earthquake. Whether insurance risk is significant is
\n
assessed on initial recognition of each individual contract on a present value basis.
\n
In general, the following types of contracts within KBC are in scope of IFRS 17: Non-life insurance contracts, reinsurance
\n
contracts (accepted & ceded), Life insurance contracts being the non-unit-linked contracts, the unit-linked contracts, the
\n
hybrid products and investment contracts with discretionary participating features if issued by a KBC insurance entity.
\n
In general, the following types of contracts are out of scope of IFRS 17: investment contracts without discretionary
\n
participating features (IFRS 9), most unit-linked contracts of KBC Insurance Belgium (IFRS 9) as these insurance contracts do
\n
not contain significant insurance risk, credit cards including certain cover issued by a KBC bank entity (IFRS 15), and
\n
roadside assistance contracts (IFRS 15).
\n
Distinct non-insurance components are separated from the insurance components in the contract and thus accounted for
\n
in accordance with the appropriate IFRS.
\n
\n
Level of aggregation
\n
\n
IFRS 17 calculations are performed at an aggregated level, rather than contract by contract, taking into account the
\n
following four dimensions:
\n
\u2022 IFRS 17 portfolio (aggregation of contracts subject to similar risks and managed together)
\n
\u2022 Annual cohort (year of inception of the policy)
\n
\u2022 Profitability of the group of contracts (onerous, profitable, doubtful; assessed at inception)
\n
\u2022 Set of contracts (aggregation of contracts with a homogeneous profitability expectation)
\n
\n
Aggregation by IFRS 17 portfolio
\n
\n
IFRS 17 portfolios are country-specific and driven by the local product mix (similar risks) and the way in which the local
\n
insurance business is managed (managed together). As a minimum, the portfolios are broken down as follows:
\n
\u2022 Life
\n
- Unit-linked contracts (life insurance contracts with an investment component, whereby the policyholder bears the
\n
market risk and receives an income based on the return of the underlying assets)
\n
- Non unit-linked contracts (including pension savings with guaranteed interest and profit sharing, death insurance
\n
and term balance insurance)
\n
- Hybrid products
\n
\u2022 Non-life insurance
\n
- Personal insurance
\n
- Liabilities \u2013 MTPL
\n
- Liabilities \u2013 other than MTPL
\n
- Property (including other) other than fully comprehensive
\n
- Fully comprehensive
\n
- Accepted reinsurance
\n
\u2022 Ceded reinsurance
\n
\n
Aggregation by annual cohort
\n
\n
KBC applies annual cohorts (a cohort is a time bucket of contracts issued in the same year), aligned with the start and end
\n
of the financial year of KBC. On 23 November 2021, the EU published a Regulation endorsing IFRS 17 Insurance Contracts,
\n
including the amendments to the original IFRS 17 and a solution for the annual cohort requirement for certain types of
\n
insurance contracts, for use in the European Union. KBC will not apply the European optional exemption from the annual
\n
cohort requirement.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Aggregation by group of contracts: onerous, profitable or doubtful
\n
\n
BBA and VFA \u2013 Expected profitability on initial recognition
\n
For contracts measured according to the Building Block Approach (BBA, see below) and the Variable Fee Approach (VFA,
\n
see below), the allocation to the onerous, profitable or doubtful group of contracts (GoC) is determined based on the
\n
presence of a Contractual Service Margin (CSM is the unearned profit in the group of contracts at inception) under different
\n
risk adjustment levels (i.e. compensation for uncertainty in the amount and timing of future cashflows):
\n
\u2022 If CSM < 0 when risk adjustment is calculated at a 75% confidence level, onerous group of contracts
\n
\u2022 If CSM > 0 when risk adjustment is calculated at a 75% confidence level AND
\n
- if CSM < 0 when the risk adjustment is calculated at a 90% confidence level, doubtful group of contracts
\n
- if CSM > 0 when the risk adjustment is calculated at a 90% confidence level, profitable group of contracts
\n
\n
PAA \u2013 Expected profitability on initial recognition
\n
For the Premium Allocation Approach (PAA), facts and circumstances indicating that the group of contracts can be onerous
\n
are assessed by the IFRS 17 expected economic combined ratio of more than 100%. This ratio differs from the externally
\n
published combined ratio. The IFRS 17 expected economic combined ratio is calculated for a set of contracts on an annual
\n
basis. Consequently, the new business of a year is assigned to one specific group of contracts under IFRS 17. In exceptional
\n
cases, when qualitative information reveals facts and circumstances indicating a negative trend in the IFRS 17 expected
\n
economic ratio, a recalculation is performed during the financial year.
\n
\n
Aggregation by set of contracts
\n
\n
A set of contracts is an aggregation of contracts with a homogeneous profitability expectation. A set of contracts (SoC) is
\n
defined such that the conclusion on the expected profitability of the SoC and the associated classification (i.e. profitable,
\n
doubtful or onerous) equals the conclusion that would have been reached if the expected profitability assessment had
\n
been carried out at the level of the individual contract.
\n
\n
Recognition \u2013 derecognition
\n
\n
KBC recognises a group of insurance contracts (and accepted reinsurance contracts) it issues from the earliest of the
\n
following:
\n
\u2022 The beginning of the coverage period of the group of contracts
\n
\u2022 The date when the first payment from a policyholder in the group becomes due
\n
\u2022 For a group of onerous contracts, when the group becomes onerous
\n
If there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received.
\n
As time progresses in the cohort, new business can be added to a group of contracts if it meets the initial recognition
\n
criteria.
\n
KBC recognises a group of ceded reinsurance contracts held from the earlier of the following:
\n
\u2022 The beginning of the coverage period of the group of reinsurance contracts held
\n
\u2022 The date the entity recognises an onerous group of underlying insurance contracts, if the entity entered into the related
\n
ceded reinsurance contract in the group of reinsurance contracts held at or before that date
\n
KBC delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date
\n
that any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period
\n
of the group of reinsurance contracts held.
\n
An insurance liability is derecognised from the balance sheet when it is extinguished, i.e. when the obligation specified in
\n
the contract is discharged or cancelled or expires.
\n
\n
Valuation
\n
\n
IFRS 17 applies uniform measurement principles for insurance liabilities that take into account the insurance contract
\n
characteristics.
\n
\u2022 The general model, the Building Block Approach (BBA), is applied to most Life products.
\n
\u2022 The optional Premium Allocation Approach (PAA) is a simplified measurement model that can be used when meeting the
\n
PAA eligibility criteria and is applied to most Non-life products and reinsurance contracts.
\n
\u2022 The Variable Fee Approach (VFA) is an adjusted Building Block Approach for Life insurance contracts where cashflows to
\n
be paid to the policyholder depend significantly (for more than 50%) on the return of the invested assets. This is a
\n
mandatory measurement model when fulfilling the VFA eligibility criteria and is applied to unit-linked products and some
\n
hybrid products of Central European entities.
\n
Only one measurement model can be applied to each IFRS 17 portfolio.
\n
\n
The insurance liabilities represent all rights and obligations arising from insurance contracts issued and consist of two
\n
components, namely a Liability for Remaining Coverage (LRC) and a Liability for Incurred Claims (LIC).
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Measurement of Life insurance liabilities
\n
\n
The Life insurance liabilities are mostly valued according to either the BBA or the VFA model:
\n
\u2022 Valuation according to the BBA is applied to calculate the liability for non-unit-linked life insurance contracts and for
\n
some hybrid products.
\n
\u2022 Valuation according to the VFA is applied in Central European entities to calculate the liability for unit-linked contracts
\n
and some hybrid products where the cashflows to be paid to the policyholder depend significantly on the return of the
\n
invested assets.
\n
\n
Valuation according to the Building Block Approach (BBA)
\n
\n
The insurance liability consists of the following four blocks:
\n
\u2022 Actuarially estimated value of expected future cashflows
\n
\u2022 Discounting to convert the estimation into a present value
\n
\u2022 Risk adjustment as compensation for the uncertainty in the amount and timing of the expected future cashflows
\n
\u2022 Contractual Service Margin (CSM), being the unearned profit that is released from the balance sheet in P&L over the
\n
term of the contract based on services provided, i.e. there are no day one gains
\n
\n
Estimation of expected future cashflows
\n
\n
The basic principle is that Solvency II cashflows are used to ensure consistency with IFRS 17. The IFRS 17 estimation of future
\n
cashflows deviates from Solvency II on the following points:
\n
\u2022 Under Solvency II all expenses are included in the Best Estimate. Under IFRS 17 expenses are divided into directly
\n
attributable costs and non-directly attributable costs. Directly attributable costs are expenses directly related to
\n
insurance contracts. Only these directly attributable costs are included in the estimation of expected future cashflows.
\n
\u2022 Under Solvency II contracts where the insurer is at risk, tacit renewals and contracts where the coverage period starts in
\n
the future are within the Solvency II contract boundary. Under IFRS 17 cashflows are within the contract boundary if they
\n
arise from rights and obligations that exist during the reporting period
\n
- in which the entity can compel the policyholder to pay the premiums; or
\n
- in which the entity has a substantive obligation to provide services.
\n
Contracts under which the insurer provides cover, i.e. under which the insurer is at risk, are within the IFRS 17 contract
\n
boundaries. Tacit renewals for Non-life insurance contracts and contracts with a coverage period starting in the future are
\n
outside the IFRS 17 contract boundaries.
\n
Level of aggregation of projected cashflows: the Solvency II aggregation levels are Lines of Business (LoBs) and risk
\n
buckets. The IFRS 17 unit of account is based on portfolios, cohorts and expected profitability.
\n
\n
Discounting \u2013 time value of money
\n
\n
A discount rate is created per currency, in line with the currency of the cashflows. The starting point for the creation of the
\n
curves are observable market prices of a set of assets with multiple durations. The inflation assumptions for the nominal
\n
cashflows and the discount rates are consistent. Inflation is taken into account in the projection of the cashflows.
\n
Notwithstanding the reference to \u2018cashflows\u2019, the standard allows the same discount curve to be applied to all cashflows in
\n
the same contract. This simplification is applied at KBC.
\n
\n
For cashflows that vary with underlying items, the discount rate is determined by means of a top-down approach.
\n
Cashflows that vary with underlying items are typically cashflows such as interest-rate guarantees on future premiums that
\n
are not fixed at inception of the contract, future profit sharing, future lapses, etc. A top-down approach is achieved by
\n
using a risk-free rate (i.e. interest rate swap) adjusted with a spread based on a reference portfolio of assets. Such a
\n
portfolio is based on the current asset mix an entity holds. In addition, the discount curve must only reflect the
\n
characteristics of the insurance liabilities. The risk-taking curve is adjusted to exclude the part not related to the insurance
\n
liabilities.
\n
\n
Per currency, a Last Liquid Point (LLP) is set at the level of KBC that is consistent for all entities. The LLPs per currency are
\n
defined by taking the last available tenor for the risk-free rate in the relevant currency. For long-term Life insurance
\n
contracts, the cashflows are modelled over a duration of 110 years. The Ultimate Forward Rate (UFR) is the rate of the 110-
\n
year tenor to which the discount curve must converge. This UFR is defined as the sum of an expected real rate and an
\n
expected inflation rate.
\n
\n
For cashflows that do not vary with underlying items, KBC chooses to apply the bottom-up approach. The bottom-up
\n
approach is determined by adding an illiquidity premium on top of a risk-free rate, so that the discount curve reflects the
\n
illiquidity characteristics of the insurance contract liabilities. This approach is used for Non-life liabilities for incurred claims.
\n
The illiquidity premium is the premium demanded by the policyholder because the insurance contract liabilities cannot be
\n
easily converted into cash at fair market value.
\n
\n\n\n\n\n
\n
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\n
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\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Risk adjustment of Life insurance liabilities
\n
\n
The risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the
\n
amount and timing of cashflows that arises from non-financial risk. It is a buffer on top of the Best Estimate future cashflows
\n
which represents a 50% probability of being able to fulfil future obligations and thus also a 50% probability of not being
\n
able to meet future obligations for outstanding contracts.
\n
Life insurance liabilities are characterised by (long-term) cashflows based on biometric parameters. The risk adjustment is
\n
defined as the difference between the Value at Risk (VaR) and the best estimate of future cashflows as part of the
\n
fulfilment cashflows. The VaR is calculated at a 75% confidence level on a one-year time horizon. Non-financial risks
\n
included in the VaR model are mortality risk, longevity risk, morbidity/disability risk, lapse risk, expense risk and revision risk.
\n
The correlations between the different risk types are in line with the correlation matrix of Solvency II.
\n
The diversification benefits between life and non-life insurance contracts are not considered in the calculation, also not at
\n
entity level. The risk adjustment is calculated at the level of a series of contracts. There is no diversification effect at this
\n
level either.
\n
\n
Contractual service margin
\n
\n
The contractual service margin (CSM) represents the unearned profit the insurer will recognise in P&L as services are
\n
provided under the insurance contracts. The CSM is recognised in the balance sheet as part of the insurance liability on
\n
initial recognition in order to avoid a day one gain. The CSM on the balance sheet is released gradually over time, on the
\n
basis of services provided in the period, and should be zero at the end of the coverage period for a group of contracts.
\n
The CSM release pattern is based on coverage units in the GoC. The number of coverage units is the quantity of services
\n
provided by the insurer under the contracts in that GoC, determined by considering for each contract the quantity of the
\n
benefits provided to the policyholder under a contract and its expected coverage period. The CSM amount recognised in
\n
P&L is the amount of coverage units allocated to the current period for the insurance coverage provided in the current
\n
period. The number of coverage units is reassessed at the end of each reporting period to reflect the most up-to-date
\n
assumptions of the contract.
\n
KBC has opted to reflect the time value of money on coverage units. By discounting the coverage units, a more stable
\n
allocation of the CSM to P&L is achieved. For contracts providing multiple services, i.e. insurance coverage, investment
\n
return services and investment management services, KBC works with so-called \u2018multivariate coverage units\u2019, taking the
\n
following into consideration:
\n
\u2022 Coverage units are determined based on the individual benefit components separately
\n
\u2022 Weights are assigned to each component to reflect an appropriate level of service to be provided
\n
Such weightings appropriately reflect the release of CSM based on the quantity of the benefits provided for each service.
\n
Analogous to coverage units, these weights are also reassessed at the end of each reporting period.
\n
Coverage units cannot be negative. They have a positive sign and are floored to zero. In case of zero coverage units in a
\n
given period, no CSM is allocated to P&L as no services have been provided in the period. This is possible in some cases, for
\n
instance where contracts provide for \u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but
\n
there is a mandatory waiting period for the client to be able to benefit from insurance coverage.
\n
\n
Valuation according to the Variable Fee Approach (VFA)
\n
\n
Under the VFA, the CSM mainly reflects the fee that KBC expects to earn on the market value of the Assets under
\n
Management (AUM), also referred to as \u2018underlying items\u2019. The CSM is determined as the net of the fair value of the
\n
underlying items and the total entity obligation to the policyholder. The change in the variable fee that impacts the CSM is
\n
determined as the net of:
\n
\u2022 The change in the fair value of the underlying items
\n
\u2022 The change in the total entity obligation to the policyholder
\n
KBC applies the simplification of a combined amount rather than the different CSM unlocking adjustments separately.
\n
Under the VFA, the difference in measurement from BBA lies in the subsequent measurement of direct participating
\n
contracts. All changes in fulfilment cashflows are absorbed by the CSM, until the CSM becomes negative and a loss is
\n
recognised in P&L.
\n
\n
In Belgium, the insurance company has discretion over the amount of profit sharing allocated to policyholders. The
\n
policyholder does not have an \u2018enforceable right\u2019 to participate in the returns of the insurance company, which means that
\n
the VFA eligibility criteria are not fulfilled and the BBA is applied.
\n
\n\n\n\n\n
\n
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\n\n
\n
\n
\n
\n
Measurement of Non-life insurance liabilities
\n
\n
Valuation according to the PAA is applied for the liability for most Non-life products. The PAA Liability for Remaining
\n
Coverage (LRC) reflects the premium receipts and the acquisition cashflows adjusted for amounts recognised in the income
\n
statement on a pro rata temporis basis. When an insured claim arises, a Liability for Incurred Claims (LIC) is recognised,
\n
which is similar to the BBA LIC (see below). In the case of onerous contracts, an additional liability to cover expected future
\n
losses is added to the LRC on the balance sheet and a loss is recognised immediately in P&L.
\n
\n
Valuation according to the Premium Allocation Approach
\n
\n
The PAA LRC reflects only premiums received and acquisition cashflows. As such, to appropriately present the insurance
\n
liability on a cash basis, an adjustment is performed by netting insurance payables and receivables against the LRC value.
\n
Under the PAA, KBC will not make use of the option to expense acquisition costs when incurred.
\n
\n
At the end of each
\n
reporting period, acquisition cashflows are amortised (i.e. recorded as an insurance service expense) and some of the
\n
premium receipts are earned (i.e. recorded as insurance revenues).
\n\n\n\n\n
\n
Both components of the LRC are allocated to P&L on
\n
the basis of passage of time or the expected timing of incurred claims and benefits, if that pattern better reflects the
\n
release from risk.
\n
\n
Measurement of the Liability for Incurred Claims (LIC) for claims outstanding
\n
\n
The Liability for Incurred Claims is measured separately. A discounted best estimate of future cash outflows subject to a risk
\n
adjustment as a safety margin is provisioned on the balance sheet. No CSM is included in the LIC as there is no future
\n
coverage in scope of the liabilities for incurred claims, i.e. it contains fulfilment cashflows related to past service.
\n
A provision for the internal cost of settling claims is included, which is calculated as a percentage based on past
\n
experience. The risk adjustment for Non-life insurance liabilities is only calculated for claims incurred. Consequently, only
\n
reserve risk is taken into account. Comparable with Life insurance liabilities, a Value at Risk method (VaR) is used, but here it
\n
is calculated at a 90% confidence level on a one-year time horizon.
\n
\n
Subsequent measurement
\n
\n
BBA/VFA \u2013 Liability for Remaining Coverage
\n
\n
At the end of each reporting period, subsequent to initial recognition, KBC updates its estimates and assumptions to reflect
\n
the most up-to-date situation. As a result of these updates, the carrying amount of fulfilment cashflows will vary from one
\n
period to another.
\n
Subsequent measurement under BBA/VFA for the LRC is driven by:
\n
\u2022 Experience adjustments \u2013 either absorbed by the CSM (i.e. related to future service) or recorded in the insurance result
\n
(i.e. related to current or past service) \u2013 and portfolio rollforward
\n
\u2022 Non-economic parameter updates to the fulfilment cashflows
\n
\u2022 Economic parameter updates to the fulfilment cashflows
\n
\u2022 CSM release
\n
\n
\n\n\n\n\n
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\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n\n
\n
\n
PAA \u2013 Liability for Remaining Coverage
\n
\n
Under the PAA, the LRC is unwound on a pro rata temporis basis to obtain the so-called \u2018earned premiums\u2019, i.e. the
\n
premium reserve and the deferred acquisition commission reserve. At the end of each reporting period, acquisition
\n
cashflows are amortised (i.e. recorded as an insurance service expense) and some of the premium receipts are earned (i.e.
\n
recorded as insurance revenues). Both components of the LRC are allocated to P&L on the basis of passage of time or the
\n
expected timing of incurred claims and benefits, if that pattern better reflects the release from risk.
\n
\n
BBA/VFA/PAA \u2013 Liability for Incurred Claims
\n
\n
Any changes to the Liability for Incurred Claims are recorded in the income statement. Depending on the driver of such
\n
changes, they are recorded in:
\n
\u2022 Insurance service expenses. Main drivers: updates of fulfilment cashflows, i.e. higher or lower total expected claim
\n
payments, changes in the statistical percentage of internal claims handling expenses, etc.
\n
\u2022 Insurance finance income and expense. Main drivers: a change in the discount rate, interest from deposits at the ceding
\n
company
\n
\n\n\n\n\n
\n
\n
Other matters
\n
\n
KBC has opted for a year-to-date approach, i.e. a recalculation of previously reported quarters, with the impact of the
\n
recalculation being included in the current period.
\n
KBC chooses to disaggregate insurance finance income and expense (IFIE) between P&L and OCI. This means recognising
\n
in P&L the interest expense on the insurance liability over the reporting period, with this interest expense being calculated
\n
using the locked-in rate (i.e. the rate curve applicable at the inception of the IFRS 17 contract) and recognising in OCI the
\n
impact of changes in the market interest rate over the reporting period, with the exception of:
\n
\u2022 Insurance contracts measured under BBA where changes in financial risk have a significant impact on the amounts due
\n
to policyholders (future interest-rate guarantees, profit-sharing), for which the allocation to the income statement is
\n
derived from the amounts expected to be credited to policyholders (expected crediting rate)
\n
\u2022 Insurance contracts measured under VFA, for which the current period book yield approach is used; the amount in IFIE
\n
corresponds to the financial result presented in the income statement of the underlying items to ensure that the total
\n
net financial result equals 0 (also referred to as the \u2018mirroring approach\u2019)
\n
The liability position of insurance contracts and the asset position of reinsurance contracts is presented in the balance
\n
sheet on a received basis. Ceded reinsurance contracts (i.e. reinsurance contracts held) are required to be accounted for
\n
and presented separately from the underlying contracts to which they relate.
\n
Upon the acquisition of another insurance company or a portfolio transfer, the consideration received or paid partly
\n
consists of the Value of Business In-force (VBI). Insurance contracts acquired in a business combination are measured in the
\n
same way as insurance contracts issued by the entity except that the fulfilment cashflows are recognised at the acquisition
\n
date.
\n
\n\n\n\n\n
\n\n
Leasing
\n
\n
The classification under IFRS 16 is based on the extent to which risk and rewards incidental to ownership of leased assets lie
\n
with the lessor or the lessee. A finance lease transfers substantially all the risks and rewards incidental to ownership of an
\n
asset.
\n
This classification is crucial for positions as a lessor, but less important for positions as a lessee, since both classifications
\n
result in similar recognition and measurement of the lease on the balance sheet and in the income statement.
\n
\n\n\n\n\n
\n\n
\n
\n
\n
Equity
\n
\n
Equity represents the residual interest in KBC\u2019s total assets after deduction of all its liabilities (referred to as \u2018net assets\u2019)
\n
and encompasses all shares issued by KBC, reserves attributable to the holders of the shares and minority interests.
\n
\n
KBC classifies all issued financial instruments as equity or as a financial liability based on the substance of the contractual
\n
arrangements. The critical feature that distinguishes a financial liability from a share is whether KBC has an unconditional
\n
right to avoid delivering cash or another financial asset to settle a contractual obligation.
\n
Minority interests represent the equity in a subsidiary that is not attributable to the holders of KBC shares. When the
\n
proportion of the equity held by the minority interests changes, KBC adjusts the carrying value of the controlling and
\n
minority interests to reflect changes in their relative interests in the consolidated companies. KBC recognises in equity any
\n
difference between the amount by which the minority interests are adjusted and the fair value of the consideration paid or
\n
received, and allocates it to its controlling stake.
\n
\n
\n
KBC can buy back its own shares within the legal framework. These treasury shares (ordinary shares) are initially recognised
\n
on the balance sheet on the transaction date under the \u2018Treasury shares\u2019 heading. The acquisition price (including
\n
transaction costs) is deducted from equity. The dividend income from treasury shares is recognised in equity.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n\n
\n
\n
\n
\n
Employee benefits
\n
\n
\n
Short-term employee benefits
\n
\n
Short-term employee benefits, such as salaries, paid absences, performance-related cash awards and social security
\n
contributions, are recognised over the period in which the employees provide the corresponding services. The related
\n
expenses are presented in the income statement as \u2018Operating expenses\u2019 under the \u2018Staff expenses\u2019 heading.
\n
\n\n\n\n
\n
\n
Post-employment benefits
\n
\n
KBC offers its employees pension schemes in the form of defined contribution or defined benefit plans. Under the defined
\n
contribution plans, KBC\u2019s statutory or constructive obligation is limited to the amount that it agrees to contribute to the
\n
fund. The amount of the post-employment benefit to be received by the employee is determined by the amount of the
\n
contributions paid by KBC and the employee into the post-employment benefit plan, as well as by the investment returns
\n
arising from those contributions. The actuarial risk is borne by the employee.
\n
Conversely, under the defined benefit plans, KBC\u2019s obligation is to provide the agreed benefits to current and former
\n
employees and, in substance, the actuarial risk and investment risk fall on KBC. This means that if, from an actuarial or
\n
investment viewpoint, things turn out worse than expected, KBC\u2019s obligation may be increased.
\n
In Belgium, defined contribution plans have a legally guaranteed minimum return and the actual return can be lower than
\n
the legally required return. In addition, these plans have defined benefit plan features and KBC treats them as defined
\n
benefit plans.
\n
Liabilities under the defined benefit plans and the Belgian defined contribution plans (or pension liabilities) are included
\n
under \u2018Other liabilities\u2019 and relate to the obligations for retirement and survivor\u2019s pensions, early retirement benefits and
\n
similar pensions and annuities.
\n
The pension obligations for employees under the defined benefit plans are calculated using the projected-unit-credit
\n
method, with each period of service granting additional entitlement to pension benefits.
\n
Actuarial valuations are performed every reporting period. The defined benefit liabilities are discounted using rates
\n
equivalent to the yields on high-quality corporate bonds that are denominated in the currency in which the benefits will be
\n
paid and that have a maturity similar to the related pension liabilities.
\n
\n
Changes in the net defined benefit liability/asset, apart from cash movements, are grouped into three main categories and
\n
recognised in operating expenses (service costs), interest expenses (net interest costs) and other comprehensive income
\n
(remeasurements).
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
Net fee and commission income
\n
\n
Most net fee and commission income falls under the scope of IFRS 15 (Revenue from Contracts with Customers), as it relates
\n
to the services that KBC provides to its clients and is outside the scope of other IFRS standards. For the recognition of
\n
revenue, KBC identifies the contract and defines the promises (performance obligations) in the transaction. Revenue is
\n
recognised only when KBC has satisfied the performance obligation.
\n
A distinction is made between service revenues the client consumes simultaneously when receiving the benefits, where the
\n
performance obligation is met over time, and service revenues where the performance obligation is met at a specific time.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
Levies
\n
\n
Public authorities can impose various levies on KBC. The size of the levies can depend on the amount of revenue (mainly
\n
interest income) generated by KBC, the amount of deposits accepted from clients, and the total balance sheet volume,
\n
including corrections based on certain, specific ratios. In accordance with IFRIC 21, levies are recognised when the
\n
obligating event that gives rise to recognition of the liability has occurred as stated in the relevant legislation. Depending
\n
on the obligating event, levies can be recognised at a single point in time or over time. Most of the levies imposed on KBC
\n
have to be recognised at a single point in time, which is mainly the beginning of the financial year. KBC recognises levies
\n
under \u2018Operating expenses\u2019.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n
Income tax
\n
\n
Income tax consists of three items, namely taxes paid/payable over the reporting period,
\n
underprovisioning/overprovisioning in previous years, and changes in deferred tax assets/deferred tax liabilities. It is
\n
accounted for either in the income statement or in other comprehensive income, depending on where the items that
\n
triggered the tax are recorded. Income taxes that are initially accounted for in other comprehensive income and that relate
\n
to gains or losses that are subsequently recognised in the income statement are recycled to the income statement in the
\n
same period in which that item is accounted for in the income statement.
\n
\n
Deferred and current tax assets and liabilities are offset when there is both a legal right of offset and the intention to settle
\n
on a net basis or to realise the asset and settle the liability simultaneously.
\n
\n
Current tax assets/liabilities
\n
\n
Current tax for the period is measured at the amount expected to be paid to or recovered from the tax authorities, based
\n
on tax law that is enacted or substantively enacted by the reporting date.
\n
\n
\n
Deferred tax assets/liabilities
\n
\n
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying value of an asset or
\n
liability and its tax base. They are measured using the tax rates that are substantively enacted at the reporting date and
\n
expected to be in effect on realisation of the assets or settlement of the liabilities to which they relate and that reflect the
\n
tax consequences following from the manner in which the entity expects to recover or settle the carrying value of the
\n
underlying asset or liability at the balance sheet date.
\n
Deferred tax assets are recognised for all deductible temporary differences between the carrying value of assets and
\n
liabilities and their tax base, as well as for the carry forward of unused tax losses and unused tax credits, to the extent that
\n
it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. KBC
\n
calculates deferred tax assets to carry forward unused tax losses. When estimating the period over which tax losses can
\n
be set off against future taxable profits, KBC uses projections for a period of eight to ten years.
\n
Deferred tax assets/liabilities that relate to business combinations are recorded directly in goodwill.
\n
Deferred tax assets/liabilities are not discounted.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n
Property and equipment
\n
\n
Property and equipment are recognised initially at cost (including directly allocable acquisition costs). KBC subsequently
\n
measures property and equipment at the initial cost less accumulated depreciation and impairment. The rates of
\n
depreciation are determined on the basis of the estimated useful life of the assets and are applied according to the
\n
straight-line method from the moment the assets are available for use. Property and equipment are derecognised upon
\n
disposal or when the relevant asset is permanently withdrawn from use and no future economic benefits are expected from
\n
its disposal. Gains or losses upon derecognition are recognised in the income statement in the period in which
\n
derecognition occurs.
\n
Property and equipment are subject to impairment testing when there is an indication that the asset might have been
\n
impaired.
\n
\n
\n
Depreciation charges, impairment losses and gains or losses on disposal are recognised under \u2018Operating expenses\u2019 in the
\n
income statement, with the exception of assets that are leased under operating leases (KBC as a lessor), for which the
\n
costs are recognised in \u2018Net other income\u2019.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n
\n
\n
Investment property
\n
\n
Investment property is defined as a property built, purchased or acquired by KBC under a lease and is held to earn rentals
\n
or for the purpose of capital appreciation rather than being used by KBC for the provision of services or for administrative
\n
purposes.
\n
Investment property is initially recognised at cost (including directly attributable costs). KBC subsequently measures it at
\n
the initial cost less accumulated depreciation and impairment.
\n
The depreciation charge is recognised under \u2018Net other income\u2019 in the income statement.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Intangible assets
\n
\n
Intangible assets include goodwill, software developed in-house, software developed externally and other intangible
\n
assets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\n
goodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\n
Separately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\n
developed intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\n
KBC can demonstrate:
\n
\u2022 The technical feasibility of completing them
\n
\u2022 An intention to complete for use or sale
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\u2022 An ability to use or sell them
\n
\u2022 The way in which the intangible assets will generate future economic benefits
\n
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\n
intangible assets
\n
\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\n
Internally generated intangible assets are initially measured at the development costs directly attributable to the design
\n
and testing of the unique software controlled by KBC.
\n
Directly attributable costs capitalised as part of the software developed in-house include software development
\n
employee costs and directly attributable overheads.
\n
Research expenses, other development expenditure, costs associated with maintaining software and investment projects
\n
(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\n
criteria are recognised as an expense in the period they are incurred.
\n
\n
\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
\n
\n
Impairment of non-financial assets
\n
\n
When KBC prepares financial statements, it ensures that the carrying value of the non-financial asset does not exceed the
\n
amount that could be obtained from either using or selling it (\u2018recoverable amount\u2019). Property and equipment, investment
\n
property and software are subject to the impairment review only when there is objective evidence of impairment. Goodwill
\n
and intangible assets with an indefinite useful life are subject to impairment reviews at least annually and also reviewed for
\n
impairment indicators every quarter.
\n
Indications that an impairment loss is required may stem from either an internal source (e.g., the condition of the asset) or
\n
an external source (e.g., new technology or a significant decline in the asset\u2019s market value).
\n
When an impairment indicator is present, KBC reviews the asset\u2019s recoverable amount and the asset is impaired if its
\n
recoverable amount is lower than its carrying value at the reporting date. The recoverable amount is defined as the higher
\n
of the value in use and the fair value less cost to sell.
\n
Value in use is defined as the discounted future cashflows expected to be derived from an asset or a cash-generating unit.
\n
Impairment is borne at individual asset level, but when the individual asset does not generate cash inflows that are largely
\n
independent of those from other assets or groups of assets, the recoverable amount is determined for the so-called \u2018cash-
\n
generating unit\u2019 (CGU) to which the asset or group of assets belongs. In forming the CGUs, KBC applies its own judgement
\n
to define the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
\n
inflows from other assets or groups of assets. This process mainly applies to goodwill that has been recognised in relation to
\n
acquisitions.
\n
Impairment losses are recognised in the income statement for the period in which they occur. An impairment loss can be
\n
reversed if the condition that triggered it is no longer present, except for goodwill, which can never be reversed. Impairment
\n
gains are recognised in the income statement for the period in which they occur.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n\n
\n
\n
Provisions, contingent liabilities and contingent assets
\n
\n
Provisions are recognised on the reporting date if and only if the following criteria are met:
\n
\u2022 There is a present obligation (legal or constructive) due to a past event
\n
\u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
\n
\u2022 A reliable estimate can be made of the amount of the obligation
\n
\n
The amount recognised as a provision is the best estimate of the expenditure required to settle the obligation at the
\n
balance sheet date. When the effect of time is material, the amount recognised as a provision is the net present value of
\n
the best estimate.
\n
Due to its inherent nature, a provision requires management judgement regarding the amount and timing of probable
\n
future economic outflows.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
Consolidated financial statements / interim financial statements
\n
\n
All material entities (including structured entities) over which KBC exercises direct or indirect control as defined in IFRS 10 are
\n
consolidated according to the method of full consolidation. Changes in ownership interests (that do not result in a loss of
\n
control) are accounted for as equity transactions. They do not affect goodwill or profit or loss.
\n
\n
Subsidiaries that are not included in the consolidated financial statements because of immateriality are classified as equity
\n
instruments at fair value through other comprehensive income, with all fair value changes being reported in other
\n
comprehensive income, except for dividend income, which is recognised in the income statement. Material companies over
\n
which joint control is directly or indirectly exercised and material investments in associates (companies over which KBC has
\n
significant influence) are all accounted for using the equity method.
\n
\n
Consolidation threshold: subsidiaries are effectively included in the consolidated financial statements using the full
\n
consolidation method if at least two of the following materiality criteria are exceeded:
\n
\u2022 Group share in equity is 2 500 000 euros
\n
\u2022 Group share in the result is 1 000 000 euros (absolute value)
\n
\u2022 Group share in the balance sheet total is 100 000 000 euros
\n
In order to prevent too many entities from being excluded, KBC checks that the combined balance sheet total of the
\n
entities excluded from consolidation does not amount to more than 1% of the consolidated balance sheet total.
\n
\n\n\n\n
\n\n
\n
Business combinations and goodwill
\n
\n
\n
\n
\n
Business combinations are accounted for using the acquisition method. Under this method, the consideration transferred
\n
consists of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree
\n
and the equity interests issued by the acquirer. It includes contingent consideration. The consideration transferred in a
\n
business combination is measured at fair value. For measurement of the minority interests, KBC can decide for each
\n
business combination separately whether to measure the minority interest at fair value or as its proportionate share of the
\n
acquired entity\u2019s net identifiable assets. The way the minority interest is measured on the acquisition date will have an
\n
impact on purchase accounting as a result of the determination of goodwill.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
\n
\n
Goodwill is the excess of the consideration transferred and the amount of minority interests over the acquisition-date
\n
amounts of the identifiable assets acquired and the liabilities assumed, generally measured at fair value. In order to
\n
complete the acquisition accounting and determine the goodwill, KBC applies a measurement period of maximum one
\n
year from the acquisition date. The classification of the financial assets acquired and financial liabilities assumed in the
\n
business combination is based on the facts and circumstances existing at the acquisition date (except for lease and
\n
insurance contracts, which are classified on the basis of the contractual terms and other factors at the inception of the
\n
relevant contract).
\n
Goodwill is presented under \u2018Goodwill and other intangible assets\u2019 and is carried at cost less impairment losses. Goodwill is
\n
not amortised, but is tested for impairment at least once a year or when there is objective evidence (external or internal)
\n
that it should be impaired. If the acquisition accounting is not complete because the 12-month measurement period has
\n
not elapsed, the goodwill is not considered as final and is only tested if there is objective evidence that the provisional
\n
goodwill is impaired.
\n
For the purpose of testing goodwill for impairment, it is allocated to each of KBC\u2019s cash-generating units that are expected
\n
to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquired entity are
\n
assigned to those units. An impairment loss is recognised if the carrying value of the cash-generating unit to which the
\n
goodwill belongs exceeds its recoverable amount. Impairment losses on goodwill cannot be reversed.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n
\n
Effects of changes in foreign exchange rates
\n
\n
\n
\n
KBC\u2019s functional and presentation currency is the euro. Monetary assets and liabilities denominated in foreign currency are
\n
translated into the functional currency at the spot rate on the balance sheet date.
\n\n\n\n
\n
Negative and positive valuation
\n
differences, except for those relating to the funding of equity instruments and investments of consolidated companies in a
\n
foreign currency, are recognised in the income statement. Non-monetary items measured at historical cost are translated
\n
into the functional currency at the historical exchange rate that existed on the transaction date. Non-monetary items
\n
carried at fair value are translated at the spot rate on the date the fair value was determined. Translation differences are
\n
reported together with changes in fair value in \u2018Net result from financial instruments at fair value through profit or loss\u2019 of
\n
the income statement. Income and expense items in foreign currency are taken to the income statement at the exchange
\n
rate prevailing when they were recognised.
\n
\n
Valuation differences are accounted for either in the income statement or in other comprehensive income. Valuation
\n
differences that are initially accounted for in other comprehensive income and that relate to gains or losses that are
\n
subsequently recognised in the income statement are recycled to the income statement in the same period in which that
\n
item is accounted for in the income statement. The balance sheets of foreign subsidiaries are translated into the
\n
presentation currency at the spot rate on the reporting date (except for equity, which is translated at the historical rate).
\n
The income statement is translated at the average rate for the financial year as a best estimate of the exchange rate on
\n
the transaction date.
\n
\n
\n\n
\n
\n\n
\n\n
Related-party transactions
\n
\n
A party related to KBC is either a party over which KBC has control or significant influence or a party that has control or
\n
significant influence over KBC. KBC defines its related parties as:
\n
\u2022 KBC subsidiaries, KBC associates and joint ventures, KBC Ancora, Cera and MRBB
\n
\u2022 KBC key management staff (i.e. the Board of Directors and the Executive Committee of KBC Group NV) and their close
\n
relatives. These related parties also include companies in which members of the Board of Directors also serve as
\n
directors.
\n
\n
Transactions with related parties must occur at arm\u2019s length.
\n
\n\n\n\n
\n\n
\n
\n
Non-current assets held for sale and disposal groups, liabilities associated with disposal groups and discontinued
\n
operations
\n
\n
\n
Non-current assets held for sale and disposal groups, liabilities associated with disposal groups
\n
\n
Non-current assets or groups of assets and liabilities held for sale are those where the carrying value will be recovered by
\n
KBC through a sale transaction, which is expected to qualify as a sale within a year, rather than through continued use.
\n
Non-current assets and liabilities held for sale are reported separately from the other assets and liabilities in the balance
\n
sheet at the end of the reporting date.
\n
\n\n\n\n
\n
\n
\n
Discontinued operations
\n
\n
A discontinued operation refers to a part of KBC that has been disposed of or is classified as held for sale and:
\n
\u2022 Represents a separate major line of business or geographical area of operations
\n
\u2022 Is part of a single, coordinated plan to dispose of a separate major line of business or geographical area of operations
\n
\u2022 Is a subsidiary acquired exclusively with a view to resale
\n
\n
Results from discontinued operations are recognised separately in the income statement and in other comprehensive
\n
income and contain:
\n
\u2022 The post-tax profit or loss of discontinued operations
\n
\u2022 The post-tax gain or loss recognised on the measurement to fair value less the costs of the sale or disposal of the
\n
assets or group of assets
\n
\n\n\n\n
\n
\n\n\n\n
\n\n
Events after the reporting period
\n
\n
Events after the reporting date are defined as favourable or unfavourable events that occur between the reporting date
\n
and the date on which the financial statements are authorised for issue. There are two types of event after the reporting
\n
date:
\n
\u2022 Those which provide evidence of conditions that existed on the reporting date (adjusting events)
\n
\u2022 Those that are indicative of conditions that arose after the reporting date (non-adjusting events)
\n
\n
The impact of adjusting events has already been reflected in the financial position and financial performance for the
\n
current year. The impact and consequences of non-adjusting events are disclosed in the notes to the financial statements.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Main exchange rates used*
\n
\n
\n
\n\n\n | \n | \nExchange rate at 31-12-2025 | \n | \nExchange rate average in 2025 | \n\n\n
\n\n | \n | \nChange relative to | \n | \nChange relative to | \n\n\n
\n\n | \n | \n 31-12-2024 | \n | \naverage in 2024 | \n\n\n
\n\n | \n1 EUR = \u2026 | \n(positive: appreciation relative to EUR) | \n1 EUR = \u2026 | \n(positive: appreciation relative to EUR) | \n\n\n
\n\n | \n\u2026 currency | \n(negative: depreciation relative to EUR) | \n\u2026 currency | \n(negative: depreciation relative to EUR) | \n\n\n
\n\n| CZK | \n24.237 | \n+4% | \n24.693 | \n+2% | \n\n\n
\n\n| HUF | \n385.15 | \n+7% | \n397.69 | \n-0% | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
* Rounded figures.
\n
\n\n\n\n
\n\n\n\n\n
\n
\nNote 1.2: Summary of material accounting policies
\n\n
\n
General / Basic principle
\n
\n
The general accounting principles of KBC Group NV (\u2018KBC\u2019) are based on the IFRS Accounting Standards, as approved by
\n
the European Union, and on the IFRS Framework.
\n
\n
The financial statements of KBC are prepared based on the going
\n
concern assumption. KBC presents each material class of similar items separately.
\n\n\n\n\n\n
\n
Dissimilar items are presented
\n
separately unless they are immaterial, and items are only offset when explicitly required or permitted by the relevant IFRS.
\n
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets
\n
\n
KBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\n
continue to be accounted for in accordance with IAS 39.
\n
\n
\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\n
\n
Business model assessment
\n
\n
The business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\n
the assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\n
best reflects how the business is managed and how information is provided to management. The information considered
\n
includes:
\n
\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\n
management\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\n
matching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\n
through the sale of the assets)
\n
\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n
\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\n
those risks are managed
\n
\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\n
managed or the contractual cashflows collected), and
\n
\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\n
sales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\n
assessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\n
realised
\n
\n
\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Assessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\n
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\n
outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\n
administrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\n
and interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\n
contains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\n
would not meet this condition. In making the assessment, KBC considers:
\n
\u2022 Contingent events that could change the amount and timing of cashflows
\n
\u2022 Leverage features
\n
\u2022 Prepayment and extension terms
\n
\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n
\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n
\n
\n
\n
Reclassifications
\n
\n
Financial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\n
model for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\n
to its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\n
start of the reporting period immediately following the change.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n
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\n
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\n
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\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
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\n
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\n
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\n
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\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n
\n
Cash, cash balances with central banks and other demand deposits with credit institutions
\n
\n
Cash comprises cash on hand and demand deposits, e.g., cheques, petty cash and cash balances at central and other
\n
banks. Cash equivalents comprises term loans to banks at not more than three months (excluding reverse repos), reverse
\n
repos up to three months with credit institutions and, as a deduction, deposits from banks repayable on demand. Cash and
\n
cash equivalents includes cash and cash equivalents held at disposal groups.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
Financial liabilities
\n
\n
Financial instruments or their component parts are classified on initial recognition as liabilities or as equity in accordance
\n
with the substance of the contractual arrangements and the definitions of financial liabilities and equity instruments. A
\n
financial instrument is classified as a liability if:
\n
\u2022 KBC has a contractual obligation to deliver cash or another financial asset to the holder or to exchange another
\n
financial instrument with the holder under conditions that are potentially unfavourable to KBC
\n
\u2022 KBC has a contractual obligation to settle the financial instrument in a variable number of its own shares
\n
\n
A financial instrument is classified as an equity instrument if neither condition is met. In that case, it is accounted for in the
\n
way set out under \u2018Equity\u2019.
\n
\n
Financial liabilities \u2013 recognition and derecognition
\n
\n
KBC recognises a financial liability when it becomes party to the contractual provisions of the relevant instrument. This is
\n
typically the date when the consideration in the form of cash or some other financial asset is received. Upon initial
\n
recognition, the financial liability is recognised at fair value less transaction costs directly attributable to issuance of the
\n
instrument, except for financial liabilities at fair value through profit or loss.
\n
\n
Financial liabilities are derecognised when they are extinguished, i.e. the obligation specified in the contract is discharged
\n
or cancelled, or it expires. KBC can also derecognise the financial liability and recognise a new one where an exchange
\n
takes place between KBC and the lenders of the financial liability, each with substantially different terms, or if there are
\n
substantial modifications to the terms of the existing financial liabilities. In assessing whether terms differ, KBC compares
\n
the discounted present value of cashflows under the new terms, including any fees paid net of any fees received and
\n
discounted using the original effective interest rate, and the discounted present value of the remaining cashflows of the
\n
original financial liability. If the difference is 10% or more, KBC derecognises the original financial liability and recognises a
\n
new one. Where the exchange of debt instruments or modification of terms is accounted for as an extinguishment, any
\n
costs or fees incurred are recognised as part of the gain or loss on the extinguishment.
\n
\n
\n
\n
Financial liabilities \u2013 classification and measurement
\n
\n
KBC classifies recognised financial liabilities in three different categories, as provided for by IFRS 9:
\n
\n
\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
\n
short-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
\n
of financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
\n
term profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
\n
time deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
\n
case of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
\n
period, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
\n
statement.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
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\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\u2022 Financial liabilities designated by the entity as liabilities at fair value through profit or loss upon initial recognition (FVO).
\n
Under IFRS 9, a financial liability or group of financial liabilities can be measured upon initial recognition at fair value,
\n
whereby fair value changes are recognised in the income statement except for fair value changes related to changes in
\n
own credit risk, which are presented separately in OCI. The fair value designation is used by KBC for the following
\n
reasons:
\n
- Managed on an FV basis: KBC designates a financial liability or a group of financial liabilities at fair value where it is
\n
managed and its performance is evaluated on a fair value basis. It is used to account for (unbundled) deposit
\n
components (i.e. financial liabilities that do not include a discretionary participation feature).
\n
- Accounting mismatch: the fair value option can be used when doing so eliminates or significantly reduces a
\n
measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or
\n
recognising gains and losses on them on different bases.
\n
- Hybrid instruments: a financial instrument is regarded as hybrid when it contains one or more embedded derivatives
\n
that are not closely related to the host contract. The fair value option can be used when it is not possible to
\n
separate the non-closely-related embedded derivative from the host contract, in which case the entire hybrid
\n
instrument can be designated at fair value. This means that both the embedded derivative and the host contract
\n
are measured at fair value. KBC uses this option when structured products contain non-closely-related embedded
\n
derivatives, in which case both the host contract and the embedded derivative is measured at fair value.
\n
\u2022 Financial liabilities measured at amortised cost (AC). KBC classifies most of its financial liabilities under this category,
\n
including those used to fund trading activities where no trading intent is present in them (e.g., issued bonds). These
\n
financial liabilities are initially measured at cost, which is the fair value of the consideration received including
\n
transaction costs. Subsequently, they are measured at amortised cost, which is the amount at which the funding liability
\n
was initially recognised minus principal repayments, plus or minus the cumulative amortisation of any difference
\n
between that initial amount and the maturity amount. The difference between the amount made available and the
\n
nominal value is recorded as an interest expense calculated by applying the effective interest rate method. Interest
\n
expenses accrued but not yet paid are included in the carrying amount of the financial liability.
\n
\n\n\n\n\n\n
\n
\n
Financial liabilities \u2013 own credit risk
\n
\n
For financial liabilities designated at fair value, IFRS 9 requires the financial liability to be measured at fair value upon initial
\n
recognition. Any changes in fair value are subsequently recognised in the income statement, except for changes in own
\n
credit risk, which are presented separately in OCI.
\n
Accordingly, movements in the fair value of the liability are presented in different places: changes in own credit risk are
\n
presented in OCI and all other fair value changes are presented in the income statement under Net result from financial
\n
instruments at fair value through profit or loss. Amounts recognised in OCI relating to own credit risk are not recycled to the
\n
income statement even if the liability is derecognised and the amounts are realised. Although recycling is prohibited, KBC
\n
does transfer the amounts in OCI to retained earnings within equity upon derecognition. The only situation in which
\n
presentation of own credit risk in OCI is not applied is where this would create an accounting mismatch in the income
\n
statement. This could arise if there is a close economic relationship between the financial liability designated at fair value
\n
(for which the own credit risk is recognised in OCI), while all changes in fair value of the corresponding financial asset are
\n
measured and recognised at fair value through profit or loss. This is the case with unit-linked investment contracts, where
\n
changes in fair value of the liability position are fully offset by the asset position.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
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\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Financial liabilities \u2013 financial guarantee contract
\n
\n
A financial guarantee contract is one that requires KBC to make specified payments to reimburse holders for losses they
\n
incur because a specified debtor fails to make payment when due in accordance with the original or modified terms of a
\n
debt instrument. A financial guarantee contract is initially recognised at fair value and is subsequently measured at the
\n
higher of (a) the amount determined in accordance with the impairment provisions of IFRS 9 (see \u2018Financial assets \u2013
\n
impairment\u2019) and (b) the amount initially recognised less, when appropriate, cumulative amortisation recognised in
\n
accordance with the revenue recognition principle of IFRS 15.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n
\n
Reverse repos and repos
\n
\n
A reverse repo is a transaction in which KBC purchases a financial asset and simultaneously enters into an agreement to
\n
sell the asset (or a similar asset) on a future date at a fixed price; this agreement is accounted for as a loan or advance,
\n
and the underlying asset is not recognised in the financial statements.
\n
\n
In a repo transaction, KBC sells a security and simultaneously agrees to repurchase the security (or a substantially similar
\n
asset) on a future date at a fixed price. KBC continues to recognise the securities in their entirety because it retains
\n
substantially all of the risks and rewards of ownership. The cash consideration received is recognised as a financial asset
\n
and the financial liability is recognised as the obligation to pay the repurchase price.
\n
\n\n\n\n\n\n
\n
\n
\n
Offsetting
\n
\n
For a financial asset and financial liability, KBC offsets and presents only a net amount in its balance sheet if and only if (i) it
\n
currently has a legally enforceable right to set off the recognised amounts and (ii) it intends either to settle on a net basis or
\n
to realise the asset and settle the liability simultaneously.
\n
\n\n\n\n\n\n
\n
\n
\n
Fair value
\n
\n
KBC defines \u2018fair value\u2019 as \u2018the price that would be received for sale of an asset or paid to transfer a liability in an orderly
\n
transaction between market participants at the measurement date\u2019. Fair value is not the amount that an entity would
\n
receive or pay in a forced transaction, involuntary liquidation or distress sale. An imbalance between supply and demand
\n
(e.g., fewer buyers than sellers, thereby forcing prices down) is not the same as a forced transaction or distress sale.
\n
\n
Market value adjustments are recognised on all positions that are measured at fair value, with fair value changes being
\n
reported in the income statement or in OCI. They relate to close-out costs, adjustments for less-liquid positions or markets,
\n
mark-to-model-related valuation adjustments, counterparty risk (credit value adjustment) and funding costs:
\n
\u2022 Credit value adjustments (CVAs) are used when measuring derivatives to ensure that their market value is adjusted to
\n
reflect the credit risk of the counterparty. In making this adjustment, both the mark-to-market value of the contract and
\n
its expected future fair value are taken into account. These valuations are weighted based on the counterparty credit
\n
risk that is determined using a quoted Credit Default Swap (CDS) spread, or, if there is no such spread, on the
\n
counterparty credit risk that is derived from bonds whose issuers are similar to the derivative counterparty in terms of
\n
rating, sector and geographical location. A debt value adjustment (DVA) is made for contracts where the counterparty
\n
is exposed to KBC. It is similar to a CVA, but the expected future negative fair value of the contracts is taken into
\n
consideration.
\n
\u2022 A funding value adjustment (FVA) is a correction made to the fair value of uncollateralised derivatives in order to ensure
\n
that the (future) funding costs or income attached to entering into and hedging such instruments are factored in when
\n
measuring their value.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Hedge accounting
\n
\n
KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\n
derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\n
instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\n
between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\n
undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\n
KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\n
instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\n
hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\n
within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\n
probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\n
KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\n
portfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n
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\n
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\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
Note 2.1: Segment reporting based on the management structure
\n
\n
Detailed information on the group\u2019s management structure and the results per segment can be found in the \u2018Our business
\n
units\u2019 section (which has not been audited by the statutory auditor). Based on IFRS 8, KBC has identified the Executive
\n
Committee and Board of Directors as \u2018chief operating decision-makers\u2019, responsible for allocating the resources and
\n
assessing the performance of the different parts of the company. The operating segments are based on the internal
\n
financial reporting to those policy bodies and on the location of the company\u2019s activities, resulting in geographical
\n
segmentation.
\n
\n
The three operating segments are (essentially):
\n
\u2022 The Belgium Business Unit (all activities in Belgium)
\n
\u2022 The Czech Republic Business Unit (all activities in the Czech Republic)
\n
\u2022 The International Markets Business Unit (activities in Hungary, Slovakia and Bulgaria, reported together in accordance
\n
with IFRS 8.16)
\n
For reporting purposes, there is also a Group Centre (comprising the results of the holding company, items that have not
\n
been allocated to the other business units, and the results of companies/activities to be divested).
\n
\n
Segment reporting
\n
\n
\u2022 The policy bodies analyse the performance of the segments based on a number of criteria, with the \u2018Result after tax\u2019
\n
being the most important results indicator. The segment data is based entirely on IFRS data (with no adjustments).
\n
\u2022 In principle, we assign a group company in its entirety to one specific segment/business unit. Exceptions are only made
\n
for those items that cannot clearly be allocated to a specific segment, such as charges attached to the subordination
\n
of loans (such items are recognised under Group Centre).
\n
\u2022 We allocate the funding cost of participating interests to the Group Centre. Any funding cost in respect of leveraging at
\n
KBC Group NV level is also recognised under Group Centre.
\n
\u2022 Transactions among the different segments are reported at arm\u2019s length.
\n
\n
\n
\n
\n
\n
\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\n
expense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\n
management assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\u2022 We do not provide any information on income from sales to external clients per group of products or services, since the
\n
information is prepared at consolidated level chiefly for each business unit, and not per client group or product group.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1302": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
Financial assets
\n
\n
KBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\n
continue to be accounted for in accordance with IAS 39.
\n
\n
\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
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Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\n
\n
Business model assessment
\n
\n
The business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\n
the assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\n
best reflects how the business is managed and how information is provided to management. The information considered
\n
includes:
\n
\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\n
management\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\n
matching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\n
through the sale of the assets)
\n
\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n
\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\n
those risks are managed
\n
\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\n
managed or the contractual cashflows collected), and
\n
\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\n
sales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\n
assessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\n
realised
\n
\n
\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
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\n
Assessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\n
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\n
outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\n
administrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\n
and interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\n
contains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\n
would not meet this condition. In making the assessment, KBC considers:
\n
\u2022 Contingent events that could change the amount and timing of cashflows
\n
\u2022 Leverage features
\n
\u2022 Prepayment and extension terms
\n
\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n
\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n
\n
\n
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Reclassifications
\n
\n
Financial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\n
model for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\n
to its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\n
start of the reporting period immediately following the change.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
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Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
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Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
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Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
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Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
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Cash, cash balances with central banks and other demand deposits with credit institutions
\n
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Cash comprises cash on hand and demand deposits, e.g., cheques, petty cash and cash balances at central and other
\n
banks. Cash equivalents comprises term loans to banks at not more than three months (excluding reverse repos), reverse
\n
repos up to three months with credit institutions and, as a deduction, deposits from banks repayable on demand. Cash and
\n
cash equivalents includes cash and cash equivalents held at disposal groups.
\n
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Financial liabilities
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Financial instruments or their component parts are classified on initial recognition as liabilities or as equity in accordance
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with the substance of the contractual arrangements and the definitions of financial liabilities and equity instruments. A
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financial instrument is classified as a liability if:
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\u2022 KBC has a contractual obligation to deliver cash or another financial asset to the holder or to exchange another
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financial instrument with the holder under conditions that are potentially unfavourable to KBC
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\u2022 KBC has a contractual obligation to settle the financial instrument in a variable number of its own shares
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A financial instrument is classified as an equity instrument if neither condition is met. In that case, it is accounted for in the
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way set out under \u2018Equity\u2019.
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Financial liabilities \u2013 recognition and derecognition
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KBC recognises a financial liability when it becomes party to the contractual provisions of the relevant instrument. This is
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typically the date when the consideration in the form of cash or some other financial asset is received. Upon initial
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recognition, the financial liability is recognised at fair value less transaction costs directly attributable to issuance of the
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instrument, except for financial liabilities at fair value through profit or loss.
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Financial liabilities are derecognised when they are extinguished, i.e. the obligation specified in the contract is discharged
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or cancelled, or it expires. KBC can also derecognise the financial liability and recognise a new one where an exchange
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takes place between KBC and the lenders of the financial liability, each with substantially different terms, or if there are
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substantial modifications to the terms of the existing financial liabilities. In assessing whether terms differ, KBC compares
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the discounted present value of cashflows under the new terms, including any fees paid net of any fees received and
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discounted using the original effective interest rate, and the discounted present value of the remaining cashflows of the
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original financial liability. If the difference is 10% or more, KBC derecognises the original financial liability and recognises a
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new one. Where the exchange of debt instruments or modification of terms is accounted for as an extinguishment, any
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costs or fees incurred are recognised as part of the gain or loss on the extinguishment.
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Financial liabilities \u2013 classification and measurement
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KBC classifies recognised financial liabilities in three different categories, as provided for by IFRS 9:
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\u2022 Financial liabilities held for trading (HFT). These are financial liabilities incurred principally for generating a profit from
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short-term fluctuations in price or dealer\u2019s margin. A liability also qualifies as a trading liability if it belongs to a portfolio
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of financial instruments held for trading separately by the trading desk and for which there is a recent pattern of short-
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term profit-taking. Held-for-trading liabilities can include derivatives, short positions in debt and equity instruments,
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time deposits and debt certificates. Derivative liabilities are split by KBC into trading and hedging derivatives as in the
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case of derivative assets. Initially, held-for-trading liabilities are measured at fair value. At the end of the reporting
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period, derivative liabilities are measured at fair value. Fair value adjustments are always recorded in the income
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statement.
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\u2022 Financial liabilities designated by the entity as liabilities at fair value through profit or loss upon initial recognition (FVO).
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Under IFRS 9, a financial liability or group of financial liabilities can be measured upon initial recognition at fair value,
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whereby fair value changes are recognised in the income statement except for fair value changes related to changes in
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own credit risk, which are presented separately in OCI. The fair value designation is used by KBC for the following
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reasons:
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- Managed on an FV basis: KBC designates a financial liability or a group of financial liabilities at fair value where it is
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managed and its performance is evaluated on a fair value basis. It is used to account for (unbundled) deposit
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components (i.e. financial liabilities that do not include a discretionary participation feature).
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- Accounting mismatch: the fair value option can be used when doing so eliminates or significantly reduces a
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measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or
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recognising gains and losses on them on different bases.
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- Hybrid instruments: a financial instrument is regarded as hybrid when it contains one or more embedded derivatives
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that are not closely related to the host contract. The fair value option can be used when it is not possible to
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separate the non-closely-related embedded derivative from the host contract, in which case the entire hybrid
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instrument can be designated at fair value. This means that both the embedded derivative and the host contract
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are measured at fair value. KBC uses this option when structured products contain non-closely-related embedded
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derivatives, in which case both the host contract and the embedded derivative is measured at fair value.
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\u2022 Financial liabilities measured at amortised cost (AC). KBC classifies most of its financial liabilities under this category,
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including those used to fund trading activities where no trading intent is present in them (e.g., issued bonds). These
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financial liabilities are initially measured at cost, which is the fair value of the consideration received including
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transaction costs. Subsequently, they are measured at amortised cost, which is the amount at which the funding liability
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was initially recognised minus principal repayments, plus or minus the cumulative amortisation of any difference
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between that initial amount and the maturity amount. The difference between the amount made available and the
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nominal value is recorded as an interest expense calculated by applying the effective interest rate method. Interest
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expenses accrued but not yet paid are included in the carrying amount of the financial liability.
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Financial liabilities \u2013 own credit risk
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For financial liabilities designated at fair value, IFRS 9 requires the financial liability to be measured at fair value upon initial
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recognition. Any changes in fair value are subsequently recognised in the income statement, except for changes in own
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credit risk, which are presented separately in OCI.
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Accordingly, movements in the fair value of the liability are presented in different places: changes in own credit risk are
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presented in OCI and all other fair value changes are presented in the income statement under Net result from financial
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instruments at fair value through profit or loss. Amounts recognised in OCI relating to own credit risk are not recycled to the
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income statement even if the liability is derecognised and the amounts are realised. Although recycling is prohibited, KBC
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does transfer the amounts in OCI to retained earnings within equity upon derecognition. The only situation in which
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presentation of own credit risk in OCI is not applied is where this would create an accounting mismatch in the income
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statement. This could arise if there is a close economic relationship between the financial liability designated at fair value
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(for which the own credit risk is recognised in OCI), while all changes in fair value of the corresponding financial asset are
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measured and recognised at fair value through profit or loss. This is the case with unit-linked investment contracts, where
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changes in fair value of the liability position are fully offset by the asset position.
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Financial liabilities \u2013 financial guarantee contract
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A financial guarantee contract is one that requires KBC to make specified payments to reimburse holders for losses they
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incur because a specified debtor fails to make payment when due in accordance with the original or modified terms of a
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debt instrument. A financial guarantee contract is initially recognised at fair value and is subsequently measured at the
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higher of (a) the amount determined in accordance with the impairment provisions of IFRS 9 (see \u2018Financial assets \u2013
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impairment\u2019) and (b) the amount initially recognised less, when appropriate, cumulative amortisation recognised in
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accordance with the revenue recognition principle of IFRS 15.
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Reverse repos and repos
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A reverse repo is a transaction in which KBC purchases a financial asset and simultaneously enters into an agreement to
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sell the asset (or a similar asset) on a future date at a fixed price; this agreement is accounted for as a loan or advance,
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and the underlying asset is not recognised in the financial statements.
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In a repo transaction, KBC sells a security and simultaneously agrees to repurchase the security (or a substantially similar
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asset) on a future date at a fixed price. KBC continues to recognise the securities in their entirety because it retains
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substantially all of the risks and rewards of ownership. The cash consideration received is recognised as a financial asset
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and the financial liability is recognised as the obligation to pay the repurchase price.
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Offsetting
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For a financial asset and financial liability, KBC offsets and presents only a net amount in its balance sheet if and only if (i) it
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currently has a legally enforceable right to set off the recognised amounts and (ii) it intends either to settle on a net basis or
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to realise the asset and settle the liability simultaneously.
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Fair value
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KBC defines \u2018fair value\u2019 as \u2018the price that would be received for sale of an asset or paid to transfer a liability in an orderly
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transaction between market participants at the measurement date\u2019. Fair value is not the amount that an entity would
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receive or pay in a forced transaction, involuntary liquidation or distress sale. An imbalance between supply and demand
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(e.g., fewer buyers than sellers, thereby forcing prices down) is not the same as a forced transaction or distress sale.
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Market value adjustments are recognised on all positions that are measured at fair value, with fair value changes being
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reported in the income statement or in OCI. They relate to close-out costs, adjustments for less-liquid positions or markets,
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mark-to-model-related valuation adjustments, counterparty risk (credit value adjustment) and funding costs:
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\u2022 Credit value adjustments (CVAs) are used when measuring derivatives to ensure that their market value is adjusted to
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reflect the credit risk of the counterparty. In making this adjustment, both the mark-to-market value of the contract and
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its expected future fair value are taken into account. These valuations are weighted based on the counterparty credit
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risk that is determined using a quoted Credit Default Swap (CDS) spread, or, if there is no such spread, on the
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counterparty credit risk that is derived from bonds whose issuers are similar to the derivative counterparty in terms of
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rating, sector and geographical location. A debt value adjustment (DVA) is made for contracts where the counterparty
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is exposed to KBC. It is similar to a CVA, but the expected future negative fair value of the contracts is taken into
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consideration.
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\u2022 A funding value adjustment (FVA) is a correction made to the fair value of uncollateralised derivatives in order to ensure
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that the (future) funding costs or income attached to entering into and hedging such instruments are factored in when
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measuring their value.
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Hedge accounting
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KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
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derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
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instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
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between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
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undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
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KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
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instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
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hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
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within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
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probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
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KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
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portfolio of interest rate risk, and hedges of net investments in foreign operations.
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
1 The carrying value comes close to the maximum credit exposure.
\n
2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n
3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n
4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n
- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\n
criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
\n
- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\n
to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
\n
\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\n
SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
\n
\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n
\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
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"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1303": {
"value": "\n
\n\n
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\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
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Financial assets
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KBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\n
continue to be accounted for in accordance with IAS 39.
\n
\n
\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\n
\n
Business model assessment
\n
\n
The business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\n
the assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\n
best reflects how the business is managed and how information is provided to management. The information considered
\n
includes:
\n
\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\n
management\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\n
matching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\n
through the sale of the assets)
\n
\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n
\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\n
those risks are managed
\n
\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\n
managed or the contractual cashflows collected), and
\n
\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\n
sales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\n
assessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\n
realised
\n
\n
\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
Assessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\n
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\n
outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\n
administrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\n
and interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\n
contains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\n
would not meet this condition. In making the assessment, KBC considers:
\n
\u2022 Contingent events that could change the amount and timing of cashflows
\n
\u2022 Leverage features
\n
\u2022 Prepayment and extension terms
\n
\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n
\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n
\n
\n
\n
Reclassifications
\n
\n
Financial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\n
model for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\n
to its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\n
start of the reporting period immediately following the change.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
Hedge accounting
\n
\n
KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\n
derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\n
instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\n
between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\n
undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\n
KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\n
instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\n
hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\n
within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\n
probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\n
KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\n
portfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\n
expense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\n
management assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1304": {
"value": "\n
\n\n
\n
\n
\n
\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\nFinancial assets
\n
\nKBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\ncontinue to be accounted for in accordance with IAS 39.
\n
\n\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n
Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\nBusiness model assessment
\n
\nThe business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\nthe assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\nbest reflects how the business is managed and how information is provided to management. The information considered
\nincludes:
\n\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\nmanagement\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\nmatching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\nthrough the sale of the assets)
\n\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\nthose risks are managed
\n\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\nmanaged or the contractual cashflows collected), and
\n\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\nsales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\nassessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\nrealised
\n
\n\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n
\n
\n\n
Assessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\n
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\n
outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\n
administrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\n
and interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\n
contains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\n
would not meet this condition. In making the assessment, KBC considers:
\n
\u2022 Contingent events that could change the amount and timing of cashflows
\n
\u2022 Leverage features
\n
\u2022 Prepayment and extension terms
\n
\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n
\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n
\n\n
Reclassifications
\n
\n
Financial assets are not reclassified subsequent to their initial recognition except in a period after KBC changes its business
\n
model for managing financial assets, which can occur when KBC begins or ceases to perform an activity that is significant
\n
to its operations (e.g., when KBC acquires, disposes of, or terminates a business line). Reclassification takes place from the
\n
start of the reporting period immediately following the change.
\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
Classification and measurement \u2013 equity instruments
\n
\n
Equity instruments are classified in one of the following categories:
\n
\u2022 Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 only includes equity instruments held for trading
\n
(HFT)
\n
\u2022 Equity instruments elected to be measured at fair value through other comprehensive income (FVOCI)
\n
\n
There is a rebuttable presumption that all equity instruments are to be regarded as FVOCI if held for neither trading nor a
\n
contingent consideration in a business combination to which IFRS 3 applies. The election to include equity instruments in the
\n
FVOCI category is irrevocable on initial recognition and can be done on an investment-by-investment basis, which is
\n
interpreted by KBC as a share-by-share basis. Equity instruments categorised as FVOCI are subsequently measured at fair
\n
value, with all value changes recognised in other comprehensive income and without any recycling to the income
\n
statement, even when the investment is disposed of. The only exception applies to dividend income, which is recognised in
\n
the income statement under \u2018Dividend income\u2019.
\n
\n\n\n\n\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 derivatives (trading and hedging)
\n
\n
KBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\n
as assets or liabilities depending on their current market value.
\n
\n
Trading derivatives
\n
Derivatives are always measured at fair value and KBC draws distinctions as follows:
\n
\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n
(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\n
exposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\n
interest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019.
\n
\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\n
intention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\n
term or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\n
recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Hedging derivatives
\n
Hedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\n
for such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Financial assets \u2013 impairment
\n
\n
Definition of default
\n
\n
KBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\n
with the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\n
following conditions is fulfilled:
\n
\u2022 There is a significant deterioration in creditworthiness
\n
\u2022 The asset is flagged as non-accrual
\n
\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\n
example, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\n
within two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\n
past due within the two-year period)
\n
\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n
\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n
\u2022 The credit facility granted to the client has been terminated
\n
\n
KBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\n
final control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\n
Expected credit loss model (ECL model) \u2013 general
\n
\n
\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\n
\n
No ECLs are calculated for investments in equity instruments.
\n
\n
Financial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\n
increases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\n
more information on the significant increase in credit risk).
\n
\n
To distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n
\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\n
in \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\n
after initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\n
of default, it is moved into \u2018Stage 3\u2019.
\n
\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\n
Financial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\n
carrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\n
value, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\n
adjustment between the income statement and OCI.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
Significant increase in credit risk since initial recognition
\n
\n
In accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\n
initial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\n
assets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\n
assigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\n
approach for both the bond portfolio and the loan portfolio.
\n
\n
Multi-tier approach (MTA) \u2013 bond portfolio
\n
\n
For the bond portfolio, the MTA consists of three tiers:
\n
\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n
(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n
\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\n
compares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\n
change in LTPD that triggers staging is an increase of 200%.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\n
the macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\n
war) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\n
company).
\n
\n
If none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n
\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n
2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\n
reporting date.
\n
\n
Loan portfolio
\n
\n
For the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\n
result in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\n
a migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n
\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\n
relative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\n
reporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\n
triggers staging is an increase of 200%.
\n
\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\n
case they are moved into \u2018Stage 3\u2019.
\n
\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\n
moved into \u2018Stage 2\u2019.
\n
\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\n
credit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\n
review by the bank. KBC does this assessment at client level for each reporting period.
\n
\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\n
assets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\n
adequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\n
A financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\n
is symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\n
criterion that triggered the migration is not met on a subsequent reporting date.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
Measurement of ECL
\n
\n
ECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n
(LGD).
\n
\n
ECL is calculated to reflect:
\n
\u2022 An unbiased, probability-weighted amount
\n
\u2022 The time value of money
\n
\u2022 Information about past events, current conditions and forecast economic conditions
\n
\n
Lifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\n
rate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\n
reporting date.
\n
\n
KBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\n
efficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\n
information on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\n
Risk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n
\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n
\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\n
time\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n
\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\n
As regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\n
however, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\n
value of the (un)recoverable amount.
\n
\n
KBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\n
and staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\n
used as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\n
defaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\n
KBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\n
management\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\n
scenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\n
On a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\n
based on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\n
the PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\n
The maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\n
financial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\n
request repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\n
the contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\n
Reimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\n
considered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n
\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\n
credits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\n
claimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\n
presented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\n
statement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\n
for the credit losses.
\n
\n
Purchased or originated credit impaired (POCI) assets
\n
\n
KBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\n
origination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\n
impairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\n
changes to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\n
gain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Hedge accounting
\n
\n
KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\n
derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\n
instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\n
between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\n
undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\n
KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\n
instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\n
hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\n
within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\n
probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\n
KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\n
portfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\n
expense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\n
management assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag1305": {
"value": "\n
\n\n
\n
\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\nClassification and measurement \u2013 derivatives (trading and hedging)
\n
\nKBC can recognise derivative instruments either for trading purposes or as hedging derivatives. They can be accounted for
\nas assets or liabilities depending on their current market value.
\n
\nTrading derivatives
\nDerivatives are always measured at fair value and KBC draws distinctions as follows:
\n\u2022 Derivatives that are held with the intent of hedging, but for which hedge accounting cannot be or is not applied
\n(economic hedges): hedging instruments can be acquired with the intention of economically hedging an external
\nexposure but without applying hedge accounting. The interest component of these derivatives is recognised under \u2018Net
\ninterest income\u2019, while all other fair value changes are recognised under \u2018Net result from financial instruments at fair
\nvalue through profit or loss\u2019.
\n\u2022 Derivatives held with no intent of hedging (trading derivatives): KBC entities can also contract derivatives without any
\nintention to hedge a position economically. Such activity can relate to closing or selling an external position in the near
\nterm or for short-term profit-taking purposes. All fair value changes (including interest) on such derivatives are
\nrecognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\nHedging derivatives
\nHedging derivatives are derivatives that are specifically designated in a hedging relationship. The process for accounting
\nfor such derivatives is detailed in \u2018Hedge accounting\u2019.
\n
\n\n\n\n\n\n\n
\n\n
\n
\n
Hedge accounting
\n
\n
KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\n
derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\n
instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\n
between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\n
undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\n
KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\n
instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\n
hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\n
within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\n
probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\n
KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\n
portfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1306": {
"value": "\n
\n\n
Cashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\n
attributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\n
could affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\n
and presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\n
derivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\n
through profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\n
adjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\n
hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\n
accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\n
gain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\n
value through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\n
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\n
recycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\n
Fair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\n
of a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\n
income statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\n
with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\n
statement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\n
income\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\n
fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\n
Any adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\n
used is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\n
life or recognised directly when the hedged item is derecognised.
\n
\n
Fair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\n
group of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\n
and removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\n
strategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\n
the revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\n
bucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\n
swaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\n
income from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\n
is measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\n
measured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\n
liabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\n
was presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\n
lifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\n
derecognition of the corresponding financial assets and liabilities.
\n
\n
Hedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\n
designated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\n
currency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\n
hedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\n
the changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\n
in OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
Hedge accounting
\n
\n
KBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\n
derivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\n
instruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\n
between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\n
undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\n
KBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\n
instrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\n
hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\n
within a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\n
probable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\n
KBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\n
portfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1307": {
"value": "\nCashflow hedges: if a derivative is designated as the hedging instrument in a hedge of the variability in cashflows
\nattributable to a particular risk associated with a recognised asset, liability or highly probable forecast transaction that
\ncould affect the income statement, the effective portion of changes in the fair value of the derivative is recognised in OCI
\nand presented in the hedging reserve (cashflow hedge) within OCI. Any ineffective portion of changes in the fair value of a
\nderivative is immediately recognised in the income statement under \u2018Net result from financial instruments at fair value
\nthrough profit or loss\u2019. The amount recognised in OCI is reclassified to the income statement (as a reclassification
\nadjustment in the same period as the hedged cashflows affect the income statement) under \u2018Net interest income\u2019. If the
\nhedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cashflow hedge
\naccounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. Any cumulative
\ngain or loss existing in OCI at that time remains in OCI and is recognised under \u2018Net result from financial instruments at fair
\nvalue through profit or loss\u2019 when the forecast transaction is ultimately recognised in the income statement. When a
\nforecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately
\nrecycled to the income statement under \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\nFair value micro-hedging: when a derivative is designated as the hedging instrument in a hedge of the change in fair value
\nof a recognised asset or liability (portfolio of recognised assets or liabilities) or a firm commitment that could affect the
\nincome statement, changes in the fair value of the derivative are immediately recognised in the income statement together
\nwith changes in the fair value of the hedged item that are attributable to the hedged risk (in the same item in the income
\nstatement as the hedged item). However, accrued interest income from interest rate swaps is recognised in \u2018Net interest
\nincome\u2019. If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
\nfair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively.
\nAny adjustment up to the point of discontinuation that is made to a hedged item for which the effective interest method is
\nused is amortised to the income statement as part of the recalculated effective interest rate of the item over its remaining
\nlife or recognised directly when the hedged item is derecognised.
\n
\nFair value hedges for a portfolio of interest-rate risk (macro-hedging): the EU\u2019s macro-hedging carve-out means that a
\ngroup of derivatives (or proportions of them) can be viewed in combination and jointly designated as a hedging instrument,
\nand removes some of the limitations on fair value hedge accounting relating to hedging core deposits and underhedging
\nstrategies. Under the EU carve-out, hedge accounting may be applied to core deposits and will be ineffective only when
\nthe revised estimate of the amount of cashflows in scheduled time buckets falls below the designated amount of that
\nbucket. KBC hedges the interest rate risk of the financial asset portfolios and the financial liability portfolios. Interest rate
\nswaps are measured at fair value, with fair-value changes being reported in the income statement. Accrued interest
\nincome from interest rate swaps is recognised in \u2018Net Interest Income\u2019. The hedged amount of financial assets and liabilities
\nis measured at fair value as well, with fair value changes being reported in the income statement. For hedged items
\nmeasured at amortised cost, the fair value of the hedged amount is presented as a separate item on the assets or
\nliabilities side of the balance sheet. If a hedge is ineffective, the cumulative fair value change in the hedged amount that
\nwas presented as a separate item on the balance sheet will be amortised to the income statement over the remaining
\nlifetime of the hedged assets or will be immediately removed from the balance sheet if ineffectiveness is due to
\nderecognition of the corresponding financial assets and liabilities.
\n
\nHedge of net investments in foreign operations: when a derivative instrument or a non-derivative financial instrument is
\ndesignated as the hedging instrument in a hedge of a net investment in a foreign operation having a different functional
\ncurrency than the direct holding company of the foreign operation, the effective portion of changes in the fair value of the
\nhedging instrument is recognised in the hedging reserve (investment in foreign operation) in OCI. Any ineffective portion of
\nthe changes in the fair value of the derivative is recognised immediately in the income statement. The amount recognised
\nin OCI is reclassified to the income statement as a reclassification adjustment on disposal of the foreign operation.
\n
\n\n\n\n\n\n
\n\n
\n
\n
\n
Financial assets
\n
\n
KBC has applied all the requirements of IFRS 9 since 1 January 2018, except for hedge accounting transactions, which
\n
continue to be accounted for in accordance with IAS 39.
\n
\n
\n
\n
Financial assets \u2013 recognition and derecognition
\n
\n
Recognition: financial assets and liabilities are recognised in the balance sheet when KBC becomes party to the
\n
contractual provisions of the instruments. Regular-way purchases or sales of financial assets are recognised using
\n
settlement date accounting. All financial assets \u2013 except those measured at fair value through profit or loss \u2013 are
\n
measured initially at fair value plus transaction costs directly attributable to their acquisition.
\n
\n
\n
Derecognition and modification: KBC derecognises a financial asset when the contractual cashflows from the asset expire
\n
or when KBC transfers its rights to receive contractual cashflows from the financial asset in a transaction in which
\n
substantially all the risks and rewards of ownership are transferred. If the terms and conditions change during the term of a
\n
financial asset, KBC assesses whether the new terms are substantially different from the original ones and whether the
\n
changes indicate that the rights to the cashflows from the instrument have expired. If it is concluded that the terms are
\n
substantially different, the transaction is accounted for as a financial asset derecognition, which means that the existing
\n
financial asset is removed from the balance sheet and that a new financial asset is recognised based on the revised terms.
\n
Conversely, when KBC assesses that the terms are not substantially different, the transaction is accounted for as a
\n
financial asset modification.
\n
\n\n\n\n\n\n
\n
\n
Write-offs: KBC writes off the gross carrying value of financial assets (or the part of the gross carrying value) it deems
\n
uncollectable. This means that there is no reasonable expectation that KBC will recover any interest or principal in a timely
\n
manner. The timing of write-offs depends on several factors, including the portfolio, the existence and type of collateral,
\n
the settlement process in each jurisdiction, and local legislation. If a loan is uncollectable, the gross carrying value is written
\n
off directly against the corresponding impairment. Recoveries of amounts previously written off are recognised as reversals
\n
of impairments in the income statement. KBC differentiates between write-offs for financial reporting purposes (which are
\n
still subject to credit enforcement activities) and debt forgiveness. The latter entails the forfeiture of the legal right to
\n
recover all or part of the debt outstanding to the client.
\n
\n
Loan commitments are firm commitments to provide a credit under prespecified terms and conditions. Loan commitments
\n
are generally not reflected in the balance sheet before the credit is drawn. Loan commitments are in scope of the ECL
\n
model. Expenses or income related to provisions for loan commitments and financial guarantees are reported in P&L on the
\n
impairment line.
\n
\n
Classification of debt instruments and equity instruments
\n
\n
On initial recognition of a financial asset, KBC first assesses the contractual terms of the instrument in order to classify it as
\n
an equity instrument or a debt instrument. An equity instrument is defined as any contract that evidences a residual interest
\n
in another entity\u2019s net assets. To satisfy this condition, KBC checks that the instrument does not include a contractual
\n
obligation requiring the issuer to deliver cash or exchange financial assets or financial liabilities with another entity under
\n
conditions that are potentially unfavourable to the issuer. Any instruments that do not meet the criteria to qualify as equity
\n
instruments are classified as debt instruments by KBC, with the exception of derivatives.
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
Classification and measurement \u2013 debt instruments
\n
\n
If KBC concludes that a financial asset is a debt instrument, then \u2013 upon initial recognition \u2013 it can be classified in one of
\n
the following categories:
\n
\u2022 Measured at fair value through profit or loss (FVPL):
\n
- Mandatorily measured at fair value through profit or loss (MFVPL) \u2013 this category includes held-for-trading
\n
instruments (HFT)
\n
- Designated upon initial recognition at fair value through profit or loss (FVO)
\n
\u2022 Measured at fair value through other comprehensive income (FVOCI)
\n
\u2022 Measured at amortised cost (AC)
\n
\n
Debt instruments have to be classified in the FVPL category where (i) they are not held within a business model whose
\n
objective is to hold assets in order to collect contractual cashflows or within a business model whose objective is achieved
\n
by both collecting contractual cashflows and selling financial assets or, alternatively, (ii) they are held within a business
\n
model but, on specified dates, the contractual terms of the instrument give rise to cashflows that are not solely payments
\n
of principal and interest on the principal amount outstanding.
\n
\n
Furthermore, KBC may in some cases \u2013 on initial recognition \u2013 irrevocably designate a financial asset that otherwise meets
\n
the requirements to be measured at AC or at FVOCI as at fair value (FVO) if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
\n
A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated to be
\n
measured at FVO:
\n
\u2022 The asset is held within a business model whose objective is achieved by both collecting contractual cashflows and
\n
selling financial assets
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n
A debt instrument is measured at AC only if it meets both of the following conditions and is not designated to be measured
\n
at FVO:
\n
\u2022 The asset is held within a business model whose objective is to hold assets in order to collect contractual cashflows
\n
\u2022 The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of
\n
principal and interest on the principal amount outstanding
\n
\n\n\n\n\n\n
\n
\n
Business model assessment
\n
\n
The business model is assessed to determine whether debt instruments should be measured at AC or FVOCI. In performing
\n
the assessment, KBC reviews at portfolio level the objective of the business model in which an asset is held because this
\n
best reflects how the business is managed and how information is provided to management. The information considered
\n
includes:
\n
\u2022 The stated policies and objectives for the portfolio and how those policies operate in practice (in particular, whether
\n
management\u2019s strategy focuses on earning contractual interest income, maintaining a specific interest rate profile,
\n
matching the duration of the financial assets to that of the liabilities that fund those assets, or realising cashflows
\n
through the sale of the assets)
\n
\u2022 How the performance of the portfolio is evaluated and reported to KBC\u2019s Executive Committee and Board of Directors
\n
\u2022 The risks that affect the performance of the business model (and the financial assets held within that model) and how
\n
those risks are managed
\n
\u2022 How managers of the business are rewarded (for instance, whether remuneration is based on the fair value of the assets
\n
managed or the contractual cashflows collected), and
\n
\u2022 The frequency, volume and timing of sales in prior periods, the reasons for such sales and KBC\u2019s expectations of future
\n
sales activity; however, information about sales activity is not considered in isolation, but as part of an overall
\n
assessment of how KBC\u2019s stated objective for managing the financial assets is achieved and how cashflows are
\n
realised
\n
\n
\n
Financial assets that are held for trading or whose performance is evaluated on a fair value basis are measured at FVPL,
\n
because they are neither held for collecting contractual cashflows, nor held for both collecting contractual cashflows and
\n
selling financial assets.
\n
\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\nAssessment whether contractual cashflows are solely payments of principal and interest (SPPI)
\n
\nFor the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\n\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
\noutstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and
\nadministrative costs), as well as profit margin. In assessing whether contractual cashflows are solely payments of principal
\nand interest, KBC considers the contractual terms of the instrument, which entails assessing whether the financial asset
\ncontains a contractual term that could change the timing or amount of contractual cashflows such that the instrument
\nwould not meet this condition. In making the assessment, KBC considers:
\n\u2022 Contingent events that could change the amount and timing of cashflows
\n\u2022 Leverage features
\n\u2022 Prepayment and extension terms
\n\u2022 Terms that limit KBC\u2019s claim to cashflows from specified assets (e.g., non-recourse asset arrangements)
\n\u2022 Features that modify consideration of the time value of money (e.g., periodic resets of interest rates)
\n
\n\n\n\n\n\n\nHedge accounting
\n
\nKBC has elected to apply the hedge accounting principles under IAS 39 (EU carve-out version). KBC designates certain
\nderivatives held for risk management purposes, as well as certain non-derivative financial instruments, as hedging
\ninstruments in qualifying hedging relationships. On initial designation of the hedge, KBC formally documents the relationship
\nbetween the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in
\nundertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship.
\nKBC makes an assessment, both at inception of the hedging relationship and on an ongoing basis, of whether the hedging
\ninstrument(s) is/are expected to be highly effective in offsetting the changes in the fair value or cashflows of the respective
\nhedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are
\nwithin a range of 80-125%. KBC makes an assessment for a cashflow hedge of a forecast transaction of whether it is highly
\nprobable to occur and presents an exposure to variations in cashflows that could ultimately affect the income statement.
\n
\nKBC uses the following hedge accounting techniques: cashflow hedges, fair value micro-hedges, fair value hedges for a
\nportfolio of interest rate risk, and hedges of net investments in foreign operations.
\n
\n\n\n\n\n\n\n\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\nexpense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\nmanagement assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1309": {
"value": "\n
\n\n
\n
\n
Insurance contracts
\n
\n
General
\n
\n
Scope
\n
\n
In order to qualify as an insurance contract, the associated insurance risk must be significant even if the insured event is
\n
extremely unlikely to occur, for example a catastrophic event such as an earthquake. Whether insurance risk is significant is
\n
assessed on initial recognition of each individual contract on a present value basis.
\n
In general, the following types of contracts within KBC are in scope of IFRS 17: Non-life insurance contracts, reinsurance
\n
contracts (accepted & ceded), Life insurance contracts being the non-unit-linked contracts, the unit-linked contracts, the
\n
hybrid products and investment contracts with discretionary participating features if issued by a KBC insurance entity.
\n
In general, the following types of contracts are out of scope of IFRS 17: investment contracts without discretionary
\n
participating features (IFRS 9), most unit-linked contracts of KBC Insurance Belgium (IFRS 9) as these insurance contracts do
\n
not contain significant insurance risk, credit cards including certain cover issued by a KBC bank entity (IFRS 15), and
\n
roadside assistance contracts (IFRS 15).
\n
Distinct non-insurance components are separated from the insurance components in the contract and thus accounted for
\n
in accordance with the appropriate IFRS.
\n
\n
Level of aggregation
\n
\n
IFRS 17 calculations are performed at an aggregated level, rather than contract by contract, taking into account the
\n
following four dimensions:
\n
\u2022 IFRS 17 portfolio (aggregation of contracts subject to similar risks and managed together)
\n
\u2022 Annual cohort (year of inception of the policy)
\n
\u2022 Profitability of the group of contracts (onerous, profitable, doubtful; assessed at inception)
\n
\u2022 Set of contracts (aggregation of contracts with a homogeneous profitability expectation)
\n
\n
Aggregation by IFRS 17 portfolio
\n
\n
IFRS 17 portfolios are country-specific and driven by the local product mix (similar risks) and the way in which the local
\n
insurance business is managed (managed together). As a minimum, the portfolios are broken down as follows:
\n
\u2022 Life
\n
- Unit-linked contracts (life insurance contracts with an investment component, whereby the policyholder bears the
\n
market risk and receives an income based on the return of the underlying assets)
\n
- Non unit-linked contracts (including pension savings with guaranteed interest and profit sharing, death insurance
\n
and term balance insurance)
\n
- Hybrid products
\n
\u2022 Non-life insurance
\n
- Personal insurance
\n
- Liabilities \u2013 MTPL
\n
- Liabilities \u2013 other than MTPL
\n
- Property (including other) other than fully comprehensive
\n
- Fully comprehensive
\n
- Accepted reinsurance
\n
\u2022 Ceded reinsurance
\n
\n
Aggregation by annual cohort
\n
\n
KBC applies annual cohorts (a cohort is a time bucket of contracts issued in the same year), aligned with the start and end
\n
of the financial year of KBC. On 23 November 2021, the EU published a Regulation endorsing IFRS 17 Insurance Contracts,
\n
including the amendments to the original IFRS 17 and a solution for the annual cohort requirement for certain types of
\n
insurance contracts, for use in the European Union. KBC will not apply the European optional exemption from the annual
\n
cohort requirement.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
Aggregation by group of contracts: onerous, profitable or doubtful
\n
\n
BBA and VFA \u2013 Expected profitability on initial recognition
\n
For contracts measured according to the Building Block Approach (BBA, see below) and the Variable Fee Approach (VFA,
\n
see below), the allocation to the onerous, profitable or doubtful group of contracts (GoC) is determined based on the
\n
presence of a Contractual Service Margin (CSM is the unearned profit in the group of contracts at inception) under different
\n
risk adjustment levels (i.e. compensation for uncertainty in the amount and timing of future cashflows):
\n
\u2022 If CSM < 0 when risk adjustment is calculated at a 75% confidence level, onerous group of contracts
\n
\u2022 If CSM > 0 when risk adjustment is calculated at a 75% confidence level AND
\n
- if CSM < 0 when the risk adjustment is calculated at a 90% confidence level, doubtful group of contracts
\n
- if CSM > 0 when the risk adjustment is calculated at a 90% confidence level, profitable group of contracts
\n
\n
PAA \u2013 Expected profitability on initial recognition
\n
For the Premium Allocation Approach (PAA), facts and circumstances indicating that the group of contracts can be onerous
\n
are assessed by the IFRS 17 expected economic combined ratio of more than 100%. This ratio differs from the externally
\n
published combined ratio. The IFRS 17 expected economic combined ratio is calculated for a set of contracts on an annual
\n
basis. Consequently, the new business of a year is assigned to one specific group of contracts under IFRS 17. In exceptional
\n
cases, when qualitative information reveals facts and circumstances indicating a negative trend in the IFRS 17 expected
\n
economic ratio, a recalculation is performed during the financial year.
\n
\n
Aggregation by set of contracts
\n
\n
A set of contracts is an aggregation of contracts with a homogeneous profitability expectation. A set of contracts (SoC) is
\n
defined such that the conclusion on the expected profitability of the SoC and the associated classification (i.e. profitable,
\n
doubtful or onerous) equals the conclusion that would have been reached if the expected profitability assessment had
\n
been carried out at the level of the individual contract.
\n
\n
Recognition \u2013 derecognition
\n
\n
KBC recognises a group of insurance contracts (and accepted reinsurance contracts) it issues from the earliest of the
\n
following:
\n
\u2022 The beginning of the coverage period of the group of contracts
\n
\u2022 The date when the first payment from a policyholder in the group becomes due
\n
\u2022 For a group of onerous contracts, when the group becomes onerous
\n
If there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received.
\n
As time progresses in the cohort, new business can be added to a group of contracts if it meets the initial recognition
\n
criteria.
\n
KBC recognises a group of ceded reinsurance contracts held from the earlier of the following:
\n
\u2022 The beginning of the coverage period of the group of reinsurance contracts held
\n
\u2022 The date the entity recognises an onerous group of underlying insurance contracts, if the entity entered into the related
\n
ceded reinsurance contract in the group of reinsurance contracts held at or before that date
\n
KBC delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date
\n
that any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period
\n
of the group of reinsurance contracts held.
\n
An insurance liability is derecognised from the balance sheet when it is extinguished, i.e. when the obligation specified in
\n
the contract is discharged or cancelled or expires.
\n
\n
Valuation
\n
\n
IFRS 17 applies uniform measurement principles for insurance liabilities that take into account the insurance contract
\n
characteristics.
\n
\u2022 The general model, the Building Block Approach (BBA), is applied to most Life products.
\n
\u2022 The optional Premium Allocation Approach (PAA) is a simplified measurement model that can be used when meeting the
\n
PAA eligibility criteria and is applied to most Non-life products and reinsurance contracts.
\n
\u2022 The Variable Fee Approach (VFA) is an adjusted Building Block Approach for Life insurance contracts where cashflows to
\n
be paid to the policyholder depend significantly (for more than 50%) on the return of the invested assets. This is a
\n
mandatory measurement model when fulfilling the VFA eligibility criteria and is applied to unit-linked products and some
\n
hybrid products of Central European entities.
\n
Only one measurement model can be applied to each IFRS 17 portfolio.
\n
\n
The insurance liabilities represent all rights and obligations arising from insurance contracts issued and consist of two
\n
components, namely a Liability for Remaining Coverage (LRC) and a Liability for Incurred Claims (LIC).
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
Measurement of Life insurance liabilities
\n
\n
The Life insurance liabilities are mostly valued according to either the BBA or the VFA model:
\n
\u2022 Valuation according to the BBA is applied to calculate the liability for non-unit-linked life insurance contracts and for
\n
some hybrid products.
\n
\u2022 Valuation according to the VFA is applied in Central European entities to calculate the liability for unit-linked contracts
\n
and some hybrid products where the cashflows to be paid to the policyholder depend significantly on the return of the
\n
invested assets.
\n
\n
Valuation according to the Building Block Approach (BBA)
\n
\n
The insurance liability consists of the following four blocks:
\n
\u2022 Actuarially estimated value of expected future cashflows
\n
\u2022 Discounting to convert the estimation into a present value
\n
\u2022 Risk adjustment as compensation for the uncertainty in the amount and timing of the expected future cashflows
\n
\u2022 Contractual Service Margin (CSM), being the unearned profit that is released from the balance sheet in P&L over the
\n
term of the contract based on services provided, i.e. there are no day one gains
\n
\n
Estimation of expected future cashflows
\n
\n
The basic principle is that Solvency II cashflows are used to ensure consistency with IFRS 17. The IFRS 17 estimation of future
\n
cashflows deviates from Solvency II on the following points:
\n
\u2022 Under Solvency II all expenses are included in the Best Estimate. Under IFRS 17 expenses are divided into directly
\n
attributable costs and non-directly attributable costs. Directly attributable costs are expenses directly related to
\n
insurance contracts. Only these directly attributable costs are included in the estimation of expected future cashflows.
\n
\u2022 Under Solvency II contracts where the insurer is at risk, tacit renewals and contracts where the coverage period starts in
\n
the future are within the Solvency II contract boundary. Under IFRS 17 cashflows are within the contract boundary if they
\n
arise from rights and obligations that exist during the reporting period
\n
- in which the entity can compel the policyholder to pay the premiums; or
\n
- in which the entity has a substantive obligation to provide services.
\n
Contracts under which the insurer provides cover, i.e. under which the insurer is at risk, are within the IFRS 17 contract
\n
boundaries. Tacit renewals for Non-life insurance contracts and contracts with a coverage period starting in the future are
\n
outside the IFRS 17 contract boundaries.
\n
Level of aggregation of projected cashflows: the Solvency II aggregation levels are Lines of Business (LoBs) and risk
\n
buckets. The IFRS 17 unit of account is based on portfolios, cohorts and expected profitability.
\n
\n
Discounting \u2013 time value of money
\n
\n
A discount rate is created per currency, in line with the currency of the cashflows. The starting point for the creation of the
\n
curves are observable market prices of a set of assets with multiple durations. The inflation assumptions for the nominal
\n
cashflows and the discount rates are consistent. Inflation is taken into account in the projection of the cashflows.
\n
Notwithstanding the reference to \u2018cashflows\u2019, the standard allows the same discount curve to be applied to all cashflows in
\n
the same contract. This simplification is applied at KBC.
\n
\n
For cashflows that vary with underlying items, the discount rate is determined by means of a top-down approach.
\n
Cashflows that vary with underlying items are typically cashflows such as interest-rate guarantees on future premiums that
\n
are not fixed at inception of the contract, future profit sharing, future lapses, etc. A top-down approach is achieved by
\n
using a risk-free rate (i.e. interest rate swap) adjusted with a spread based on a reference portfolio of assets. Such a
\n
portfolio is based on the current asset mix an entity holds. In addition, the discount curve must only reflect the
\n
characteristics of the insurance liabilities. The risk-taking curve is adjusted to exclude the part not related to the insurance
\n
liabilities.
\n
\n
Per currency, a Last Liquid Point (LLP) is set at the level of KBC that is consistent for all entities. The LLPs per currency are
\n
defined by taking the last available tenor for the risk-free rate in the relevant currency. For long-term Life insurance
\n
contracts, the cashflows are modelled over a duration of 110 years. The Ultimate Forward Rate (UFR) is the rate of the 110-
\n
year tenor to which the discount curve must converge. This UFR is defined as the sum of an expected real rate and an
\n
expected inflation rate.
\n
\n
For cashflows that do not vary with underlying items, KBC chooses to apply the bottom-up approach. The bottom-up
\n
approach is determined by adding an illiquidity premium on top of a risk-free rate, so that the discount curve reflects the
\n
illiquidity characteristics of the insurance contract liabilities. This approach is used for Non-life liabilities for incurred claims.
\n
The illiquidity premium is the premium demanded by the policyholder because the insurance contract liabilities cannot be
\n
easily converted into cash at fair market value.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
Risk adjustment of Life insurance liabilities
\n
\n
The risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the
\n
amount and timing of cashflows that arises from non-financial risk. It is a buffer on top of the Best Estimate future cashflows
\n
which represents a 50% probability of being able to fulfil future obligations and thus also a 50% probability of not being
\n
able to meet future obligations for outstanding contracts.
\n
Life insurance liabilities are characterised by (long-term) cashflows based on biometric parameters. The risk adjustment is
\n
defined as the difference between the Value at Risk (VaR) and the best estimate of future cashflows as part of the
\n
fulfilment cashflows. The VaR is calculated at a 75% confidence level on a one-year time horizon. Non-financial risks
\n
included in the VaR model are mortality risk, longevity risk, morbidity/disability risk, lapse risk, expense risk and revision risk.
\n
The correlations between the different risk types are in line with the correlation matrix of Solvency II.
\n
The diversification benefits between life and non-life insurance contracts are not considered in the calculation, also not at
\n
entity level. The risk adjustment is calculated at the level of a series of contracts. There is no diversification effect at this
\n
level either.
\n
\n
Contractual service margin
\n
\n
The contractual service margin (CSM) represents the unearned profit the insurer will recognise in P&L as services are
\n
provided under the insurance contracts. The CSM is recognised in the balance sheet as part of the insurance liability on
\n
initial recognition in order to avoid a day one gain. The CSM on the balance sheet is released gradually over time, on the
\n
basis of services provided in the period, and should be zero at the end of the coverage period for a group of contracts.
\n
The CSM release pattern is based on coverage units in the GoC. The number of coverage units is the quantity of services
\n
provided by the insurer under the contracts in that GoC, determined by considering for each contract the quantity of the
\n
benefits provided to the policyholder under a contract and its expected coverage period. The CSM amount recognised in
\n
P&L is the amount of coverage units allocated to the current period for the insurance coverage provided in the current
\n
period. The number of coverage units is reassessed at the end of each reporting period to reflect the most up-to-date
\n
assumptions of the contract.
\n
KBC has opted to reflect the time value of money on coverage units. By discounting the coverage units, a more stable
\n
allocation of the CSM to P&L is achieved. For contracts providing multiple services, i.e. insurance coverage, investment
\n
return services and investment management services, KBC works with so-called \u2018multivariate coverage units\u2019, taking the
\n
following into consideration:
\n
\u2022 Coverage units are determined based on the individual benefit components separately
\n
\u2022 Weights are assigned to each component to reflect an appropriate level of service to be provided
\n
Such weightings appropriately reflect the release of CSM based on the quantity of the benefits provided for each service.
\n
Analogous to coverage units, these weights are also reassessed at the end of each reporting period.
\n
Coverage units cannot be negative. They have a positive sign and are floored to zero. In case of zero coverage units in a
\n
given period, no CSM is allocated to P&L as no services have been provided in the period. This is possible in some cases, for
\n
instance where contracts provide for \u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but
\n
there is a mandatory waiting period for the client to be able to benefit from insurance coverage.
\n
\n
Valuation according to the Variable Fee Approach (VFA)
\n
\n
Under the VFA, the CSM mainly reflects the fee that KBC expects to earn on the market value of the Assets under
\n
Management (AUM), also referred to as \u2018underlying items\u2019. The CSM is determined as the net of the fair value of the
\n
underlying items and the total entity obligation to the policyholder. The change in the variable fee that impacts the CSM is
\n
determined as the net of:
\n
\u2022 The change in the fair value of the underlying items
\n
\u2022 The change in the total entity obligation to the policyholder
\n
KBC applies the simplification of a combined amount rather than the different CSM unlocking adjustments separately.
\n
Under the VFA, the difference in measurement from BBA lies in the subsequent measurement of direct participating
\n
contracts. All changes in fulfilment cashflows are absorbed by the CSM, until the CSM becomes negative and a loss is
\n
recognised in P&L.
\n
\n
In Belgium, the insurance company has discretion over the amount of profit sharing allocated to policyholders. The
\n
policyholder does not have an \u2018enforceable right\u2019 to participate in the returns of the insurance company, which means that
\n
the VFA eligibility criteria are not fulfilled and the BBA is applied.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n
\n
Measurement of Non-life insurance liabilities
\n
\n
Valuation according to the PAA is applied for the liability for most Non-life products. The PAA Liability for Remaining
\n
Coverage (LRC) reflects the premium receipts and the acquisition cashflows adjusted for amounts recognised in the income
\n
statement on a pro rata temporis basis. When an insured claim arises, a Liability for Incurred Claims (LIC) is recognised,
\n
which is similar to the BBA LIC (see below). In the case of onerous contracts, an additional liability to cover expected future
\n
losses is added to the LRC on the balance sheet and a loss is recognised immediately in P&L.
\n
\n
Valuation according to the Premium Allocation Approach
\n
\n
The PAA LRC reflects only premiums received and acquisition cashflows. As such, to appropriately present the insurance
\n
liability on a cash basis, an adjustment is performed by netting insurance payables and receivables against the LRC value.
\n
Under the PAA, KBC will not make use of the option to expense acquisition costs when incurred.
\n
\n
At the end of each
\n
reporting period, acquisition cashflows are amortised (i.e. recorded as an insurance service expense) and some of the
\n
premium receipts are earned (i.e. recorded as insurance revenues).
\n\n\n\n\n
\n
Both components of the LRC are allocated to P&L on
\n
the basis of passage of time or the expected timing of incurred claims and benefits, if that pattern better reflects the
\n
release from risk.
\n
\n
Measurement of the Liability for Incurred Claims (LIC) for claims outstanding
\n
\n
The Liability for Incurred Claims is measured separately. A discounted best estimate of future cash outflows subject to a risk
\n
adjustment as a safety margin is provisioned on the balance sheet. No CSM is included in the LIC as there is no future
\n
coverage in scope of the liabilities for incurred claims, i.e. it contains fulfilment cashflows related to past service.
\n
A provision for the internal cost of settling claims is included, which is calculated as a percentage based on past
\n
experience. The risk adjustment for Non-life insurance liabilities is only calculated for claims incurred. Consequently, only
\n
reserve risk is taken into account. Comparable with Life insurance liabilities, a Value at Risk method (VaR) is used, but here it
\n
is calculated at a 90% confidence level on a one-year time horizon.
\n
\n
Subsequent measurement
\n
\n
BBA/VFA \u2013 Liability for Remaining Coverage
\n
\n
At the end of each reporting period, subsequent to initial recognition, KBC updates its estimates and assumptions to reflect
\n
the most up-to-date situation. As a result of these updates, the carrying amount of fulfilment cashflows will vary from one
\n
period to another.
\n
Subsequent measurement under BBA/VFA for the LRC is driven by:
\n
\u2022 Experience adjustments \u2013 either absorbed by the CSM (i.e. related to future service) or recorded in the insurance result
\n
(i.e. related to current or past service) \u2013 and portfolio rollforward
\n
\u2022 Non-economic parameter updates to the fulfilment cashflows
\n
\u2022 Economic parameter updates to the fulfilment cashflows
\n
\u2022 CSM release
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n\nPAA \u2013 Liability for Remaining Coverage
\n
\nUnder the PAA, the LRC is unwound on a pro rata temporis basis to obtain the so-called \u2018earned premiums\u2019, i.e. the
\npremium reserve and the deferred acquisition commission reserve. At the end of each reporting period, acquisition
\ncashflows are amortised (i.e. recorded as an insurance service expense) and some of the premium receipts are earned (i.e.
\nrecorded as insurance revenues). Both components of the LRC are allocated to P&L on the basis of passage of time or the
\nexpected timing of incurred claims and benefits, if that pattern better reflects the release from risk.
\n
\nBBA/VFA/PAA \u2013 Liability for Incurred Claims
\n
\nAny changes to the Liability for Incurred Claims are recorded in the income statement. Depending on the driver of such
\nchanges, they are recorded in:
\n\u2022 Insurance service expenses. Main drivers: updates of fulfilment cashflows, i.e. higher or lower total expected claim
\npayments, changes in the statistical percentage of internal claims handling expenses, etc.
\n\u2022 Insurance finance income and expense. Main drivers: a change in the discount rate, interest from deposits at the ceding
\ncompany
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1310": {
"value": "\n
\n\n
Insurance contracts
\n
\n
General
\n
\n
Scope
\n
\n
In order to qualify as an insurance contract, the associated insurance risk must be significant even if the insured event is
\n
extremely unlikely to occur, for example a catastrophic event such as an earthquake. Whether insurance risk is significant is
\n
assessed on initial recognition of each individual contract on a present value basis.
\n
In general, the following types of contracts within KBC are in scope of IFRS 17: Non-life insurance contracts, reinsurance
\n
contracts (accepted & ceded), Life insurance contracts being the non-unit-linked contracts, the unit-linked contracts, the
\n
hybrid products and investment contracts with discretionary participating features if issued by a KBC insurance entity.
\n
In general, the following types of contracts are out of scope of IFRS 17: investment contracts without discretionary
\n
participating features (IFRS 9), most unit-linked contracts of KBC Insurance Belgium (IFRS 9) as these insurance contracts do
\n
not contain significant insurance risk, credit cards including certain cover issued by a KBC bank entity (IFRS 15), and
\n
roadside assistance contracts (IFRS 15).
\n
Distinct non-insurance components are separated from the insurance components in the contract and thus accounted for
\n
in accordance with the appropriate IFRS.
\n
\n
Level of aggregation
\n
\n
IFRS 17 calculations are performed at an aggregated level, rather than contract by contract, taking into account the
\n
following four dimensions:
\n
\u2022 IFRS 17 portfolio (aggregation of contracts subject to similar risks and managed together)
\n
\u2022 Annual cohort (year of inception of the policy)
\n
\u2022 Profitability of the group of contracts (onerous, profitable, doubtful; assessed at inception)
\n
\u2022 Set of contracts (aggregation of contracts with a homogeneous profitability expectation)
\n
\n
Aggregation by IFRS 17 portfolio
\n
\n
IFRS 17 portfolios are country-specific and driven by the local product mix (similar risks) and the way in which the local
\n
insurance business is managed (managed together). As a minimum, the portfolios are broken down as follows:
\n
\u2022 Life
\n
- Unit-linked contracts (life insurance contracts with an investment component, whereby the policyholder bears the
\n
market risk and receives an income based on the return of the underlying assets)
\n
- Non unit-linked contracts (including pension savings with guaranteed interest and profit sharing, death insurance
\n
and term balance insurance)
\n
- Hybrid products
\n
\u2022 Non-life insurance
\n
- Personal insurance
\n
- Liabilities \u2013 MTPL
\n
- Liabilities \u2013 other than MTPL
\n
- Property (including other) other than fully comprehensive
\n
- Fully comprehensive
\n
- Accepted reinsurance
\n
\u2022 Ceded reinsurance
\n
\n
Aggregation by annual cohort
\n
\n
KBC applies annual cohorts (a cohort is a time bucket of contracts issued in the same year), aligned with the start and end
\n
of the financial year of KBC. On 23 November 2021, the EU published a Regulation endorsing IFRS 17 Insurance Contracts,
\n
including the amendments to the original IFRS 17 and a solution for the annual cohort requirement for certain types of
\n
insurance contracts, for use in the European Union. KBC will not apply the European optional exemption from the annual
\n
cohort requirement.
\n
\n\n\n\n\n
\n\n\n\n\n\nAggregation by group of contracts: onerous, profitable or doubtful
\n
\nBBA and VFA \u2013 Expected profitability on initial recognition
\nFor contracts measured according to the Building Block Approach (BBA, see below) and the Variable Fee Approach (VFA,
\nsee below), the allocation to the onerous, profitable or doubtful group of contracts (GoC) is determined based on the
\npresence of a Contractual Service Margin (CSM is the unearned profit in the group of contracts at inception) under different
\nrisk adjustment levels (i.e. compensation for uncertainty in the amount and timing of future cashflows):
\n\u2022 If CSM < 0 when risk adjustment is calculated at a 75% confidence level, onerous group of contracts
\n\u2022 If CSM > 0 when risk adjustment is calculated at a 75% confidence level AND
\n- if CSM < 0 when the risk adjustment is calculated at a 90% confidence level, doubtful group of contracts
\n- if CSM > 0 when the risk adjustment is calculated at a 90% confidence level, profitable group of contracts
\n
\nPAA \u2013 Expected profitability on initial recognition
\nFor the Premium Allocation Approach (PAA), facts and circumstances indicating that the group of contracts can be onerous
\nare assessed by the IFRS 17 expected economic combined ratio of more than 100%. This ratio differs from the externally
\npublished combined ratio. The IFRS 17 expected economic combined ratio is calculated for a set of contracts on an annual
\nbasis. Consequently, the new business of a year is assigned to one specific group of contracts under IFRS 17. In exceptional
\ncases, when qualitative information reveals facts and circumstances indicating a negative trend in the IFRS 17 expected
\neconomic ratio, a recalculation is performed during the financial year.
\n
\nAggregation by set of contracts
\n
\nA set of contracts is an aggregation of contracts with a homogeneous profitability expectation. A set of contracts (SoC) is
\ndefined such that the conclusion on the expected profitability of the SoC and the associated classification (i.e. profitable,
\ndoubtful or onerous) equals the conclusion that would have been reached if the expected profitability assessment had
\nbeen carried out at the level of the individual contract.
\n
\nRecognition \u2013 derecognition
\n
\nKBC recognises a group of insurance contracts (and accepted reinsurance contracts) it issues from the earliest of the
\nfollowing:
\n\u2022 The beginning of the coverage period of the group of contracts
\n\u2022 The date when the first payment from a policyholder in the group becomes due
\n\u2022 For a group of onerous contracts, when the group becomes onerous
\nIf there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received.
\nAs time progresses in the cohort, new business can be added to a group of contracts if it meets the initial recognition
\ncriteria.
\nKBC recognises a group of ceded reinsurance contracts held from the earlier of the following:
\n\u2022 The beginning of the coverage period of the group of reinsurance contracts held
\n\u2022 The date the entity recognises an onerous group of underlying insurance contracts, if the entity entered into the related
\nceded reinsurance contract in the group of reinsurance contracts held at or before that date
\nKBC delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date
\nthat any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period
\nof the group of reinsurance contracts held.
\nAn insurance liability is derecognised from the balance sheet when it is extinguished, i.e. when the obligation specified in
\nthe contract is discharged or cancelled or expires.
\n
\nValuation
\n
\nIFRS 17 applies uniform measurement principles for insurance liabilities that take into account the insurance contract
\ncharacteristics.
\n\u2022 The general model, the Building Block Approach (BBA), is applied to most Life products.
\n\u2022 The optional Premium Allocation Approach (PAA) is a simplified measurement model that can be used when meeting the
\nPAA eligibility criteria and is applied to most Non-life products and reinsurance contracts.
\n\u2022 The Variable Fee Approach (VFA) is an adjusted Building Block Approach for Life insurance contracts where cashflows to
\nbe paid to the policyholder depend significantly (for more than 50%) on the return of the invested assets. This is a
\nmandatory measurement model when fulfilling the VFA eligibility criteria and is applied to unit-linked products and some
\nhybrid products of Central European entities.
\nOnly one measurement model can be applied to each IFRS 17 portfolio.
\n
\nThe insurance liabilities represent all rights and obligations arising from insurance contracts issued and consist of two
\ncomponents, namely a Liability for Remaining Coverage (LRC) and a Liability for Incurred Claims (LIC).
\n
\n
\n\n\n\n\n\nMeasurement of Life insurance liabilities
\n
\nThe Life insurance liabilities are mostly valued according to either the BBA or the VFA model:
\n\u2022 Valuation according to the BBA is applied to calculate the liability for non-unit-linked life insurance contracts and for
\nsome hybrid products.
\n\u2022 Valuation according to the VFA is applied in Central European entities to calculate the liability for unit-linked contracts
\nand some hybrid products where the cashflows to be paid to the policyholder depend significantly on the return of the
\ninvested assets.
\n
\nValuation according to the Building Block Approach (BBA)
\n
\nThe insurance liability consists of the following four blocks:
\n\u2022 Actuarially estimated value of expected future cashflows
\n\u2022 Discounting to convert the estimation into a present value
\n\u2022 Risk adjustment as compensation for the uncertainty in the amount and timing of the expected future cashflows
\n\u2022 Contractual Service Margin (CSM), being the unearned profit that is released from the balance sheet in P&L over the
\nterm of the contract based on services provided, i.e. there are no day one gains
\n
\nEstimation of expected future cashflows
\n
\nThe basic principle is that Solvency II cashflows are used to ensure consistency with IFRS 17. The IFRS 17 estimation of future
\ncashflows deviates from Solvency II on the following points:
\n\u2022 Under Solvency II all expenses are included in the Best Estimate. Under IFRS 17 expenses are divided into directly
\nattributable costs and non-directly attributable costs. Directly attributable costs are expenses directly related to
\ninsurance contracts. Only these directly attributable costs are included in the estimation of expected future cashflows.
\n\u2022 Under Solvency II contracts where the insurer is at risk, tacit renewals and contracts where the coverage period starts in
\nthe future are within the Solvency II contract boundary. Under IFRS 17 cashflows are within the contract boundary if they
\narise from rights and obligations that exist during the reporting period
\n- in which the entity can compel the policyholder to pay the premiums; or
\n- in which the entity has a substantive obligation to provide services.
\nContracts under which the insurer provides cover, i.e. under which the insurer is at risk, are within the IFRS 17 contract
\nboundaries. Tacit renewals for Non-life insurance contracts and contracts with a coverage period starting in the future are
\noutside the IFRS 17 contract boundaries.
\nLevel of aggregation of projected cashflows: the Solvency II aggregation levels are Lines of Business (LoBs) and risk
\nbuckets. The IFRS 17 unit of account is based on portfolios, cohorts and expected profitability.
\n
\nDiscounting \u2013 time value of money
\n
\nA discount rate is created per currency, in line with the currency of the cashflows. The starting point for the creation of the
\ncurves are observable market prices of a set of assets with multiple durations. The inflation assumptions for the nominal
\ncashflows and the discount rates are consistent. Inflation is taken into account in the projection of the cashflows.
\nNotwithstanding the reference to \u2018cashflows\u2019, the standard allows the same discount curve to be applied to all cashflows in
\nthe same contract. This simplification is applied at KBC.
\n
\nFor cashflows that vary with underlying items, the discount rate is determined by means of a top-down approach.
\nCashflows that vary with underlying items are typically cashflows such as interest-rate guarantees on future premiums that
\nare not fixed at inception of the contract, future profit sharing, future lapses, etc. A top-down approach is achieved by
\nusing a risk-free rate (i.e. interest rate swap) adjusted with a spread based on a reference portfolio of assets. Such a
\nportfolio is based on the current asset mix an entity holds. In addition, the discount curve must only reflect the
\ncharacteristics of the insurance liabilities. The risk-taking curve is adjusted to exclude the part not related to the insurance
\nliabilities.
\n
\nPer currency, a Last Liquid Point (LLP) is set at the level of KBC that is consistent for all entities. The LLPs per currency are
\ndefined by taking the last available tenor for the risk-free rate in the relevant currency. For long-term Life insurance
\ncontracts, the cashflows are modelled over a duration of 110 years. The Ultimate Forward Rate (UFR) is the rate of the 110-
\nyear tenor to which the discount curve must converge. This UFR is defined as the sum of an expected real rate and an
\nexpected inflation rate.
\n
\nFor cashflows that do not vary with underlying items, KBC chooses to apply the bottom-up approach. The bottom-up
\napproach is determined by adding an illiquidity premium on top of a risk-free rate, so that the discount curve reflects the
\nilliquidity characteristics of the insurance contract liabilities. This approach is used for Non-life liabilities for incurred claims.
\nThe illiquidity premium is the premium demanded by the policyholder because the insurance contract liabilities cannot be
\neasily converted into cash at fair market value.
\n
\n\n\n\n\n\nRisk adjustment of Life insurance liabilities
\n
\nThe risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the
\namount and timing of cashflows that arises from non-financial risk. It is a buffer on top of the Best Estimate future cashflows
\nwhich represents a 50% probability of being able to fulfil future obligations and thus also a 50% probability of not being
\nable to meet future obligations for outstanding contracts.
\nLife insurance liabilities are characterised by (long-term) cashflows based on biometric parameters. The risk adjustment is
\ndefined as the difference between the Value at Risk (VaR) and the best estimate of future cashflows as part of the
\nfulfilment cashflows. The VaR is calculated at a 75% confidence level on a one-year time horizon. Non-financial risks
\nincluded in the VaR model are mortality risk, longevity risk, morbidity/disability risk, lapse risk, expense risk and revision risk.
\nThe correlations between the different risk types are in line with the correlation matrix of Solvency II.
\nThe diversification benefits between life and non-life insurance contracts are not considered in the calculation, also not at
\nentity level. The risk adjustment is calculated at the level of a series of contracts. There is no diversification effect at this
\nlevel either.
\n
\nContractual service margin
\n
\nThe contractual service margin (CSM) represents the unearned profit the insurer will recognise in P&L as services are
\nprovided under the insurance contracts. The CSM is recognised in the balance sheet as part of the insurance liability on
\ninitial recognition in order to avoid a day one gain. The CSM on the balance sheet is released gradually over time, on the
\nbasis of services provided in the period, and should be zero at the end of the coverage period for a group of contracts.
\nThe CSM release pattern is based on coverage units in the GoC. The number of coverage units is the quantity of services
\nprovided by the insurer under the contracts in that GoC, determined by considering for each contract the quantity of the
\nbenefits provided to the policyholder under a contract and its expected coverage period. The CSM amount recognised in
\nP&L is the amount of coverage units allocated to the current period for the insurance coverage provided in the current
\nperiod. The number of coverage units is reassessed at the end of each reporting period to reflect the most up-to-date
\nassumptions of the contract.
\nKBC has opted to reflect the time value of money on coverage units. By discounting the coverage units, a more stable
\nallocation of the CSM to P&L is achieved. For contracts providing multiple services, i.e. insurance coverage, investment
\nreturn services and investment management services, KBC works with so-called \u2018multivariate coverage units\u2019, taking the
\nfollowing into consideration:
\n\u2022 Coverage units are determined based on the individual benefit components separately
\n\u2022 Weights are assigned to each component to reflect an appropriate level of service to be provided
\nSuch weightings appropriately reflect the release of CSM based on the quantity of the benefits provided for each service.
\nAnalogous to coverage units, these weights are also reassessed at the end of each reporting period.
\nCoverage units cannot be negative. They have a positive sign and are floored to zero. In case of zero coverage units in a
\ngiven period, no CSM is allocated to P&L as no services have been provided in the period. This is possible in some cases, for
\ninstance where contracts provide for \u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but
\nthere is a mandatory waiting period for the client to be able to benefit from insurance coverage.
\n
\nValuation according to the Variable Fee Approach (VFA)
\n
\nUnder the VFA, the CSM mainly reflects the fee that KBC expects to earn on the market value of the Assets under
\nManagement (AUM), also referred to as \u2018underlying items\u2019. The CSM is determined as the net of the fair value of the
\nunderlying items and the total entity obligation to the policyholder. The change in the variable fee that impacts the CSM is
\ndetermined as the net of:
\n\u2022 The change in the fair value of the underlying items
\n\u2022 The change in the total entity obligation to the policyholder
\nKBC applies the simplification of a combined amount rather than the different CSM unlocking adjustments separately.
\nUnder the VFA, the difference in measurement from BBA lies in the subsequent measurement of direct participating
\ncontracts. All changes in fulfilment cashflows are absorbed by the CSM, until the CSM becomes negative and a loss is
\nrecognised in P&L.
\n
\nIn Belgium, the insurance company has discretion over the amount of profit sharing allocated to policyholders. The
\npolicyholder does not have an \u2018enforceable right\u2019 to participate in the returns of the insurance company, which means that
\nthe VFA eligibility criteria are not fulfilled and the BBA is applied.
\n
\n\n\n\n\n\nMeasurement of Non-life insurance liabilities
\n
\nValuation according to the PAA is applied for the liability for most Non-life products. The PAA Liability for Remaining
\nCoverage (LRC) reflects the premium receipts and the acquisition cashflows adjusted for amounts recognised in the income
\nstatement on a pro rata temporis basis. When an insured claim arises, a Liability for Incurred Claims (LIC) is recognised,
\nwhich is similar to the BBA LIC (see below). In the case of onerous contracts, an additional liability to cover expected future
\nlosses is added to the LRC on the balance sheet and a loss is recognised immediately in P&L.
\n
\nValuation according to the Premium Allocation Approach
\n
\nThe PAA LRC reflects only premiums received and acquisition cashflows. As such, to appropriately present the insurance
\nliability on a cash basis, an adjustment is performed by netting insurance payables and receivables against the LRC value.
\nUnder the PAA, KBC will not make use of the option to expense acquisition costs when incurred.
\n\n
At the end of each
\n
reporting period, acquisition cashflows are amortised (i.e. recorded as an insurance service expense) and some of the
\n
premium receipts are earned (i.e. recorded as insurance revenues).
\n\n\n\n\n
Both components of the LRC are allocated to P&L on
\nthe basis of passage of time or the expected timing of incurred claims and benefits, if that pattern better reflects the
\nrelease from risk.
\n
\nMeasurement of the Liability for Incurred Claims (LIC) for claims outstanding
\n
\nThe Liability for Incurred Claims is measured separately. A discounted best estimate of future cash outflows subject to a risk
\nadjustment as a safety margin is provisioned on the balance sheet. No CSM is included in the LIC as there is no future
\ncoverage in scope of the liabilities for incurred claims, i.e. it contains fulfilment cashflows related to past service.
\nA provision for the internal cost of settling claims is included, which is calculated as a percentage based on past
\nexperience. The risk adjustment for Non-life insurance liabilities is only calculated for claims incurred. Consequently, only
\nreserve risk is taken into account. Comparable with Life insurance liabilities, a Value at Risk method (VaR) is used, but here it
\nis calculated at a 90% confidence level on a one-year time horizon.
\n
\nSubsequent measurement
\n
\nBBA/VFA \u2013 Liability for Remaining Coverage
\n
\nAt the end of each reporting period, subsequent to initial recognition, KBC updates its estimates and assumptions to reflect
\nthe most up-to-date situation. As a result of these updates, the carrying amount of fulfilment cashflows will vary from one
\nperiod to another.
\nSubsequent measurement under BBA/VFA for the LRC is driven by:
\n\u2022 Experience adjustments \u2013 either absorbed by the CSM (i.e. related to future service) or recorded in the insurance result
\n(i.e. related to current or past service) \u2013 and portfolio rollforward
\n\u2022 Non-economic parameter updates to the fulfilment cashflows
\n\u2022 Economic parameter updates to the fulfilment cashflows
\n\u2022 CSM release
\n
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1311": {
"value": "\nInsurance contracts
\n
\nGeneral
\n
\nScope
\n
\nIn order to qualify as an insurance contract, the associated insurance risk must be significant even if the insured event is
\nextremely unlikely to occur, for example a catastrophic event such as an earthquake. Whether insurance risk is significant is
\nassessed on initial recognition of each individual contract on a present value basis.
\nIn general, the following types of contracts within KBC are in scope of IFRS 17: Non-life insurance contracts, reinsurance
\ncontracts (accepted & ceded), Life insurance contracts being the non-unit-linked contracts, the unit-linked contracts, the
\nhybrid products and investment contracts with discretionary participating features if issued by a KBC insurance entity.
\nIn general, the following types of contracts are out of scope of IFRS 17: investment contracts without discretionary
\nparticipating features (IFRS 9), most unit-linked contracts of KBC Insurance Belgium (IFRS 9) as these insurance contracts do
\nnot contain significant insurance risk, credit cards including certain cover issued by a KBC bank entity (IFRS 15), and
\nroadside assistance contracts (IFRS 15).
\nDistinct non-insurance components are separated from the insurance components in the contract and thus accounted for
\nin accordance with the appropriate IFRS.
\n
\nLevel of aggregation
\n
\nIFRS 17 calculations are performed at an aggregated level, rather than contract by contract, taking into account the
\nfollowing four dimensions:
\n\u2022 IFRS 17 portfolio (aggregation of contracts subject to similar risks and managed together)
\n\u2022 Annual cohort (year of inception of the policy)
\n\u2022 Profitability of the group of contracts (onerous, profitable, doubtful; assessed at inception)
\n\u2022 Set of contracts (aggregation of contracts with a homogeneous profitability expectation)
\n
\nAggregation by IFRS 17 portfolio
\n
\nIFRS 17 portfolios are country-specific and driven by the local product mix (similar risks) and the way in which the local
\ninsurance business is managed (managed together). As a minimum, the portfolios are broken down as follows:
\n\u2022 Life
\n- Unit-linked contracts (life insurance contracts with an investment component, whereby the policyholder bears the
\nmarket risk and receives an income based on the return of the underlying assets)
\n- Non unit-linked contracts (including pension savings with guaranteed interest and profit sharing, death insurance
\nand term balance insurance)
\n- Hybrid products
\n\u2022 Non-life insurance
\n- Personal insurance
\n- Liabilities \u2013 MTPL
\n- Liabilities \u2013 other than MTPL
\n- Property (including other) other than fully comprehensive
\n- Fully comprehensive
\n- Accepted reinsurance
\n\u2022 Ceded reinsurance
\n
\nAggregation by annual cohort
\n
\nKBC applies annual cohorts (a cohort is a time bucket of contracts issued in the same year), aligned with the start and end
\nof the financial year of KBC. On 23 November 2021, the EU published a Regulation endorsing IFRS 17 Insurance Contracts,
\nincluding the amendments to the original IFRS 17 and a solution for the annual cohort requirement for certain types of
\ninsurance contracts, for use in the European Union. KBC will not apply the European optional exemption from the annual
\ncohort requirement.
\n
\n\n\n\n\n\n
\n\n
Aggregation by group of contracts: onerous, profitable or doubtful
\n
\n
BBA and VFA \u2013 Expected profitability on initial recognition
\n
For contracts measured according to the Building Block Approach (BBA, see below) and the Variable Fee Approach (VFA,
\n
see below), the allocation to the onerous, profitable or doubtful group of contracts (GoC) is determined based on the
\n
presence of a Contractual Service Margin (CSM is the unearned profit in the group of contracts at inception) under different
\n
risk adjustment levels (i.e. compensation for uncertainty in the amount and timing of future cashflows):
\n
\u2022 If CSM < 0 when risk adjustment is calculated at a 75% confidence level, onerous group of contracts
\n
\u2022 If CSM > 0 when risk adjustment is calculated at a 75% confidence level AND
\n
- if CSM < 0 when the risk adjustment is calculated at a 90% confidence level, doubtful group of contracts
\n
- if CSM > 0 when the risk adjustment is calculated at a 90% confidence level, profitable group of contracts
\n
\n
PAA \u2013 Expected profitability on initial recognition
\n
For the Premium Allocation Approach (PAA), facts and circumstances indicating that the group of contracts can be onerous
\n
are assessed by the IFRS 17 expected economic combined ratio of more than 100%. This ratio differs from the externally
\n
published combined ratio. The IFRS 17 expected economic combined ratio is calculated for a set of contracts on an annual
\n
basis. Consequently, the new business of a year is assigned to one specific group of contracts under IFRS 17. In exceptional
\n
cases, when qualitative information reveals facts and circumstances indicating a negative trend in the IFRS 17 expected
\n
economic ratio, a recalculation is performed during the financial year.
\n
\n
Aggregation by set of contracts
\n
\n
A set of contracts is an aggregation of contracts with a homogeneous profitability expectation. A set of contracts (SoC) is
\n
defined such that the conclusion on the expected profitability of the SoC and the associated classification (i.e. profitable,
\n
doubtful or onerous) equals the conclusion that would have been reached if the expected profitability assessment had
\n
been carried out at the level of the individual contract.
\n
\n
Recognition \u2013 derecognition
\n
\n
KBC recognises a group of insurance contracts (and accepted reinsurance contracts) it issues from the earliest of the
\n
following:
\n
\u2022 The beginning of the coverage period of the group of contracts
\n
\u2022 The date when the first payment from a policyholder in the group becomes due
\n
\u2022 For a group of onerous contracts, when the group becomes onerous
\n
If there is no contractual due date, the first payment from the policyholder is deemed to be due when it is received.
\n
As time progresses in the cohort, new business can be added to a group of contracts if it meets the initial recognition
\n
criteria.
\n
KBC recognises a group of ceded reinsurance contracts held from the earlier of the following:
\n
\u2022 The beginning of the coverage period of the group of reinsurance contracts held
\n
\u2022 The date the entity recognises an onerous group of underlying insurance contracts, if the entity entered into the related
\n
ceded reinsurance contract in the group of reinsurance contracts held at or before that date
\n
KBC delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date
\n
that any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period
\n
of the group of reinsurance contracts held.
\n
An insurance liability is derecognised from the balance sheet when it is extinguished, i.e. when the obligation specified in
\n
the contract is discharged or cancelled or expires.
\n
\n
Valuation
\n
\n
IFRS 17 applies uniform measurement principles for insurance liabilities that take into account the insurance contract
\n
characteristics.
\n
\u2022 The general model, the Building Block Approach (BBA), is applied to most Life products.
\n
\u2022 The optional Premium Allocation Approach (PAA) is a simplified measurement model that can be used when meeting the
\n
PAA eligibility criteria and is applied to most Non-life products and reinsurance contracts.
\n
\u2022 The Variable Fee Approach (VFA) is an adjusted Building Block Approach for Life insurance contracts where cashflows to
\n
be paid to the policyholder depend significantly (for more than 50%) on the return of the invested assets. This is a
\n
mandatory measurement model when fulfilling the VFA eligibility criteria and is applied to unit-linked products and some
\n
hybrid products of Central European entities.
\n
Only one measurement model can be applied to each IFRS 17 portfolio.
\n
\n
The insurance liabilities represent all rights and obligations arising from insurance contracts issued and consist of two
\n
components, namely a Liability for Remaining Coverage (LRC) and a Liability for Incurred Claims (LIC).
\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
Measurement of Life insurance liabilities
\n
\n
The Life insurance liabilities are mostly valued according to either the BBA or the VFA model:
\n
\u2022 Valuation according to the BBA is applied to calculate the liability for non-unit-linked life insurance contracts and for
\n
some hybrid products.
\n
\u2022 Valuation according to the VFA is applied in Central European entities to calculate the liability for unit-linked contracts
\n
and some hybrid products where the cashflows to be paid to the policyholder depend significantly on the return of the
\n
invested assets.
\n
\n
Valuation according to the Building Block Approach (BBA)
\n
\n
The insurance liability consists of the following four blocks:
\n
\u2022 Actuarially estimated value of expected future cashflows
\n
\u2022 Discounting to convert the estimation into a present value
\n
\u2022 Risk adjustment as compensation for the uncertainty in the amount and timing of the expected future cashflows
\n
\u2022 Contractual Service Margin (CSM), being the unearned profit that is released from the balance sheet in P&L over the
\n
term of the contract based on services provided, i.e. there are no day one gains
\n
\n
Estimation of expected future cashflows
\n
\n
The basic principle is that Solvency II cashflows are used to ensure consistency with IFRS 17. The IFRS 17 estimation of future
\n
cashflows deviates from Solvency II on the following points:
\n
\u2022 Under Solvency II all expenses are included in the Best Estimate. Under IFRS 17 expenses are divided into directly
\n
attributable costs and non-directly attributable costs. Directly attributable costs are expenses directly related to
\n
insurance contracts. Only these directly attributable costs are included in the estimation of expected future cashflows.
\n
\u2022 Under Solvency II contracts where the insurer is at risk, tacit renewals and contracts where the coverage period starts in
\n
the future are within the Solvency II contract boundary. Under IFRS 17 cashflows are within the contract boundary if they
\n
arise from rights and obligations that exist during the reporting period
\n
- in which the entity can compel the policyholder to pay the premiums; or
\n
- in which the entity has a substantive obligation to provide services.
\n
Contracts under which the insurer provides cover, i.e. under which the insurer is at risk, are within the IFRS 17 contract
\n
boundaries. Tacit renewals for Non-life insurance contracts and contracts with a coverage period starting in the future are
\n
outside the IFRS 17 contract boundaries.
\n
Level of aggregation of projected cashflows: the Solvency II aggregation levels are Lines of Business (LoBs) and risk
\n
buckets. The IFRS 17 unit of account is based on portfolios, cohorts and expected profitability.
\n
\n
Discounting \u2013 time value of money
\n
\n
A discount rate is created per currency, in line with the currency of the cashflows. The starting point for the creation of the
\n
curves are observable market prices of a set of assets with multiple durations. The inflation assumptions for the nominal
\n
cashflows and the discount rates are consistent. Inflation is taken into account in the projection of the cashflows.
\n
Notwithstanding the reference to \u2018cashflows\u2019, the standard allows the same discount curve to be applied to all cashflows in
\n
the same contract. This simplification is applied at KBC.
\n
\n
For cashflows that vary with underlying items, the discount rate is determined by means of a top-down approach.
\n
Cashflows that vary with underlying items are typically cashflows such as interest-rate guarantees on future premiums that
\n
are not fixed at inception of the contract, future profit sharing, future lapses, etc. A top-down approach is achieved by
\n
using a risk-free rate (i.e. interest rate swap) adjusted with a spread based on a reference portfolio of assets. Such a
\n
portfolio is based on the current asset mix an entity holds. In addition, the discount curve must only reflect the
\n
characteristics of the insurance liabilities. The risk-taking curve is adjusted to exclude the part not related to the insurance
\n
liabilities.
\n
\n
Per currency, a Last Liquid Point (LLP) is set at the level of KBC that is consistent for all entities. The LLPs per currency are
\n
defined by taking the last available tenor for the risk-free rate in the relevant currency. For long-term Life insurance
\n
contracts, the cashflows are modelled over a duration of 110 years. The Ultimate Forward Rate (UFR) is the rate of the 110-
\n
year tenor to which the discount curve must converge. This UFR is defined as the sum of an expected real rate and an
\n
expected inflation rate.
\n
\n
For cashflows that do not vary with underlying items, KBC chooses to apply the bottom-up approach. The bottom-up
\n
approach is determined by adding an illiquidity premium on top of a risk-free rate, so that the discount curve reflects the
\n
illiquidity characteristics of the insurance contract liabilities. This approach is used for Non-life liabilities for incurred claims.
\n
The illiquidity premium is the premium demanded by the policyholder because the insurance contract liabilities cannot be
\n
easily converted into cash at fair market value.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
Risk adjustment of Life insurance liabilities
\n
\n
The risk adjustment for non-financial risk is the compensation that the entity requires for bearing the uncertainty about the
\n
amount and timing of cashflows that arises from non-financial risk. It is a buffer on top of the Best Estimate future cashflows
\n
which represents a 50% probability of being able to fulfil future obligations and thus also a 50% probability of not being
\n
able to meet future obligations for outstanding contracts.
\n
Life insurance liabilities are characterised by (long-term) cashflows based on biometric parameters. The risk adjustment is
\n
defined as the difference between the Value at Risk (VaR) and the best estimate of future cashflows as part of the
\n
fulfilment cashflows. The VaR is calculated at a 75% confidence level on a one-year time horizon. Non-financial risks
\n
included in the VaR model are mortality risk, longevity risk, morbidity/disability risk, lapse risk, expense risk and revision risk.
\n
The correlations between the different risk types are in line with the correlation matrix of Solvency II.
\n
The diversification benefits between life and non-life insurance contracts are not considered in the calculation, also not at
\n
entity level. The risk adjustment is calculated at the level of a series of contracts. There is no diversification effect at this
\n
level either.
\n
\n
Contractual service margin
\n
\n
The contractual service margin (CSM) represents the unearned profit the insurer will recognise in P&L as services are
\n
provided under the insurance contracts. The CSM is recognised in the balance sheet as part of the insurance liability on
\n
initial recognition in order to avoid a day one gain. The CSM on the balance sheet is released gradually over time, on the
\n
basis of services provided in the period, and should be zero at the end of the coverage period for a group of contracts.
\n
The CSM release pattern is based on coverage units in the GoC. The number of coverage units is the quantity of services
\n
provided by the insurer under the contracts in that GoC, determined by considering for each contract the quantity of the
\n
benefits provided to the policyholder under a contract and its expected coverage period. The CSM amount recognised in
\n
P&L is the amount of coverage units allocated to the current period for the insurance coverage provided in the current
\n
period. The number of coverage units is reassessed at the end of each reporting period to reflect the most up-to-date
\n
assumptions of the contract.
\n
KBC has opted to reflect the time value of money on coverage units. By discounting the coverage units, a more stable
\n
allocation of the CSM to P&L is achieved. For contracts providing multiple services, i.e. insurance coverage, investment
\n
return services and investment management services, KBC works with so-called \u2018multivariate coverage units\u2019, taking the
\n
following into consideration:
\n
\u2022 Coverage units are determined based on the individual benefit components separately
\n
\u2022 Weights are assigned to each component to reflect an appropriate level of service to be provided
\n
Such weightings appropriately reflect the release of CSM based on the quantity of the benefits provided for each service.
\n
Analogous to coverage units, these weights are also reassessed at the end of each reporting period.
\n
Coverage units cannot be negative. They have a positive sign and are floored to zero. In case of zero coverage units in a
\n
given period, no CSM is allocated to P&L as no services have been provided in the period. This is possible in some cases, for
\n
instance where contracts provide for \u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but
\n
there is a mandatory waiting period for the client to be able to benefit from insurance coverage.
\n
\n
Valuation according to the Variable Fee Approach (VFA)
\n
\n
Under the VFA, the CSM mainly reflects the fee that KBC expects to earn on the market value of the Assets under
\n
Management (AUM), also referred to as \u2018underlying items\u2019. The CSM is determined as the net of the fair value of the
\n
underlying items and the total entity obligation to the policyholder. The change in the variable fee that impacts the CSM is
\n
determined as the net of:
\n
\u2022 The change in the fair value of the underlying items
\n
\u2022 The change in the total entity obligation to the policyholder
\n
KBC applies the simplification of a combined amount rather than the different CSM unlocking adjustments separately.
\n
Under the VFA, the difference in measurement from BBA lies in the subsequent measurement of direct participating
\n
contracts. All changes in fulfilment cashflows are absorbed by the CSM, until the CSM becomes negative and a loss is
\n
recognised in P&L.
\n
\n
In Belgium, the insurance company has discretion over the amount of profit sharing allocated to policyholders. The
\n
policyholder does not have an \u2018enforceable right\u2019 to participate in the returns of the insurance company, which means that
\n
the VFA eligibility criteria are not fulfilled and the BBA is applied.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
Measurement of Non-life insurance liabilities
\n
\n
Valuation according to the PAA is applied for the liability for most Non-life products. The PAA Liability for Remaining
\n
Coverage (LRC) reflects the premium receipts and the acquisition cashflows adjusted for amounts recognised in the income
\n
statement on a pro rata temporis basis. When an insured claim arises, a Liability for Incurred Claims (LIC) is recognised,
\n
which is similar to the BBA LIC (see below). In the case of onerous contracts, an additional liability to cover expected future
\n
losses is added to the LRC on the balance sheet and a loss is recognised immediately in P&L.
\n
\n
Valuation according to the Premium Allocation Approach
\n
\n
The PAA LRC reflects only premiums received and acquisition cashflows. As such, to appropriately present the insurance
\n
liability on a cash basis, an adjustment is performed by netting insurance payables and receivables against the LRC value.
\n
Under the PAA, KBC will not make use of the option to expense acquisition costs when incurred.
\n
\n
At the end of each
\n
reporting period, acquisition cashflows are amortised (i.e. recorded as an insurance service expense) and some of the
\n
premium receipts are earned (i.e. recorded as insurance revenues).
\n\n\n\n\n
\n
Both components of the LRC are allocated to P&L on
\n
the basis of passage of time or the expected timing of incurred claims and benefits, if that pattern better reflects the
\n
release from risk.
\n
\n
Measurement of the Liability for Incurred Claims (LIC) for claims outstanding
\n
\n
The Liability for Incurred Claims is measured separately. A discounted best estimate of future cash outflows subject to a risk
\n
adjustment as a safety margin is provisioned on the balance sheet. No CSM is included in the LIC as there is no future
\n
coverage in scope of the liabilities for incurred claims, i.e. it contains fulfilment cashflows related to past service.
\n
A provision for the internal cost of settling claims is included, which is calculated as a percentage based on past
\n
experience. The risk adjustment for Non-life insurance liabilities is only calculated for claims incurred. Consequently, only
\n
reserve risk is taken into account. Comparable with Life insurance liabilities, a Value at Risk method (VaR) is used, but here it
\n
is calculated at a 90% confidence level on a one-year time horizon.
\n
\n
Subsequent measurement
\n
\n
BBA/VFA \u2013 Liability for Remaining Coverage
\n
\n
At the end of each reporting period, subsequent to initial recognition, KBC updates its estimates and assumptions to reflect
\n
the most up-to-date situation. As a result of these updates, the carrying amount of fulfilment cashflows will vary from one
\n
period to another.
\n
Subsequent measurement under BBA/VFA for the LRC is driven by:
\n
\u2022 Experience adjustments \u2013 either absorbed by the CSM (i.e. related to future service) or recorded in the insurance result
\n
(i.e. related to current or past service) \u2013 and portfolio rollforward
\n
\u2022 Non-economic parameter updates to the fulfilment cashflows
\n
\u2022 Economic parameter updates to the fulfilment cashflows
\n
\u2022 CSM release
\n
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
PAA \u2013 Liability for Remaining Coverage
\n
\n
Under the PAA, the LRC is unwound on a pro rata temporis basis to obtain the so-called \u2018earned premiums\u2019, i.e. the
\n
premium reserve and the deferred acquisition commission reserve. At the end of each reporting period, acquisition
\n
cashflows are amortised (i.e. recorded as an insurance service expense) and some of the premium receipts are earned (i.e.
\n
recorded as insurance revenues). Both components of the LRC are allocated to P&L on the basis of passage of time or the
\n
expected timing of incurred claims and benefits, if that pattern better reflects the release from risk.
\n
\n
BBA/VFA/PAA \u2013 Liability for Incurred Claims
\n
\n
Any changes to the Liability for Incurred Claims are recorded in the income statement. Depending on the driver of such
\n
changes, they are recorded in:
\n
\u2022 Insurance service expenses. Main drivers: updates of fulfilment cashflows, i.e. higher or lower total expected claim
\n
payments, changes in the statistical percentage of internal claims handling expenses, etc.
\n
\u2022 Insurance finance income and expense. Main drivers: a change in the discount rate, interest from deposits at the ceding
\n
company
\n
\n\n\n\n\n
\nOther matters
\n
\nKBC has opted for a year-to-date approach, i.e. a recalculation of previously reported quarters, with the impact of the
\nrecalculation being included in the current period.
\nKBC chooses to disaggregate insurance finance income and expense (IFIE) between P&L and OCI. This means recognising
\nin P&L the interest expense on the insurance liability over the reporting period, with this interest expense being calculated
\nusing the locked-in rate (i.e. the rate curve applicable at the inception of the IFRS 17 contract) and recognising in OCI the
\nimpact of changes in the market interest rate over the reporting period, with the exception of:
\n\u2022 Insurance contracts measured under BBA where changes in financial risk have a significant impact on the amounts due
\nto policyholders (future interest-rate guarantees, profit-sharing), for which the allocation to the income statement is
\nderived from the amounts expected to be credited to policyholders (expected crediting rate)
\n\u2022 Insurance contracts measured under VFA, for which the current period book yield approach is used; the amount in IFIE
\ncorresponds to the financial result presented in the income statement of the underlying items to ensure that the total
\nnet financial result equals 0 (also referred to as the \u2018mirroring approach\u2019)
\nThe liability position of insurance contracts and the asset position of reinsurance contracts is presented in the balance
\nsheet on a received basis. Ceded reinsurance contracts (i.e. reinsurance contracts held) are required to be accounted for
\nand presented separately from the underlying contracts to which they relate.
\nUpon the acquisition of another insurance company or a portfolio transfer, the consideration received or paid partly
\nconsists of the Value of Business In-force (VBI). Insurance contracts acquired in a business combination are measured in the
\nsame way as insurance contracts issued by the entity except that the fulfilment cashflows are recognised at the acquisition
\ndate.
\n
\n\n\n\n\n\nImpairment of non-financial assets
\n
\nWhen KBC prepares financial statements, it ensures that the carrying value of the non-financial asset does not exceed the
\namount that could be obtained from either using or selling it (\u2018recoverable amount\u2019). Property and equipment, investment
\nproperty and software are subject to the impairment review only when there is objective evidence of impairment. Goodwill
\nand intangible assets with an indefinite useful life are subject to impairment reviews at least annually and also reviewed for
\nimpairment indicators every quarter.
\nIndications that an impairment loss is required may stem from either an internal source (e.g., the condition of the asset) or
\nan external source (e.g., new technology or a significant decline in the asset\u2019s market value).
\nWhen an impairment indicator is present, KBC reviews the asset\u2019s recoverable amount and the asset is impaired if its
\nrecoverable amount is lower than its carrying value at the reporting date. The recoverable amount is defined as the higher
\nof the value in use and the fair value less cost to sell.
\nValue in use is defined as the discounted future cashflows expected to be derived from an asset or a cash-generating unit.
\nImpairment is borne at individual asset level, but when the individual asset does not generate cash inflows that are largely
\nindependent of those from other assets or groups of assets, the recoverable amount is determined for the so-called \u2018cash-
\ngenerating unit\u2019 (CGU) to which the asset or group of assets belongs. In forming the CGUs, KBC applies its own judgement
\nto define the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
\ninflows from other assets or groups of assets. This process mainly applies to goodwill that has been recognised in relation to
\nacquisitions.
\nImpairment losses are recognised in the income statement for the period in which they occur. An impairment loss can be
\nreversed if the condition that triggered it is no longer present, except for goodwill, which can never be reversed. Impairment
\ngains are recognised in the income statement for the period in which they occur.
\n
\n\n\n\n\nNote 1.3: Critical estimates and significant judgements
\n
\nWhen preparing the consolidated financial statements and applying KBC\u2019s accounting policies, management is required to
\nmake judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses.
\nSome degree of uncertainty is inherent in almost all amounts reported. The estimates are based on the experience and
\nassumptions that KBC\u2019s management believes are reasonable at the time the financial statements are being prepared.
\n
\nRevisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods
\naffected. Significant areas of estimation uncertainty, and critical judgements in applying accounting policies that have the
\nmost significant effect on the amounts recognised in the consolidated financial statements are found in, but not limited to,
\nnotes 1.4, 3.3, 3.6, 3.9, 3.11, 4.2, 4.4\u20134.8, 5.2, 5.5\u20135.7, 5.9, 6.1 and 6.6.
\n
\n\n\n\n\n
\n\n
Significant judgements and uncertainties
\n
\n
Calculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\n
aspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\n
projections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\n
and making decisions based on significant judgements.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they
\nare based on various internal and external sources of information. These liabilities are generally calculated using
\nassumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions
\nare:
\n- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on
\nstandard mortality tables and adapted where necessary to reflect the group\u2019s own experience.
\n- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and
\nassociated overhead expenses which are considered directly attributable. Expenses are considered directly
\nattributable if they are incurred as a consequence of performing insurance activities for in-force contracts;
\n- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the
\ncontract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify
\nthese assumptions for the entire group.
\n\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling
\ncosts, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1328": {
"value": "\nAt the end of each
\nreporting period, acquisition cashflows are amortised (i.e. recorded as an insurance service expense) and some of the
\npremium receipts are earned (i.e. recorded as insurance revenues).
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1332": {
"value": "\nLeasing
\n
\nThe classification under IFRS 16 is based on the extent to which risk and rewards incidental to ownership of leased assets lie
\nwith the lessor or the lessee. A finance lease transfers substantially all the risks and rewards incidental to ownership of an
\nasset.
\nThis classification is crucial for positions as a lessor, but less important for positions as a lessee, since both classifications
\nresult in similar recognition and measurement of the lease on the balance sheet and in the income statement.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1333": {
"value": "\n
\n\n
\n
Equity
\n
\n
Equity represents the residual interest in KBC\u2019s total assets after deduction of all its liabilities (referred to as \u2018net assets\u2019)
\n
and encompasses all shares issued by KBC, reserves attributable to the holders of the shares and minority interests.
\n
\n
KBC classifies all issued financial instruments as equity or as a financial liability based on the substance of the contractual
\n
arrangements. The critical feature that distinguishes a financial liability from a share is whether KBC has an unconditional
\n
right to avoid delivering cash or another financial asset to settle a contractual obligation.
\n
Minority interests represent the equity in a subsidiary that is not attributable to the holders of KBC shares. When the
\n
proportion of the equity held by the minority interests changes, KBC adjusts the carrying value of the controlling and
\n
minority interests to reflect changes in their relative interests in the consolidated companies. KBC recognises in equity any
\n
difference between the amount by which the minority interests are adjusted and the fair value of the consideration paid or
\n
received, and allocates it to its controlling stake.
\n
\n
\n
KBC can buy back its own shares within the legal framework. These treasury shares (ordinary shares) are initially recognised
\n
on the balance sheet on the transaction date under the \u2018Treasury shares\u2019 heading. The acquisition price (including
\n
transaction costs) is deducted from equity. The dividend income from treasury shares is recognised in equity.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1334": {
"value": "\n
\nEquity
\n
\nEquity represents the residual interest in KBC\u2019s total assets after deduction of all its liabilities (referred to as \u2018net assets\u2019)
\nand encompasses all shares issued by KBC, reserves attributable to the holders of the shares and minority interests.
\n
\nKBC classifies all issued financial instruments as equity or as a financial liability based on the substance of the contractual
\narrangements. The critical feature that distinguishes a financial liability from a share is whether KBC has an unconditional
\nright to avoid delivering cash or another financial asset to settle a contractual obligation.
\nMinority interests represent the equity in a subsidiary that is not attributable to the holders of KBC shares. When the
\nproportion of the equity held by the minority interests changes, KBC adjusts the carrying value of the controlling and
\nminority interests to reflect changes in their relative interests in the consolidated companies. KBC recognises in equity any
\ndifference between the amount by which the minority interests are adjusted and the fair value of the consideration paid or
\nreceived, and allocates it to its controlling stake.
\n
\n\n
KBC can buy back its own shares within the legal framework. These treasury shares (ordinary shares) are initially recognised
\n
on the balance sheet on the transaction date under the \u2018Treasury shares\u2019 heading. The acquisition price (including
\n
transaction costs) is deducted from equity. The dividend income from treasury shares is recognised in equity.
\n
\n\n\n\n\n
\n\n\n\n\n\nBusiness combinations are accounted for using the acquisition method. Under this method, the consideration transferred
\nconsists of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree
\nand the equity interests issued by the acquirer. It includes contingent consideration. The consideration transferred in a
\nbusiness combination is measured at fair value. For measurement of the minority interests, KBC can decide for each
\nbusiness combination separately whether to measure the minority interest at fair value or as its proportionate share of the
\nacquired entity\u2019s net identifiable assets. The way the minority interest is measured on the acquisition date will have an
\nimpact on purchase accounting as a result of the determination of goodwill.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1335": {
"value": "\nKBC can buy back its own shares within the legal framework. These treasury shares (ordinary shares) are initially recognised
\non the balance sheet on the transaction date under the \u2018Treasury shares\u2019 heading. The acquisition price (including
\ntransaction costs) is deducted from equity. The dividend income from treasury shares is recognised in equity.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1337": {
"value": "\n
\n\n
\n
\n
Employee benefits
\n
\n
\n
Short-term employee benefits
\n
\n
Short-term employee benefits, such as salaries, paid absences, performance-related cash awards and social security
\n
contributions, are recognised over the period in which the employees provide the corresponding services. The related
\n
expenses are presented in the income statement as \u2018Operating expenses\u2019 under the \u2018Staff expenses\u2019 heading.
\n
\n\n\n\n
\n
\n
Post-employment benefits
\n
\n
KBC offers its employees pension schemes in the form of defined contribution or defined benefit plans. Under the defined
\n
contribution plans, KBC\u2019s statutory or constructive obligation is limited to the amount that it agrees to contribute to the
\n
fund. The amount of the post-employment benefit to be received by the employee is determined by the amount of the
\n
contributions paid by KBC and the employee into the post-employment benefit plan, as well as by the investment returns
\n
arising from those contributions. The actuarial risk is borne by the employee.
\n
Conversely, under the defined benefit plans, KBC\u2019s obligation is to provide the agreed benefits to current and former
\n
employees and, in substance, the actuarial risk and investment risk fall on KBC. This means that if, from an actuarial or
\n
investment viewpoint, things turn out worse than expected, KBC\u2019s obligation may be increased.
\n
In Belgium, defined contribution plans have a legally guaranteed minimum return and the actual return can be lower than
\n
the legally required return. In addition, these plans have defined benefit plan features and KBC treats them as defined
\n
benefit plans.
\n
Liabilities under the defined benefit plans and the Belgian defined contribution plans (or pension liabilities) are included
\n
under \u2018Other liabilities\u2019 and relate to the obligations for retirement and survivor\u2019s pensions, early retirement benefits and
\n
similar pensions and annuities.
\n
The pension obligations for employees under the defined benefit plans are calculated using the projected-unit-credit
\n
method, with each period of service granting additional entitlement to pension benefits.
\n
Actuarial valuations are performed every reporting period. The defined benefit liabilities are discounted using rates
\n
equivalent to the yields on high-quality corporate bonds that are denominated in the currency in which the benefits will be
\n
paid and that have a maturity similar to the related pension liabilities.
\n
\n
Changes in the net defined benefit liability/asset, apart from cash movements, are grouped into three main categories and
\n
recognised in operating expenses (service costs), interest expenses (net interest costs) and other comprehensive income
\n
(remeasurements).
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1338": {
"value": "\n
\n
\nEmployee benefits
\n
\n\n
Short-term employee benefits
\n
\n
Short-term employee benefits, such as salaries, paid absences, performance-related cash awards and social security
\n
contributions, are recognised over the period in which the employees provide the corresponding services. The related
\n
expenses are presented in the income statement as \u2018Operating expenses\u2019 under the \u2018Staff expenses\u2019 heading.
\n
\n\n\n\n
\nPost-employment benefits
\n
\nKBC offers its employees pension schemes in the form of defined contribution or defined benefit plans. Under the defined
\ncontribution plans, KBC\u2019s statutory or constructive obligation is limited to the amount that it agrees to contribute to the
\nfund. The amount of the post-employment benefit to be received by the employee is determined by the amount of the
\ncontributions paid by KBC and the employee into the post-employment benefit plan, as well as by the investment returns
\narising from those contributions. The actuarial risk is borne by the employee.
\nConversely, under the defined benefit plans, KBC\u2019s obligation is to provide the agreed benefits to current and former
\nemployees and, in substance, the actuarial risk and investment risk fall on KBC. This means that if, from an actuarial or
\ninvestment viewpoint, things turn out worse than expected, KBC\u2019s obligation may be increased.
\nIn Belgium, defined contribution plans have a legally guaranteed minimum return and the actual return can be lower than
\nthe legally required return. In addition, these plans have defined benefit plan features and KBC treats them as defined
\nbenefit plans.
\nLiabilities under the defined benefit plans and the Belgian defined contribution plans (or pension liabilities) are included
\nunder \u2018Other liabilities\u2019 and relate to the obligations for retirement and survivor\u2019s pensions, early retirement benefits and
\nsimilar pensions and annuities.
\nThe pension obligations for employees under the defined benefit plans are calculated using the projected-unit-credit
\nmethod, with each period of service granting additional entitlement to pension benefits.
\nActuarial valuations are performed every reporting period. The defined benefit liabilities are discounted using rates
\nequivalent to the yields on high-quality corporate bonds that are denominated in the currency in which the benefits will be
\npaid and that have a maturity similar to the related pension liabilities.
\n\n
Changes in the net defined benefit liability/asset, apart from cash movements, are grouped into three main categories and
\n
recognised in operating expenses (service costs), interest expenses (net interest costs) and other comprehensive income
\n
(remeasurements).
\n
\n\n\n\n
\n\n\n\n\nProvisions, contingent liabilities and contingent assets
\n
\nProvisions are recognised on the reporting date if and only if the following criteria are met:
\n\u2022 There is a present obligation (legal or constructive) due to a past event
\n\u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
\n\u2022 A reliable estimate can be made of the amount of the obligation
\n
\nThe amount recognised as a provision is the best estimate of the expenditure required to settle the obligation at the
\nbalance sheet date. When the effect of time is material, the amount recognised as a provision is the net present value of
\nthe best estimate.
\nDue to its inherent nature, a provision requires management judgement regarding the amount and timing of probable
\nfuture economic outflows.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1339": {
"value": "\nShort-term employee benefits
\n
\nShort-term employee benefits, such as salaries, paid absences, performance-related cash awards and social security
\ncontributions, are recognised over the period in which the employees provide the corresponding services. The related
\nexpenses are presented in the income statement as \u2018Operating expenses\u2019 under the \u2018Staff expenses\u2019 heading.
\n
\n\n\n\n\nChanges in the net defined benefit liability/asset, apart from cash movements, are grouped into three main categories and
\nrecognised in operating expenses (service costs), interest expenses (net interest costs) and other comprehensive income
\n(remeasurements).
\n
\n\n\n\n\n
\n\n
Levies
\n
\n
Public authorities can impose various levies on KBC. The size of the levies can depend on the amount of revenue (mainly
\n
interest income) generated by KBC, the amount of deposits accepted from clients, and the total balance sheet volume,
\n
including corrections based on certain, specific ratios. In accordance with IFRIC 21, levies are recognised when the
\n
obligating event that gives rise to recognition of the liability has occurred as stated in the relevant legislation. Depending
\n
on the obligating event, levies can be recognised at a single point in time or over time. Most of the levies imposed on KBC
\n
have to be recognised at a single point in time, which is mainly the beginning of the financial year. KBC recognises levies
\n
under \u2018Operating expenses\u2019.
\n
\n\n\n\n
\n\n\n\n\nDepreciation charges, impairment losses and gains or losses on disposal are recognised under \u2018Operating expenses\u2019 in the
\nincome statement, with the exception of assets that are leased under operating leases (KBC as a lessor), for which the
\ncosts are recognised in \u2018Net other income\u2019.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1341": {
"value": "\n
\n\n
Net fee and commission income
\n
\n
Most net fee and commission income falls under the scope of IFRS 15 (Revenue from Contracts with Customers), as it relates
\n
to the services that KBC provides to its clients and is outside the scope of other IFRS standards. For the recognition of
\n
revenue, KBC identifies the contract and defines the promises (performance obligations) in the transaction. Revenue is
\n
recognised only when KBC has satisfied the performance obligation.
\n
A distinction is made between service revenues the client consumes simultaneously when receiving the benefits, where the
\n
performance obligation is met over time, and service revenues where the performance obligation is met at a specific time.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1342": {
"value": "\nNet fee and commission income
\n
\nMost net fee and commission income falls under the scope of IFRS 15 (Revenue from Contracts with Customers), as it relates
\nto the services that KBC provides to its clients and is outside the scope of other IFRS standards. For the recognition of
\nrevenue, KBC identifies the contract and defines the promises (performance obligations) in the transaction. Revenue is
\nrecognised only when KBC has satisfied the performance obligation.
\nA distinction is made between service revenues the client consumes simultaneously when receiving the benefits, where the
\nperformance obligation is met over time, and service revenues where the performance obligation is met at a specific time.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1344": {
"value": "\nLevies
\n
\nPublic authorities can impose various levies on KBC. The size of the levies can depend on the amount of revenue (mainly
\ninterest income) generated by KBC, the amount of deposits accepted from clients, and the total balance sheet volume,
\nincluding corrections based on certain, specific ratios. In accordance with IFRIC 21, levies are recognised when the
\nobligating event that gives rise to recognition of the liability has occurred as stated in the relevant legislation. Depending
\non the obligating event, levies can be recognised at a single point in time or over time. Most of the levies imposed on KBC
\nhave to be recognised at a single point in time, which is mainly the beginning of the financial year. KBC recognises levies
\nunder \u2018Operating expenses\u2019.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1346": {
"value": "\n
\nIncome tax
\n
\nIncome tax consists of three items, namely taxes paid/payable over the reporting period,
\nunderprovisioning/overprovisioning in previous years, and changes in deferred tax assets/deferred tax liabilities. It is
\naccounted for either in the income statement or in other comprehensive income, depending on where the items that
\ntriggered the tax are recorded. Income taxes that are initially accounted for in other comprehensive income and that relate
\nto gains or losses that are subsequently recognised in the income statement are recycled to the income statement in the
\nsame period in which that item is accounted for in the income statement.
\n
\nDeferred and current tax assets and liabilities are offset when there is both a legal right of offset and the intention to settle
\non a net basis or to realise the asset and settle the liability simultaneously.
\n
\nCurrent tax assets/liabilities
\n
\nCurrent tax for the period is measured at the amount expected to be paid to or recovered from the tax authorities, based
\non tax law that is enacted or substantively enacted by the reporting date.
\n
\n\n
Deferred tax assets/liabilities
\n
\n
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying value of an asset or
\n
liability and its tax base. They are measured using the tax rates that are substantively enacted at the reporting date and
\n
expected to be in effect on realisation of the assets or settlement of the liabilities to which they relate and that reflect the
\n
tax consequences following from the manner in which the entity expects to recover or settle the carrying value of the
\n
underlying asset or liability at the balance sheet date.
\n
Deferred tax assets are recognised for all deductible temporary differences between the carrying value of assets and
\n
liabilities and their tax base, as well as for the carry forward of unused tax losses and unused tax credits, to the extent that
\n
it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. KBC
\n
calculates deferred tax assets to carry forward unused tax losses. When estimating the period over which tax losses can
\n
be set off against future taxable profits, KBC uses projections for a period of eight to ten years.
\n
Deferred tax assets/liabilities that relate to business combinations are recorded directly in goodwill.
\n
Deferred tax assets/liabilities are not discounted.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1347": {
"value": "\nDeferred tax assets/liabilities
\n
\nDeferred tax liabilities are recognised for all taxable temporary differences between the carrying value of an asset or
\nliability and its tax base. They are measured using the tax rates that are substantively enacted at the reporting date and
\nexpected to be in effect on realisation of the assets or settlement of the liabilities to which they relate and that reflect the
\ntax consequences following from the manner in which the entity expects to recover or settle the carrying value of the
\nunderlying asset or liability at the balance sheet date.
\nDeferred tax assets are recognised for all deductible temporary differences between the carrying value of assets and
\nliabilities and their tax base, as well as for the carry forward of unused tax losses and unused tax credits, to the extent that
\nit is probable that taxable profit will be available against which the deductible temporary differences can be utilised. KBC
\ncalculates deferred tax assets to carry forward unused tax losses. When estimating the period over which tax losses can
\nbe set off against future taxable profits, KBC uses projections for a period of eight to ten years.
\nDeferred tax assets/liabilities that relate to business combinations are recorded directly in goodwill.
\nDeferred tax assets/liabilities are not discounted.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1348": {
"value": "\n
\n\n
\n
\n
\n
Property and equipment
\n
\n
Property and equipment are recognised initially at cost (including directly allocable acquisition costs). KBC subsequently
\n
measures property and equipment at the initial cost less accumulated depreciation and impairment. The rates of
\n
depreciation are determined on the basis of the estimated useful life of the assets and are applied according to the
\n
straight-line method from the moment the assets are available for use. Property and equipment are derecognised upon
\n
disposal or when the relevant asset is permanently withdrawn from use and no future economic benefits are expected from
\n
its disposal. Gains or losses upon derecognition are recognised in the income statement in the period in which
\n
derecognition occurs.
\n
Property and equipment are subject to impairment testing when there is an indication that the asset might have been
\n
impaired.
\n
\n
\n
Depreciation charges, impairment losses and gains or losses on disposal are recognised under \u2018Operating expenses\u2019 in the
\n
income statement, with the exception of assets that are leased under operating leases (KBC as a lessor), for which the
\n
costs are recognised in \u2018Net other income\u2019.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1349": {
"value": "\n
\n\n
\n
Property and equipment
\n
\n
Property and equipment are recognised initially at cost (including directly allocable acquisition costs). KBC subsequently
\n
measures property and equipment at the initial cost less accumulated depreciation and impairment. The rates of
\n
depreciation are determined on the basis of the estimated useful life of the assets and are applied according to the
\n
straight-line method from the moment the assets are available for use. Property and equipment are derecognised upon
\n
disposal or when the relevant asset is permanently withdrawn from use and no future economic benefits are expected from
\n
its disposal. Gains or losses upon derecognition are recognised in the income statement in the period in which
\n
derecognition occurs.
\n
Property and equipment are subject to impairment testing when there is an indication that the asset might have been
\n
impaired.
\n
\n
\n
Depreciation charges, impairment losses and gains or losses on disposal are recognised under \u2018Operating expenses\u2019 in the
\n
income statement, with the exception of assets that are leased under operating leases (KBC as a lessor), for which the
\n
costs are recognised in \u2018Net other income\u2019.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
Note 5.4: Property and equipment and investment property
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Property and equipment | \n3 578 | \n3 396 | \n\n\n
\n\n| Investment property | \n363 | \n 585 | \n\n\n
\n\n| Rental income | \n49 | \n 55 | \n\n\n
\n\n| Direct operating expenses from investments generating rental income | \n14 | \n 16 | \n\n\n
\n\n| Direct operating expenses from investments not generating rental income | \n0 | \n 1 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n| MOVEMENTS TABLE | \nLand and buildings | \nIT equipment | \nOther equipment | \nTotal property and equipment | \nInvestment property | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 271 | \n135 | \n1 990 | \n3 396 | \n585 | \n\n\n
\n\n| Acquisitions | \n160 | \n72 | \n714 | \n945 | \n141 | \n\n\n
\n\n| Disposals | \n-31 | \n-3 | \n-237 | \n-272 | \n-23 | \n\n\n
\n\n| Depreciation | \n-103 | \n-59 | \n-28 | \n-190 | \n-31 | \n\n\n
\n\n| Other movements | \n21 | \n4 | \n-327 | \n-303 | \n-308 | \n\n\n
\n\n| Closing balance | \n1 317 | \n148 | \n2 112 | \n3 578 | \n363 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 678 | \n472 | \n963 | \n3 113 | \n293 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 596 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 306 | \n122 | \n1 789 | \n3 216 | \n485 | \n\n\n
\n\n| Acquisitions | \n 109 | \n 83 | \n 803 | \n 995 | \n 149 | \n\n\n
\n\n| Disposals | \n-44 | \n-2 | \n-271 | \n-317 | \n-13 | \n\n\n
\n\n| Depreciation | \n-102 | \n-62 | \n-30 | \n-194 | \n-33 | \n\n\n
\n\n| Other movements | \n 3 | \n-6 | \n-300 | \n-304 | \n-2 | \n\n\n
\n\n| Closing balance | \n1 271 | \n 135 | \n1 990 | \n3 396 | \n 585 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 609 | \n 484 | \n 882 | \n2 975 | \n 324 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 839 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\u2022 Annual rates of depreciation: mainly 3% for buildings (including investment property), 33% for IT equipment, between 5% and
\n
33% for other equipment. No depreciation is charged for land.
\n
\n\n\n\n
\n
\u2022 There was a small amount (around 0.2 billion euros) for commitments for the acquisition of property and equipment. There
\n
are no material restrictions on title, or on property and equipment pledged as security for liabilities.
\n
\u2022 Most investment property is valued by an independent expert on a regular basis and by in-house specialists on an annual
\n
basis, based primarily on the capitalisation of the estimated rental value and on unit prices of similar real property. Account
\n
is taken of all the market inputs available on the date of the assessment (including location and market situation, type of
\n
building and construction, state of repair, use, etc.).
\n
\u2022 Certain other investment property is valued annually by in-house specialists based on the current annual rental per building
\n
and expected rental movements and on an individual capitalisation rate per building.
\n
\u2022 The impact of the heavy flooding and other extreme weather conditions in 2025 and 2024 on property and equipment and
\n
investment property (in this case, our branch network) and on the associated impairment was insignificant. For information
\n
regarding climate-related and other ESG risks, see the \u2018Sustainability statement\u2019 section.
\n
\u2022 The impact of our own activities as a bank-insurer on the environment is very limited, especially when compared to
\n
industrial companies and our indirect impact through lending and other activities, and stems mainly from our buildings and
\n
vehicles (commuting). We nevertheless also calculate our own direct greenhouse gas impact and apply certain targets in
\n
that regard. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\n
More details can also be found in our Climate Report and our Sustainability Report at www.kbc.com.
\n
\u2022 \u2018Other equipment\u2019 mostly comprises full service vehicle leases (mainly cars and bicycles) under operating leases. The other
\n
movements in \u2018Other equipment\u2019 mainly concern depreciation of these assets, recognised under \u2018Net other income\u2019 in
\n
the income statement.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag1350": {
"value": "\n
\nProperty and equipment
\n
\nProperty and equipment are recognised initially at cost (including directly allocable acquisition costs). KBC subsequently
\nmeasures property and equipment at the initial cost less accumulated depreciation and impairment. The rates of
\ndepreciation are determined on the basis of the estimated useful life of the assets and are applied according to the
\nstraight-line method from the moment the assets are available for use. Property and equipment are derecognised upon
\ndisposal or when the relevant asset is permanently withdrawn from use and no future economic benefits are expected from
\nits disposal. Gains or losses upon derecognition are recognised in the income statement in the period in which
\nderecognition occurs.
\nProperty and equipment are subject to impairment testing when there is an indication that the asset might have been
\nimpaired.
\n
\n\n
Depreciation charges, impairment losses and gains or losses on disposal are recognised under \u2018Operating expenses\u2019 in the
\n
income statement, with the exception of assets that are leased under operating leases (KBC as a lessor), for which the
\n
costs are recognised in \u2018Net other income\u2019.
\n
\n\n\n\n
\n\n\n\n\nInvestment property
\n
\nInvestment property is defined as a property built, purchased or acquired by KBC under a lease and is held to earn rentals
\nor for the purpose of capital appreciation rather than being used by KBC for the provision of services or for administrative
\npurposes.
\nInvestment property is initially recognised at cost (including directly attributable costs). KBC subsequently measures it at
\nthe initial cost less accumulated depreciation and impairment.
\nThe depreciation charge is recognised under \u2018Net other income\u2019 in the income statement.
\n
\n\n\n\n\nIntangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\nAmortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\nhardware
\n\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\nyears according to the straight-line method from the time the software is available for use
\n\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\nledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n\n\u2022 Annual rates of depreciation: mainly 3% for buildings (including investment property), 33% for IT equipment, between 5% and
\n33% for other equipment. No depreciation is charged for land.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
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"Tag1352": {
"value": "\n
\n\n
Investment property
\n
\n
Investment property is defined as a property built, purchased or acquired by KBC under a lease and is held to earn rentals
\n
or for the purpose of capital appreciation rather than being used by KBC for the provision of services or for administrative
\n
purposes.
\n
Investment property is initially recognised at cost (including directly attributable costs). KBC subsequently measures it at
\n
the initial cost less accumulated depreciation and impairment.
\n
The depreciation charge is recognised under \u2018Net other income\u2019 in the income statement.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag1354": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
Intangible assets
\n
\n
Intangible assets include goodwill, software developed in-house, software developed externally and other intangible
\n
assets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\n
goodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\n
Separately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\n
developed intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\n
KBC can demonstrate:
\n
\u2022 The technical feasibility of completing them
\n
\u2022 An intention to complete for use or sale
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\u2022 An ability to use or sell them
\n
\u2022 The way in which the intangible assets will generate future economic benefits
\n
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\n
intangible assets
\n
\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\n
Internally generated intangible assets are initially measured at the development costs directly attributable to the design
\n
and testing of the unique software controlled by KBC.
\n
Directly attributable costs capitalised as part of the software developed in-house include software development
\n
employee costs and directly attributable overheads.
\n
Research expenses, other development expenditure, costs associated with maintaining software and investment projects
\n
(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\n
criteria are recognised as an expense in the period they are incurred.
\n
\n
\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Goodwill is the excess of the consideration transferred and the amount of minority interests over the acquisition-date
\n
amounts of the identifiable assets acquired and the liabilities assumed, generally measured at fair value. In order to
\n
complete the acquisition accounting and determine the goodwill, KBC applies a measurement period of maximum one
\n
year from the acquisition date. The classification of the financial assets acquired and financial liabilities assumed in the
\n
business combination is based on the facts and circumstances existing at the acquisition date (except for lease and
\n
insurance contracts, which are classified on the basis of the contractual terms and other factors at the inception of the
\n
relevant contract).
\n
Goodwill is presented under \u2018Goodwill and other intangible assets\u2019 and is carried at cost less impairment losses. Goodwill is
\n
not amortised, but is tested for impairment at least once a year or when there is objective evidence (external or internal)
\n
that it should be impaired. If the acquisition accounting is not complete because the 12-month measurement period has
\n
not elapsed, the goodwill is not considered as final and is only tested if there is objective evidence that the provisional
\n
goodwill is impaired.
\n
For the purpose of testing goodwill for impairment, it is allocated to each of KBC\u2019s cash-generating units that are expected
\n
to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquired entity are
\n
assigned to those units. An impairment loss is recognised if the carrying value of the cash-generating unit to which the
\n
goodwill belongs exceeds its recoverable amount. Impairment losses on goodwill cannot be reversed.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1355": {
"value": "\n
\n\n
\n
\n
\n
\n
Intangible assets
\n
\n
Intangible assets include goodwill, software developed in-house, software developed externally and other intangible
\n
assets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\n
goodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\n
Separately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\n
developed intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\n
KBC can demonstrate:
\n
\u2022 The technical feasibility of completing them
\n
\u2022 An intention to complete for use or sale
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\u2022 An ability to use or sell them
\n
\u2022 The way in which the intangible assets will generate future economic benefits
\n
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\n
intangible assets
\n
\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\n
Internally generated intangible assets are initially measured at the development costs directly attributable to the design
\n
and testing of the unique software controlled by KBC.
\n
Directly attributable costs capitalised as part of the software developed in-house include software development
\n
employee costs and directly attributable overheads.
\n
Research expenses, other development expenditure, costs associated with maintaining software and investment projects
\n
(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\n
criteria are recognised as an expense in the period they are incurred.
\n
\n
\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1356": {
"value": "\n
\n\n
\n
\n
Intangible assets
\n
\n
Intangible assets include goodwill, software developed in-house, software developed externally and other intangible
\n
assets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\n
goodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\n
Separately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\n
developed intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\n
KBC can demonstrate:
\n
\u2022 The technical feasibility of completing them
\n
\u2022 An intention to complete for use or sale
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\u2022 An ability to use or sell them
\n
\u2022 The way in which the intangible assets will generate future economic benefits
\n
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\n
intangible assets
\n
\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\n
Internally generated intangible assets are initially measured at the development costs directly attributable to the design
\n
and testing of the unique software controlled by KBC.
\n
Directly attributable costs capitalised as part of the software developed in-house include software development
\n
employee costs and directly attributable overheads.
\n
Research expenses, other development expenditure, costs associated with maintaining software and investment projects
\n
(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\n
criteria are recognised as an expense in the period they are incurred.
\n
\n
\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n
\n
\n
Note 5.5: Goodwill and other intangible assets
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\n
activities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\n
shown on the balance sheet.
\n
\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\n
and Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\n
quarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\n
generating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\n
entity.
\n
\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\n
carrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\n
cashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n
\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\n
the discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\n
the present value of all future free cashflows of the business. This method is based on long-term projections about the
\n
company\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\n
business at the end of the specific projection period). These long-term projections are the result of an assessment of past
\n
and present performances combined with external sources of information on future performances in the respective markets
\n
and the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\n
have been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\n
determined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\n
a compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\n
a market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\n
discounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\n
that can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n\n\n | \n | \n | \nDiscount rates throughout the specific period | \n\n\n
\n\n| Goodwill outstanding | \n | \n | \n | \nof cashflow projections | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| K&H Bank | \n180 | \n169 | \n14.8% \u2013 12.9% | \n14.7% \u2013 13.5% | \n\n\n
\n\n| \u010cSOB (Czech Republic) | \n257 | \n248 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| \u010cSOB Stavebn\u00ed sporitelna | \n67 | \n65 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| United Bulgarian Bank | \n546 | \n546 | \n11.1% \u2013 11.7% | \n12.4% \u2013 12.3% | \n\n\n
\n\n| DZI Insurance | \n75 | \n75 | \n10.4% - 10.9% | \n10.1% | \n\n\n
\n\n| KBC Commercial Finance | \n21 | \n21 | \n11.0% \u2013 11.7% | \n11.6% \u2013 12.2% | \n\n\n
\n\n| Pension Insurance Company UBB | \n56 | \n56 | \n7.1% \u20137.4% | \n7.3% \u2013 7.8% | \n\n\n
\n\n| Rest | \n37 | \n42 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Total | \n1 239 | \n1 221 | \n\u2013 | \n\u2013 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The period to which the cashflow budgets and projections relate is 10 years in most cases. This longer period is used to take
\n
account of current strong growth in the Central and Eastern European countries, where the growth rate is expected to
\n
develop towards a more moderate level in the longer term.
\n
\u2022 The growth rate used to extrapolate the cashflow projections after that period is equal to the expected long-term growth
\n
rate of the gross domestic product. This rate depends on the country and varied between 3.3% and 4.9% in 2025 (between
\n
3.2% and 4.7% in 2024).
\n
\u2022 No sensitivity analysis was carried out for entities where the recoverable amount exceeded the carrying value to such a
\n
large extent that no reasonably possible change in the key assumptions would result in the recoverable amount being less
\n
than or equal to the carrying value. The table gives an indication for the other entities (one in 2025) of the impact of
\n
reasonable changes in key assumptions on impairment on goodwill.
\n
\n
\n
\n\n\n| Sensitivity to reasonable changes (in millions of EUR)* | \n1.0% increase in discount rate | \n1.0% increase in targeted solvency ratio | \n5% decrease in annual net profit | \n\n\n
\n\n\n\n\n\n| \u010cSOB Stavebn\u00ed spo\u0159itelna | \n-12 | \n-8 | \n-10 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1357": {
"value": "\n
\n\n
Intangible assets
\n
\n
Intangible assets include goodwill, software developed in-house, software developed externally and other intangible
\n
assets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\n
goodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\n
Separately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\n
developed intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\n
KBC can demonstrate:
\n
\u2022 The technical feasibility of completing them
\n
\u2022 An intention to complete for use or sale
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\u2022 An ability to use or sell them
\n
\u2022 The way in which the intangible assets will generate future economic benefits
\n
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\n
intangible assets
\n
\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\n
Internally generated intangible assets are initially measured at the development costs directly attributable to the design
\n
and testing of the unique software controlled by KBC.
\n
Directly attributable costs capitalised as part of the software developed in-house include software development
\n
employee costs and directly attributable overheads.
\n
Research expenses, other development expenditure, costs associated with maintaining software and investment projects
\n
(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\n
criteria are recognised as an expense in the period they are incurred.
\n
\n
\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1358": {
"value": "\nIntangible assets
\n
\nIntangible assets include goodwill, software developed in-house, software developed externally and other intangible
\nassets. Intangible assets can be (i) acquired as part of a business combination transaction (see \u2018Business combinations and
\ngoodwill\u2019 below), (ii) acquired separately or (iii) developed internally.
\n
\nSeparately acquired intangible assets (mainly software developed externally) are initially recognised at cost. Internally
\ndeveloped intangible assets (mainly software developed in-house) are recognised only if they arise from development and
\nKBC can demonstrate:
\n\u2022 The technical feasibility of completing them
\n\u2022 An intention to complete for use or sale
\n
\n\n\n\n\n
\n\u2022 An ability to use or sell them
\n\u2022 The way in which the intangible assets will generate future economic benefits
\n\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
\nintangible assets
\n\u2022 The possibility to reliably measure the expenditure attributable to the intangible assets during their development
\n
\nInternally generated intangible assets are initially measured at the development costs directly attributable to the design
\nand testing of the unique software controlled by KBC.
\nDirectly attributable costs capitalised as part of the software developed in-house include software development
\nemployee costs and directly attributable overheads.
\nResearch expenses, other development expenditure, costs associated with maintaining software and investment projects
\n(large-scale projects introducing or replacing an important business objective or model) that do not meet the recognition
\ncriteria are recognised as an expense in the period they are incurred.
\n
\n\n
Intangible assets are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.
\n
Amortisation begins when the asset is available for use as intended by management. Software is amortised as follows:
\n
\u2022 System software (initial purchased software forming an integral part with hardware) is amortised at the same rate as
\n
hardware
\n
\u2022 Standard software and customised software developed by a third party or developed in-house are amortised over five
\n
years according to the straight-line method from the time the software is available for use
\n
\u2022 Core systems (typically including deposit account processing, loan and credit processing, interfaces to the general
\n
ledger and reporting tools) are amortised according to the straight-line method over a minimum period of eight years
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1366": {
"value": "\n
\n\n
\n
\n
Impairment of non-financial assets
\n
\n
When KBC prepares financial statements, it ensures that the carrying value of the non-financial asset does not exceed the
\n
amount that could be obtained from either using or selling it (\u2018recoverable amount\u2019). Property and equipment, investment
\n
property and software are subject to the impairment review only when there is objective evidence of impairment. Goodwill
\n
and intangible assets with an indefinite useful life are subject to impairment reviews at least annually and also reviewed for
\n
impairment indicators every quarter.
\n
Indications that an impairment loss is required may stem from either an internal source (e.g., the condition of the asset) or
\n
an external source (e.g., new technology or a significant decline in the asset\u2019s market value).
\n
When an impairment indicator is present, KBC reviews the asset\u2019s recoverable amount and the asset is impaired if its
\n
recoverable amount is lower than its carrying value at the reporting date. The recoverable amount is defined as the higher
\n
of the value in use and the fair value less cost to sell.
\n
Value in use is defined as the discounted future cashflows expected to be derived from an asset or a cash-generating unit.
\n
Impairment is borne at individual asset level, but when the individual asset does not generate cash inflows that are largely
\n
independent of those from other assets or groups of assets, the recoverable amount is determined for the so-called \u2018cash-
\n
generating unit\u2019 (CGU) to which the asset or group of assets belongs. In forming the CGUs, KBC applies its own judgement
\n
to define the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
\n
inflows from other assets or groups of assets. This process mainly applies to goodwill that has been recognised in relation to
\n
acquisitions.
\n
Impairment losses are recognised in the income statement for the period in which they occur. An impairment loss can be
\n
reversed if the condition that triggered it is no longer present, except for goodwill, which can never be reversed. Impairment
\n
gains are recognised in the income statement for the period in which they occur.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\nFinancial assets \u2013 impairment
\n
\nDefinition of default
\n
\nKBC defines defaulted financial assets in the same way as the definition for internal risk management purposes and in line
\nwith the guidance and standards of financial industry regulators. A financial asset is considered in default if any of the
\nfollowing conditions is fulfilled:
\n\u2022 There is a significant deterioration in creditworthiness
\n\u2022 The asset is flagged as non-accrual
\n\u2022 The asset is forborne and meets the default criteria in accordance with the internal policies for forbearance (for
\nexample, when an additional forbearance measure is extended to a forborne asset that did not reach default status
\nwithin two years of the first forbearance measure being granted, or when a forborne asset becomes more than 30 days
\npast due within the two-year period)
\n\u2022 KBC has filed for the borrower\u2019s bankruptcy
\n\u2022 The counterparty has filed for bankruptcy or sought similar protection measures
\n\u2022 The credit facility granted to the client has been terminated
\n
\nKBC applies a backstop for facilities whose status is \u201890 days or more past due\u2019. In this context, a backstop is used as a
\nfinal control to ensure that all the assets that should have been designated as defaulted are properly identified.
\n
\nExpected credit loss model (ECL model) \u2013 general
\n
\n\n
The ECL model is used to measure impairment of financial assets.
\n
\n
The scope of the ECL model is based on how financial assets are classified. The model is applicable to the following
\n
financial assets:
\n
\u2022 Financial assets measured at AC and at FVOCI
\n
\u2022 Loan commitments and financial guarantees
\n
\u2022 Finance lease receivables
\n
\u2022 Trade and other receivables
\n
\n\n\n\n\n\n
\nNo ECLs are calculated for investments in equity instruments.
\n
\nFinancial assets that are in scope of the ECL model carry impairment in an amount equal to the lifetime ECL if the credit risk
\nincreases significantly after initial recognition. Otherwise, the loss allowance is equal to the 12-month ECL (see below for
\nmore information on the significant increase in credit risk).
\n
\nTo distinguish the various stages with regard to quantifying ECL, KBC uses the internationally accepted terminology for
\n\u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets. Unless they are already credit impaired, all financial assets are classified
\nin \u2018Stage 1\u2019 at the time of initial recognition and 12-month ECL is recognised. Once a significant increase in credit risk occurs
\nafter initial recognition, the asset is moved into \u2018Stage 2\u2019 and lifetime ECL is recognised. Once an asset meets the definition
\nof default, it is moved into \u2018Stage 3\u2019.
\n\n
For trade receivables, IFRS 9 allows for a practical expedient. The ECL for trade receivables can be measured in an amount
\n
equal to their lifetime ECL. KBC applies this practical expedient to trade and other receivables.
\n
\n\n\n\n\n\n
Impairment gains and losses on financial assets are recognised under the \u2018Impairment\u2019 heading in the income statement.
\nFinancial assets that are measured at AC are presented in the balance sheet at their net carrying value, which is the gross
\ncarrying value less impairment. Debt instruments measured at FVOCI are presented in the balance sheet at their carrying
\nvalue, which is their fair value on the reporting date. The adjustment for the ECL is recognised as a reclassification
\nadjustment between the income statement and OCI.
\n
\n\n\n\n\n\n\nSignificant increase in credit risk since initial recognition
\n
\nIn accordance with the ECL model, financial assets attract lifetime ECL once their credit risk increases significantly after
\ninitial recognition. Therefore, the assessment of a significant increase in credit risk is important for the staging of financial
\nassets. The assessment of a significant increase in credit risk is a relative assessment based on the credit risk that was
\nassigned upon initial recognition. This is a multi-factor assessment and, therefore, KBC has developed a multi-tier
\napproach for both the bond portfolio and the loan portfolio.
\n
\nMulti-tier approach (MTA) \u2013 bond portfolio
\n
\nFor the bond portfolio, the MTA consists of three tiers:
\n\u2022 Low-credit exception: 12-month ECL is always recognised for bonds if they have a low credit risk on the reporting date
\n(i.e. \u2018Stage 1\u2019). KBC uses this exception for investment grade bonds.
\n\u2022 Lifetime probability of default (LTPD) (only applicable if the first-tier criterion is not met): this is a relative assessment that
\ncompares the lifetime probability of default (LTPD) upon initial recognition to that on the reporting date. The relative
\nchange in LTPD that triggers staging is an increase of 200%.
\n\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\nassets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\nadequately captured in the first two tiers of the MTA. Examples of idiosyncratic events are unexpected developments in
\nthe macroeconomic environment (for example, the coronavirus crisis), uncertainties about geopolitical events (such as a
\nwar) and the secondary impact of material defaults (e.g., on the suppliers, clients and employees of a defaulted
\ncompany).
\n
\nIf none of these triggers results in a move into \u2018Stage 2\u2019, the bond remains in \u2018Stage 1\u2019. A financial asset is considered as
\n\u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA is symmetrical, i.e. bonds that have been moved into \u2018Stage
\n2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier criterion that triggered the migration is not met on a subsequent
\nreporting date.
\n
\nLoan portfolio
\n
\nFor the loan portfolio, KBC uses a five-tier approach. This MTA is a waterfall approach (i.e. if assessing the first tier does not
\nresult in a move into \u2018Stage 2\u2019, the second tier is assessed, and so on). In the end, if all tiers are assessed without triggering
\na migration to \u2018Stage 2\u2019, the credit remains in \u2018Stage 1\u2019.
\n\u2022 Lifetime probability of default (LTPD): the LTPD is used as the main criterion for assessing an increase in credit risk. It is a
\nrelative assessment that compares the lifetime probability of default (LTPD) upon initial recognition to that on the
\nreporting date. KBC does the assessment at facility level for each reporting period. The relative change in LTPD that
\ntriggers staging is an increase of 200%.
\n\u2022 Forbearance: forborne financial assets are always considered as \u2018Stage 2\u2019 unless they are already defaulted, in which
\ncase they are moved into \u2018Stage 3\u2019.
\n\u2022 Days past due: KBC uses the backstop defined in the standard. A financial asset that is more than 30 days past due is
\nmoved into \u2018Stage 2\u2019.
\n\u2022 Watch list: KBC uses the watch list criterion to move loans into \u2018Stage 2\u2019. The watch list includes credit with an increased
\ncredit risk but which is not (yet) classified as default/non-performing and which is subject to enhanced monitoring and
\nreview by the bank. KBC does this assessment at client level for each reporting period.
\n\u2022 Management assessment: lastly, management review and assess the significant increase in credit risk for financial
\nassets at an individual (i.e. counterparty) and portfolio level, when it is concluded that idiosyncratic events are not
\nadequately captured in the first four tiers of the MTA (see above for a number of examples).
\n
\nA financial asset in scope of the ECL model is considered as \u2018Stage 3\u2019 as soon as it meets the definition of default. The MTA
\nis symmetrical, i.e. credit that has been moved into \u2018Stage 2\u2019 or \u2018Stage 3\u2019 can revert to \u2018Stage 1\u2019 or \u2018Stage 2\u2019 if the tier
\ncriterion that triggered the migration is not met on a subsequent reporting date.
\n
\n\n\n\n\n\n\nMeasurement of ECL
\n
\nECL is calculated as the product of probability of default (PD), estimated exposure at default (EAD) and loss given default
\n(LGD).
\n
\nECL is calculated to reflect:
\n\u2022 An unbiased, probability-weighted amount
\n\u2022 The time value of money
\n\u2022 Information about past events, current conditions and forecast economic conditions
\n
\nLifetime ECL represents the sum of ECL over the lifetime of the financial asset discounted at the original effective interest
\nrate. The 12-month ECL represents the portion of lifetime ECL resulting from a default in the 12-month period after the
\nreporting date.
\n
\nKBC uses specific IFRS 9 models for PD, EAD and LGD in order to calculate ECL. As much as possible and to promote
\nefficiency, KBC uses modelling techniques similar to those developed for prudential purposes (i.e. Basel models). More
\ninformation on the credit risk models developed by KBC is provided in the \u2018Internal modelling and validation\u2019 section of the
\nRisk Report at www.kbc.com. That said, KBC ensures that the Basel models are adapted so they comply with IFRS 9:
\n\u2022 KBC removes the conservatism that is required by the regulator for Basel models
\n\u2022 KBC adjusts how macroeconomic parameters affect the outcome to ensure that the IFRS 9 models reflect a \u2018point-in-
\ntime\u2019 estimate rather than one that is \u2018through the cycle\u2019 (as required by the regulator)
\n\u2022 KBC applies forward-looking macroeconomic information in the models
\n
\n
\nAs regards loans that are in default, the ECL is also calculated as the product of the PD, EAD and LGD. In this specific case,
\nhowever, the PD is set at 100%, the EAD is known given the default status and the LGD takes into account the net present
\nvalue of the (un)recoverable amount.
\n
\nKBC uses the IRB and Standardised models to assign the Basel PD, which then serves as input for IFRS 9 ECL calculations
\nand staging. If there is no Basel PD model with a similar scope to the IFRS 9 model, the long-term observed default rate is
\nused as the PD for all facilities in the portfolio. For low default portfolios, there may have been no or only a small number of
\ndefaults in the period being considered, in which case the PD is determined based on expert input and external ratings.
\n
\nKBC considers forward-looking information in the calculation of ECL via macroeconomic variables and based on
\nmanagement\u2019s assessment of any idiosyncratic events. KBC\u2019s Chief Economist develops three different macroeconomic
\nscenarios (base-case, up and down) for all the KBC Core Countries and sets a corresponding probability for each scenario.
\nOn a quarterly basis, KBC updates the economic scenarios and attributed weightings to be used for the ECL calculation
\nbased on the input of the Chief Economist. The incorporation of the macroeconomic variables included in these scenarios in
\nthe PD, EAD and LGD components of the ECL calculation is based on statistical correlation in historical datasets.
\n
\nThe maximum period for measurement of ECL is the maximum contractual period (including extensions), except for specific
\nfinancial assets that include a drawn and an undrawn amount available on demand, and KBC\u2019s contractual ability to
\nrequest repayment of the drawn amount and cancel the undrawn commitment does not limit the exposure to credit risk to
\nthe contractual period. Only for such assets can a measurement period extend beyond the contractual period.
\n
\nReimbursement assets in the context of Significant Risk Transfer (SRT) for financial guarantees received which are not
\nconsidered integral to a debt instrument (i.e. not part of the contractual terms) are recognised on the balance sheet under
\n\u2018Other assets\u2019. The valuation of the reimbursement asset is the lowest of the expected credit loss (ECL) on the underlying
\ncredits and the losses covered by the financial guarantee received minus any first loss tranche retained by KBC minus
\nclaimed credit losses. It reduces the impairment losses on the debt instruments covered by the financial guarantee and is
\npresented on the line \u2018Impairment on financial assets at amortised cost and at fair value through OCI\u2019 in the income
\nstatement. A precondition for this treatment is that it must be virtually certain that the guarantee would reimburse the bank
\nfor the credit losses.
\n
\nPurchased or originated credit impaired (POCI) assets
\n
\nKBC defines POCI assets as financial assets in scope of the IFRS 9 impairment standard that are already defaulted at
\norigination (i.e. they then meet the definition of default). POCI assets are initially recognised at an amount net of
\nimpairment and are measured at amortised cost using a credit-adjusted effective interest rate. In subsequent periods, any
\nchanges to the lifetime ECL are recognised in the income statement. Favourable changes are recognised as an impairment
\ngain, even if the lifetime ECL on the reporting date is lower than the lifetime ECL at origination.
\n
\n\n\n\n\n\n\nSignificant judgements and uncertainties
\n
\nCalculating ECL (and the significant increase in credit risk since initial recognition) requires significant judgement of various
\naspects, including the borrowers\u2019 financial position and repayment capabilities, the value and recoverability of collateral,
\nprojections and macroeconomic information. KBC applies a neutral, bias-free approach when dealing with uncertainties
\nand making decisions based on significant judgements.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1367": {
"value": "\n
\n\n
Impairment of non-financial assets
\n
\n
When KBC prepares financial statements, it ensures that the carrying value of the non-financial asset does not exceed the
\n
amount that could be obtained from either using or selling it (\u2018recoverable amount\u2019). Property and equipment, investment
\n
property and software are subject to the impairment review only when there is objective evidence of impairment. Goodwill
\n
and intangible assets with an indefinite useful life are subject to impairment reviews at least annually and also reviewed for
\n
impairment indicators every quarter.
\n
Indications that an impairment loss is required may stem from either an internal source (e.g., the condition of the asset) or
\n
an external source (e.g., new technology or a significant decline in the asset\u2019s market value).
\n
When an impairment indicator is present, KBC reviews the asset\u2019s recoverable amount and the asset is impaired if its
\n
recoverable amount is lower than its carrying value at the reporting date. The recoverable amount is defined as the higher
\n
of the value in use and the fair value less cost to sell.
\n
Value in use is defined as the discounted future cashflows expected to be derived from an asset or a cash-generating unit.
\n
Impairment is borne at individual asset level, but when the individual asset does not generate cash inflows that are largely
\n
independent of those from other assets or groups of assets, the recoverable amount is determined for the so-called \u2018cash-
\n
generating unit\u2019 (CGU) to which the asset or group of assets belongs. In forming the CGUs, KBC applies its own judgement
\n
to define the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash
\n
inflows from other assets or groups of assets. This process mainly applies to goodwill that has been recognised in relation to
\n
acquisitions.
\n
Impairment losses are recognised in the income statement for the period in which they occur. An impairment loss can be
\n
reversed if the condition that triggered it is no longer present, except for goodwill, which can never be reversed. Impairment
\n
gains are recognised in the income statement for the period in which they occur.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1370": {
"value": "\n
\n\n
Provisions, contingent liabilities and contingent assets
\n
\n
Provisions are recognised on the reporting date if and only if the following criteria are met:
\n
\u2022 There is a present obligation (legal or constructive) due to a past event
\n
\u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
\n
\u2022 A reliable estimate can be made of the amount of the obligation
\n
\n
The amount recognised as a provision is the best estimate of the expenditure required to settle the obligation at the
\n
balance sheet date. When the effect of time is material, the amount recognised as a provision is the net present value of
\n
the best estimate.
\n
Due to its inherent nature, a provision requires management judgement regarding the amount and timing of probable
\n
future economic outflows.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1372": {
"value": "\nConsolidated financial statements / interim financial statements
\n
\nAll material entities (including structured entities) over which KBC exercises direct or indirect control as defined in IFRS 10 are
\nconsolidated according to the method of full consolidation. Changes in ownership interests (that do not result in a loss of
\ncontrol) are accounted for as equity transactions. They do not affect goodwill or profit or loss.
\n
\nSubsidiaries that are not included in the consolidated financial statements because of immateriality are classified as equity
\ninstruments at fair value through other comprehensive income, with all fair value changes being reported in other
\ncomprehensive income, except for dividend income, which is recognised in the income statement. Material companies over
\nwhich joint control is directly or indirectly exercised and material investments in associates (companies over which KBC has
\nsignificant influence) are all accounted for using the equity method.
\n
\nConsolidation threshold: subsidiaries are effectively included in the consolidated financial statements using the full
\nconsolidation method if at least two of the following materiality criteria are exceeded:
\n\u2022 Group share in equity is 2 500 000 euros
\n\u2022 Group share in the result is 1 000 000 euros (absolute value)
\n\u2022 Group share in the balance sheet total is 100 000 000 euros
\nIn order to prevent too many entities from being excluded, KBC checks that the combined balance sheet total of the
\nentities excluded from consolidation does not amount to more than 1% of the consolidated balance sheet total.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1373": {
"value": "\n
\nBusiness combinations and goodwill
\n
\n\n
\n
\n
Business combinations are accounted for using the acquisition method. Under this method, the consideration transferred
\n
consists of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree
\n
and the equity interests issued by the acquirer. It includes contingent consideration. The consideration transferred in a
\n
business combination is measured at fair value. For measurement of the minority interests, KBC can decide for each
\n
business combination separately whether to measure the minority interest at fair value or as its proportionate share of the
\n
acquired entity\u2019s net identifiable assets. The way the minority interest is measured on the acquisition date will have an
\n
impact on purchase accounting as a result of the determination of goodwill.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1374": {
"value": "\n
\n\n
Business combinations are accounted for using the acquisition method. Under this method, the consideration transferred
\n
consists of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree
\n
and the equity interests issued by the acquirer. It includes contingent consideration. The consideration transferred in a
\n
business combination is measured at fair value. For measurement of the minority interests, KBC can decide for each
\n
business combination separately whether to measure the minority interest at fair value or as its proportionate share of the
\n
acquired entity\u2019s net identifiable assets. The way the minority interest is measured on the acquisition date will have an
\n
impact on purchase accounting as a result of the determination of goodwill.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1377": {
"value": "\nGoodwill is the excess of the consideration transferred and the amount of minority interests over the acquisition-date
\namounts of the identifiable assets acquired and the liabilities assumed, generally measured at fair value. In order to
\ncomplete the acquisition accounting and determine the goodwill, KBC applies a measurement period of maximum one
\nyear from the acquisition date. The classification of the financial assets acquired and financial liabilities assumed in the
\nbusiness combination is based on the facts and circumstances existing at the acquisition date (except for lease and
\ninsurance contracts, which are classified on the basis of the contractual terms and other factors at the inception of the
\nrelevant contract).
\nGoodwill is presented under \u2018Goodwill and other intangible assets\u2019 and is carried at cost less impairment losses. Goodwill is
\nnot amortised, but is tested for impairment at least once a year or when there is objective evidence (external or internal)
\nthat it should be impaired. If the acquisition accounting is not complete because the 12-month measurement period has
\nnot elapsed, the goodwill is not considered as final and is only tested if there is objective evidence that the provisional
\ngoodwill is impaired.
\nFor the purpose of testing goodwill for impairment, it is allocated to each of KBC\u2019s cash-generating units that are expected
\nto benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquired entity are
\nassigned to those units. An impairment loss is recognised if the carrying value of the cash-generating unit to which the
\ngoodwill belongs exceeds its recoverable amount. Impairment losses on goodwill cannot be reversed.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1379": {
"value": "\nKBC\u2019s functional and presentation currency is the euro. Monetary assets and liabilities denominated in foreign currency are
\ntranslated into the functional currency at the spot rate on the balance sheet date.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1380": {
"value": "\nRelated-party transactions
\n
\nA party related to KBC is either a party over which KBC has control or significant influence or a party that has control or
\nsignificant influence over KBC. KBC defines its related parties as:
\n\u2022 KBC subsidiaries, KBC associates and joint ventures, KBC Ancora, Cera and MRBB
\n\u2022 KBC key management staff (i.e. the Board of Directors and the Executive Committee of KBC Group NV) and their close
\nrelatives. These related parties also include companies in which members of the Board of Directors also serve as
\ndirectors.
\n
\nTransactions with related parties must occur at arm\u2019s length.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1381": {
"value": "\n
\n
\nNon-current assets held for sale and disposal groups, liabilities associated with disposal groups and discontinued
\noperations
\n
\n\n
Non-current assets held for sale and disposal groups, liabilities associated with disposal groups
\n
\n
Non-current assets or groups of assets and liabilities held for sale are those where the carrying value will be recovered by
\n
KBC through a sale transaction, which is expected to qualify as a sale within a year, rather than through continued use.
\n
Non-current assets and liabilities held for sale are reported separately from the other assets and liabilities in the balance
\n
sheet at the end of the reporting date.
\n
\n\n\n\n
\n\n
Discontinued operations
\n
\n
A discontinued operation refers to a part of KBC that has been disposed of or is classified as held for sale and:
\n
\u2022 Represents a separate major line of business or geographical area of operations
\n
\u2022 Is part of a single, coordinated plan to dispose of a separate major line of business or geographical area of operations
\n
\u2022 Is a subsidiary acquired exclusively with a view to resale
\n
\n
Results from discontinued operations are recognised separately in the income statement and in other comprehensive
\n
income and contain:
\n
\u2022 The post-tax profit or loss of discontinued operations
\n
\u2022 The post-tax gain or loss recognised on the measurement to fair value less the costs of the sale or disposal of the
\n
assets or group of assets
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1382": {
"value": "\nNon-current assets held for sale and disposal groups, liabilities associated with disposal groups
\n
\nNon-current assets or groups of assets and liabilities held for sale are those where the carrying value will be recovered by
\nKBC through a sale transaction, which is expected to qualify as a sale within a year, rather than through continued use.
\nNon-current assets and liabilities held for sale are reported separately from the other assets and liabilities in the balance
\nsheet at the end of the reporting date.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1383": {
"value": "\nDiscontinued operations
\n
\nA discontinued operation refers to a part of KBC that has been disposed of or is classified as held for sale and:
\n\u2022 Represents a separate major line of business or geographical area of operations
\n\u2022 Is part of a single, coordinated plan to dispose of a separate major line of business or geographical area of operations
\n\u2022 Is a subsidiary acquired exclusively with a view to resale
\n
\nResults from discontinued operations are recognised separately in the income statement and in other comprehensive
\nincome and contain:
\n\u2022 The post-tax profit or loss of discontinued operations
\n\u2022 The post-tax gain or loss recognised on the measurement to fair value less the costs of the sale or disposal of the
\nassets or group of assets
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1384": {
"value": "\nEvents after the reporting period
\n
\nEvents after the reporting date are defined as favourable or unfavourable events that occur between the reporting date
\nand the date on which the financial statements are authorised for issue. There are two types of event after the reporting
\ndate:
\n\u2022 Those which provide evidence of conditions that existed on the reporting date (adjusting events)
\n\u2022 Those that are indicative of conditions that arose after the reporting date (non-adjusting events)
\n
\nThe impact of adjusting events has already been reflected in the financial position and financial performance for the
\ncurrent year. The impact and consequences of non-adjusting events are disclosed in the notes to the financial statements.
\n
\n\n\n\n",
"dimensions": {
"concept": "kbc:DescriptionOfAccountingPolicyForEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag1386": {
"value": "\nMain exchange rates used*
\n
\n\n
\n\n\n | \n | \nExchange rate at 31-12-2025 | \n | \nExchange rate average in 2025 | \n\n\n
\n\n | \n | \nChange relative to | \n | \nChange relative to | \n\n\n
\n\n | \n | \n 31-12-2024 | \n | \naverage in 2024 | \n\n\n
\n\n | \n1 EUR = \u2026 | \n(positive: appreciation relative to EUR) | \n1 EUR = \u2026 | \n(positive: appreciation relative to EUR) | \n\n\n
\n\n | \n\u2026 currency | \n(negative: depreciation relative to EUR) | \n\u2026 currency | \n(negative: depreciation relative to EUR) | \n\n\n
\n\n| CZK | \n24.237 | \n+4% | \n24.693 | \n+2% | \n\n\n
\n\n| HUF | \n385.15 | \n+7% | \n397.69 | \n-0% | \n\n\n
\n\n\n\n\n
\n\n\n
\n* Rounded figures.
\n
\n\n\n\n\n
\n\n
Effects of changes in foreign exchange rates
\n
\n
\n
\n
KBC\u2019s functional and presentation currency is the euro. Monetary assets and liabilities denominated in foreign currency are
\n
translated into the functional currency at the spot rate on the balance sheet date.
\n\n\n\n
\n
Negative and positive valuation
\n
differences, except for those relating to the funding of equity instruments and investments of consolidated companies in a
\n
foreign currency, are recognised in the income statement. Non-monetary items measured at historical cost are translated
\n
into the functional currency at the historical exchange rate that existed on the transaction date. Non-monetary items
\n
carried at fair value are translated at the spot rate on the date the fair value was determined. Translation differences are
\n
reported together with changes in fair value in \u2018Net result from financial instruments at fair value through profit or loss\u2019 of
\n
the income statement. Income and expense items in foreign currency are taken to the income statement at the exchange
\n
rate prevailing when they were recognised.
\n
\n
Valuation differences are accounted for either in the income statement or in other comprehensive income. Valuation
\n
differences that are initially accounted for in other comprehensive income and that relate to gains or losses that are
\n
subsequently recognised in the income statement are recycled to the income statement in the same period in which that
\n
item is accounted for in the income statement. The balance sheets of foreign subsidiaries are translated into the
\n
presentation currency at the spot rate on the reporting date (except for equity, which is translated at the historical rate).
\n
The income statement is translated at the average rate for the financial year as a best estimate of the exchange rate on
\n
the transaction date.
\n
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag93": {
"value": "\n
\n2.0 Notes on segment reporting
\n
\n
\n\n
\n
\n
\n
Note 2.1: Segment reporting based on the management structure
\n
\n
Detailed information on the group\u2019s management structure and the results per segment can be found in the \u2018Our business
\n
units\u2019 section (which has not been audited by the statutory auditor). Based on IFRS 8, KBC has identified the Executive
\n
Committee and Board of Directors as \u2018chief operating decision-makers\u2019, responsible for allocating the resources and
\n
assessing the performance of the different parts of the company. The operating segments are based on the internal
\n
financial reporting to those policy bodies and on the location of the company\u2019s activities, resulting in geographical
\n
segmentation.
\n
\n
The three operating segments are (essentially):
\n
\u2022 The Belgium Business Unit (all activities in Belgium)
\n
\u2022 The Czech Republic Business Unit (all activities in the Czech Republic)
\n
\u2022 The International Markets Business Unit (activities in Hungary, Slovakia and Bulgaria, reported together in accordance
\n
with IFRS 8.16)
\n
For reporting purposes, there is also a Group Centre (comprising the results of the holding company, items that have not
\n
been allocated to the other business units, and the results of companies/activities to be divested).
\n
\n
Segment reporting
\n
\n
\u2022 The policy bodies analyse the performance of the segments based on a number of criteria, with the \u2018Result after tax\u2019
\n
being the most important results indicator. The segment data is based entirely on IFRS data (with no adjustments).
\n
\u2022 In principle, we assign a group company in its entirety to one specific segment/business unit. Exceptions are only made
\n
for those items that cannot clearly be allocated to a specific segment, such as charges attached to the subordination
\n
of loans (such items are recognised under Group Centre).
\n
\u2022 We allocate the funding cost of participating interests to the Group Centre. Any funding cost in respect of leveraging at
\n
KBC Group NV level is also recognised under Group Centre.
\n
\u2022 Transactions among the different segments are reported at arm\u2019s length.
\n
\n
\n
\n
\n
\n
\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\n
expense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\n
management assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\u2022 We do not provide any information on income from sales to external clients per group of products or services, since the
\n
information is prepared at consolidated level chiefly for each business unit, and not per client group or product group.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\n
Note 2.2: Results by segment
\n
\n
\n
\n\n\n| 2025 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 584 | \n1 408 | \n1 344 | \n599 | \n287 | \n458 | \n-271 | \n6 065 | \n
\n\n| Insurance revenues before reinsurance | \n1 910 | \n677 | \n603 | \n220 | \n117 | \n266 | \n11 | \n3 201 | \n
\n\n| Non-life | \n1 603 | \n567 | \n527 | \n196 | \n92 | \n240 | \n11 | \n2 709 | \n
\n\n| Life | \n307 | \n110 | \n76 | \n24 | \n26 | \n26 | \n0 | \n492 | \n
\n\n| Dividend income | \n72 | \n1 | \n1 | \n0 | \n0 | \n1 | \n3 | \n77 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-337 | \n96 | \n56 | \n43 | \n15 | \n-1 | \n22 | \n-163 | \n
\n\n| Net fee and commission income | \n1 810 | \n376 | \n606 | \n345 | \n91 | \n170 | \n-3 | \n2 789 | \n
\n\n| Net other income | \n233 | \n5 | \n17 | \n1 | \n9 | \n7 | \n-25 | \n230 | \n
\n\n| TOTAL INCOME | \n7 273 | \n2 562 | \n2 627 | \n1 208 | \n519 | \n899 | \n-263 | \n12 200 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 605 | \n-870 | \n-1 054 | \n-543 | \n-255 | \n-256 | \n-178 | \n-4 706 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 571 | \n-965 | \n-887 | \n-333 | \n-273 | \n-281 | \n-177 | \n-4 599 | \n
\n\n| Bank and insurance tax | \n-356 | \n-24 | \n-283 | \n-259 | \n-10 | \n-14 | \n-4 | \n-666 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n322 | \n119 | \n116 | \n49 | \n29 | \n38 | \n3 | \n559 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 487 | \n-523 | \n-498 | \n-199 | \n-100 | \n-199 | \n-3 | \n-2 512 | \n
\n\n| Of which insurance commissions paid | \n-258 | \n-93 | \n-76 | \n-15 | \n-16 | \n-46 | \n-1 | \n-429 | \n
\n\n| Non-life | \n-1 317 | \n-466 | \n-450 | \n-185 | \n-82 | \n-183 | \n-3 | \n-2 235 | \n
\n\n| Of which Non-life claim-related expenses | \n-875 | \n-278 | \n-251 | \n-93 | \n-49 | \n-108 | \n0 | \n-1 404 | \n
\n\n| Life | \n-171 | \n-57 | \n-48 | \n-14 | \n-19 | \n-16 | \n0 | \n-276 | \n
\n\n| Net result from reinsurance contracts held | \n-51 | \n-22 | \n-16 | \n0 | \n-6 | \n-10 | \n14 | \n-75 | \n
\n\n| Impairment | \n-192 | \n-51 | \n-99 | \n-20 | \n-21 | \n-58 | \n8 | \n-334 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-175 | \n-44 | \n-64 | \n-6 | \n-7 | \n-51 | \n10 | \n-273 | \n
\n\n| Share in the result of associates and joint ventures | \n7 | \n-1 | \n1 | \n0 | \n0 | \n1 | \n0 | \n6 | \n
\n\n| RESULT BEFORE TAX | \n2 944 | \n1 095 | \n962 | \n447 | \n137 | \n377 | \n-421 | \n4 580 | \n
\n\n| Income tax expense | \n-793 | \n-171 | \n-148 | \n-63 | \n-30 | \n-55 | \n103 | \n-1 010 | \n
\n\n| Net post-tax result from discontinued operations | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n
\n\n| RESULT AFTER TAX | \n2 151 | \n923 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 570 | \n
\n\n| attributable to minority interests | \n0 | \n1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 | \n
\n\n| attributable to equity holders of the parent | \n2 151 | \n922 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 568 | \n
\n\n| a Of which non-cash expenses | \n-50 | \n-122 | \n-128 | \n-73 | \n-26 | \n-28 | \n-99 | \n-399 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-128 | \n-73 | \n-26 | \n-29 | \n-100 | \n-402 | \n
\n\n| Other | \n3 | \n-2 | \n0 | \n0 | \n0 | \n1 | \n0 | \n3 | \n
\n\n| Acquisitions of non-current assets* | \n759 | \n353 | \n216 | \n110 | \n69 | \n37 | \n189 | \n1 518 | \n
\n\n
\n
\n
\n
* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n
\n
\n\n
\n\n\n
\n\n
\n
\n
\n
\n\n\n| 2024 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 305 | \n1 298 | \n1 290 | \n 571 | \n 276 | \n 443 | \n-319 | \n5 574 | \n
\n\n| Insurance revenues before reinsurance | \n1 805 | \n 585 | \n 541 | \n 203 | \n 108 | \n 229 | \n 14 | \n2 945 | \n
\n\n| Non-life | \n1 501 | \n 485 | \n 481 | \n 184 | \n 87 | \n 210 | \n 14 | \n2 482 | \n
\n\n| Life | \n 303 | \n 100 | \n 60 | \n 20 | \n 21 | \n 19 | \n 0 | \n 463 | \n
\n\n| Dividend income | \n 50 | \n 1 | \n 1 | \n 0 | \n 0 | \n 1 | \n 4 | \n 57 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-343 | \n 72 | \n 55 | \n 52 | \n 5 | \n-2 | \n 48 | \n-168 | \n
\n\n| Net fee and commission income | \n1 684 | \n 352 | \n 546 | \n 302 | \n 88 | \n 156 | \n-4 | \n2 578 | \n
\n\n| Net other income | \n 201 | \n 3 | \n-6 | \n-24 | \n 9 | \n 9 | \n-17 | \n 181 | \n
\n\n| TOTAL INCOME | \n6 702 | \n2 312 | \n2 427 | \n1 104 | \n 485 | \n 837 | \n-273 | \n11 167 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 496 | \n-854 | \n-1 041 | \n-493 | \n-267 | \n-280 | \n-175 | \n-4 565 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 514 | \n-924 | \n-857 | \n-302 | \n-261 | \n-294 | \n-178 | \n-4 474 | \n
\n\n| Bank and insurance tax | \n-285 | \n-40 | \n-300 | \n-245 | \n-34 | \n-21 | \n 1 | \n-623 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n 303 | \n 110 | \n 117 | \n 54 | \n 28 | \n 35 | \n 2 | \n 532 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 449 | \n-531 | \n-493 | \n-206 | \n-113 | \n-175 | \n-2 | \n-2 475 | \n
\n\n| Of which insurance commissions paid | \n-242 | \n-73 | \n-68 | \n-13 | \n-13 | \n-41 | \n-1 | \n-383 | \n
\n\n| Non-life | \n-1 247 | \n-477 | \n-454 | \n-192 | \n-99 | \n-163 | \n-2 | \n-2 179 | \n
\n\n| Of which Non-life claim-related expenses | \n-837 | \n-318 | \n-260 | \n-97 | \n-67 | \n-95 | \n 1 | \n-1 414 | \n
\n\n| Life | \n-203 | \n-54 | \n-39 | \n-13 | \n-14 | \n-12 | \n 0 | \n-296 | \n
\n\n| Net result from reinsurance contracts held | \n-63 | \n 61 | \n 1 | \n 8 | \n 3 | \n-10 | \n-17 | \n-17 | \n
\n\n| Impairment | \n-260 | \n 31 | \n-7 | \n-6 | \n 17 | \n-18 | \n-12 | \n-248 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-246 | \n 34 | \n 25 | \n 23 | \n 18 | \n-16 | \n-12 | \n-199 | \n
\n\n| Share in the result of associates and joint ventures | \n 80 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 80 | \n
\n\n| RESULT BEFORE TAX | \n2 513 | \n1 019 | \n 888 | \n 407 | \n 125 | \n 355 | \n-479 | \n3 941 | \n
\n\n| Income tax expense | \n-667 | \n-161 | \n-137 | \n-62 | \n-24 | \n-51 | \n 439 | \n-527 | \n
\n\n| Net post-tax result from discontinued operations | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n\n| RESULT AFTER TAX | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 414 | \n
\n\n| attributable to minority interests | \n-1 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n-1 | \n
\n\n| attributable to equity holders of the parent | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 415 | \n
\n\n| a Of which non-cash expenses | \n-54 | \n-118 | \n-119 | \n-62 | \n-25 | \n-31 | \n-89 | \n-380 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-119 | \n-62 | \n-25 | \n-32 | \n-90 | \n-382 | \n
\n\n| Other | \n-1 | \n 2 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 | \n
\n\n| Acquisitions of non-current assets* | \n 829 | \n320 | \n 225 | \n 125 | \n 54 | \n 45 | \n 157 | \n1 530 | \n
\n\n
\n
\n
\n
* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n
\n
\n\n
\n\n\n
\n\n
Note 2.3: Balance-sheet information by segment
\n
The table below presents some of the main on-balance-sheet products by segment.
\n
\n
\n
\n\n\n| (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n| BALANCE SHEET AT 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excluding repos) | \n174 008 | \n56 800 | \n36 231 | \n10 920 | \n9 736 | \n15 575 | \n21 730 | \n288 769 | \n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n63 401 | \n25 220 | \n26 932 | \n7 467 | \n5 864 | \n13 601 | \n0 | \n115 552 | \n\n\n\n\n\n
\n\n| Time deposits | \n21 813 | \n8 220 | \n7 183 | \n2 624 | \n2 629 | \n1 930 | \n0 | \n37 216 | \n\n\n\n\n\n
\n\n| Savings accounts | \n62 588 | \n20 812 | \n1 687 | \n770 | \n873 | \n44 | \n0 | \n85 088 | \n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n
\n\n| Debt securities | \n26 194 | \n2 548 | \n429 | \n58 | \n371 | \n0 | \n21 730 | \n50 901 | \n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n130 585 | \n43 984 | \n34 043 | \n8 118 | \n13 000 | \n12 925 | \n0 | \n208 612 | \n\n\n\n\n\n
\n\n| Term loans | \n69 897 | \n14 240 | \n13 211 | \n3 420 | \n4 053 | \n5 738 | \n0 | \n97 348 | \n\n\n\n\n\n
\n\n| Mortgage loans | \n48 536 | \n22 259 | \n13 564 | \n2 474 | \n7 225 | \n3 865 | \n0 | \n84 358 | \n\n\n\n\n\n
\n\n| Other | \n12 151 | \n7 485 | \n7 269 | \n2 224 | \n1 723 | \n3 321 | \n0 | \n26 905 | \n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 998 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n16 998 | \n\n\n\n\n\n
\n\n| Insurance contract liabilities | \n14 713 | \n1 277 | \n1 412 | \n479 | \n256 | \n677 | \n21 | \n17 423 | \n\n\n\n\n\n
\n\n| Non-life | \n2 423 | \n446 | \n424 | \n141 | \n79 | \n204 | \n21 | \n3 314 | \n\n\n\n\n\n
\n\n| Life | \n12 289 | \n831 | \n989 | \n338 | \n177 | \n473 | \n0 | \n14 109 | \n\n\n\n\n\n
\n\n| BALANCE SHEET AT 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excluding repos) | \n164 483 | \n52 709 | \n32 832 | \n9 607 | \n9 360 | \n13 865 | \n21 063 | \n271 087 | \n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n61 493 | \n24 234 | \n24 363 | \n6 570 | \n5 670 | \n12 123 | \n 0 | \n110 090 | \n\n\n\n\n\n
\n\n| Time deposits | \n27 584 | \n8 821 | \n6 562 | \n2 320 | \n2 499 | \n1 742 | \n 0 | \n42 966 | \n\n\n\n\n\n
\n\n| Savings accounts | \n55 297 | \n17 636 | \n1 507 | \n 684 | \n 823 | \n 0 | \n 0 | \n74 440 | \n\n\n\n\n\n
\n\n| Savings certificates | \n1 250 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 250 | \n\n\n\n\n\n
\n\n| Debt securities | \n18 858 | \n2 018 | \n 400 | \n 33 | \n 367 | \n 0 | \n21 063 | \n42 340 | \n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n123 887 | \n38 338 | \n29 842 | \n6 857 | \n11 887 | \n11 098 | \n 0 | \n192 067 | \n\n\n\n\n\n
\n\n| Term loans | \n65 606 | \n13 433 | \n11 716 | \n3 103 | \n3 499 | \n5 113 | \n 0 | \n90 755 | \n\n\n\n\n\n
\n\n| Mortgage loans | \n46 297 | \n20 028 | \n11 735 | \n1 937 | \n6 729 | \n3 068 | \n 0 | \n78 059 | \n\n\n\n\n\n
\n\n| Other | \n11 984 | \n4 877 | \n6 391 | \n1 817 | \n1 659 | \n2 916 | \n 0 | \n23 253 | \n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n15 671 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n15 671 | \n\n\n\n\n\n
\n\n| Insurance contract liabilities | \n14 562 | \n1 248 | \n1 281 | \n 428 | \n 249 | \n 605 | \n 19 | \n17 111 | \n\n\n\n\n\n
\n\n| Non-life | \n2 371 | \n 413 | \n 382 | \n 119 | \n 75 | \n 188 | \n 19 | \n3 186 | \n\n\n\n\n\n
\n\n| Life | \n12 191 | \n 835 | \n 899 | \n 308 | \n 174 | \n 417 | \n 0 | \n13 925 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag95": {
"value": "\n
\nNote 2.1: Segment reporting based on the management structure
\n
\nDetailed information on the group\u2019s management structure and the results per segment can be found in the \u2018Our business
\nunits\u2019 section (which has not been audited by the statutory auditor). Based on IFRS 8, KBC has identified the Executive
\nCommittee and Board of Directors as \u2018chief operating decision-makers\u2019, responsible for allocating the resources and
\nassessing the performance of the different parts of the company. The operating segments are based on the internal
\nfinancial reporting to those policy bodies and on the location of the company\u2019s activities, resulting in geographical
\nsegmentation.
\n
\nThe three operating segments are (essentially):
\n\u2022 The Belgium Business Unit (all activities in Belgium)
\n\u2022 The Czech Republic Business Unit (all activities in the Czech Republic)
\n\u2022 The International Markets Business Unit (activities in Hungary, Slovakia and Bulgaria, reported together in accordance
\nwith IFRS 8.16)
\nFor reporting purposes, there is also a Group Centre (comprising the results of the holding company, items that have not
\nbeen allocated to the other business units, and the results of companies/activities to be divested).
\n
\nSegment reporting
\n
\n\u2022 The policy bodies analyse the performance of the segments based on a number of criteria, with the \u2018Result after tax\u2019
\nbeing the most important results indicator. The segment data is based entirely on IFRS data (with no adjustments).
\n\u2022 In principle, we assign a group company in its entirety to one specific segment/business unit. Exceptions are only made
\nfor those items that cannot clearly be allocated to a specific segment, such as charges attached to the subordination
\nof loans (such items are recognised under Group Centre).
\n\u2022 We allocate the funding cost of participating interests to the Group Centre. Any funding cost in respect of leveraging at
\nKBC Group NV level is also recognised under Group Centre.
\n\u2022 Transactions among the different segments are reported at arm\u2019s length.
\n\n
\n
\n
\n
\n
\u2022 We recognise \u2018Net interest income\u2019 in the segment information without dividing it up into \u2018Interest income\u2019 and \u2018Interest
\n
expense\u2019. This is permitted under IFRS because the bulk of the business units\u2019 income is in the form of interest, and
\n
management assesses and coordinates those business units primarily on the basis of net interest income.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\u2022 We do not provide any information on income from sales to external clients per group of products or services, since the
\ninformation is prepared at consolidated level chiefly for each business unit, and not per client group or product group.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag96": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag107": {
"value": "\nNote 2.3: Balance-sheet information by segment
\nThe table below presents some of the main on-balance-sheet products by segment.
\n
\n\n
\n\n\n| (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n| BALANCE SHEET AT 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excluding repos) | \n174 008 | \n56 800 | \n36 231 | \n10 920 | \n9 736 | \n15 575 | \n21 730 | \n288 769 | \n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n63 401 | \n25 220 | \n26 932 | \n7 467 | \n5 864 | \n13 601 | \n0 | \n115 552 | \n\n\n\n\n\n
\n\n| Time deposits | \n21 813 | \n8 220 | \n7 183 | \n2 624 | \n2 629 | \n1 930 | \n0 | \n37 216 | \n\n\n\n\n\n
\n\n| Savings accounts | \n62 588 | \n20 812 | \n1 687 | \n770 | \n873 | \n44 | \n0 | \n85 088 | \n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n
\n\n| Debt securities | \n26 194 | \n2 548 | \n429 | \n58 | \n371 | \n0 | \n21 730 | \n50 901 | \n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n130 585 | \n43 984 | \n34 043 | \n8 118 | \n13 000 | \n12 925 | \n0 | \n208 612 | \n\n\n\n\n\n
\n\n| Term loans | \n69 897 | \n14 240 | \n13 211 | \n3 420 | \n4 053 | \n5 738 | \n0 | \n97 348 | \n\n\n\n\n\n
\n\n| Mortgage loans | \n48 536 | \n22 259 | \n13 564 | \n2 474 | \n7 225 | \n3 865 | \n0 | \n84 358 | \n\n\n\n\n\n
\n\n| Other | \n12 151 | \n7 485 | \n7 269 | \n2 224 | \n1 723 | \n3 321 | \n0 | \n26 905 | \n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 998 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n16 998 | \n\n\n\n\n\n
\n\n| Insurance contract liabilities | \n14 713 | \n1 277 | \n1 412 | \n479 | \n256 | \n677 | \n21 | \n17 423 | \n\n\n\n\n\n
\n\n| Non-life | \n2 423 | \n446 | \n424 | \n141 | \n79 | \n204 | \n21 | \n3 314 | \n\n\n\n\n\n
\n\n| Life | \n12 289 | \n831 | \n989 | \n338 | \n177 | \n473 | \n0 | \n14 109 | \n\n\n\n\n\n
\n\n| BALANCE SHEET AT 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excluding repos) | \n164 483 | \n52 709 | \n32 832 | \n9 607 | \n9 360 | \n13 865 | \n21 063 | \n271 087 | \n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n61 493 | \n24 234 | \n24 363 | \n6 570 | \n5 670 | \n12 123 | \n 0 | \n110 090 | \n\n\n\n\n\n
\n\n| Time deposits | \n27 584 | \n8 821 | \n6 562 | \n2 320 | \n2 499 | \n1 742 | \n 0 | \n42 966 | \n\n\n\n\n\n
\n\n| Savings accounts | \n55 297 | \n17 636 | \n1 507 | \n 684 | \n 823 | \n 0 | \n 0 | \n74 440 | \n\n\n\n\n\n
\n\n| Savings certificates | \n1 250 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 250 | \n\n\n\n\n\n
\n\n| Debt securities | \n18 858 | \n2 018 | \n 400 | \n 33 | \n 367 | \n 0 | \n21 063 | \n42 340 | \n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n123 887 | \n38 338 | \n29 842 | \n6 857 | \n11 887 | \n11 098 | \n 0 | \n192 067 | \n\n\n\n\n\n
\n\n| Term loans | \n65 606 | \n13 433 | \n11 716 | \n3 103 | \n3 499 | \n5 113 | \n 0 | \n90 755 | \n\n\n\n\n\n
\n\n| Mortgage loans | \n46 297 | \n20 028 | \n11 735 | \n1 937 | \n6 729 | \n3 068 | \n 0 | \n78 059 | \n\n\n\n\n\n
\n\n| Other | \n11 984 | \n4 877 | \n6 391 | \n1 817 | \n1 659 | \n2 916 | \n 0 | \n23 253 | \n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n15 671 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n15 671 | \n\n\n\n\n\n
\n\n| Insurance contract liabilities | \n14 562 | \n1 248 | \n1 281 | \n 428 | \n 249 | \n 605 | \n 19 | \n17 111 | \n\n\n\n\n\n
\n\n| Non-life | \n2 371 | \n 413 | \n 382 | \n 119 | \n 75 | \n 188 | \n 19 | \n3 186 | \n\n\n\n\n\n
\n\n| Life | \n12 191 | \n 835 | \n 899 | \n 308 | \n 174 | \n 417 | \n 0 | \n13 925 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\n
losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\n
loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\n
the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\n
assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
\n
private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\n
Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\n
losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\n
for liquidity purposes and are therefore irrelevant from a capital perspective.
\n
\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
\n
section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
\nappointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
\nassets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
\nconsists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
\nGroup Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
\nmethods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
\nand liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
\nMiddle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
\nvalues generated by valuation models are challenged by a team set up specifically for this purpose.
\n\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\ndiscounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
\nmargins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
\nvalue of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\nby discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
\nequal to their carrying value.
\n\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
\neuros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
\nreclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
\n2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
\nat year-end 2025 (1 761 million euros at year-end 2024).
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag108": {
"value": "\n
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Note 3.1: Net interest income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
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\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
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Note 3.2: Dividend income
\n
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
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Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\n
and expense (for insurance contracts issued)
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
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\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
\n
contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
\n
change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
\n
fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
\n
and expense\u2019 (see Note 3.6).
\n
\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\n
result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\n
under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\n
the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n
\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
\n
value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
\n
takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
\n
value (i.e. not marked-to-market).
\n
\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
\n
transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
\n
from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
\n
loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
\n
released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
\n
amounts.
\n
\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\n
liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\n
through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\n
exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019.
\n
\u2022 The effectiveness of the hedge is determined according to the following methods:
\n
- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
\n
hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
\n
- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
\n
a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\n
instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
\n
- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
\n
a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
\n
hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
\n
may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
\n
volume of hedging instruments allocated to the same bucket.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag109": {
"value": "\n
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Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
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\n\n
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\n
\n
\n
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\n
\n
\n
\n
Note 3.2: Dividend income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
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\n\n\n\n\n\n\n\n\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\n
and expense (for insurance contracts issued)
\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n
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\n
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\n
\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
\n
contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
\n
change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
\n
fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
\n
and expense\u2019 (see Note 3.6).
\n
\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\n
result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\n
under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\n
the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n
\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
\n
value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
\n
takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
\n
value (i.e. not marked-to-market).
\n
\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
\n
transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
\n
from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
\n
loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
\n
released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
\n
amounts.
\n
\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\n
liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\n
through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\n
exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019.
\n
\u2022 The effectiveness of the hedge is determined according to the following methods:
\n
- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
\n
hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
\n
- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
\n
a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\n
instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
\n
- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
\n
a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
\n
hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
\n
may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
\n
volume of hedging instruments allocated to the same bucket.
\n
\n\n\n\n\n\n\n\n\n
\n
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\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag110": {
"value": "\n
\n\n
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Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
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Note 3.2: Dividend income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
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\n
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\n
Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\n
and expense (for insurance contracts issued)
\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
\n
contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
\n
change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
\n
fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
\n
and expense\u2019 (see Note 3.6).
\n
\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\n
result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\n
under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\n
the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n
\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
\n
value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
\n
takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
\n
value (i.e. not marked-to-market).
\n
\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
\n
transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
\n
from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
\n
loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
\n
released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
\n
amounts.
\n
\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\n
liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\n
through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\n
exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019.
\n
\u2022 The effectiveness of the hedge is determined according to the following methods:
\n
- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
\n
hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
\n
- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
\n
a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\n
instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
\n
- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
\n
a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
\n
hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
\n
may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
\n
volume of hedging instruments allocated to the same bucket.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
Note 3.4: Net fee and commission income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n2 789 | \n 2 578 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n3 525 | \n 3 253 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-736 | \n-675 | \n\n\n\n\n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n\n\n\n\n
\n\n| Asset management services | \n1 548 | \n 1 421 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n1 597 | \n 1 478 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-48 | \n-57 | \n\n\n\n\n\n\n
\n\n| Banking services | \n1 187 | \n 1 108 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n1 869 | \n 1 721 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-683 | \n-613 | \n\n\n\n\n\n\n
\n\n| Other | \n54 | \n 49 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n59 | \n 54 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n
\u2022 \u2018Asset management services\u2019 contains management fees, entry fees and distribution fees for investment funds and unit-
\n
linked life insurance under IFRS 9. \u2018Banking services\u2019 contains credit- and guarantee-related fees, fees paid on the
\n
Significant Risk Transfer (SRT, see Note 4.1), payment transaction fees, network income, securities-related fees, distribution
\n
fees paid for banking products and fees for other banking services. Distribution fees paid for insurance products (Life and
\n
Non-life under IFRS 17) are recognised in the income statement under \u2018Insurance service expenses before reinsurance\u2019 (see
\n
Note 3.6). \u2018Other\u2019 comprises distribution fees of third-party insurers (not under IFRS 17) and platformication income.
\n
\n
\n
\n
\u2022 The lion\u2019s share of the fees and commissions related to lending is recognised under \u2018Net interest income\u2019 (effective interest
\n
rate calculations).
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\n
\n
\n
Note 3.5: Net other income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n230 | \n181 | \n\n\n\n\n\n\n
\n\n| of which gains or losses on | \n | \n | \n\n\n\n\n\n\n
\n\n| Sale of financial assets measured at amortised cost | \n-30 | \n-36 | \n\n\n\n\n\n\n
\n\n| Sale of FVOCI debt instruments | \n2 | \n2 | \n\n\n\n\n\n\n
\n\n| Repurchase of financial liabilities measured at amortised cost | \n-4 | \n0 | \n\n\n\n\n\n\n
\n\n| Other, including: | \n261 | \n215 | \n\n\n\n\n\n\n
\n\n| Income from operational leasing activities | \n669 | \n643 | \n\n\n\n\n\n\n
\n\n| Expenses from operational leasing activities | \n-535 | \n-523 | \n\n\n\n\n\n\n
\n\n| Income from Groep VAB | \n195 | \n190 | \n\n\n\n\n\n\n
\n\n| Expenses from Groep VAB | \n-152 | \n-143 | \n\n\n\n\n\n\n
\n\n| Legal disputes | \n0 | \n-28 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Legal disputes: in 2024, this item mainly concerned Hungary.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\n
Eastern Europe, measured under IFRS 17.
\n
\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n
- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\n
backing these liabilities
\n
- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\n
change in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\n
impact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\n
through P&L\u2019 (see also Note 3.3)
\n
\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\n
in the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\n
under \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\n
equity (i.e. mainly interest income from bonds) and income tax.
\n
\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\n
euros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\n
increases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\n
euros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\n
amounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\n
of claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
Note 3.6.3: Insurance revenues (Life and Non-life) by component
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n | \nTotal | \nLife | \nNon-life | \nTotal | \nLife | \nNon-life | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Insurance revenues for BBA and VFA contracts | \n509 | \n460 | \n49 | \n 472 | \n 432 | \n 39 | \n\n\n\n\n\n\n
\n\n| Amounts related to changes in liabilities for remaining coverage | \n474 | \n426 | \n48 | \n 447 | \n 408 | \n 38 | \n\n\n\n\n\n\n
\n\n| Expected claims and other insurance service expenses | \n286 | \n254 | \n32 | \n 262 | \n 232 | \n 29 | \n\n\n\n\n\n\n
\n\n| Change in risk adjustment for risk expired (non-financial risk) | \n19 | \n16 | \n3 | \n 14 | \n 13 | \n 2 | \n\n\n\n\n\n\n
\n\n| CSM recognised for services provided | \n169 | \n156 | \n13 | \n 170 | \n 163 | \n 7 | \n\n\n\n\n\n\n
\n\n| Recovery of insurance acquisition cashflows | \n35 | \n34 | \n1 | \n 25 | \n 24 | \n 1 | \n\n\n\n\n\n\n
\n\n| Insurance revenues for contracts measured using the PAA | \n2 704 | \n33 | \n2 672 | \n 2 483 | \n 31 | \n 2 452 | \n\n\n\n\n\n\n
\n\n| Total insurance revenues | \n3 214 | \n493 | \n2 721 | \n 2 955 | \n 463 | \n 2 492 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
Note 3.6.4: Life insurance sales
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n3 576 | \n 2 906 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 non-unit-linked | \n1 496 | \n 1 214 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 unit-linked | \n171 | \n 158 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 hybrid | \n274 | \n 197 | \n\n\n\n\n\n\n
\n\n| Non-IFRS 17 | \n1 635 | \n 1 337 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Non-IFRS 17 sales figures mainly refer to investment contracts without discretionary participation features (DPF), measured
\n
under IFRS 9. They concern the unit-linked insurance contracts in Belgium, for which margins are reported under \u2018Net fee and
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commission income\u2019.
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\u2022 Hybrid products: see Note 5.6.1.
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\u2022 Sales of life insurance products in 2025 went up by 23% compared to 2024, largely driven by growth in unit-linked insurance
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contracts in Belgium (Non-IFRS 17) and non-unit-linked insurance contracts (IFRS 17), also primarily in Belgium.
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Note 3.6.5: Non-life insurance profitability by product (P&L)
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\n\n\n| (in millions of EUR) | \nInsurance revenues | \nInsurance service expenses | \nInsurance finance income and expense before reinsurance in P&L | \nTotal before reinsurance | \nNet result from reinsurance contracts held | \nTotal after reinsurance | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n349 | \n-274 | \n-10 | \n65 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n631 | \n-601 | \n-20 | \n10 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n167 | \n-168 | \n-7 | \n-8 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n540 | \n-482 | \n-2 | \n56 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n1 017 | \n-708 | \n-10 | \n299 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n2 705 | \n-2 234 | \n-49 | \n422 | \n-23 | \n399 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n16 | \n-3 | \n1 | \n14 | \n-49 | \n-35 | \n\n\n\n\n\n\n
\n\n| Total | \n2 721 | \n-2 237 | \n-48 | \n436 | \n-72 | \n364 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n 308 | \n-243 | \n-8 | \n 57 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n 594 | \n-578 | \n-19 | \n-3 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n 154 | \n-139 | \n-6 | \n 9 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n 467 | \n-430 | \n-2 | \n 35 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n 952 | \n-789 | \n-11 | \n 152 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n 2 474 | \n-2 179 | \n-46 | \n 249 | \n-7 | \n 242 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n 18 | \n-3 | \n 1 | \n 16 | \n-6 | \n 10 | \n\n\n\n\n\n\n
\n\n| Total | \n 2 492 | \n-2 181 | \n-45 | \n 265 | \n-13 | \n 252 | \n\n\n\n\n\n\n
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"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag111": {
"value": "\n
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Note 3.1: Net interest income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
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\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
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on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
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liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
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under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
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income.
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\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
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million euros in 2025 (190 million euros in 2024).
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Note 3.2: Dividend income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
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\n4.0 Notes on the financial assets and liabilities on the balance sheet
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
1 The carrying value comes close to the maximum credit exposure.
\n
2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n
3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n
4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\nThese are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\ncashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\nsince the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\nthese loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\ntargets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\nclients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\ncriteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\nAssociation (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\nfinance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\nthe Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\nSustainability Report, in table 5.2 (this has not been audited).
\n- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\nloans in the Czech Republic (not retroactively adjusted).
\n- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\nnegative market value.
\n\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\nRepublic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\nclosely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\nthese items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\nloans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\nto any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\nwww.kbc.com.
\n\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\nSRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\nflows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\nbeing subject to loss absorption in the event of specified credit events.
\n\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\nwith the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\nare transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\nmain risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\naddition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\npledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\nthese assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\nfinancial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\naccounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\nfor as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\nheld and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\nare conducted in accordance with standard terms which are customary in the market.
\n
\n\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\ncertain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\nthe same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\nsettle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\nrepo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\nin their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\nAssociated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\nfollow the same evolution as the Transferred financial assets.
\n\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\nassociated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\nwe have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\nfor commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\nthe agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\nDirectors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
Note 4.2.1: Impaired financial assets
\n
\n
\n\n\n| (in millions of EUR) | \nCarrying value before impairment | \nImpairment | \nCarrying value after impairment | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n245 878 | \n-2 492 | \n243 386 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n225 157 | \n-196 | \n224 960 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n16 827 | \n-320 | \n16 507 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n3 420 | \n-1 837 | \n1 582 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n475 | \n-139 | \n336 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n51 761 | \n-9 | \n51 752 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n51 716 | \n-7 | \n51 709 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n41 | \n0 | \n40 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n5 | \n-2 | \n3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n26 863 | \n-5 | \n26 859 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n26 854 | \n-5 | \n26 850 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n9 | \n0 | \n9 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n 217 093 | \n-2 448 | \n 214 645 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 197 031 | \n-176 | \n 196 855 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 16 177 | \n-331 | \n 15 847 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 3 472 | \n-1 803 | \n 1 669 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 414 | \n-138 | \n 276 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n 50 084 | \n-8 | \n 50 075 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 49 979 | \n-6 | \n 49 973 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 100 | \n-1 | \n 99 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 5 | \n-2 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n22 543 | \n-4 | \n22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 22 543 | \n-4 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 0 | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.
\n
reverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column).
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due
\nprimarily to:
\n- An organic net increase in the loan portfolio (mainly mortgage loans and term loans)
\n- An increase in reverse repos to credit institutions
\n\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019.
\nThis involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions
\nand -0.3 billion euros for corporates. This related primarily to additional investments.
\n\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to
\nmodifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into
\n\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540
\nmillion euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively.
\nModification gains or losses are recognised under impairment (see Note 3.9).
\n\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still
\nsubject to enforcement activities; the corresponding figure for 2024 was 55 million euros.
\n\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk
\nmanagement\u2019 section.
\n
\n\n\n\n\n\n\n\n\n\n\n\nNote 4.2.2: Impairment details for loans and advances at amortised cost
\n\n
\n\n\n| (in millions of EUR) | \nStage 1 Subject to 12-month ECL | \nStage 2 Subject to lifetime ECL | \nStage 3 Subject to lifetime ECL | \nSubject to lifetime ECL (purchased or originated credit impaired) | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n176 | \n331 | \n1 803 | \n138 | \n2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n19 | \n-12 | \n305 | \n1 | \n312 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-24 | \n109 | \n96 | \n0 | \n182 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n4 | \n-80 | \n74 | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n5 | \n-24 | \n0 | \n-19 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n78 | \n12 | \n1 | \n0 | \n91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-25 | \n-9 | \n215 | \n2 | \n183 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n-4 | \n-15 | \n-18 | \n0 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-10 | \n-34 | \n-47 | \n0 | \n-91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-1 | \n7 | \n0 | \n7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n2 | \n1 | \n-270 | \n0 | \n-268 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n0 | \n-2 | \n-257 | \n-2 | \n-261 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n3 | \n-13 | \n1 | \n-7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n196 | \n320 | \n1 837 | \n139 | \n2 492 | \n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n 146 | \n 490 | \n 1 750 | \n 88 | \n 2 474 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n 31 | \n-154 | \n 334 | \n 49 | \n 260 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-11 | \n 76 | \n 43 | \n 0 | \n 108 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 19 | \n-112 | \n 98 | \n 0 | \n 4 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 12 | \n-31 | \n-1 | \n-20 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n 56 | \n 14 | \n 6 | \n 0 | \n 76 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-23 | \n-81 | \n 242 | \n 50 | \n 188 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 1 | \n-35 | \n-1 | \n 0 | \n-35 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-11 | \n-28 | \n-35 | \n-1 | \n-75 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 12 | \n 1 | \n 13 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n-1 | \n-6 | \n-280 | \n 1 | \n-286 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-1 | \n-2 | \n-234 | \n-1 | \n-238 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 1 | \n-1 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n-1 | \n-3 | \n-46 | \n 2 | \n-48 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n 176 | \n 331 | \n 1 803 | \n 138 | \n 2 448 | \n\n\n\n\n\n\n\n\n\n
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1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at
\nfair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet.
\n2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except
\nPOCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration.
\n3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or
\nbefore the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness).
\n
\n\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in
\nimpairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025)
\nand on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025)
\nare very limited.
\n\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82%
\nand 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and
\n34%, respectively, in 2024.
\n\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2.
\n\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9.
\n\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\nparts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
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Note 4.3: Maximum credit exposure and offsetting
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\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
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\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\n
maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\n
irrevocable commitments.
\n
\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\n
estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\n
reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\n
property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n
0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\n
securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\n
also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\n
received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\n
assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
\n
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\n
losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\n
loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\n
the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\n
assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
\n
private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\n
Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\n
losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\n
for liquidity purposes and are therefore irrelevant from a capital perspective.
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\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
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section.
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
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appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
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assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
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consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
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Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
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methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
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and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
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Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
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values generated by valuation models are challenged by a team set up specifically for this purpose.
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\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\n
discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
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margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
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value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\n
by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
\n
equal to their carrying value.
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\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
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euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
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reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
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2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
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at year-end 2025 (1 761 million euros at year-end 2024).
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
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\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
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532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million
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euros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
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bonds and corporate bonds.
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
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40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
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account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
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due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
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- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
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by 600 million euros, due to new purchases.
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- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
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offset by new transactions.
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\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
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instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
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purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
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account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
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euros, due mainly to new purchases, partly offset by the sale of existing positions.
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- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions.
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- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
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partly offset by new transactions and changes in market inputs.
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- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
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changes in market inputs.
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\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
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exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
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valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
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inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
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equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
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funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
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in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
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\n
\n
Note 4.8: Derivatives
\n
\n
\u2022 In terms of volume of the notional amounts of the derivatives, approximately 72% are trading derivatives and approximately
\n
28% are hedging derivatives at year-end 2025 (75% and 25%, respectively, at year-end 2024).
\n
\u2022 The majority of trading derivatives are effectively included in the trading book but are largely economically hedged (limited
\n
open positions) by other trading derivatives (such as derivative transactions initiated by commercial clients that are
\n
economically hedged) or by balance sheet positions (such as currency positions), which leads to large volumes of notional
\n
amounts but also to result-neutral revaluations on a net basis.
\n
\u2022 A limited number of trading derivatives are ALM derivatives included in the banking book, which are used to hedge
\n
economic risk but are not subject to hedge accounting. Hedge accounting is applied to most of the ALM interest rate
\n
contracts. Only a limited number of the ALM derivatives for foreign currencies are included in hedge accounting.
\n
\n
\n
Note 4.8.1: Trading derivatives
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n31-12-2025 | \n | \n | \n | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nCarrying value | \nNotional amounts* | \nCarrying value | \nNotional amounts* | \n\n\n\n\n\n\n\n\n\n
\n\n | \nAssets | \nLiabilities | \nPurchased | \nSold | \nAssets | \nLiabilities | \nPurchased | \nSold | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n3 456 | \n4 425 | \n569 005 | \n570 857 | \n 4 584 | \n 4 679 | \n 616 452 | \n 615 520 | \n\n\n\n\n\n\n\n\n\n
\n\n| Interest rate contracts | \n1 298 | \n1 576 | \n379 430 | \n378 490 | \n 1 589 | \n 1 781 | \n 429 232 | \n 426 678 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which interest rate swaps and futures | \n1 255 | \n1 550 | \n373 782 | \n374 241 | \n 1 510 | \n 1 740 | \n 421 656 | \n 422 160 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n43 | \n26 | \n5 649 | \n4 248 | \n 80 | \n 41 | \n 7 576 | \n 4 518 | \n\n\n\n\n\n\n\n\n\n
\n\n| Foreign exchange contracts | \n1 096 | \n1 235 | \n174 685 | \n176 863 | \n 2 193 | \n 1 784 | \n 172 410 | \n 174 374 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which currency and interest rate swaps, forward | \n1 011 | \n1 144 | \n168 149 | \n168 385 | \n 2 101 | \n 1 720 | \n 167 819 | \n 167 306 | \n\n\n\n\n\n\n\n\n\n
\n\n| foreign exchange transactions and futures | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n84 | \n91 | \n6 536 | \n8 479 | \n 92 | \n 64 | \n 4 592 | \n 7 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity contracts | \n1 049 | \n1 602 | \n14 623 | \n15 247 | \n 799 | \n 1 110 | \n 14 530 | \n 14 191 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which equity swaps | \n941 | \n1 060 | \n11 533 | \n11 108 | \n 646 | \n 692 | \n 11 348 | \n 10 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n108 | \n542 | \n3 090 | \n4 139 | \n 153 | \n 418 | \n 3 181 | \n 3 196 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit contracts | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which credit default swaps | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Commodity and other contracts | \n13 | \n12 | \n267 | \n257 | \n 4 | \n 3 | \n 280 | \n 277 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
* In this table, both legs of the derivatives are reported in the notional amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 4.8.2: Hedging derivatives
\n
\n
\n
interest rate swaps
\n
interest rate swaps
\n
\n
\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nDebt securities held at AC | \n12 911 | \n-446 | \n-161 | \n | \n | \n\n\n\n
\n\n| Currency and | \n0 | \n0 | \n0 | \n0 | \n0 | \nLoans and advances at AC | \n515 | \n27 | \n-5 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n11 660 | \n-189 | \n-243 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n19 214 | \n-175 | \n-60 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n599 | \n-2 | \n2 | \n | \n | \n\n\n\n
\n\n| Total | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nTotal | \n | \n | \n-468 | \n-5 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n151 428 | \n151 428 | \n53 | \n78 | \n774 | \nDebt securities held at AC | \n905 | \n-17 | \n14 | \n | \n | \n\n\n\n
\n\n| Currency and | \n955 | \n0 | \n43 | \n0 | \n7 | \nLoans and advances at AC | \n129 131 | \n-2 687 | \n-706 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n166 | \n2 | \n2 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n0 | \n0 | \n0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n18 788 | \n-285 | \n-93 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n410 | \n-5 | \n11 | \n | \n | \n\n\n\n
\n\n| Total | \n152 383 | \n151 428 | \n96 | \n78 | \n781 | \nTotal | \n | \n | \n-772 | \n10 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n18 372 | \n18 372 | \n13 | \n82 | \n583 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n1 750 | \n1 793 | \n0 | \n56 | \n28 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n20 122 | \n20 165 | \n13 | \n138 | \n611 | \nTotal | \n | \n | \n-571 | \n41 | \n85 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n3 240 | \n3 189 | \n10 | \n511 | \n-74 | \nTotal | \n | \n | \n74 | \n0 | \n61 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
interest rate swaps
\n
interest rate swaps
\n
\n
\n\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nDebt securities held at AC | \n 8 050 | \n-252 | \n 17 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \nLoans and advances at AC | \n 569 | \n 33 | \n-45 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 7 254 | \n 64 | \n 80 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 21 802 | \n-226 | \n-334 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 102 | \n-11 | \n 13 | \n | \n | \n\n\n\n
\n\n| Total | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nTotal | \n | \n | \n-269 | \n 11 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 141 341 | \n 141 341 | \n 67 | \n 95 | \n-464 | \nDebt securities held at AC | \n 831 | \n-31 | \n-23 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 214 | \n 0 | \n 48 | \n 0 | \n-3 | \nLoans and advances at AC | \n 121 621 | \n-1 988 | \n 622 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 76 | \n 0 | \n-3 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 0 | \n 0 | \n 0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 17 471 | \n-379 | \n-121 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n 161 | \n 6 | \n-6 | \n | \n | \n\n\n\n
\n\n| Total | \n 142 555 | \n 141 341 | \n 115 | \n 95 | \n-467 | \nTotal | \n | \n | \n 469 | \n 2 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 17 376 | \n 17 376 | \n 5 | \n 120 | \n 22 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 830 | \n 1 790 | \n 19 | \n 17 | \n-30 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n 19 206 | \n 19 166 | \n 24 | \n 137 | \n-8 | \nTotal | \n | \n | \n 8 | \n 0 | \n-486 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n 2 826 | \n 2 806 | \n 35 | \n 518 | \n 54 | \nTotal | \n | \n | \n-54 | \n 0 | \n 147 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 The Treasury departments of the various entities manage the interest rate risk. To prevent rate movements from having a
\n
negative impact, the maturities of assets and liabilities are adjusted on the balance sheet using interest rate swaps and
\n
other derivatives.
\n
\u2022 As regards the relationship between risk management and the hedge accounting policy, \u2018economic\u2019 management takes
\n
priority and risks are hedged in accordance with the general ALM framework. Only then is a decision made on which, if any,
\n
of these techniques will be used to limit any resulting accounting mismatch.
\n
\u2022 The balances remaining in the cashflow hedge reserve from any hedging relationships for which hedge accounting is no
\n
longer applied came to -95 million euros in 2025 (-187 million euros in 2024). The accumulated amount of fair value hedge
\n
adjustments remaining on the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and
\n
losses amounted to -35 million euros in 2025 (-99 million euros in 2024). These adjustments are amortised to profit or loss.
\n
\u2022 The difference between the \u2018Profit/loss on positions in portfolios hedged against interest rate risk\u2019 balance sheet item and
\n
accumulated fair value adjustments following portfolio hedges of interest rate risk as included in Note 4.8.2 is attributable to
\n
accumulated fair value adjustments regarding discontinued fair value hedges not included in Note 4.8.2 but included in the
\n
balance sheet.
\n
\u2022 Also see the paragraph on hedge accounting in the \u2018Risk management\u2019 section and Note 3.3.
\n
\n
\n
\n
\n\n\n| Estimated cashflows from cashflow hedging derivatives per time bucket (in millions of EUR) | \nInflow | \nOutflow | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Not more than three months | \n21 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than three but not more than six months | \n54 | \n-78 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than six months but not more than one year | \n196 | \n-205 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than one but not more than two years | \n387 | \n-476 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than two but not more than five years | \n1 122 | \n-1 172 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than five years | \n2 277 | \n-2 106 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
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\n
\n
\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
\n
amounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
\n
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\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
\n
assets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
\n
and settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
\n
instruments that were traded on (central) clearing houses.
\n
\n
\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
\n
are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
\n
not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
\n
received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
\n
under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
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counterparties defaults, becomes insolvent or goes bankrupt.
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag112": {
"value": "\n
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Note 3.1: Net interest income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
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\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
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under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
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\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
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Note 3.2: Dividend income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
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associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
\n
quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
\n
available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
\n
\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
\n
market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
\n
rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
\n
involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
\n
considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
\n
value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
\n
significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
\n
require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
\n
financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
\n
indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
\n
reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
\n
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
\n
40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
\n
account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
\n
due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
\n
- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
\n
by 600 million euros, due to new purchases.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\n
offset by new transactions.
\n
\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\n
instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\n
purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\n
euros, due mainly to new purchases, partly offset by the sale of existing positions.
\n
- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\n
partly offset by new transactions and changes in market inputs.
\n
- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
\n
\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\n
exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\n
valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\n
inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\n
equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\n
funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\n
in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag113": {
"value": "\n
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Note 3.1: Net interest income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
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\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
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\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
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Note 3.2: Dividend income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n77 | \n57 | \n\n\n\n\n\n\n
\n\n| Equity instruments MFVPL other than held for trading | \n0 | \n2 | \n\n\n\n\n\n\n
\n\n| Equity instruments held for trading | \n29 | \n15 | \n\n\n\n\n\n\n
\n\n| Equity instruments at FVOCI | \n48 | \n39 | \n\n\n\n\n\n\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
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associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
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40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
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account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
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due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
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- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
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by 600 million euros, due to new purchases.
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- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
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offset by new transactions.
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\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
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instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
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purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
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account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
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euros, due mainly to new purchases, partly offset by the sale of existing positions.
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- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions.
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- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
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partly offset by new transactions and changes in market inputs.
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- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
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changes in market inputs.
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\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
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exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
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valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
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inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
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equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
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funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
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in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag114": {
"value": "\n
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Note 3.1: Net interest income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
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\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
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on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
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liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
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under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
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income.
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\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
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(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
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million euros in 2025 (190 million euros in 2024).
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
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40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
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account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
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due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
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- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
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by 600 million euros, due to new purchases.
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- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\n
offset by new transactions.
\n
\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\n
instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\n
purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\n
euros, due mainly to new purchases, partly offset by the sale of existing positions.
\n
- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\n
partly offset by new transactions and changes in market inputs.
\n
- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
\n
\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\n
exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\n
valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\n
inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\n
equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\n
funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\n
in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag115": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\u2022 The lion\u2019s share of the fees and commissions related to lending is recognised under \u2018Net interest income\u2019 (effective interest
\n
rate calculations).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
Note 2.2: Results by segment
\n
\n
\n
\n\n\n| 2025 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 584 | \n1 408 | \n1 344 | \n599 | \n287 | \n458 | \n-271 | \n6 065 | \n
\n\n| Insurance revenues before reinsurance | \n1 910 | \n677 | \n603 | \n220 | \n117 | \n266 | \n11 | \n3 201 | \n
\n\n| Non-life | \n1 603 | \n567 | \n527 | \n196 | \n92 | \n240 | \n11 | \n2 709 | \n
\n\n| Life | \n307 | \n110 | \n76 | \n24 | \n26 | \n26 | \n0 | \n492 | \n
\n\n| Dividend income | \n72 | \n1 | \n1 | \n0 | \n0 | \n1 | \n3 | \n77 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-337 | \n96 | \n56 | \n43 | \n15 | \n-1 | \n22 | \n-163 | \n
\n\n| Net fee and commission income | \n1 810 | \n376 | \n606 | \n345 | \n91 | \n170 | \n-3 | \n2 789 | \n
\n\n| Net other income | \n233 | \n5 | \n17 | \n1 | \n9 | \n7 | \n-25 | \n230 | \n
\n\n| TOTAL INCOME | \n7 273 | \n2 562 | \n2 627 | \n1 208 | \n519 | \n899 | \n-263 | \n12 200 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 605 | \n-870 | \n-1 054 | \n-543 | \n-255 | \n-256 | \n-178 | \n-4 706 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 571 | \n-965 | \n-887 | \n-333 | \n-273 | \n-281 | \n-177 | \n-4 599 | \n
\n\n| Bank and insurance tax | \n-356 | \n-24 | \n-283 | \n-259 | \n-10 | \n-14 | \n-4 | \n-666 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n322 | \n119 | \n116 | \n49 | \n29 | \n38 | \n3 | \n559 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 487 | \n-523 | \n-498 | \n-199 | \n-100 | \n-199 | \n-3 | \n-2 512 | \n
\n\n| Of which insurance commissions paid | \n-258 | \n-93 | \n-76 | \n-15 | \n-16 | \n-46 | \n-1 | \n-429 | \n
\n\n| Non-life | \n-1 317 | \n-466 | \n-450 | \n-185 | \n-82 | \n-183 | \n-3 | \n-2 235 | \n
\n\n| Of which Non-life claim-related expenses | \n-875 | \n-278 | \n-251 | \n-93 | \n-49 | \n-108 | \n0 | \n-1 404 | \n
\n\n| Life | \n-171 | \n-57 | \n-48 | \n-14 | \n-19 | \n-16 | \n0 | \n-276 | \n
\n\n| Net result from reinsurance contracts held | \n-51 | \n-22 | \n-16 | \n0 | \n-6 | \n-10 | \n14 | \n-75 | \n
\n\n| Impairment | \n-192 | \n-51 | \n-99 | \n-20 | \n-21 | \n-58 | \n8 | \n-334 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-175 | \n-44 | \n-64 | \n-6 | \n-7 | \n-51 | \n10 | \n-273 | \n
\n\n| Share in the result of associates and joint ventures | \n7 | \n-1 | \n1 | \n0 | \n0 | \n1 | \n0 | \n6 | \n
\n\n| RESULT BEFORE TAX | \n2 944 | \n1 095 | \n962 | \n447 | \n137 | \n377 | \n-421 | \n4 580 | \n
\n\n| Income tax expense | \n-793 | \n-171 | \n-148 | \n-63 | \n-30 | \n-55 | \n103 | \n-1 010 | \n
\n\n| Net post-tax result from discontinued operations | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n
\n\n| RESULT AFTER TAX | \n2 151 | \n923 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 570 | \n
\n\n| attributable to minority interests | \n0 | \n1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 | \n
\n\n| attributable to equity holders of the parent | \n2 151 | \n922 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 568 | \n
\n\n| a Of which non-cash expenses | \n-50 | \n-122 | \n-128 | \n-73 | \n-26 | \n-28 | \n-99 | \n-399 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-128 | \n-73 | \n-26 | \n-29 | \n-100 | \n-402 | \n
\n\n| Other | \n3 | \n-2 | \n0 | \n0 | \n0 | \n1 | \n0 | \n3 | \n
\n\n| Acquisitions of non-current assets* | \n759 | \n353 | \n216 | \n110 | \n69 | \n37 | \n189 | \n1 518 | \n
\n\n
\n
\n
\n
* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n
\n\n\n
\n\n
\n
\n\n\n| 2024 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 305 | \n1 298 | \n1 290 | \n 571 | \n 276 | \n 443 | \n-319 | \n5 574 | \n
\n\n| Insurance revenues before reinsurance | \n1 805 | \n 585 | \n 541 | \n 203 | \n 108 | \n 229 | \n 14 | \n2 945 | \n
\n\n| Non-life | \n1 501 | \n 485 | \n 481 | \n 184 | \n 87 | \n 210 | \n 14 | \n2 482 | \n
\n\n| Life | \n 303 | \n 100 | \n 60 | \n 20 | \n 21 | \n 19 | \n 0 | \n 463 | \n
\n\n| Dividend income | \n 50 | \n 1 | \n 1 | \n 0 | \n 0 | \n 1 | \n 4 | \n 57 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-343 | \n 72 | \n 55 | \n 52 | \n 5 | \n-2 | \n 48 | \n-168 | \n
\n\n| Net fee and commission income | \n1 684 | \n 352 | \n 546 | \n 302 | \n 88 | \n 156 | \n-4 | \n2 578 | \n
\n\n| Net other income | \n 201 | \n 3 | \n-6 | \n-24 | \n 9 | \n 9 | \n-17 | \n 181 | \n
\n\n| TOTAL INCOME | \n6 702 | \n2 312 | \n2 427 | \n1 104 | \n 485 | \n 837 | \n-273 | \n11 167 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 496 | \n-854 | \n-1 041 | \n-493 | \n-267 | \n-280 | \n-175 | \n-4 565 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 514 | \n-924 | \n-857 | \n-302 | \n-261 | \n-294 | \n-178 | \n-4 474 | \n
\n\n| Bank and insurance tax | \n-285 | \n-40 | \n-300 | \n-245 | \n-34 | \n-21 | \n 1 | \n-623 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n 303 | \n 110 | \n 117 | \n 54 | \n 28 | \n 35 | \n 2 | \n 532 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 449 | \n-531 | \n-493 | \n-206 | \n-113 | \n-175 | \n-2 | \n-2 475 | \n
\n\n| Of which insurance commissions paid | \n-242 | \n-73 | \n-68 | \n-13 | \n-13 | \n-41 | \n-1 | \n-383 | \n
\n\n| Non-life | \n-1 247 | \n-477 | \n-454 | \n-192 | \n-99 | \n-163 | \n-2 | \n-2 179 | \n
\n\n| Of which Non-life claim-related expenses | \n-837 | \n-318 | \n-260 | \n-97 | \n-67 | \n-95 | \n 1 | \n-1 414 | \n
\n\n| Life | \n-203 | \n-54 | \n-39 | \n-13 | \n-14 | \n-12 | \n 0 | \n-296 | \n
\n\n| Net result from reinsurance contracts held | \n-63 | \n 61 | \n 1 | \n 8 | \n 3 | \n-10 | \n-17 | \n-17 | \n
\n\n| Impairment | \n-260 | \n 31 | \n-7 | \n-6 | \n 17 | \n-18 | \n-12 | \n-248 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-246 | \n 34 | \n 25 | \n 23 | \n 18 | \n-16 | \n-12 | \n-199 | \n
\n\n| Share in the result of associates and joint ventures | \n 80 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 80 | \n
\n\n| RESULT BEFORE TAX | \n2 513 | \n1 019 | \n 888 | \n 407 | \n 125 | \n 355 | \n-479 | \n3 941 | \n
\n\n| Income tax expense | \n-667 | \n-161 | \n-137 | \n-62 | \n-24 | \n-51 | \n 439 | \n-527 | \n
\n\n| Net post-tax result from discontinued operations | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n\n| RESULT AFTER TAX | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 414 | \n
\n\n| attributable to minority interests | \n-1 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n-1 | \n
\n\n| attributable to equity holders of the parent | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 415 | \n
\n\n| a Of which non-cash expenses | \n-54 | \n-118 | \n-119 | \n-62 | \n-25 | \n-31 | \n-89 | \n-380 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-119 | \n-62 | \n-25 | \n-32 | \n-90 | \n-382 | \n
\n\n| Other | \n-1 | \n 2 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 | \n
\n\n| Acquisitions of non-current assets* | \n 829 | \n320 | \n 225 | \n 125 | \n 54 | \n 45 | \n 157 | \n1 530 | \n
\n\n
\n
\n
\n
* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n
\n\n\n
\n\n
\n
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n| Transactions with related parties, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| excluding key management | \nSubsi- | \nAssociated | \nJoint | \n | \n | \nSubsi- | \nAssociated | \nJoint | \n | \n | \n\n
\n\n| (in millions of EUR) | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \n\n
\n\n| Assets | \n133 | \n156 | \n6 | \n298 | \n593 | \n125 | \n202 | \n9 | \n0 | \n337 | \n\n
\n\n| Loans and advances | \n8 | \n64 | \n0 | \n298 | \n370 | \n8 | \n72 | \n0 | \n0 | \n80 | \n\n
\n\n| Equity instruments (including investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in associated companies and joint | \n123 | \n93 | \n5 | \n0 | \n221 | \n117 | \n130 | \n9 | \n0 | \n256 | \n\n
\n\n| ventures) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other | \n1 | \n0 | \n0 | \n0 | \n2 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Liabilities | \n85 | \n92 | \n1 | \n828 | \n1 006 | \n66 | \n92 | \n1 | \n716 | \n875 | \n\n
\n\n| Deposits | \n82 | \n45 | \n1 | \n824 | \n952 | \n63 | \n40 | \n1 | \n713 | \n817 | \n\n
\n\n| Other financial liabilities | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Other | \n3 | \n47 | \n0 | \n4 | \n54 | \n3 | \n52 | \n0 | \n3 | \n58 | \n\n
\n\n| Income statement | \n-42 | \n-2 | \n0 | \n-28 | \n-72 | \n-38 | \n2 | \n0 | \n-21 | \n-56 | \n\n
\n\n| Net interest income | \n-1 | \n1 | \n0 | \n-26 | \n-26 | \n-1 | \n2 | \n0 | \n-22 | \n-21 | \n\n
\n\n| Interest income | \n1 | \n3 | \n0 | \n0 | \n4 | \n0 | \n3 | \n0 | \n0 | \n4 | \n\n
\n\n| Interest expense | \n-2 | \n-3 | \n0 | \n-26 | \n-30 | \n-1 | \n-2 | \n0 | \n-22 | \n-25 | \n\n
\n\n| Insurance revenues before reinsurance | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Insurance service expenses before | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| reinsurance | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Dividend income | \n4 | \n1 | \n0 | \n0 | \n5 | \n4 | \n3 | \n0 | \n4 | \n11 | \n\n
\n\n| Net fee and commission income | \n0 | \n0 | \n0 | \n2 | \n2 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission income | \n1 | \n0 | \n0 | \n2 | \n3 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission expense | \n-1 | \n0 | \n0 | \n0 | \n-1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Net other income | \n1 | \n0 | \n0 | \n0 | \n1 | \n1 | \n0 | \n0 | \n0 | \n1 | \n\n
\n\n| Total operating expenses excluding bank | \n-46 | \n-3 | \n0 | \n-5 | \n-54 | \n-42 | \n-3 | \n0 | \n-5 | \n-50 | \n\n
\n\n| and insurance tax | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Undrawn portion of loan commitments, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| financial guarantees and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| commitments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Given by the group | \n0 | \n0 | \n0 | \n50 | \n50 | \n0 | \n1 | \n0 | \n50 | \n51 | \n\n
\n\n| Received by the group | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag116": {
"value": "\n
\n\n
\n
\n
\n
\n
Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\n
and expense (for insurance contracts issued)
\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
\n
contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
\n
change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
\n
fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
\n
and expense\u2019 (see Note 3.6).
\n
\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\n
result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\n
under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\n
the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n
\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n
\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
\n
value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
\n
takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
\n
value (i.e. not marked-to-market).
\n
\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
\n
transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
\n
from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
\n
loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
\n
released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
\n
amounts.
\n
\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\n
liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\n
through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\n
exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019.
\n
\u2022 The effectiveness of the hedge is determined according to the following methods:
\n
- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
\n
hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
\n
- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
\n
a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\n
instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
\n
- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
\n
a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
\n
hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
\n
may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
\n
volume of hedging instruments allocated to the same bucket.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag117": {
"value": "\n
\n\n
\n
\n
Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\u2022 The lion\u2019s share of the fees and commissions related to lending is recognised under \u2018Net interest income\u2019 (effective interest
\nrate calculations).
\n
\n\n\n\n\n\n\n\n\n\nNote 2.2: Results by segment
\n
\n\n
\n\n\n| 2025 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 584 | \n1 408 | \n1 344 | \n599 | \n287 | \n458 | \n-271 | \n6 065 | \n
\n\n| Insurance revenues before reinsurance | \n1 910 | \n677 | \n603 | \n220 | \n117 | \n266 | \n11 | \n3 201 | \n
\n\n| Non-life | \n1 603 | \n567 | \n527 | \n196 | \n92 | \n240 | \n11 | \n2 709 | \n
\n\n| Life | \n307 | \n110 | \n76 | \n24 | \n26 | \n26 | \n0 | \n492 | \n
\n\n| Dividend income | \n72 | \n1 | \n1 | \n0 | \n0 | \n1 | \n3 | \n77 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-337 | \n96 | \n56 | \n43 | \n15 | \n-1 | \n22 | \n-163 | \n
\n\n| Net fee and commission income | \n1 810 | \n376 | \n606 | \n345 | \n91 | \n170 | \n-3 | \n2 789 | \n
\n\n| Net other income | \n233 | \n5 | \n17 | \n1 | \n9 | \n7 | \n-25 | \n230 | \n
\n\n| TOTAL INCOME | \n7 273 | \n2 562 | \n2 627 | \n1 208 | \n519 | \n899 | \n-263 | \n12 200 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 605 | \n-870 | \n-1 054 | \n-543 | \n-255 | \n-256 | \n-178 | \n-4 706 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 571 | \n-965 | \n-887 | \n-333 | \n-273 | \n-281 | \n-177 | \n-4 599 | \n
\n\n| Bank and insurance tax | \n-356 | \n-24 | \n-283 | \n-259 | \n-10 | \n-14 | \n-4 | \n-666 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n322 | \n119 | \n116 | \n49 | \n29 | \n38 | \n3 | \n559 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 487 | \n-523 | \n-498 | \n-199 | \n-100 | \n-199 | \n-3 | \n-2 512 | \n
\n\n| Of which insurance commissions paid | \n-258 | \n-93 | \n-76 | \n-15 | \n-16 | \n-46 | \n-1 | \n-429 | \n
\n\n| Non-life | \n-1 317 | \n-466 | \n-450 | \n-185 | \n-82 | \n-183 | \n-3 | \n-2 235 | \n
\n\n| Of which Non-life claim-related expenses | \n-875 | \n-278 | \n-251 | \n-93 | \n-49 | \n-108 | \n0 | \n-1 404 | \n
\n\n| Life | \n-171 | \n-57 | \n-48 | \n-14 | \n-19 | \n-16 | \n0 | \n-276 | \n
\n\n| Net result from reinsurance contracts held | \n-51 | \n-22 | \n-16 | \n0 | \n-6 | \n-10 | \n14 | \n-75 | \n
\n\n| Impairment | \n-192 | \n-51 | \n-99 | \n-20 | \n-21 | \n-58 | \n8 | \n-334 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-175 | \n-44 | \n-64 | \n-6 | \n-7 | \n-51 | \n10 | \n-273 | \n
\n\n| Share in the result of associates and joint ventures | \n7 | \n-1 | \n1 | \n0 | \n0 | \n1 | \n0 | \n6 | \n
\n\n| RESULT BEFORE TAX | \n2 944 | \n1 095 | \n962 | \n447 | \n137 | \n377 | \n-421 | \n4 580 | \n
\n\n| Income tax expense | \n-793 | \n-171 | \n-148 | \n-63 | \n-30 | \n-55 | \n103 | \n-1 010 | \n
\n\n| Net post-tax result from discontinued operations | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n
\n\n| RESULT AFTER TAX | \n2 151 | \n923 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 570 | \n
\n\n| attributable to minority interests | \n0 | \n1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 | \n
\n\n| attributable to equity holders of the parent | \n2 151 | \n922 | \n814 | \n384 | \n107 | \n322 | \n-318 | \n3 568 | \n
\n\n| a Of which non-cash expenses | \n-50 | \n-122 | \n-128 | \n-73 | \n-26 | \n-28 | \n-99 | \n-399 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-128 | \n-73 | \n-26 | \n-29 | \n-100 | \n-402 | \n
\n\n| Other | \n3 | \n-2 | \n0 | \n0 | \n0 | \n1 | \n0 | \n3 | \n
\n\n| Acquisitions of non-current assets* | \n759 | \n353 | \n216 | \n110 | \n69 | \n37 | \n189 | \n1 518 | \n
\n\n
\n
\n* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n\n\n
\n\n\n| 2024 (in millions of EUR) | \nBelgium Business Unit | \nCzech Republic Business Unit | \nInternational Markets Business Unit | \nHungary | \nSlovakia | \nBulgaria | \nGroup Centre | \nTotal | \n
\n\n\n\n| Net interest income | \n3 305 | \n1 298 | \n1 290 | \n 571 | \n 276 | \n 443 | \n-319 | \n5 574 | \n
\n\n| Insurance revenues before reinsurance | \n1 805 | \n 585 | \n 541 | \n 203 | \n 108 | \n 229 | \n 14 | \n2 945 | \n
\n\n| Non-life | \n1 501 | \n 485 | \n 481 | \n 184 | \n 87 | \n 210 | \n 14 | \n2 482 | \n
\n\n| Life | \n 303 | \n 100 | \n 60 | \n 20 | \n 21 | \n 19 | \n 0 | \n 463 | \n
\n\n| Dividend income | \n 50 | \n 1 | \n 1 | \n 0 | \n 0 | \n 1 | \n 4 | \n 57 | \n
\n\n| Net result from financial instruments at fair value through profit or loss and Insurance finance income and expense (for insurance contracts issued) | \n-343 | \n 72 | \n 55 | \n 52 | \n 5 | \n-2 | \n 48 | \n-168 | \n
\n\n| Net fee and commission income | \n1 684 | \n 352 | \n 546 | \n 302 | \n 88 | \n 156 | \n-4 | \n2 578 | \n
\n\n| Net other income | \n 201 | \n 3 | \n-6 | \n-24 | \n 9 | \n 9 | \n-17 | \n 181 | \n
\n\n| TOTAL INCOME | \n6 702 | \n2 312 | \n2 427 | \n1 104 | \n 485 | \n 837 | \n-273 | \n11 167 | \n
\n\n| Operating expenses (excluding directly attributable to insurance contracts)a | \n-2 496 | \n-854 | \n-1 041 | \n-493 | \n-267 | \n-280 | \n-175 | \n-4 565 | \n
\n\n| Total operating expenses excluding bank and insurance tax | \n-2 514 | \n-924 | \n-857 | \n-302 | \n-261 | \n-294 | \n-178 | \n-4 474 | \n
\n\n| Bank and insurance tax | \n-285 | \n-40 | \n-300 | \n-245 | \n-34 | \n-21 | \n 1 | \n-623 | \n
\n\n| Less: operating expenses attributed to insurance service expenses | \n 303 | \n 110 | \n 117 | \n 54 | \n 28 | \n 35 | \n 2 | \n 532 | \n
\n\n| Insurance service expenses before reinsurance | \n-1 449 | \n-531 | \n-493 | \n-206 | \n-113 | \n-175 | \n-2 | \n-2 475 | \n
\n\n| Of which insurance commissions paid | \n-242 | \n-73 | \n-68 | \n-13 | \n-13 | \n-41 | \n-1 | \n-383 | \n
\n\n| Non-life | \n-1 247 | \n-477 | \n-454 | \n-192 | \n-99 | \n-163 | \n-2 | \n-2 179 | \n
\n\n| Of which Non-life claim-related expenses | \n-837 | \n-318 | \n-260 | \n-97 | \n-67 | \n-95 | \n 1 | \n-1 414 | \n
\n\n| Life | \n-203 | \n-54 | \n-39 | \n-13 | \n-14 | \n-12 | \n 0 | \n-296 | \n
\n\n| Net result from reinsurance contracts held | \n-63 | \n 61 | \n 1 | \n 8 | \n 3 | \n-10 | \n-17 | \n-17 | \n
\n\n| Impairment | \n-260 | \n 31 | \n-7 | \n-6 | \n 17 | \n-18 | \n-12 | \n-248 | \n
\n\n| on financial assets at amortised cost and at fair value through OCI | \n-246 | \n 34 | \n 25 | \n 23 | \n 18 | \n-16 | \n-12 | \n-199 | \n
\n\n| Share in the result of associates and joint ventures | \n 80 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 80 | \n
\n\n| RESULT BEFORE TAX | \n2 513 | \n1 019 | \n 888 | \n 407 | \n 125 | \n 355 | \n-479 | \n3 941 | \n
\n\n| Income tax expense | \n-667 | \n-161 | \n-137 | \n-62 | \n-24 | \n-51 | \n 439 | \n-527 | \n
\n\n| Net post-tax result from discontinued operations | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n\n| RESULT AFTER TAX | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 414 | \n
\n\n| attributable to minority interests | \n-1 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n-1 | \n
\n\n| attributable to equity holders of the parent | \n1 846 | \n 858 | \n 751 | \n 345 | \n 101 | \n 304 | \n-40 | \n3 415 | \n
\n\n| a Of which non-cash expenses | \n-54 | \n-118 | \n-119 | \n-62 | \n-25 | \n-31 | \n-89 | \n-380 | \n
\n\n| Depreciation and amortisation of fixed assets | \n-53 | \n-120 | \n-119 | \n-62 | \n-25 | \n-32 | \n-90 | \n-382 | \n
\n\n| Other | \n-1 | \n 2 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 | \n
\n\n| Acquisitions of non-current assets* | \n 829 | \n320 | \n 225 | \n 125 | \n 54 | \n 45 | \n 157 | \n1 530 | \n
\n\n
\n
\n* Non-current assets held for sale and disposal groups, investment property, property and equipment, investments in associated companies, and goodwill and other intangible assets.
\n
\n\n\n
\n\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n| Transactions with related parties, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| excluding key management | \nSubsi- | \nAssociated | \nJoint | \n | \n | \nSubsi- | \nAssociated | \nJoint | \n | \n | \n\n
\n\n| (in millions of EUR) | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \n\n
\n\n| Assets | \n133 | \n156 | \n6 | \n298 | \n593 | \n125 | \n202 | \n9 | \n0 | \n337 | \n\n
\n\n| Loans and advances | \n8 | \n64 | \n0 | \n298 | \n370 | \n8 | \n72 | \n0 | \n0 | \n80 | \n\n
\n\n| Equity instruments (including investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in associated companies and joint | \n123 | \n93 | \n5 | \n0 | \n221 | \n117 | \n130 | \n9 | \n0 | \n256 | \n\n
\n\n| ventures) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other | \n1 | \n0 | \n0 | \n0 | \n2 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Liabilities | \n85 | \n92 | \n1 | \n828 | \n1 006 | \n66 | \n92 | \n1 | \n716 | \n875 | \n\n
\n\n| Deposits | \n82 | \n45 | \n1 | \n824 | \n952 | \n63 | \n40 | \n1 | \n713 | \n817 | \n\n
\n\n| Other financial liabilities | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Other | \n3 | \n47 | \n0 | \n4 | \n54 | \n3 | \n52 | \n0 | \n3 | \n58 | \n\n
\n\n| Income statement | \n-42 | \n-2 | \n0 | \n-28 | \n-72 | \n-38 | \n2 | \n0 | \n-21 | \n-56 | \n\n
\n\n| Net interest income | \n-1 | \n1 | \n0 | \n-26 | \n-26 | \n-1 | \n2 | \n0 | \n-22 | \n-21 | \n\n
\n\n| Interest income | \n1 | \n3 | \n0 | \n0 | \n4 | \n0 | \n3 | \n0 | \n0 | \n4 | \n\n
\n\n| Interest expense | \n-2 | \n-3 | \n0 | \n-26 | \n-30 | \n-1 | \n-2 | \n0 | \n-22 | \n-25 | \n\n
\n\n| Insurance revenues before reinsurance | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Insurance service expenses before | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| reinsurance | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Dividend income | \n4 | \n1 | \n0 | \n0 | \n5 | \n4 | \n3 | \n0 | \n4 | \n11 | \n\n
\n\n| Net fee and commission income | \n0 | \n0 | \n0 | \n2 | \n2 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission income | \n1 | \n0 | \n0 | \n2 | \n3 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission expense | \n-1 | \n0 | \n0 | \n0 | \n-1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Net other income | \n1 | \n0 | \n0 | \n0 | \n1 | \n1 | \n0 | \n0 | \n0 | \n1 | \n\n
\n\n| Total operating expenses excluding bank | \n-46 | \n-3 | \n0 | \n-5 | \n-54 | \n-42 | \n-3 | \n0 | \n-5 | \n-50 | \n\n
\n\n| and insurance tax | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Undrawn portion of loan commitments, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| financial guarantees and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| commitments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Given by the group | \n0 | \n0 | \n0 | \n50 | \n50 | \n0 | \n1 | \n0 | \n50 | \n51 | \n\n
\n\n| Received by the group | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag118": {
"value": "\n
\n\n
Note 3.1: Net interest income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\n
on cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\n
liabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\n
under \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\n
income.
\n
\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n
(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\n
million euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n| Transactions with related parties, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| excluding key management | \nSubsi- | \nAssociated | \nJoint | \n | \n | \nSubsi- | \nAssociated | \nJoint | \n | \n | \n\n
\n\n| (in millions of EUR) | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \n\n
\n\n| Assets | \n133 | \n156 | \n6 | \n298 | \n593 | \n125 | \n202 | \n9 | \n0 | \n337 | \n\n
\n\n| Loans and advances | \n8 | \n64 | \n0 | \n298 | \n370 | \n8 | \n72 | \n0 | \n0 | \n80 | \n\n
\n\n| Equity instruments (including investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in associated companies and joint | \n123 | \n93 | \n5 | \n0 | \n221 | \n117 | \n130 | \n9 | \n0 | \n256 | \n\n
\n\n| ventures) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other | \n1 | \n0 | \n0 | \n0 | \n2 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Liabilities | \n85 | \n92 | \n1 | \n828 | \n1 006 | \n66 | \n92 | \n1 | \n716 | \n875 | \n\n
\n\n| Deposits | \n82 | \n45 | \n1 | \n824 | \n952 | \n63 | \n40 | \n1 | \n713 | \n817 | \n\n
\n\n| Other financial liabilities | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Other | \n3 | \n47 | \n0 | \n4 | \n54 | \n3 | \n52 | \n0 | \n3 | \n58 | \n\n
\n\n| Income statement | \n-42 | \n-2 | \n0 | \n-28 | \n-72 | \n-38 | \n2 | \n0 | \n-21 | \n-56 | \n\n
\n\n| Net interest income | \n-1 | \n1 | \n0 | \n-26 | \n-26 | \n-1 | \n2 | \n0 | \n-22 | \n-21 | \n\n
\n\n| Interest income | \n1 | \n3 | \n0 | \n0 | \n4 | \n0 | \n3 | \n0 | \n0 | \n4 | \n\n
\n\n| Interest expense | \n-2 | \n-3 | \n0 | \n-26 | \n-30 | \n-1 | \n-2 | \n0 | \n-22 | \n-25 | \n\n
\n\n| Insurance revenues before reinsurance | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Insurance service expenses before | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| reinsurance | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Dividend income | \n4 | \n1 | \n0 | \n0 | \n5 | \n4 | \n3 | \n0 | \n4 | \n11 | \n\n
\n\n| Net fee and commission income | \n0 | \n0 | \n0 | \n2 | \n2 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission income | \n1 | \n0 | \n0 | \n2 | \n3 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission expense | \n-1 | \n0 | \n0 | \n0 | \n-1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Net other income | \n1 | \n0 | \n0 | \n0 | \n1 | \n1 | \n0 | \n0 | \n0 | \n1 | \n\n
\n\n| Total operating expenses excluding bank | \n-46 | \n-3 | \n0 | \n-5 | \n-54 | \n-42 | \n-3 | \n0 | \n-5 | \n-50 | \n\n
\n\n| and insurance tax | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Undrawn portion of loan commitments, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| financial guarantees and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| commitments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Given by the group | \n0 | \n0 | \n0 | \n50 | \n50 | \n0 | \n1 | \n0 | \n50 | \n51 | \n\n
\n\n| Received by the group | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag119": {
"value": "\nNote 3.1: Net interest income
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 065 | \n5 574 | \n\n\n\n\n\n\n
\n\n| Interest income | \n17 349 | \n19 746 | \n\n\n\n\n\n\n
\n\n| Interest income on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n9 595 | \n9 803 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n737 | \n 507 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n5 055 | \n6 011 | \n\n\n\n\n\n\n
\n\n| Financial liabilities (negative interest rate) | \n2 | \n 5 | \n\n\n\n\n\n\n
\n\n| Other | \n949 | \n1 580 | \n\n\n\n\n\n\n
\n\n| Interest income on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets MFVPL other than held for trading | \n96 | \n 70 | \n\n\n\n\n\n\n
\n\n| Financial assets held for trading | \n915 | \n1 770 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n684 | \n1 566 | \n\n\n\n\n\n\n
\n\n| Other financial assets at fair value through profit or loss | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Interest expense | \n-11 284 | \n-14 172 | \n\n\n\n\n\n\n
\n\n| Interest expense on financial instruments calculated using the effective interest rate method | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities at amortised cost | \n-5 516 | \n-6 565 | \n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n-5 083 | \n-5 903 | \n\n\n\n\n\n\n
\n\n| Financial assets (negative interest rate) | \n-1 | \n-1 | \n\n\n\n\n\n\n
\n\n| Other | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n| Interest expense on other financial instruments | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial liabilities held for trading | \n-650 | \n-1 641 | \n\n\n\n\n\n\n
\n\n| Of which economic hedges | \n-606 | \n-1 596 | \n\n\n\n\n\n\n
\n\n| Other financial liabilities at fair value through profit or loss | \n-38 | \n-62 | \n\n\n\n\n\n\n
\n\n| Net interest expense relating to defined benefit plans | \n10 | \n 5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 \u2018Interest income on financial instruments calculated using the effective interest rate method, Other\u2019 relates mainly to interest
\non cash balances with central banks. These cash balances with central banks are mostly financed using short-term
\nliabilities, such as certificates of deposit and repos. The associated interest expense is recognised under \u2018Interest expense\u2019,
\nunder \u2018Financial liabilities at amortised cost\u2019. The interest margin on this activity is limited and, therefore, so is the net interest
\nincome.
\n\u2022 Over the past few years, several central banks in our core countries decided to adjust the Minimum Reserve Requirement
\n(MRR) and the compensation paid for these reserves. This had a negative impact on our net interest income of around 164
\nmillion euros in 2025 (190 million euros in 2024).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag127": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\n
and expense (for insurance contracts issued)
\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
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\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
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insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
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contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
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change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
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fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
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and expense\u2019 (see Note 3.6).
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\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
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result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
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under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
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the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
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\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
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\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
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value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
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takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
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value (i.e. not marked-to-market).
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\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
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transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
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from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
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loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
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released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
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amounts.
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\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\n
liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\n
through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
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exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
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insurance contracts issued)\u2019.
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\u2022 The effectiveness of the hedge is determined according to the following methods:
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- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
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hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
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- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
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a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\n
instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
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- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
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a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
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hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
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may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
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volume of hedging instruments allocated to the same bucket.
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n
- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\n
criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
\n
- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\n
to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
\n
\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\n
SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
\n
\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n
\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\nNote 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
\n
\n
\n
\n\n
\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
\n- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
\nquoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
\nare readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
\n(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
\ntransactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
\navailable transaction prices. No valuation technique (model) is involved.
\n- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
\nor unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
\n\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
\nmarket data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
\nrate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
\ndiscounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
\n- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
\nassumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
\ninvolved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
\nconsidered to be unobservable in the market.
\n\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
\nvalue hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
\nsignificant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
\nrequire significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
\n\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
\nfinancial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
\nindicated in the table, a small portion may actually be classified in another stage.
\n\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
\nreporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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Note 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
\n
\n
\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
\n
532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million
\n
euros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
\n
bonds and corporate bonds.
\n
\n
\n
\n
\n
\n
\n
\n
\n
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
\n
\n
\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
\n
40 million euros, due primarily to new purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
\n
account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
\n
due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
\n
- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
\n
by 600 million euros, due to new purchases.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\n
offset by new transactions.
\n
\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\n
instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\n
purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\n
euros, due mainly to new purchases, partly offset by the sale of existing positions.
\n
- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\n
partly offset by new transactions and changes in market inputs.
\n
- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
\n
\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\n
exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\n
valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\n
inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\n
equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\n
funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\n
in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 4.8: Derivatives
\n
\n
\u2022 In terms of volume of the notional amounts of the derivatives, approximately 72% are trading derivatives and approximately
\n
28% are hedging derivatives at year-end 2025 (75% and 25%, respectively, at year-end 2024).
\n
\u2022 The majority of trading derivatives are effectively included in the trading book but are largely economically hedged (limited
\n
open positions) by other trading derivatives (such as derivative transactions initiated by commercial clients that are
\n
economically hedged) or by balance sheet positions (such as currency positions), which leads to large volumes of notional
\n
amounts but also to result-neutral revaluations on a net basis.
\n
\u2022 A limited number of trading derivatives are ALM derivatives included in the banking book, which are used to hedge
\n
economic risk but are not subject to hedge accounting. Hedge accounting is applied to most of the ALM interest rate
\n
contracts. Only a limited number of the ALM derivatives for foreign currencies are included in hedge accounting.
\n
\n
\n
Note 4.8.1: Trading derivatives
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n31-12-2025 | \n | \n | \n | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nCarrying value | \nNotional amounts* | \nCarrying value | \nNotional amounts* | \n\n\n\n\n\n\n\n\n\n
\n\n | \nAssets | \nLiabilities | \nPurchased | \nSold | \nAssets | \nLiabilities | \nPurchased | \nSold | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n3 456 | \n4 425 | \n569 005 | \n570 857 | \n 4 584 | \n 4 679 | \n 616 452 | \n 615 520 | \n\n\n\n\n\n\n\n\n\n
\n\n| Interest rate contracts | \n1 298 | \n1 576 | \n379 430 | \n378 490 | \n 1 589 | \n 1 781 | \n 429 232 | \n 426 678 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which interest rate swaps and futures | \n1 255 | \n1 550 | \n373 782 | \n374 241 | \n 1 510 | \n 1 740 | \n 421 656 | \n 422 160 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n43 | \n26 | \n5 649 | \n4 248 | \n 80 | \n 41 | \n 7 576 | \n 4 518 | \n\n\n\n\n\n\n\n\n\n
\n\n| Foreign exchange contracts | \n1 096 | \n1 235 | \n174 685 | \n176 863 | \n 2 193 | \n 1 784 | \n 172 410 | \n 174 374 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which currency and interest rate swaps, forward | \n1 011 | \n1 144 | \n168 149 | \n168 385 | \n 2 101 | \n 1 720 | \n 167 819 | \n 167 306 | \n\n\n\n\n\n\n\n\n\n
\n\n| foreign exchange transactions and futures | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n84 | \n91 | \n6 536 | \n8 479 | \n 92 | \n 64 | \n 4 592 | \n 7 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity contracts | \n1 049 | \n1 602 | \n14 623 | \n15 247 | \n 799 | \n 1 110 | \n 14 530 | \n 14 191 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which equity swaps | \n941 | \n1 060 | \n11 533 | \n11 108 | \n 646 | \n 692 | \n 11 348 | \n 10 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n108 | \n542 | \n3 090 | \n4 139 | \n 153 | \n 418 | \n 3 181 | \n 3 196 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit contracts | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which credit default swaps | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Commodity and other contracts | \n13 | \n12 | \n267 | \n257 | \n 4 | \n 3 | \n 280 | \n 277 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
* In this table, both legs of the derivatives are reported in the notional amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 4.8.2: Hedging derivatives
\n
\n
\n
interest rate swaps
\n
interest rate swaps
\n
\n
\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nDebt securities held at AC | \n12 911 | \n-446 | \n-161 | \n | \n | \n\n\n\n
\n\n| Currency and | \n0 | \n0 | \n0 | \n0 | \n0 | \nLoans and advances at AC | \n515 | \n27 | \n-5 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n11 660 | \n-189 | \n-243 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n19 214 | \n-175 | \n-60 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n599 | \n-2 | \n2 | \n | \n | \n\n\n\n
\n\n| Total | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nTotal | \n | \n | \n-468 | \n-5 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n151 428 | \n151 428 | \n53 | \n78 | \n774 | \nDebt securities held at AC | \n905 | \n-17 | \n14 | \n | \n | \n\n\n\n
\n\n| Currency and | \n955 | \n0 | \n43 | \n0 | \n7 | \nLoans and advances at AC | \n129 131 | \n-2 687 | \n-706 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n166 | \n2 | \n2 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n0 | \n0 | \n0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n18 788 | \n-285 | \n-93 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n410 | \n-5 | \n11 | \n | \n | \n\n\n\n
\n\n| Total | \n152 383 | \n151 428 | \n96 | \n78 | \n781 | \nTotal | \n | \n | \n-772 | \n10 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n18 372 | \n18 372 | \n13 | \n82 | \n583 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n1 750 | \n1 793 | \n0 | \n56 | \n28 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n20 122 | \n20 165 | \n13 | \n138 | \n611 | \nTotal | \n | \n | \n-571 | \n41 | \n85 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n3 240 | \n3 189 | \n10 | \n511 | \n-74 | \nTotal | \n | \n | \n74 | \n0 | \n61 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n
\n
interest rate swaps
\n
interest rate swaps
\n
\n
\n\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nDebt securities held at AC | \n 8 050 | \n-252 | \n 17 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \nLoans and advances at AC | \n 569 | \n 33 | \n-45 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 7 254 | \n 64 | \n 80 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 21 802 | \n-226 | \n-334 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 102 | \n-11 | \n 13 | \n | \n | \n\n\n\n
\n\n| Total | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nTotal | \n | \n | \n-269 | \n 11 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 141 341 | \n 141 341 | \n 67 | \n 95 | \n-464 | \nDebt securities held at AC | \n 831 | \n-31 | \n-23 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 214 | \n 0 | \n 48 | \n 0 | \n-3 | \nLoans and advances at AC | \n 121 621 | \n-1 988 | \n 622 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 76 | \n 0 | \n-3 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 0 | \n 0 | \n 0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 17 471 | \n-379 | \n-121 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n 161 | \n 6 | \n-6 | \n | \n | \n\n\n\n
\n\n| Total | \n 142 555 | \n 141 341 | \n 115 | \n 95 | \n-467 | \nTotal | \n | \n | \n 469 | \n 2 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 17 376 | \n 17 376 | \n 5 | \n 120 | \n 22 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 830 | \n 1 790 | \n 19 | \n 17 | \n-30 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n 19 206 | \n 19 166 | \n 24 | \n 137 | \n-8 | \nTotal | \n | \n | \n 8 | \n 0 | \n-486 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n 2 826 | \n 2 806 | \n 35 | \n 518 | \n 54 | \nTotal | \n | \n | \n-54 | \n 0 | \n 147 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n
\u2022 The Treasury departments of the various entities manage the interest rate risk. To prevent rate movements from having a
\n
negative impact, the maturities of assets and liabilities are adjusted on the balance sheet using interest rate swaps and
\n
other derivatives.
\n
\u2022 As regards the relationship between risk management and the hedge accounting policy, \u2018economic\u2019 management takes
\n
priority and risks are hedged in accordance with the general ALM framework. Only then is a decision made on which, if any,
\n
of these techniques will be used to limit any resulting accounting mismatch.
\n
\u2022 The balances remaining in the cashflow hedge reserve from any hedging relationships for which hedge accounting is no
\n
longer applied came to -95 million euros in 2025 (-187 million euros in 2024). The accumulated amount of fair value hedge
\n
adjustments remaining on the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and
\n
losses amounted to -35 million euros in 2025 (-99 million euros in 2024). These adjustments are amortised to profit or loss.
\n
\u2022 The difference between the \u2018Profit/loss on positions in portfolios hedged against interest rate risk\u2019 balance sheet item and
\n
accumulated fair value adjustments following portfolio hedges of interest rate risk as included in Note 4.8.2 is attributable to
\n
accumulated fair value adjustments regarding discontinued fair value hedges not included in Note 4.8.2 but included in the
\n
balance sheet.
\n
\u2022 Also see the paragraph on hedge accounting in the \u2018Risk management\u2019 section and Note 3.3.
\n
\n
\n
\n
\n\n\n| Estimated cashflows from cashflow hedging derivatives per time bucket (in millions of EUR) | \nInflow | \nOutflow | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Not more than three months | \n21 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than three but not more than six months | \n54 | \n-78 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than six months but not more than one year | \n196 | \n-205 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than one but not more than two years | \n387 | \n-476 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than two but not more than five years | \n1 122 | \n-1 172 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than five years | \n2 277 | \n-2 106 | \n\n\n\n\n\n\n\n\n\n
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag129": {
"value": "\n
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Note 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
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and expense (for insurance contracts issued)
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
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\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
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insurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
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contracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
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change in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
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fair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
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and expense\u2019 (see Note 3.6).
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\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\n
result from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\n
under unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\n
the less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
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\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n
\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\n
relationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
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value hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
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takes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\n
classified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
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value (i.e. not marked-to-market).
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\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
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transactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
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from observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
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loss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
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released in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
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amounts.
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\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
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liabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
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through profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\n
exchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\n
insurance contracts issued)\u2019.
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\u2022 The effectiveness of the hedge is determined according to the following methods:
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- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
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hedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
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- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
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a prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
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instrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
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- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
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a portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
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hedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
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may be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
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volume of hedging instruments allocated to the same bucket.
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\n
losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\n
loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\n
the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\n
assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
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private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\n
Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\n
losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\n
for liquidity purposes and are therefore irrelevant from a capital perspective.
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\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
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section.
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
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appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
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assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
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consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
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Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
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methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
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and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
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Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
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values generated by valuation models are challenged by a team set up specifically for this purpose.
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\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\n
discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
\n
margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
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value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\n
by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
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equal to their carrying value.
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\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
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euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
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reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
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2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
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at year-end 2025 (1 761 million euros at year-end 2024).
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
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\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
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euros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
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bonds and corporate bonds.
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
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40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
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account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
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due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
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- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
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by 600 million euros, due to new purchases.
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- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
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offset by new transactions.
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\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
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instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
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purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
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euros, due mainly to new purchases, partly offset by the sale of existing positions.
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- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions.
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- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
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partly offset by new transactions and changes in market inputs.
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- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
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\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
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exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
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valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
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inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
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equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
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funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
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in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag130": {
"value": "\n
\nNote 3.3: Net result from financial instruments at fair value through profit or loss and Insurance finance income
\nand expense (for insurance contracts issued)
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
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\n\u2022 \u2018Net result from financial instruments at fair value through profit or loss\u2019 and \u2018Insurance finance income and expense (for
\ninsurance contracts issued)\u2019 are shown on the same line. This way, the change in fair value of liabilities of unit-linked
\ncontracts under IFRS 17 (variable fee approach) recognised under \u2018Insurance finance income and expense\u2019 is offset by the
\nchange in fair value of the underlying unit-linked assets, which is recognised under \u2018Net result from financial instruments at
\nfair value through profit or loss\u2019. The remaining amount primarily comprises interest accretion in \u2018Insurance finance income
\nand expense\u2019 (see Note 3.6).
\n\u2022 Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations): the decrease in net
\nresult from \u2018Financial instruments MVPL other than held for trading\u2019 is primarily attributable to the measurement of assets
\nunder unit-linked investment contracts. The measurement of liabilities under the same investment contracts also explains
\nthe less negative \u2018Net result from financial instruments at fair value through profit or loss\u2019.
\n\u2022 ALM hedging derivatives (recognised in hedge accounting): the interest component of these derivatives is recognised under
\n\u2018Net interest income\u2019. Fair value changes in hedging derivatives, excluding those for which an effective cashflow hedge
\nrelationship exists, are recognised under \u2018Net result from financial instruments at fair value through profit or loss\u2019. Under fair
\nvalue hedge accounting, changes in the fair value of hedged assets are also recognised under this heading, and offsetting
\ntakes place insofar as the hedge is effective. ALM hedging derivatives not recognised in hedge accounting (and therefore
\nclassified as trading instruments) are treated in the same way, except most of the related assets are not recognised at fair
\nvalue (i.e. not marked-to-market).
\n\u2022 Day 1 profit: when the transaction price in a non-active market differs from the fair value of other observable market
\ntransactions in the same instrument or from the fair value based on a valuation technique whose variables include only data
\nfrom observable markets, the difference between the transaction price and the fair value (day 1 profit) is taken to profit or
\nloss. If this is not the case (i.e. the variables do not include only data from observable markets), day 1 profit is reserved and is
\nreleased in profit or loss during the life and until the maturity of the financial instrument. This day 1 profit involves limited
\namounts.
\n\u2022 Foreign exchange trading includes the realised and unrealised foreign exchange results (when the monetary assets and
\nliabilities are revalued), regardless of the IFRS portfolio, except for financial assets and liabilities measured at fair value
\nthrough profit or loss, for which the revaluation is included in the fair value correction. Note that (unrealised) foreign
\nexchange gains/losses on insurance contract liabilities are recognised under \u2018Insurance finance income and expense (for
\ninsurance contracts issued)\u2019.
\n\u2022 The effectiveness of the hedge is determined according to the following methods:
\n- For fair value micro-hedging, we use the dollar offset method on a quarterly basis, with changes in the fair value of the
\nhedged item offsetting changes in the fair value of the hedging instrument within a range of 80%\u2013125%.
\n- For cashflow hedges, we compare the designated hedging instrument with a perfect hedge of the hedged cashflows on
\na prospective (by BPV measurement) and retrospective basis (by comparing the fair value of the designated hedging
\ninstrument with the perfect hedge). The effectiveness of both tests must fall within a range of 80%\u2013125%.
\n- We use the rules set out in the European version of IAS 39 (carve-out) to assess the effectiveness of fair value hedges for
\na portfolio of interest rate risk. IFRS does not permit net positions to be reported as hedged items, but does allow
\nhedging instruments to be designated as a hedge of a gross asset position (or a gross liabilities position, as the case
\nmay be). Specifically, we make sure that the volume of assets (or liabilities) in each maturity bucket is greater than the
\nvolume of hedging instruments allocated to the same bucket.
\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\n
losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\n
loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\n
the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\n
assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
\n
private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\n
Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\n
losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\n
for liquidity purposes and are therefore irrelevant from a capital perspective.
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\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
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section.
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
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appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
\n
assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
\n
consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
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Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
\n
methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
\n
and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
\n
Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
\n
values generated by valuation models are challenged by a team set up specifically for this purpose.
\n
\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\n
discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
\n
margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
\n
value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\n
by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
\n
equal to their carrying value.
\n
\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
\n
euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
\n
reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
\n
2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
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at year-end 2025 (1 761 million euros at year-end 2024).
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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Note 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
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\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
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532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million
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euros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
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bonds and corporate bonds.
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Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
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\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
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40 million euros, due primarily to new purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
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account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
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due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
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- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
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by 600 million euros, due to new purchases.
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- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
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offset by new transactions.
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\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
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following:
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- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
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increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
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instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
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purchases.
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- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
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account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
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euros, due mainly to new purchases, partly offset by the sale of existing positions.
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- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
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market inputs and new purchases, partly offset by the sale of existing positions.
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- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
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market inputs and new transactions, partly offset by the settlement of existing positions.
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- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
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307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
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partly offset by new transactions and changes in market inputs.
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- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
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changes in market inputs.
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\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
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exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
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valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
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inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
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equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
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funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
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in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag131": {
"value": "\n\n\n\n\n\n\n(in millions of EUR) \n2025 \n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal \n-163 \n-168 \n\n\n\n\n\n\n\n\nTotal broken down by type and IFRS portfolio\n\n\n\n\n\n\n\n\n\n\nNet result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) \n170 \n173 \n\n\n\n\n\n\n\n\nFinancial instruments MFVPL other than held for trading \n564 \n1 679 \n\n\n\n\n\n\n\n\nTrading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) \n328 \n202 \n\n\n\n\n\n\n\n\nOther financial instruments at fair value through profit or loss \n-510 \n-1 598 \n\n\n\n\n\n\n\n\nExchange rate revaluations \n-108 \n108 \n\n\n\n\n\n\n\n\nFair value adjustments in hedge accounting \n-104 \n-219 \n\n\n\n\n\n\n\n\nInsurance finance income and expense (for insurance contracts issued) \n-333 \n-341 \n\n\n\n\n\n\n\n\nHedge accounting broken down by type of hedge\n\n\n\n\n\n\n\n\n\n\nFair value micro-hedges \n-5 \n 11 \n\n\n\n\n\n\n\n\nChanges in the fair value of the hedged items \n-468 \n -269 \n\n\n\n\n\n\n\n\nChanges in the fair value of the hedging derivatives \n462 \n 281 \n\n\n\n\n\n\n\n\nCashflow hedges \n41 \n0 \n\n\n\n\n\n\n\n\nChanges in the fair value of the hedging derivatives, ineffective portion \n41 \n0 \n\n\n\n\n\n\n\n\nHedges of net investments in foreign operations, ineffective portion \n0 \n 0 \n\n\n\n\n\n\n\n\nPortfolio hedge of interest rate risk \n10 \n2 \n\n\n\n\n\n\n\n\nChanges in the fair value of the hedged items \n-772 \n 469 \n\n\n\n\n\n\n\n\nChanges in the fair value of the hedging derivatives \n781 \n-467 \n\n\n\n\n\n\n\n\nDiscontinuation of hedge accounting for fair value hedges \n-57 \n -131 \n\n\n\n\n\n\n\n\nDiscontinuation of hedge accounting in the event of cashflow hedges \n-92 \n-101 \n\n\n\n\n\n\n\n\nTotal broken down by driver\n\n\n\n\n\n\n\n\n\n\nDealing room \n246 \n 294 \n\n\n\n\n\n\n\n\nChange in the value of derivatives used for asset/liability management purposes and other \n-132 \n-189 \n\n\n\n\n\n\n\n\nMarket value adjustments (xVA) \n-3 \n-24 \n\n\n\n\n\n\n\n\nInvestment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense \n-274 \n-249 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 3.6: Insurance results \n \nNote 3.6.1: Insurance profitability \u2013 P&L \n \n\u2022 Unlike the group\u2019s income statement, the figures below include intragroup transactions between bank and insurance \nentities of the group (the results for insurance contracts concluded between the group\u2019s bank and insurance entities, \ninterest that insurance companies receive on their deposits with bank entities, commissions that insurance entities pay to \nbank branches for sales of insurance, etc.) in order to give a more accurate view of the profitability of the insurance \nbusiness. \n\u2022 Of the items in Note 3.6.1, only \u2018Insurance revenues\u2019, \u2018Insurance service expenses\u2019, \u2018Insurance finance income and expense\u2019 \nand \u2018Net result from reinsurance contracts held\u2019 are presented on separate lines in the income statement (with a minor \nadjustment related to intercompany transaction eliminations between bank and insurance entities). As part of our \nintegrated bank-insurance concept, all the other insurance items \u2013 together with the group\u2019s banking activities \u2013 are \nincluded in the income statement and related notes. \n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \nLife \nOf which Life direct participation (VFA) \nNon-life \nNon-technical \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance service result \n216 \n13 \n484 \n\u2014 \n700 \n\n\n\n\n\n\n\n\nInsurance revenues before reinsurance\n493 \n29 \n2 721 \n\u2014 \n3 214 \n\n\n\n\n\n\n\n\nInsurance service expenses\n-276 \n-16 \n-2 237 \n\u2014 \n-2 514 \n\n\n\n\n\n\n\n\nOf which Non-life claim-related expenses \n\u2014 \n\u2014 \n-1 406 \n\u2014 \n-1 406 \n\n\n\n\n\n\n\n\nInvestment result and insurance finance income and expense \n133 \n0 \n66 \n21 \n220 \n\n\n\n\n\n\n\n\nInvestment result \n418 \n59 \n114 \n21 \n553 \n\n\n\n\n\n\n\n\nNet interest income \n337 \n0 \n106 \n9 \n452 \n\n\n\n\n\n\n\n\nDividend income \n20 \n0 \n7 \n8 \n36 \n\n\n\n\n\n\n\n\nNet result from financial instruments at fair value through profit or loss \n58 \n59 \n-1 \n3 \n60 \n\n\n\n\n\n\n\n\nNet other income \n3 \n0 \n2 \n2 \n6 \n\n\n\n\n\n\n\n\nImpairment \n0 \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\nInsurance finance income and expense, before reinsurance \n-285 \n-59 \n-48 \n\u2014 \n-333 \n\n\n\n\n\n\n\n\nInterest accretion \n-227 \n\u2014 \n-49 \n\u2014 \n-275 \n\n\n\n\n\n\n\n\nEffect of changes in financial assumptions and foreign exchange differences \n0 \n0 \n1 \n\u2014 \n1 \n\n\n\n\n\n\n\n\nChanges in fair value of liabilities of IFRS 17 unit-linked contracts \n-59 \n-59 \n\u2014 \n\u2014 \n-59 \n\n\n\n\n\n\n\n\nNet insurance and investment result before reinsurance \n349 \n13 \n550 \n21 \n920 \n\n\n\n\n\n\n\n\nNet result from reinsurance contracts held \n-3 \n\u2014\n-72 \n\u2014 \n-75 \n\n\n\n\n\n\n\n\nPremiums paid to the reinsurer \n-37 \n\u2014 \n-107 \n\u2014 \n-144 \n\n\n\n\n\n\n\n\nFee and commission income \n0 \n\u2014 \n9 \n\u2014 \n9 \n\n\n\n\n\n\n\n\nAmounts recoverable from the reinsurer \n35 \n\u2014 \n28 \n\u2014 \n62 \n\n\n\n\n\n\n\n\nTotal reinsurance finance income and expense \n0 \n\u2014 \n-1 \n\u2014 \n-2 \n\n\n\n\n\n\n\n\nNet insurance and investment result after reinsurance \n346 \n13 \n478 \n21 \n845 \n\n\n\n\n\n\n\n\nNon-directly attributable income or expenses \n30 \n-2 \n-59 \n20 \n-9 \n\n\n\n\n\n\n\n\nNet fee and commission income \n84 \n0 \n-2 \n33 \n115 \n\n\n\n\n\n\n\n\nNet other income \n\u2014 \n\u2014 \n\u2014 \n 75 \n75 \n\n\n\n\n\n\n\n\nOperating expenses (incl. bank and insurance tax) \n-53 \n-2 \n-57 \n-80 \n-190 \n\n\n\n\n\n\n\n\nImpairment \u2013 other \n0 \n0 \n0 \n-8 \n-9 \n\n\n\n\n\n\n\n\nShare in the result of associates and joint ventures \n\u2014 \n\u2014 \n\u2014 \n 0 \n0 \n\n\n\n\n\n\n\n\nIncome tax expense \n\u2014 \n\u2014\n\u2014\n-191 \n-191 \n\n\n\n\n\n\n\n\nResult after tax \n376 \n11 \n419 \n-150 \n645 \n\n\n\n\n\n\n\n\nattributable to minority interests \n\u2014 \n\u2014\n\u2014 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nattributable to equity holders of the parent \n\u2014 \n\u2014\n\u2014 \n\u2014 \n 645 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \nLife \nOf which Life direct participation (VFA) \nNon-life \nNon-technical \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance service result \n 168 \n 10\n 310 \n\u2014 \n 478 \n\n\n\n\n\n\n\n\nInsurance revenues before reinsurance\n 463 \n 24 \n 2 492 \n\u2014 \n 2 955 \n\n\n\n\n\n\n\n\nInsurance service expenses\n-296 \n-14 \n-2 181 \n\u2014 \n-2 477 \n\n\n\n\n\n\n\n\nOf which Non-life claim-related expenses \n\u2014 \n\u2014 \n-1 416 \n\u2014 \n-1 416 \n\n\n\n\n\n\n\n\nInvestment result and insurance finance income and expense \n 150 \n 2\n 55 \n 8 \n 213 \n\n\n\n\n\n\n\n\nInvestment result \n 446 \n 92\n 100 \n 8 \n 554 \n\n\n\n\n\n\n\n\nNet interest income \n 325 \n 0 \n 91 \n 1 \n 417 \n\n\n\n\n\n\n\n\nDividend income \n 22 \n 0 \n 4 \n 7 \n 34 \n\n\n\n\n\n\n\n\nNet result from financial instruments at fair value through profit or loss \n 92 \n 92 \n 0 \n 0 \n 92 \n\n\n\n\n\n\n\n\nNet other income \n 4 \n 0 \n 4 \n 1 \n 9 \n\n\n\n\n\n\n\n\nImpairment \n 2 \n 0 \n 1 \n 0 \n 2 \n\n\n\n\n\n\n\n\nInsurance finance income and expense, before reinsurance \n-296 \n-91\n-45 \n\u2014 \n-341 \n\n\n\n\n\n\n\n\nInterest accretion \n-204 \n\u2014 \n-46 \n\u2014 \n-250 \n\n\n\n\n\n\n\n\nEffect of changes in financial assumptions and foreign exchange differences \n-2 \n 0 \n 1 \n\u2014 \n-1 \n\n\n\n\n\n\n\n\nChanges in fair value of liabilities of IFRS 17 unit-linked contracts \n-91 \n-91 \n\u2014 \n\u2014 \n-91 \n\n\n\n\n\n\n\n\nNet insurance and investment result before reinsurance \n 317 \n 12\n 365 \n 8 \n 691 \n\n\n\n\n\n\n\n\nNet result from reinsurance contracts held \n-4 \n\u2014\n-13 \n\u2014 \n-17 \n\n\n\n\n\n\n\n\nPremiums paid to the reinsurer \n-36 \n\u2014 \n-121 \n\u2014 \n-157 \n\n\n\n\n\n\n\n\nFee and commission income \n 9 \n\u2014 \n 11 \n\u2014 \n 20 \n\n\n\n\n\n\n\n\nAmounts recoverable from the reinsurer \n 23 \n\u2014 \n 99 \n\u2014 \n 122 \n\n\n\n\n\n\n\n\nTotal reinsurance finance income and expense \n 0 \n\u2014 \n-1 \n\u2014 \n-2 \n\n\n\n\n\n\n\n\nNet insurance and investment result after reinsurance \n 313 \n 12\n 352 \n 8 \n 674 \n\n\n\n\n\n\n\n\nNon-directly attributable income or expenses \n 23 \n-2\n-56 \n 16 \n-17 \n\n\n\n\n\n\n\n\nNet fee and commission income \n 75 \n 0 \n-2 \n 28 \n 102 \n\n\n\n\n\n\n\n\nNet other income \n\u2014 \n\u2014 \n\u2014 \n 80 \n 80 \n\n\n\n\n\n\n\n\nOperating expenses (incl. bank and insurance tax) \n-51 \n-2 \n-53 \n-91 \n-196 \n\n\n\n\n\n\n\n\nImpairment \u2013 other \n-1 \n 0 \n-1 \n 0 \n-3 \n\n\n\n\n\n\n\n\nShare in the result of associates and joint ventures \n\u2014 \n\u2014 \n\u2014 \n 0 \n 0 \n\n\n\n\n\n\n\n\nIncome tax expense \n\u2014 \n\u2014\n\u2014 \n-142 \n-142 \n\n\n\n\n\n\n\n\nResult after tax \n 336 \n 10\n 296 \n-117 \n 515 \n\n\n\n\n\n\n\n\nattributable to minority interests \n\u2014 \n\u2014\n\u2014 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nattributable to equity holders of the parent \n\u2014 \n\u2014\n\u2014 \n\u2014 \n 515 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and \nEastern Europe, measured under IFRS 17. \n\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes: \n- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets \nbacking these liabilities \n- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the \nchange in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting \nimpact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value \nthrough P&L\u2019 (see also Note 3.3) \n\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included \nin the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised \nunder \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from \nequity (i.e. mainly interest income from bonds) and income tax. \n\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million \neuros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate \nincreases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million \neuros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium, \namounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update \nof claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nof exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in \nacquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable \nexperience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nNote 3.6.2: Insurance profitability \u2013 other comprehensive income (OCI) \n\n\n\n\n(in millions of EUR) \nLife \nOf which Life direct participation (VFA) \nNon-life \nNon-technical \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestment result (OCI) on financial assets at FVOCI \n-85 \n0 \n-3 \n26 \n-61 \n\n\n\n\n\n\n\n\nChange in Insurance finance income and expense \u2013 OCI, before reinsurance \n460 \n0 \n107 \n\u2014 \n567 \n\n\n\n\n\n\n\n\nEffect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences\n460 \n0 \n107 \n\u2014 \n567 \n\n\n\n\n\n\n\n\nChanges in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI \n0 \n0 \n\u2014 \n\u2014 \n0 \n\n\n\n\n\n\n\n\nNet insurance and investment result before reinsurance \u2013 OCI \n375 \n0 \n104 \n26 \n506 \n\n\n\n\n\n\n\n\nChange in reinsurance finance income and expense \u2013 OCI \n0 \n\u2014 \n-14 \n\u2014 \n-14 \n\n\n\n\n\n\n\n\nDeferred taxes \n\u2014 \n\u2014 \n\u2014 \n -111 \n-111 \n\n\n\n\n\n\n\n\nNet insurance and investment result after reinsurance, after tax \u2013 OCI \n375 \n0 \n90 \n-84 \n381 \n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestment result (OCI) on financial assets at FVOCI \n 74 \n 0 \n-1 \n 30 \n 103 \n\n\n\n\n\n\n\n\nChange in Insurance finance income and expense \u2013 OCI, before reinsurance\n-199\n 0 \n-26 \n\u2014 \n-225 \n\n\n\n\n\n\n\n\nEffect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences \n-199 \n 0 \n-26\n\u2014\n-224\n\n\n\n\n\n\n\n\nChanges in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI\n 0\n 0 \n\u2014\n\u2014\n 0\n\n\n\n\n\n\n\n\nNet insurance and investment result before reinsurance \u2013 OCI\n-125\n 0 \n-26 \n 30 \n-122 \n\n\n\n\n\n\n\n\nChange in reinsurance finance income and expense \u2013 OCI\n 0\n\u2014 \n 0 \n\u2014\n 0\n\n\n\n\n\n\n\n\nDeferred taxes \n\u2014 \n\u2014 \n\u2014 \n 75 \n 75 \n\n\n\n\n\n\n\n\nNet insurance and investment result after reinsurance, after tax \u2013 OCI\n-125\n 0 \n-26 \n 104\n-47\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 For more information on the investment result and the change in insurance finance income and expense: see \u2018Other \ncomprehensive income\u2019. \n\u2022 In addition to the investment result of the financial assets recognised in profit or loss (Note 3.6.1) and in OCI (Note 3.6.2), \nresults realised on FVOCI equity instruments are recognised directly in equity (see \u2018Transfer from revaluation reserves to \nretained earnings upon realisation\u2019 in \u2018Consolidated statement of changes in equity\u2019). The corresponding figures for 2025 \nand 2024 were 58 million euros and 40 million euros, respectively, at insurance level of the 65 million euros and 47 million \neuros at group level. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 3.6.3: Insurance revenues (Life and Non-life) by component \n \n\n\n\n\n(in millions of EUR) \n2025 \n2024 \n\n\n\n\n\n\n\n\n\nTotal \nLife \nNon-life \nTotal \nLife \nNon-life \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance revenues for BBA and VFA contracts \n509 \n460 \n49 \n 472 \n 432 \n 39 \n\n\n\n\n\n\n\n\nAmounts related to changes in liabilities for remaining coverage \n474 \n426 \n48 \n 447 \n 408 \n 38 \n\n\n\n\n\n\n\n\nExpected claims and other insurance service expenses \n286 \n254 \n32 \n 262 \n 232 \n 29 \n\n\n\n\n\n\n\n\nChange in risk adjustment for risk expired (non-financial risk) \n19 \n16 \n3 \n 14 \n 13 \n 2 \n\n\n\n\n\n\n\n\nCSM recognised for services provided \n169 \n156 \n13 \n 170 \n 163 \n 7 \n\n\n\n\n\n\n\n\nRecovery of insurance acquisition cashflows \n35 \n34 \n1 \n 25 \n 24 \n 1 \n\n\n\n\n\n\n\n\nInsurance revenues for contracts measured using the PAA \n2 704 \n33 \n2 672 \n 2 483 \n 31 \n 2 452 \n\n\n\n\n\n\n\n\nTotal insurance revenues \n3 214 \n493 \n2 721 \n 2 955 \n 463 \n 2 492 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n\n\nNote 3.6.4: Life insurance sales \n \n\n\n\n\n(in millions of EUR) \n2025 \n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal \n3 576 \n 2 906 \n\n\n\n\n\n\n\n\nIFRS 17 \u2013 non-unit-linked \n1 496 \n 1 214 \n\n\n\n\n\n\n\n\nIFRS 17 \u2013 unit-linked \n171 \n 158 \n\n\n\n\n\n\n\n\nIFRS 17 \u2013 hybrid \n274 \n 197 \n\n\n\n\n\n\n\n\nNon-IFRS 17 \n1 635 \n 1 337 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 Non-IFRS 17 sales figures mainly refer to investment contracts without discretionary participation features (DPF), measured \nunder IFRS 9. They concern the unit-linked insurance contracts in Belgium, for which margins are reported under \u2018Net fee and \ncommission income\u2019. \n\u2022 Hybrid products: see Note 5.6.1. \n\u2022 Sales of life insurance products in 2025 went up by 23% compared to 2024, largely driven by growth in unit-linked insurance \ncontracts in Belgium (Non-IFRS 17) and non-unit-linked insurance contracts (IFRS 17), also primarily in Belgium. \n \n \n\nNote 3.6.5: Non-life insurance profitability by product (P&L) \n\n\n\n\n(in millions of EUR) \nInsurance revenues \nInsurance service expenses \nInsurance finance income and expense before reinsurance in P&L \nTotal before reinsurance \nNet result from reinsurance contracts held \nTotal after reinsurance \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPersonal insurance \n349 \n-274 \n-10 \n65 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nMotor Third-Party Liability (MTPL) \n631 \n-601 \n-20 \n10 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nLiabilities other than MTPL \n167 \n-168 \n-7 \n-8 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nCasco \n540 \n-482 \n-2 \n56 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nProperty incl. other than casco \n1 017 \n-708 \n-10 \n299 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nTotal primary business \n2 705 \n-2 234 \n-49 \n422 \n-23 \n399 \n\n\n\n\n\n\n\n\nAccepted reinsurance \n16 \n-3 \n1 \n14 \n-49 \n-35 \n\n\n\n\n\n\n\n\nTotal \n2 721 \n-2 237 \n-48 \n436 \n-72 \n364 \n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPersonal insurance \n 308 \n-243 \n-8 \n 57 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nMotor Third-Party Liability (MTPL) \n 594 \n-578 \n-19 \n-3 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nLiabilities other than MTPL \n 154 \n-139 \n-6 \n 9 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nCasco \n 467 \n-430 \n-2 \n 35 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nProperty incl. other than casco \n 952 \n-789 \n-11 \n 152 \n\u2014 \n\u2014 \n\n\n\n\n\n\n\n\nTotal primary business \n 2 474 \n-2 179 \n-46 \n 249 \n-7 \n 242 \n\n\n\n\n\n\n\n\nAccepted reinsurance \n 18 \n-3 \n 1 \n 16 \n-6 \n 10 \n\n\n\n\n\n\n\n\nTotal \n 2 492 \n-2 181 \n-45 \n 265 \n-13 \n 252 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR*) \n2025 \n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal \n-334 \n-248 \n\n\n\n\n\n\n\n\nImpairment on financial assets at AC and at FVOCI (impairment on loans) \n-273 \n-199 \n\n\n\n\n\n\n\n\nBy IFRS category\n\n\n\n\n\n\n\n\n\n\nFinancial assets at amortised cost \n-272 \n-201 \n\n\n\n\n\n\n\n\nFinancial assets at fair value through OCI \n-1 \n2 \n\n\n\n\n\n\n\n\nBy product\n\n\n\n\n\n\n\n\n\n\nLoans and advances \n-278 \n-224 \n\n\n\n\n\n\n\n\nDebt securities \n-1 \n4 \n\n\n\n\n\n\n\n\nOff-balance-sheet commitments and financial guarantees \n6 \n21 \n\n\n\n\n\n\n\n\nBy type\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n-28 \n-30 \n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n15 \n162 \n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n-259 \n-283 \n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets \n-1 \n-49 \n\n\n\n\n\n\n\n\nBy business unit/country\n\n\n\n\n\n\n\n\n\n\nBelgium \n-175 \n-246 \n\n\n\n\n\n\n\n\nCzech Republic \n-44 \n34 \n\n\n\n\n\n\n\n\nInternational Markets \n-64 \n25 \n\n\n\n\n\n\n\n\nSlovakia \n-7 \n18 \n\n\n\n\n\n\n\n\nHungary \n-6 \n23 \n\n\n\n\n\n\n\n\nBulgaria \n-51 \n-16 \n\n\n\n\n\n\n\n\nGroup Centre \n10 \n-12 \n\n\n\n\n\n\n\n\nImpairment on goodwill \n-7 \n0 \n\n\n\n\n\n\n\n\nImpairment on other \n-53 \n-49 \n\n\n\n\n\n\n\n\nIntangible fixed assets (other than goodwill) \n-32 \n-36 \n\n\n\n\n\n\n\n\nProperty and equipment (including investment property) \n-6 \n-2 \n\n\n\n\n\n\n\n\nAssociated companies and joint ventures \n0 \n0 \n\n\n\n\n\n\n\n\nOther \n-16 \n-11 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n* Positive figures indicate a reversal and hence a positive impact on results \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 We create the models for the various portfolios using typical PD, EAD and LGD inputs, as well as macro- and microeconomic \nvariables to the extent that there is a statistical relationship. The macroeconomic variables are GDP growth, the \nunemployment rate, policy interest rates, the exchange rate, government bond yields, house prices and inflation. \nMicroeconomic variables include, for example, confidence indicators, the harmonised consumer price index (HICP), the \nproducer price index (PPI), and so on. As a result of regular back-testing, models may change and economic variables may \nbe reassessed. The following table gives the base-case scenario for the three key indicators (GDP growth, unemployment \nrate and house price index) for each of our core countries for the coming years. After that, we take into account a gradual \nlinear transition towards a stable situation. \n \n\n\n\n\nMacroeconomic base-case scenario \u2013 key indicators (used for situation at year-end 2025)* \n2025 \n2026 \n2027 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReal GDP growth\n\n\n\n\n\n\n\n\n\n\n\nBelgium \n1.0% \n1.1% \n1.3% \n\n\n\n\n\n\n\n\nCzech Republic \n2.5% \n2.0% \n2.2% \n\n\n\n\n\n\n\n\nHungary \n0.4% \n2.3% \n3.0% \n\n\n\n\n\n\n\n\nSlovakia \n0.7% \n0.9% \n1.8% \n\n\n\n\n\n\n\n\nBulgaria \n3.1% \n2.7% \n2.8% \n\n\n\n\n\n\n\n\nUnemployment rate\n\n\n\n\n\n\n\n\n\n\n\nBelgium \n6.4% \n6.2% \n6.0% \n\n\n\n\n\n\n\n\nCzech Republic \n3.2% \n3.2% \n3.0% \n\n\n\n\n\n\n\n\nHungary \n4.4% \n4.0% \n3.7% \n\n\n\n\n\n\n\n\nSlovakia \n5.4% \n5.7% \n5.7% \n\n\n\n\n\n\n\n\nBulgaria \n3.8% \n3.7% \n3.6% \n\n\n\n\n\n\n\n\nHouse price index \n \n \n \n\n\n\n\n\n\n\n\nBelgium \n2.6% \n3.1% \n3.5% \n\n\n\n\n\n\n\n\nCzech Republic \n10.0% \n6.4% \n3.3% \n\n\n\n\n\n\n\n\nHungary \n13.0% \n7.5% \n4.0% \n\n\n\n\n\n\n\n\nSlovakia \n10.4% \n5.0% \n4.5% \n\n\n\n\n\n\n\n\nBulgaria \n14.7% \n8.5% \n6.5% \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n* This deviates from the (more recent) estimates provided in the \u2018Report of the Board of Directors\u2019, under the \u2018Market conditions in our core markets in 2025\u2019 and \u2018Our business units\u2019 sections. \n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 We use three different forward-looking macroeconomic scenarios (with different probability weightings) to measure ECL. \nThe weightings at year-end 2025 were 60% for the \u2018base\u2019 scenario, 20% for the optimistic \u2018up\u2019 scenario and 20% for the \npessimistic \u2018down\u2019 scenario (60%, 20% and 20%, respectively, in 2024). The forecast horizon is 30 years. A sensitivity analysis \nof the impact of these multiple economic scenarios on the collectively assessed ECL (i.e. without the ECL for individually \nassessed loans of 1.65 billion euros at year-end 2025 and year-end 2024) shows that the \u2018base\u2019 scenario generates an ECL \nof 0.85 billion euros (0.81 billion euros in 2024), which is 0.02 billion euros lower than for the \u2018down\u2019 scenario and 0.01 billion \neuros higher than for the \u2018up\u2019 scenario (the same as in 2024). The assessed scenario-weighted collective ECL results (that \nwere recognised) amounted to 0.85 billion euros (0.81 billion euros in 2024). These amounts include the ECL related to \ngeopolitical and macroeconomic uncertainties. \n \n \n\n\n\n\nCollectively assessed ECL by country (2025, in billions of EUR)\n100% base-case scenario \n100% optimistic scenario \n100% pessimistic scenario \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal \n0.85 \n0.84 \n0.87 \n\n\n\n\n\n\n\n\nBelgium \n0.26 \n0.26 \n0.27 \n\n\n\n\n\n\n\n\nCzech Republic\n0.31 \n0.31 \n0.31 \n\n\n\n\n\n\n\n\nSlovakia \n0.08 \n0.08 \n0.09 \n\n\n\n\n\n\n\n\nHungary \n0.05 \n0.05 \n0.06 \n\n\n\n\n\n\n\n\nBulgaria \n0.15 \n0.15 \n0.16 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The management of ESG risks is an integral part of the Credit Risk Management Framework (CRMF; see \u2018Risk management\u2019 \nunder \u2018Credit risk\u2019). Dedicated processes have been developed focusing on the risk management of ESG-related credit risks, \nand in particular on identification measurement, risk appetite and follow-up. A detailed explanation of the Credit Risk \nManagement Framework is provided in the \u2018ESG in credit risk management\u2019 section of the Risk Report, which is available at \nwww.kbc.com. The main elements of this management framework are as follows: \n- In order to identify ESG-related credit risks, we use the Environmental Risk Impact Map (ERIM) to assess the impact of \nvarious climate and environmental risk drivers on the credit risk profile. Additionally, regular thematic analyses are also \ncarried out (so-called \u2018White Papers\u2019). In the loan origination and review process, a sector-based environmental and \nsocial (E&S) heat map is used. This is a screening tool to identify the risks involved in the portfolio of loans to corporate \nentities and SMEs. For material credit files in scope of high E&S Risk sectors, an ESG assessment is performed at \ncounterparty level. \n- In the context of risk quantification, specific measurement techniques are being developed to assess the impact of ESG \nrisks on our loan portfolio. For example, KBC is exploring the possibility of assessing sectoral climate impacts on \nProbability of Default (PD) based on climate scenarios from the Network for Greening the Financial System (NGFS). The \nquantifiability of ESG-related risks will gradually increase with the improved availability of data and measurement \nmethodologies. \n- As regards risk appetite, KBC aims to limit the adverse impact of its activities on the environment and society and to \nencourage a positive impact, based on a responsible lending culture, the principles of which are laid out in a group-wide \nsustainability policy. KBC\u2019s commitment to consider climate and environmental risks is reflected in standards and policies \naddressing credit risk. These standards and policies apply in every step of the credit process, including, for instance, in \nloan pricing and collateral valuation. Furthermore, climate-related Key Risk Indicators (KRIs) were introduced in the Risk \nAppetite Process. These KRIs are monitored on a semi-annual basis by the Group Lending Committee and integrated in \nthe Climate Risk Dashboard. \n\u2022 Climate-related risks are currently not explicitly considered separately in our ECL models, mainly due to the above-\nmentioned limitations regarding the measurability and availability of ESG-related data. However, KBC is gradually \nincorporating these risks in the ECL process. This is reflected, for example, in our commitment, as described above, to \nconsider climate-related risks in our collateral valuation process and in the ESG assessment of the relevant counterparty. \nAdditionally, management has the ability to overrule the expected credit losses and to capture the growing insights into \nESG and climate-related risks. \n\u2022 Reserve for geopolitical and macroeconomic uncertainties: the outstanding balance of the ECL for geopolitical and \nmacroeconomic uncertainties came to 100 million euros at year-end 2025; the corresponding figure at year-end 2024 was \n117 million euros. This ECL is determined based on individual counterparties and sectors in our portfolio which are deemed to \nhave incurred an increase in credit risk because they are either (\u00b0) exposed to the macroeconomic risks or (\u00b0) indirectly \nexposed to ongoing military conflict, such as the one in Ukraine. The net decrease in 2025 is primarily attributable to the \nimproved micro- and macroeconomic outlook, partly offset by the inclusion of a stressed scenario. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.2: Financial assets and liabilities, breakdown by portfolio and quality \n\n\n\n\n\nNote 4.2.1: Impaired financial assets \n\n\n\n\n(in millions of EUR) \nCarrying value before impairment \nImpairment \nCarrying value after impairment \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n31-12-2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at amortised cost: Loans and advances* \n245 878 \n-2 492 \n243 386 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n225 157 \n-196 \n224 960 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n16 827 \n-320 \n16 507 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n3 420 \n-1 837 \n1 582 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n475 \n-139 \n336 \n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at amortised cost: Debt securities \n51 761 \n-9 \n51 752 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n51 716 \n-7 \n51 709 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n41 \n0 \n40 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n5 \n-2 \n3 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at fair value through OCI: Debt securities \n26 863 \n-5 \n26 859 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n26 854 \n-5 \n26 850 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n9 \n0 \n9 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at amortised cost: Loans and advances* \n 217 093 \n-2 448 \n 214 645 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n 197 031 \n-176 \n 196 855 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n 16 177 \n-331 \n 15 847 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n 3 472 \n-1 803 \n 1 669 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n 414 \n-138 \n 276 \n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at amortised cost: Debt securities \n 50 084 \n-8 \n 50 075 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n 49 979 \n-6 \n 49 973 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n 100 \n-1 \n 99 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n 5 \n-2 \n 3 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nFinancial assets at fair value through OCI: Debt securities \n22 543 \n-4 \n22 539 \n\n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n 22 543 \n-4 \n 22 539 \n\n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n 0 \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nStage 3 (lifetime ECL) \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nPurchased or originated credit impaired assets (POCI) \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.\nreverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column). \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due \nprimarily to: \n- An organic net increase in the loan portfolio (mainly mortgage loans and term loans) \n- An increase in reverse repos to credit institutions \n\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019. \nThis involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions \nand -0.3 billion euros for corporates. This related primarily to additional investments. \n\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to \nmodifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into \n\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540 \nmillion euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively. \nModification gains or losses are recognised under impairment (see Note 3.9). \n\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still \nsubject to enforcement activities; the corresponding figure for 2024 was 55 million euros. \n\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk \nmanagement\u2019 section. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.2.2: Impairment details for loans and advances at amortised cost \n\n\n\n\n(in millions of EUR) \nStage 1 Subject to 12-month ECL \nStage 2 Subject to lifetime ECL \nStage 3 Subject to lifetime ECL \nSubject to lifetime ECL (purchased or originated credit impaired) \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImpairment on 1 January \n176 \n331 \n1 803 \n138 \n2 448 \n\n\n\n\n\n\n\n\n\n\n\nMovements with an impact on results1\n19 \n-12 \n305 \n1 \n312 \n\n\n\n\n\n\n\n\n\n\n\n Transfer of financial assets \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Stage 1 (12-month ECL) \n-24 \n109 \n96 \n0 \n182 \n\n\n\n\n\n\n\n\n\n\n\n Stage 2 (lifetime ECL) \n4 \n-80 \n74 \n0 \n-2 \n\n\n\n\n\n\n\n\n\n\n\n Stage 3 \u2018non-performing\u2019 (lifetime ECL) \n0 \n5 \n-24 \n0 \n-19 \n\n\n\n\n\n\n\n\n\n\n\nNew financial assets2 \n78 \n12 \n1 \n0 \n91 \n\n\n\n\n\n\n\n\n\n\n\nChanges in risk parameters during the reporting period \n-25 \n-9 \n215 \n2 \n183 \n\n\n\n\n\n\n\n\n\n\n\n Changes in the model or methodology \n-4 \n-15 \n-18 \n0 \n-38 \n\n\n\n\n\n\n\n\n\n\n\n Derecognised financial assets3\n-10 \n-34 \n-47 \n0 \n-91 \n\n\n\n\n\n\n\n\n\n\n\n Other \n0 \n-1 \n7 \n0 \n7 \n\n\n\n\n\n\n\n\n\n\n\nMovements without an impact on results \n2 \n1 \n-270 \n0 \n-268 \n\n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets3 \n0 \n-2 \n-257 \n-2 \n-261 \n\n\n\n\n\n\n\n\n\n\n\nChanges in the scope of consolidation \n0 \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\nTransfers under IFRS 5 \n0 \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\n Other \n2 \n3 \n-13 \n1 \n-7 \n\n\n\n\n\n\n\n\n\n\n\nImpairment on 31 December \n196 \n320 \n1 837 \n139 \n2 492 \n\n\n\n\n\n\n\n\n\n\n\n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImpairment on 1 January \n 146 \n 490 \n 1 750 \n 88 \n 2 474 \n\n\n\n\n\n\n\n\n\n\n\nMovements with an impact on results1 \n 31 \n-154 \n 334 \n 49 \n 260 \n\n\n\n\n\n\n\n\n\n\n\nTransfer of financial assets \n \n \n \n \n \n\n\n\n\n\n\n\n\n\n\n\n Stage 1 (12-month ECL) \n-11 \n 76 \n 43 \n 0 \n 108 \n\n\n\n\n\n\n\n\n\n\n\n Stage 2 (lifetime ECL) \n 19 \n-112 \n 98 \n 0 \n 4 \n\n\n\n\n\n\n\n\n\n\n\n Stage 3 \u2018non-performing\u2019 (lifetime ECL) \n 0 \n 12 \n-31 \n-1 \n-20 \n\n\n\n\n\n\n\n\n\n\n\n New financial assets2\n 56 \n 14 \n 6 \n 0 \n 76 \n\n\n\n\n\n\n\n\n\n\n\nChanges in risk parameters during the reporting period \n-23 \n-81 \n 242 \n 50 \n 188 \n\n\n\n\n\n\n\n\n\n\n\nChanges in the model or methodology \n 1 \n-35 \n-1 \n 0 \n-35 \n\n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets3 \n-11 \n-28 \n-35 \n-1 \n-75 \n\n\n\n\n\n\n\n\n\n\n\nOther \n 0 \n 0 \n 12 \n 1 \n 13 \n\n\n\n\n\n\n\n\n\n\n\nMovements without an impact on results \n-1 \n-6 \n-280 \n 1 \n-286 \n\n\n\n\n\n\n\n\n\n\n\n Derecognised financial assets3\n-1 \n-2 \n-234 \n-1 \n-238 \n\n\n\n\n\n\n\n\n\n\n\n Changes in the scope of consolidation \n 1 \n-1 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nTransfers under IFRS 5 \n 0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nOther \n-1 \n-3 \n-46 \n 2 \n-48 \n\n\n\n\n\n\n\n\n\n\n\nImpairment on 31 December \n 176 \n 331 \n 1 803 \n 138 \n 2 448 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at \nfair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet. \n2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except \nPOCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration. \n3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or \nbefore the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness). \n \n\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in \nimpairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025) \nand on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025) \nare very limited. \n\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82% \nand 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and \n34%, respectively, in 2024. \n\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2. \n\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9. \n\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the \ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All \nparts of that particular section which have been audited by the statutory auditor are specified in that section. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.4: Fair value of financial assets and liabilities \u2013 general \n \n\n\n\n\nFair value of financial instruments that are not \n\n\n\nFinancial assets \n\n\nFinancial liabilities \n\n\n\n\n\n\n\n\n\nmeasured at fair value in the balance sheet \n\n\nat amortised cost \n\n\nat amortised cost \n\n\n\n\n\n\n\n\n\n\nCarrying \n\n\n\n\nCarrying \n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \nvalue \n\n\nFair value\nvalue \n\n\nFair value \n\n\n\n\n\n\n\n\n\n\nTotal \nTotal \nStage 1 \nStage 2 \nStage 3 \nTotal \nTotal \nStage 1 \nStage 2 \nStage 3 \n\n\n\n\n\n\n\n\n\n31-12-2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL ASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to credit institutions (including reverse repos) \n36 076 \n36 052 \n3 \n33 074 \n2 976 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nLoans and advances to customers (including reverse repos) \n207 310 \n200 944 \n54 \n175 \n200 715 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nDebt securities\n51 752 \n50 267 \n48 084 \n1 861 \n322 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nOther\n1 282 \n1 281 \n0 \n1 281 \n0 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nAdjustment for fair value hedges for a portfolio of interest rate risk \n-2 676 \n\u2013 \n\u2013\n\u2013\n\u2013\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nTotal\n293 744 \n288 544 \n48 140 \n36 391 \n204 013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nFINANCIAL LIABILITIES\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits from credit institutions (incl. repos)\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n19 630 \n19 671 \n29 \n15 769 \n3 872 \n\n\n\n\n\n\n\n\n\nDeposits from customers and debt securities (incl. repos)\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n302 742 \n302 884 \n256 \n113 099 \n189 528 \n\n\n\n\n\n\n\n\n\nLiabilities under investment contracts\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n27 \n27 \n0 \n27 \n0 \n\n\n\n\n\n\n\n\n\nOther\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n2 314 \n2 316 \n4 \n507 \n1 805 \n\n\n\n\n\n\n\n\n\nTotal\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n324 714 \n324 897 \n289 \n129 402 \n195 206 \n\n\n\n\n\n\n\n\n\n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL ASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to credit institutions (including reverse repos) \n 23 360 \n 23 635 \n5 \n21 033 \n2 597 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nLoans and advances to customers (including reverse repos) \n 191 285 \n 186 569 \n43 \n281 \n186 246 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nDebt securities\n 50 075 \n 48 205 \n44 844 \n2 932 \n429 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nOther\n 1 154 \n 1 154 \n0 \n1 154 \n0 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nAdjustment for fair value hedges for a portfolio of interest rate risk \n-1 930 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nTotal\n 263 945 \n 259 564 \n44 892 \n25 400 \n189 272 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\nFINANCIAL LIABILITIES\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits from credit institutions (incl. repos)\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n 31 439 \n 31 263 \n16 \n19 745 \n11 503 \n\n\n\n\n\n\n\n\n\nDeposits from customers and debt securities (incl. repos)\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n 272 428 \n 272 595 \n0 \n80 942 \n191 653 \n\n\n\n\n\n\n\n\n\nLiabilities under investment contracts\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n 27 \n 27 \n0 \n27 \n0 \n\n\n\n\n\n\n\n\n\nOther\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n 2 157 \n 2 153 \n0 \n592 \n1 562 \n\n\n\n\n\n\n\n\n\nTotal\n\u2013 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n 306 050 \n 306 038 \n16 \n101 305 \n204 717 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n \n\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised \nlosses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term \nloans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on \nthe assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid \nassets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the \nprivate market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit \nGuarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised \nlosses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised \nfor liquidity purposes and are therefore irrelevant from a capital perspective. \n\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019 \nsection. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has \nappointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial \nassets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which \nconsists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the \nGroup Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation \nmethods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets \nand liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the \nMiddle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair \nvalues generated by valuation models are challenged by a team set up specifically for this purpose. \n\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by \ndiscounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of \nmargins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair \nvalue of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated \nby discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be \nequal to their carrying value. \n\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million \neuros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this \nreclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in \n2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros \nat year-end 2025 (1 761 million euros at year-end 2024). \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy\n \n \n \n\n\n\n\nFair value hierarchy \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \nStage 1 \nStage 2 \nStage 3 \nTotal \nStage 1 \nStage 2 \nStage 3 \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL ASSETS AT FAIR VALUE\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMandatorily measured at fair value through profit or loss other than held for trading \n\n \n \n \n \n \n \n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to credit institutions (incl. reverse repos) \n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to customers (incl. reverse repos) \n0 \n0 \n1 368 \n1 368 \n 0 \n 0 \n 943 \n 943 \n\n\n\n\n\n\n\n\n\n\n\nEquity instruments \n0 \n0 \n9 \n9 \n 0 \n 0 \n 10 \n 10 \n\n\n\n\n\n\n\n\n\n\n\nInvestment contracts (insurance) \n17 925 \n80 \n0 \n18 005 \n 16 527 \n 75 \n 0 \n 16 602 \n\n\n\n\n\n\n\n\n\n\n\nDebt securities \n13 \n13 \n97 \n123 \n 13 \n 0 \n 57 \n 70 \n\n\n\n\n\n\n\n\n\n\n\nof which sovereign bonds\n0 \n0 \n0 \n0 \n 0\n 0\n 0\n 0\n\n\n\n\n\n\n\n\n\n\n\nHeld for trading\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to credit institutions (incl. reverse repos) \n0 \n8 \n0 \n8 \n 0 \n 1 \n 0 \n 1 \n\n\n\n\n\n\n\n\n\n\n\nLoans and advances to customers (incl. reverse repos) \n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nEquity instruments \n1 155 \n0 \n0 \n1 155 \n 902 \n 0 \n 0 \n 902 \n\n\n\n\n\n\n\n\n\n\n\nDebt securities \n2 830 \n3 781 \n600 \n7 212 \n 2 451 \n 2 570 \n 0 \n 5 021 \n\n\n\n\n\n\n\n\n\n\n\nof which sovereign bonds \n2 792 \n412 \n600 \n3 805 \n 2 397 \n 963 \n 0 \n 3 360 \n\n\n\n\n\n\n\n\n\n\n\nDerivatives \n3 \n2 156 \n1 297 \n3 456 \n 1 \n 3 527 \n 1 057 \n 4 584 \n\n\n\n\n\n\n\n\n\n\n\nAt fair value through OCI\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity instruments \n1 335 \n1 \n534 \n1 869 \n 1 219 \n 1 \n 501 \n 1 722 \n\n\n\n\n\n\n\n\n\n\n\nDebt securities \n24 770 \n2 031 \n59 \n26 859 \n 20 190 \n 2 199 \n 150 \n 22 539 \n\n\n\n\n\n\n\n\n\n\n\nof which sovereign bonds\n21 307 \n1 119 \n0 \n22 426 \n 16 892\n 1 273\n 0\n 18 165\n\n\n\n\n\n\n\n\n\n\n\nHedging derivatives\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDerivatives \n0 \n215 \n0 \n215 \n 0 \n 271 \n 0 \n 271 \n\n\n\n\n\n\n\n\n\n\n\nTotal\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal financial assets at fair value \n48 030 \n8 284 \n3 965 \n60 279 \n 41 303 \n 8 644 \n 2 717 \n 52 665 \n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL LIABILITIES AT FAIR VALUE\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHeld for trading\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits from credit institutions (incl. repos) \n0 \n0 \n0 \n0 \n 0 \n 94 \n 0 \n 94 \n\n\n\n\n\n\n\n\n\n\n\nDeposits from customers and debt securities (incl. repos) \n0 \n131 \n0 \n131 \n 0 \n 22 \n 0 \n 22 \n\n\n\n\n\n\n\n\n\n\n\nDerivatives \n3 \n2 538 \n1 884 \n4 425 \n 1 \n 3 271 \n 1 406 \n 4 679 \n\n\n\n\n\n\n\n\n\n\n\nShort positions \n1 219 \n0 \n0 \n1 219 \n 882 \n 0 \n 0 \n 882 \n\n\n\n\n\n\n\n\n\n\n\nDesignated upon initial recognition at fair value through profit or loss (FVO) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits from credit institutions (incl. repos) \n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nDeposits from customers and debt securities (incl. repos) \n0 \n213 \n785 \n997 \n 0 \n 186 \n 850 \n 1 035 \n\n\n\n\n\n\n\n\n\n\n\nLiabilities under investment contracts \n16 971 \n0 \n0 \n16 971 \n 15 644 \n 0 \n 0 \n 15 644 \n\n\n\n\n\n\n\n\n\n\n\nHedging derivatives\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDerivatives \n0 \n279 \n41 \n320 \n 0 \n 265 \n 51 \n 316 \n\n\n\n\n\n\n\n\n\n\n\nTotal\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal financial liabilities at fair value \n18 192 \n3 161 \n2 710 \n24 063 \n 16 527 \n 3 838 \n 2 307 \n 22 673 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages: \n- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market, \nquoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that \nare readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency \n(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market \ntransactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently \navailable transaction prices. No valuation technique (model) is involved. \n- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable \nor unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as \n\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on \nmarket data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free \nrate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include \ndiscounted cashflow analysis, or reference to the current or recent fair value of a similar instrument. \n- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the \nassumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks \ninvolved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be \nconsidered to be unobservable in the market. \n\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair \nvalue hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is \nsignificant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that \nrequire significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement. \n\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used \nfinancial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage \nindicated in the table, a small portion may actually be classified in another stage. \n\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the \nreporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInstrument type \nProducts \nValuation technique \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStage 1 \nLiquid financial instruments for which quoted prices are regularly available\nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets\nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data\n\n\n\n\n\n\n\n\n\n\n\nStage 2 \nPlain vanilla/liquid derivatives\n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets\nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS)\n\n\n\n\n\n\n\n\n\n\n\nCaps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS\nOption pricing model based on observable inputs (e.g., volatilities)\n\n\n\n\n\n\n\n\n\n\n\nLinear financial liabilities (without optional features) \u2013 cash instruments\nDeposits, simple cashflows, repo transactions \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS)\n\n\n\n\n\n\n\n\n\n\n\nSemi-liquid bonds/asset backed securities\nSemi-liquid bonds/asset backed securities \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method\n\n\n\n\n\n\n\n\n\n\n\nDebt instruments \nKBC IFIMA own issues (liabilities) \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs\n\n\n\n\n\n\n\n\n\n\n\nLinear financial assets (cash instruments)\nLoans, commercial paper \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS)\n\n\n\n\n\n\n\n\n\n\n\nStage 3 \nExotic derivatives \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards\nOption pricing model based unobservable nputs (e.g., correlation)\n\n\n\n\n\n\n\n\n\n\n\nIlliquid credit-linked instruments\nCollateralised debt obligations (notes) \nValuation model based on correlation of probability of default of underlying assets\n\n\n\n\n\n\n\n\n\n\n\nPrivate equity investments \nPrivate equity and non-quoted participations \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association\n\n\n\n\n\n\n\n\n\n\n\nIlliquid bonds/asset backed securities\nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market\nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data\n\n\n\n\n\n\n\n\n\n\n\nDebt instruments \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives)\n\n\n\n\n\n\n\n\n\n\n\nStructured loans \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H)\nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2 \n \n\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and \n532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million \neuros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government \nbonds and corporate bonds. \n \n \n \n\n\n\n\n\n\n\nNote 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3 \n \n\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the \nfollowing: \n- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances \nincreased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by \n40 million euros, due primarily to new purchases. \n- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on \naccount of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros, \ndue mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs. \n- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in \nmarket inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose \nby 600 million euros, due to new purchases. \n- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in \nmarket inputs and new transactions, partly offset by the settlement of existing positions. \n- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by \n65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly \noffset by new transactions. \n\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the \nfollowing: \n- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances \nincreased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by \ninstruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new \npurchases. \n- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on \naccount of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million \neuros, due mainly to new purchases, partly offset by the sale of existing positions. \n- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in \nmarket inputs and new purchases, partly offset by the sale of existing positions. \n- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in \nmarket inputs and new transactions, partly offset by the settlement of existing positions. \n- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by \n307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, \npartly offset by new transactions and changes in market inputs. \n- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to \nchanges in market inputs. \n\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s \nexposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also \nvalued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable \ninputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions, \nequity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the \nfunding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change \nin fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.8: Derivatives \n \n\u2022 In terms of volume of the notional amounts of the derivatives, approximately 72% are trading derivatives and approximately \n28% are hedging derivatives at year-end 2025 (75% and 25%, respectively, at year-end 2024). \n\u2022 The majority of trading derivatives are effectively included in the trading book but are largely economically hedged (limited \nopen positions) by other trading derivatives (such as derivative transactions initiated by commercial clients that are \neconomically hedged) or by balance sheet positions (such as currency positions), which leads to large volumes of notional \namounts but also to result-neutral revaluations on a net basis. \n\u2022 A limited number of trading derivatives are ALM derivatives included in the banking book, which are used to hedge \neconomic risk but are not subject to hedge accounting. Hedge accounting is applied to most of the ALM interest rate \ncontracts. Only a limited number of the ALM derivatives for foreign currencies are included in hedge accounting. \n \n \nNote 4.8.1: Trading derivatives \n \n\n\n\n\n(in millions of EUR) \n\n\n\n31-12-2025 \n\n\n\n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\nCarrying value \nNotional amounts* \nCarrying value \nNotional amounts* \n\n\n\n\n\n\n\n\n\n\n\n\nAssets \nLiabilities \nPurchased \nSold \nAssets \nLiabilities \nPurchased \nSold \n\n\n\n\n\n\n\n\n\n\n\nTotal\n3 456 \n4 425 \n569 005 \n570 857 \n 4 584 \n 4 679 \n 616 452 \n 615 520 \n\n\n\n\n\n\n\n\n\n\n\nInterest rate contracts\n1 298 \n1 576 \n379 430 \n378 490 \n 1 589 \n 1 781 \n 429 232 \n 426 678 \n\n\n\n\n\n\n\n\n\n\n\nof which interest rate swaps and futures \n1 255 \n1 550 \n373 782 \n374 241 \n 1 510 \n 1 740 \n 421 656 \n 422 160 \n\n\n\n\n\n\n\n\n\n\n\nof which options \n43 \n26 \n5 649 \n4 248 \n 80 \n 41 \n 7 576 \n 4 518 \n\n\n\n\n\n\n\n\n\n\n\nForeign exchange contracts\n1 096 \n1 235 \n174 685 \n176 863 \n 2 193 \n 1 784 \n 172 410 \n 174 374 \n\n\n\n\n\n\n\n\n\n\n\nof which currency and interest rate swaps, forward \n1 011 \n1 144 \n168 149 \n168 385 \n 2 101 \n 1 720 \n 167 819 \n 167 306 \n\n\n\n\n\n\n\n\n\n\n\nforeign exchange transactions and futures \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nof which options \n84 \n91 \n6 536 \n8 479 \n 92 \n 64 \n 4 592 \n 7 067 \n\n\n\n\n\n\n\n\n\n\n\nEquity contracts\n1 049 \n1 602 \n14 623 \n15 247 \n 799 \n 1 110 \n 14 530 \n 14 191 \n\n\n\n\n\n\n\n\n\n\n\nof which equity swaps \n941 \n1 060 \n11 533 \n11 108 \n 646 \n 692 \n 11 348 \n 10 995 \n\n\n\n\n\n\n\n\n\n\n\nof which options \n108 \n542 \n3 090 \n4 139 \n 153 \n 418 \n 3 181 \n 3 196 \n\n\n\n\n\n\n\n\n\n\n\nCredit contracts\n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nof which credit default swaps \n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\nCommodity and other contracts\n13 \n12 \n267 \n257 \n 4 \n 3 \n 280 \n 277 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n* In this table, both legs of the derivatives are reported in the notional amounts. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.2: Tax assets and tax liabilities \n \n\n\n\n\n(in millions of EUR) \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\nCURRENT TAXES\n\n\n\n\n\n\nCurrent tax assets \n68 \n 59 \n\n\n\n\nCurrent tax liabilities \n113 \n 121 \n\n\n\n\nDEFERRED TAXES \n6 \n 593 \n\n\n\n\nDeferred tax assets by type of temporary difference \n1 211 \n1 382 \n\n\n\n\nEmployee benefits \n81 \n 80 \n\n\n\n\nLosses carried forward (including DTI carried forward) \n122 \n 366 \n\n\n\n\nTangible and intangible fixed assets \n100 \n 98 \n\n\n\n\nProvisions for risks and charges \n17 \n 18 \n\n\n\n\nImpairment for losses on loans and advances \n220 \n 212 \n\n\n\n\nFinancial instruments at fair value through profit or loss and fair value hedges \n94 \n 86 \n\n\n\n\nFair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations \n468 \n 426 \n\n\n\n\nInsurance contract liabilities \n44 \n 33 \n\n\n\n\nOther, incl. reinsurance contracts \n64 \n 64 \n\n\n\n\nDeferred tax liabilities by type of temporary difference \n1 204 \n 789 \n\n\n\n\nEmployee benefits \n111 \n 113 \n\n\n\n\nLosses carried forward (including DTI carried forward) \n0 \n 0 \n\n\n\n\nTangible and intangible fixed assets \n54 \n 57 \n\n\n\n\nProvisions for risks and charges \n10 \n 9 \n\n\n\n\nImpairment for losses on loans and advances \n1 \n 3 \n\n\n\n\nFinancial instruments at fair value through profit or loss and fair value hedges \n81 \n 85 \n\n\n\n\nFair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations \n211 \n 21 \n\n\n\n\nInsurance contract liabilities \n663 \n 452 \n\n\n\n\nOther, incl. reinsurance contracts \n74 \n 50 \n\n\n\n\nRecognised as a net amount in the balance sheet as follows:\n\n\n\n\n\n\nDeferred tax assets \n530 \n 942 \n\n\n\n\nDeferred tax liabilities \n524 \n 349 \n\n\n\n\nUnused tax losses and unused tax credits \n93 \n 95 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Deferred tax assets are recognised to the extent that it is probable that, on the basis of realistic financial projections, \ntaxable profit will be available against which the deductible temporary differences can be utilised in the foreseeable future \n(limited to a period of eight to ten years). The current deferred tax assets on tax losses carried forward on the balance \nsheet are expected to be used largely within 1 year. \n\u2022 Unused tax losses and unused tax credits concern tax losses of group companies which are not capitalised due to \ninsufficient proof of future taxable profit. Most tax losses and tax credits can be carried forward for 20 years or more. \n\u2022 The net change in deferred taxes (-587 million euros in 2025) breaks down as follows: \n- The change in deferred tax assets of -172 million euros was primarily due to: \n\u25e6 A decrease in deferred tax assets, mainly attributable to tax losses carried forward (-244 million euros), primarily due \nto utilisation owing to taxable profits \n\u25e6 An increase in deferred tax assets on account of changes in the fair value reserve for financial instruments measured \nat fair value through OCI, cashflow hedges and hedges of net investments in foreign operations (+42 million euros) \n- The change in deferred tax liabilities of +415 million euros was accounted for chiefly by: \n\u25e6 An increase in deferred tax liabilities on account of changes in the fair value reserve for financial instruments \nmeasured at fair value through OCI, cashflow hedges and hedges of net investments in foreign operations \n(+190 million euros) \n\u25e6 An increase in deferred tax liabilities for insurance contract liabilities (+210 million euros), with an amount of +141 \nmillion euros being recorded through OCI and +70 million euros being recorded via the income statement \n\u2022 The deferred tax assets presented in the balance sheet are primarily attributable to KBC Bank and \u010cSOB in the Czech \nRepublic.\n \n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.5: Goodwill and other intangible assets \n \n\n\n\n\n\n\n\n(in millions of EUR) \nGoodwill \nSoftware developed in-house \nSoftware developed externally \nOther \nTotal \n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\nOpening balance \n1 221 \n972 \n266 \n15 \n2 475 \n\n\n\n\nAcquisitions \n2 \n362 \n64 \n4 \n433 \n\n\n\n\nDisposals \n0 \n0 \n-2 \n-8 \n-10 \n\n\n\n\nAmortisation \n0 \n-153 \n-58 \n-1 \n-212 \n\n\n\n\nOther movements \n16 \n14 \n-16 \n0 \n14 \n\n\n\n\nClosing balance \n1 239 \n1 195 \n255 \n11 \n2 699 \n\n\n\n\nAccumulated amortisation and impairment \n376 \n1 161 \n919 \n24 \n2 480 \n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\nOpening balance \n1 240 \n829 \n266 \n20 \n2 355 \n\n\n\n\nAcquisitions \n 0 \n 311 \n 69 \n 7 \n 387 \n\n\n\n\nDisposals \n 0 \n 0 \n-7 \n-6 \n-14 \n\n\n\n\nAmortisation \n \u2013 \n-124 \n-63 \n-2 \n-188 \n\n\n\n\nOther movements \n-18 \n-44 \n 2 \n-4 \n-65 \n\n\n\n\nClosing balance \n 1 221 \n 972 \n 266 \n 15 \n 2 475 \n\n\n\n\nAccumulated amortisation and impairment \n 369 \n 1 006 \n 886 \n 24 \n 2 286 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of \nactivities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019 \nshown on the balance sheet. \n\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table \nand Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a \nquarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-\ngenerating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single \nentity. \n\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its \ncarrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted \ncashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell. \n\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using \nthe discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as \nthe present value of all future free cashflows of the business. This method is based on long-term projections about the \ncompany\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the \nbusiness at the end of the specific projection period). These long-term projections are the result of an assessment of past \nand present performances combined with external sources of information on future performances in the respective markets \nand the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects \nhave been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is \ndetermined using a long-term average market growth rate. The present value of these future cashflows is calculated using \na compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and \na market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct \ndiscounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends \nthat can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiscount rates throughout the specific period \n\n\n\n\nGoodwill outstanding \n\n\n\nof cashflow projections \n\n\n\n\n(in millions of EUR)\n31-12-2025 \n31-12-2024 \n31-12-2025 \n31-12-2024 \n\n\n\n\nK&H Bank\n180 \n169 \n14.8% \u2013 12.9% \n14.7% \u2013 13.5% \n\n\n\n\n\u010cSOB (Czech Republic)\n257 \n248 \n12.1% \u2013 12.0% \n12.7% \u2013 12.6% \n\n\n\n\n\u010cSOB Stavebn\u00ed sporitelna \n67 \n65 \n12.1% \u2013 12.0% \n12.7% \u2013 12.6% \n\n\n\n\nUnited Bulgarian Bank \n546 \n546 \n11.1% \u2013 11.7% \n12.4% \u2013 12.3% \n\n\n\n\nDZI Insurance\n75 \n75 \n10.4% - 10.9% \n10.1% \n\n\n\n\nKBC Commercial Finance\n21 \n21 \n11.0% \u2013 11.7% \n11.6% \u2013 12.2% \n\n\n\n\nPension Insurance Company UBB\n56 \n56 \n7.1% \u20137.4% \n7.3% \u2013 7.8% \n\n\n\n\nRest\n37 \n42 \n\u2013 \n\u2013 \n\n\n\n\nTotal\n1 239 \n1 221 \n\u2013 \n\u2013 \n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The period to which the cashflow budgets and projections relate is 10 years in most cases. This longer period is used to take \naccount of current strong growth in the Central and Eastern European countries, where the growth rate is expected to \ndevelop towards a more moderate level in the longer term. \n\u2022 The growth rate used to extrapolate the cashflow projections after that period is equal to the expected long-term growth \nrate of the gross domestic product. This rate depends on the country and varied between 3.3% and 4.9% in 2025 (between \n3.2% and 4.7% in 2024). \n\u2022 No sensitivity analysis was carried out for entities where the recoverable amount exceeded the carrying value to such a \nlarge extent that no reasonably possible change in the key assumptions would result in the recoverable amount being less \nthan or equal to the carrying value. The table gives an indication for the other entities (one in 2025) of the impact of \nreasonable changes in key assumptions on impairment on goodwill. \n \n\n\n\n\nSensitivity to reasonable changes (in millions of EUR)*\n1.0% increase in discount rate \n1.0% increase in targeted solvency ratio \n5% decrease in annual net profit \n\n\n\n\n\n\n\n\n\u010cSOB Stavebn\u00ed spo\u0159itelna \n-12 \n-8 \n-10 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6: Insurance \u2013 balance sheet \n \n\n\nNote 5.6.1: Breakdown of (re)insurance contract assets and liabilities \n\n\n\n\n(in millions of EUR) \n\n\n\n2025 \n \n\n \n2024 \n\n\n\n\n\nTotal \nPAA \nBBA \nVFA \nTotal \nPAA \nBBA \nVFA \n\n\n\n\nLife \n\n\n\n\n\n\n\n\n\n\n\n\nReinsurance assets \n28 \n28 \n\u2014 \n\u2014 \n 20 \n 20 \n\u2014 \n\u2014 \n\n\n\n\nInsurance contract liabilities \n14 109 \n52 \n13 017 \n1 040 \n13 925 \n 57 \n12 899 \n 969 \n\n\n\n\nLRC (liability for remaining coverage) \n13 898 \n2 \n12 884 \n1 013 \n13 718 \n 2 \n12 769 \n 948 \n\n\n\n\nUnit-linked \n868 \n0 \n\u2014 \n868 \n 823 \n 0 \n\u2014 \n 823 \n\n\n\n\nNon-unit-linked \n11 986 \n2 \n11 985 \n\u2014 \n11 931 \n 2 \n11 929 \n\u2014 \n\n\n\n\nHybrid \n1 044 \n0 \n899 \n145 \n 964 \n 0 \n 840 \n 125 \n\n\n\n\nAccepted reinsurance \n0 \n0 \n\u2014 \n\u2014 \n 0 \n 0 \n \u2014 \n\u2014 \n\n\n\n\nLIC (liability for incurred claims) \n211 \n51 \n133 \n27 \n 207 \n 55 \n 130 \n 22 \n\n\n\n\nUnit-linked \n23 \n0 \n\u2014 \n23 \n 19 \n 0 \n\u2014 \n 19 \n\n\n\n\nNon-unit-linked \n162 \n51 \n112 \n\u2014 \n 168 \n 55 \n 112 \n\u2014 \n\n\n\n\nHybrid \n25 \n0 \n21 \n4 \n 21 \n 0 \n 18 \n 3 \n\n\n\n\nAccepted reinsurance \n0 \n0 \n\u2014 \n \u2014 \n 0 \n 0 \n \u2014 \n \u2014 \n\n\n\n\nAssets for acquisition cost \n0 \n0 \n0 \n0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\nNon-life \n\n\n\n\n\n\n\n\n\n\n\n\nReinsurance assets\n81 \n81 \n\u2014 \n\u2014 \n 98 \n 98 \n\u2014 \n\u2014 \n\n\n\n\nInsurance contract liabilities \n3 314 \n3 139 \n175 \n\u2014 \n3 186 \n2 971 \n 214 \n\u2014 \n\n\n\n\nLRC (liability for remaining coverage) \n764 \n606 \n158 \n\u2014 \n 744 \n 547 \n 196 \n\u2014 \n\n\n\n\nPersonal insurance \n180 \n22 \n158 \n\u2014 \n 211 \n 14 \n 196 \n\u2014 \n\n\n\n\nMotor Third-Party Liability (MTPL) \n162 \n162 \n\u2014 \n\u2014 \n 156 \n 156 \n\u2014 \n\u2014 \n\n\n\n\nLiabilities other than MTPL \n31 \n31 \n\u2014 \n\u2014 \n 25 \n 25 \n\u2014 \n\u2014 \n\n\n\n\nCasco \n136 \n136 \n\u2014 \n\u2014 \n 118 \n 118 \n\u2014 \n\u2014 \n\n\n\n\nProperty other than casco \n255 \n255 \n\u2014 \n\u2014 \n 234 \n 234 \n\u2014 \n\u2014 \n\n\n\n\nAccepted reinsurance \n0 \n0 \n\u2014 \n\u2014 \n-1 \n-1 \n\u2014 \n\u2014 \n\n\n\n\nLIC (liability for incurred claims) \n2 551 \n2 533 \n17 \n\u2014 \n2 442 \n2 424 \n 18 \n\u2014 \n\n\n\n\nPersonal insurance \n668 \n651 \n17 \n\u2014 \n 656 \n 638 \n 18 \n\u2014 \n\n\n\n\nMotor Third-Party Liability (MTPL) \n986 \n986 \n\u2014 \n\u2014 \n 935 \n 935 \n\u2014 \n\u2014 \n\n\n\n\nLiabilities other than MTPL \n451 \n451 \n\u2014 \n\u2014 \n 401 \n 401 \n\u2014 \n\u2014 \n\n\n\n\nCasco \n80 \n80 \n\u2014 \n\u2014 \n 66 \n 66 \n\u2014 \n\u2014 \n\n\n\n\nProperty other than casco \n344 \n344 \n\u2014 \n\u2014 \n 364 \n 364 \n\u2014 \n\u2014 \n\n\n\n\nAccepted reinsurance \n21 \n21 \n0 \n\u2014 \n 20 \n 20 \n 0 \n\u2014 \n\n\n\n\nAssets for acquisition cost \n0 \n0 \n0 \n\u2014 \n 0 \n 0 \n 0 \n\u2014 \n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 Insurance contract liabilities relate to insurance contracts and investment contracts with a discretionary participation \nfeature (DPF). Liabilities under investment contracts without DPF are measured at fair value. They concern unit-linked \ncontracts (under IFRS 9), which are recognised under financial liabilities (see Note 4.1). \n\n\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they \nare based on various internal and external sources of information. These liabilities are generally calculated using \nassumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions \nare: \n- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on \nstandard mortality tables and adapted where necessary to reflect the group\u2019s own experience. \n- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and \nassociated overhead expenses which are considered directly attributable. Expenses are considered directly \nattributable if they are incurred as a consequence of performing insurance activities for in-force contracts; \n- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the \ncontract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify \nthese assumptions for the entire group. \n\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling \ncosts, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 For contracts providing multiple services, i.e. insurance coverage, investment return services and investment management \nservices, \u2018multivariate coverage units\u2019 are used, taking into consideration that (a) coverage units are determined based on \nthe individual benefit components separately and (b) weights are assigned to each component to reflect an appropriate \nlevel of service to be provided. Such weightings appropriately reflect the release of CSM based on the quantity of the \nbenefits provided for each service. Analogous to coverage units, these weights are also reassessed at the end of each \nreporting period. \n\u2022 Coverage units have a positive value and are floored to zero. In case of zero coverage units in a given period, no CSM is \nallocated to P&L as no services have been provided in the period. This is possible, for instance, where contracts provide for \n\u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but there is a mandatory waiting period \nfor the client to be able to benefit from insurance coverage. \n\u2022 Defining IFRS 17 portfolios is a local decision, made by each insurance entity of KBC Group. It is country-specific, driven by \nthe local product mix and the way in which the insurance business is managed locally. The table presents a high-level \nbreakdown by product. \n\u2022 Within hybrid products, the policyholder can switch within the same contract, containing the coverage of significant \ninsurance risk, from the unit-linked to the non-unit-linked component and vice versa. \n\u2022 Non-life LRC BBA (158 million euros in 2025, 196 million euros in 2024) represents the LRC health insurance (as part of \npersonal insurance) as they are mostly long-term contracts and are therefore measured according to the BBA. Non-life LIC \nPAA for personal insurance (651 million euros in 2025, 638 million euros in 2024) represents the incurred claims under personal \ninsurance with regard to \u2018workmen\u2019s compensation\u2019 insurance, which are typically settled over a long period. \n\u2022 Most reinsurance programmes protect against the impact of exceptionally large loss events or accumulation of losses. \nTherefore, the reinsurance result is not in the same order of magnitude as the direct insurance result, which means the \nmovements in reinsurance assets are limited. \n\u2022 Current account transactions with intermediaries and reinsurers are not included in the measurement of insurance liabilities \nbut treated as a separate asset measured under IFRS 9. \n\u2022 The following yield curves are used to discount cashflows that do not vary based on the returns of underlying items and \napply specifically for insurance contracts with risk cover (non-life, death cover, health insurance). As these bottom-up \ndiscount curves are not entity-specific but currency-dependent, two curves are included for each currency, one with \nSolvency II volatility adjustment and one without (the latter is used for VFA liabilities). \n \n\n\n\n\nYield curve used to discount cashflows not varying based on underlying items; bottom-up method (forward rates) \n\n\n\n\n\n\n\nCurrency\nIlliquidity premium\n\n\n\nPortfolio duration \n\n\n\n\n\n\n1 year \n5 years \n10 years \n20 years \n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\nEUR\nwith volatility adjustment\n2.48% \n3.19% \n3.78% \n3.71% \n\n\n\n\n\nwithout volatility adjustment \n2.33% \n3.04% \n3.63% \n3.55% \n\n\n\n\nCZK\nwith volatility adjustment\n4.11% \n4.37% \n4.95% \n5.16% \n\n\n\n\n\nwithout volatility adjustment\n3.96% \n4.22% \n4.80% \n5.00% \n\n\n\n\nHUF\nwith volatility adjustment\n5.74% \n6.58% \n7.76% \n6.23% \n\n\n\n\n\nwithout volatility adjustment\n5.66% \n6.50% \n7.67% \n6.15% \n\n\n\n\nBGN\nwith volatility adjustment\n2.68% \n3.17% \n3.84% \n4.03% \n\n\n\n\n\nwithout volatility adjustment\n2.61% \n3.10% \n3.77% \n3.96% \n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\nEUR\nwith volatility adjustment\n1.91% \n2.61% \n2.84% \n2.14% \n\n\n\n\n\nwithout volatility adjustment\n1.67% \n2.37% \n2.60% \n1.91% \n\n\n\n\nCZK\nwith volatility adjustment\n4.01% \n3.93% \n4.30% \n4.20% \n\n\n\n\n\nwithout volatility adjustment\n3.84% \n3.76% \n4.12% \n4.03% \n\n\n\n\nHUF\nwith volatility adjustment\n6.92% \n6.93% \n7.39% \n6.55% \n\n\n\n\n\nwithout volatility adjustment\n6.84% \n6.85% \n7.30% \n6.48% \n\n\n\n\nBGN\nwith volatility adjustment \n1.94% \n2.58% \n2.83% \n2.19% \n\n\n\n\n\nwithout volatility adjustment\n1.78% \n2.42% \n2.67% \n2.03% \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.2: Movements in Life insurance contract liabilities \n\n\n\n\n(in millions of EUR) \nLiabilities for remaining coverage \n\nLiabilities for incurred claims \nTotal \n\n\n\n\nExcl. loss \n\nContracts not \nContracts measured under \n\n\n\n\n\ncomponent \nLoss component \nmeasured \n\nPAA \n\n\n\n\n\n\n\nunder PAA \n\n\n\n\n\n\n\n\n\nPresent value \n\n\n\n\n\n\n\n\n\nof future \nRisk adjustment \n\n\n\n\n\n\n\n\ncashflows \n\n\n\n\n\n2025 \n\n\n\n\n\n\n\n\n\nOpening balance\n13 686 \n32 \n152 \n52 \n4 \n13 925 \n\n\n\nInsurance service result \n-455 \n17 \n207 \n16 \n-1 \n-216 \n\n\n\nInsurance revenues\n-492 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-492 \n\n\n\nBBA + VFA by transition method \n-460 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-460 \n\n\n\nModified retrospective approach \n-10 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-10 \n\n\n\nFair value approach \n-261 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-261 \n\n\n\nOther \n-189 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-189 \n\n\n\nPAA \n-33 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-33 \n\n\n\nInsurance service expenses\n38 \n17 \n207 \n16 \n-1 \n276 \n\n\n\nIncurred claims (excl. repayments of investment components) \n\u2014 \n-3 \n149 \n12 \n1 \n159 \n\n\n\nIncurred costs other than claims \n 0 \n-3 \n98 \n4 \n0 \n98 \n\n\n\nAmortised acquisition expenses \n 38 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n38 \n\n\n\nChanges in fulfilment cashflows that relate to future service \u2013 loss on and reversal of \n\u2014 \n 23 \n\u2014 \n\u2014 \n\u2014 \n23 \n\n\n\nloss on onerous contracts \n\n\n\n\n\n\n\n\n\nChanges in fulfilment cashflows that relate to past service \n\u2014 \n\u2014 \n-40 \n0 \n-2 \n-42 \n\n\n\nInvestment components \n-1 238 \n\u2014 \n1 238 \n\u2014 \n\u2014 \n0 \n\n\n\nInvestment result\n-11 \n0 \n\u2014 \n\u2014 \n\u2014 \n-11 \n\n\n\nNet result from financial instruments at fair value through profit or loss\n-11 \n0 \n\u2014 \n\u2014 \n\u2014 \n-11 \n\n\n\nInsurance finance income and expense\n-175 \n0 \n0 \n0 \n0 \n-175 \n\n\n\nIn P&L \n282 \n1 \n1 \n1 \n0 \n285 \n\n\n\nIn OCI \n-457 \n-1 \n-1 \n-1 \n0 \n-460 \n\n\n\nTotal changes in comprehensive income \n-1 878 \n17 \n1 445 \n15 \n-1 \n-402 \n\n\n\nTotal cashflows\n1 991 \n\u2014 \n-1 439 \n-20 \n\u2014 \n532 \n\n\n\nPremiums received \n2 138 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n2 138 \n\n\n\nClaims paid \n\u2014 \n\u2014 \n-1 341 \n-16 \n\u2014 \n-1 357 \n\n\n\nCosts other than claims paid \n\u2014 \n\u2014 \n-98 \n-4 \n\u2014 \n-102 \n\n\n\nAcquisition costs paid \n-148 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-148 \n\n\n\nOther\n52 \n0 \n3 \n0 \n0 \n54 \n\n\n\nClosing balance\n13 850 \n49 \n160 \n48 \n3 \n14 109 \n\n\n\n2024 \n\n\n\n\n\n\n\n\n\nOpening balance\n13 667 \n7 \n134 \n50 \n3 \n13 862 \n\n\n\nInsurance service result\n-435 \n 24 \n 225 \n 19 \n 0 \n-168 \n\n\n\nInsurance revenues\n-463 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-463 \n\n\n\nBBA + VFA by transition method\n-432 \n\u2014\n\u2014\n\u2014\n\u2014\n-432\n\n\n\nModified retrospective approach\n-9 \n\u2014\n\u2014\n\u2014\n\u2014\n-9\n\n\n\nFair value approach\n-280 \n\u2014\n\u2014\n\u2014\n\u2014\n-280\n\n\n\nOther\n-143 \n\u2014\n\u2014\n\u2014\n\u2014\n-143\n\n\n\nPAA \n-31 \n\u2014\n\u2014\n\u2014\n\u2014\n-31\n\n\n\nInsurance service expenses\n 28\n 24 \n 225 \n 19 \n 0 \n 296 \n\n\n\nIncurred claims (excl. repayments of investment components)\n\u2014 \n-2\n 156\n 14\n 1\n 169\n\n\n\nIncurred costs other than claims\n 0 \n-2\n 99\n 3\n 0 \n 100\n\n\n\nAmortised acquisition expenses\n 28 \n\u2014\n\u2014\n\u2014\n\u2014\n 28\n\n\n\nChanges in fulfilment cashflows that relate to future service \u2013 loss on and reversal of \n\u2014 \n 28\n\u2014\n\u2014\n\u2014\n 28\n\n\n\nloss on onerous contracts\n\n\n\n\n\n\n\n\n\nChanges in fulfilment cashflows that relate to past service\n\u2014 \n\u2014\n-29\n 1\n-1\n-29\n\n\n\nInvestment components \n-2 591 \n\u2014 \n2 591 \n\u2014 \n\u2014 \n 0 \n\n\n\nInvestment result\n 6 \n 0 \n\u2014 \n\u2014 \n\u2014 \n 6 \n\n\n\nNet result from financial instruments at fair value through profit or loss\n 6\n 0\n\u2014\n\u2014\n\u2014\n 6\n\n\n\nInsurance finance income and expense\n 490 \n 1 \n 2 \n 2 \n 0 \n 495 \n\n\n\nIn P&L\n 292 \n 1\n 2\n 1\n 0\n 296\n\n\n\nIn OCI\n 198 \n 0\n 0\n 1\n 0\n 199\n\n\n\nTotal changes in comprehensive income\n-2 529 \n 25 \n2 818 \n 20 \n 0 \n 334 \n\n\n\nTotal cashflows\n2 585 \n\u2014 \n-2 798 \n-19 \n\u2014 \n-232 \n\n\n\nPremiums received\n2 712 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n2 712 \n\n\n\nClaims paid\n\u2014 \n\u2014 \n-2 699 \n-16 \n\u2014 \n-2 715 \n\n\n\nCosts other than claims paid\n\u2014 \n\u2014 \n-99 \n-3 \n\u2014 \n-102 \n\n\n\nAcquisition costs paid\n-127 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-127 \n\n\n\nOther\n-37 \n 0 \n-2 \n 0 \n 0 \n-39 \n\n\n\nClosing balance\n13 686 \n 32 \n 152 \n 52 \n 4 \n13 925 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 In the transition from IFRS 4 to IFRS 17 on 1 January 2022, KBC applied the Full Retrospective Approach (FRA) for recent \nyears. Applying the FRA for non-recent years was impracticable due to either a lack of historical data (data and \nhypotheses) or high costs associated with making information from the past available for FRA transition calculations. Where \nthe FRA was impracticable, the Fair Value Approach (FVA) was predominantly used to determine the CSM on the transition \ndate. The Modified Retrospective Approach (MRA) was rarely applied as this transition approach was overly complex and \nthe costs did not outweigh the benefits. KBC calculated a fair value according to IFRS 13 based on the IFRS 17 cashflows \nand subsequently adjusted a few assumptions or parameters. The adjustments related to the inclusion in the IFRS 13 fair \nvalue of total expenses, i.e. including non-directly attributable expenses, and to the inclusion of a risk premium that covers \nnot only non-financial risk, but also system and integration expenses and capital funding costs. All past years were \ncombined into a single cohort for the FVA transition calculations. The FVA CSM ensued from cost and risk margin differences \nunder IFRS 17 and IFRS 13 measurement approaches. Due to the application of the FVA on the transition date in accordance \nwith the transition exemptions provided in IFRS 17, the OCI amount was set at nil. The locked-in rate for FVA business is the \ninterest rate as determined at 31 December 2021, being the date of first-time application. \n\u2022 Movement in insurance liabilities in 2025: \n- Due to the increase in market interest rates during 2025, a gain in OCI of 460 million euros before tax is recognised as \nKBC made the accounting policy choice for all portfolios within the group to split insurance finance income and expense \nbetween P&L and OCI. \n\u2022 Movement in insurance liabilities in 2024: \n- Due to the decrease in market interest rates during 2024, an expense in OCI of 199 million euros before tax is recognised. \n- The movement in the investment component of 2 591 million euros from LRC to LIC indicates the amounts of contracts \ncoming at maturity or lapsed and includes 866 million euros resulting from the surrender in 2024 of individual pension \nagreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 portfolio as the \npolicyholders of the relevant contracts were given the opportunity to invest in unit-linked products. \n\u2022 On transitioning to IFRS 17, KBC applied mainly the fair value approach. Therefore, the amortised acquisition costs are low \nas they are not estimated under the fair value approach (i.e. the prospective approach). \n\u2022 The Life insurance contracts are typically long-term contracts and are therefore measured according to the BBA or VFA. \nThe latter is only applied within Central and Eastern European entities for unit-linked contracts or hybrid products as these \nsold contracts mandatorily contain insurance risk cover. \n\u2022 Some insurance contracts may specify amounts that are payable when no insured event occurs, and are repayable under \nall circumstances and as such include an investment component. For defining the investment component, an investigation \nbased on the contract\u2019s characteristics needs to be conducted. Within KBC, only investment components are identified \nwithin Life insurance, such as life-long death cover. When an insurance contract allows surrender, the gross surrender value \nis considered an investment component. Any associated surrender fees resulting from surrender are considered insurance \ncomponents. \n\u2022 No asset for insurance acquisition cashflows is currently recognised. \n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.3: Movements in Non-life insurance contract liabilities \n \n\n\n\n\n(in millions of EUR) \nLiabilities for remaining coverage \nLiabilities for incurred claims \nTotal \n\n\n\n\nExcl. loss \n\nContracts not \nContracts measured under \n\n\n\n\n\ncomponent \nLoss component \nmeasured under \n\nPAA \n\n\n\n\n\n\n\nPAA \n\n\n\n\n\n\n\n\n\nPresent value \nRisk \n\n\n\n\n\n\n\n\nof future \nadjustment \n\n\n\n\n\n\n\n\ncashflows \n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\nOpening balance \n740 \n4 \n18 \n2 168 \n256 \n3 186 \n\n\n\nInsurance service result\n-2 125 \n0 \n30 \n1 605 \n17 \n-474 \n\n\n\nInsurance revenues\n-2 709 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-2 709 \n\n\n\nBBA by transition method \n-49 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-49 \n\n\n\nModified retrospective approach \n0 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n0 \n\n\n\nFair value approach \n-35 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-35 \n\n\n\nOther \n-14 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-14 \n\n\n\nPAA \n-2 660 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-2 660 \n\n\n\nInsurance service expenses \n584 \n0 \n30 \n1 605 \n17 \n2 235 \n\n\n\nIncurred claims (excl. repayments of investment components) \n\u2014 \n-4 \n29 \n1 301 \n77 \n1 403 \n\n\n\nIncurred costs other than claims \n 0 \n0 \n3 \n244 \n0 \n248 \n\n\n\nAmortised acquisition expenses \n 583 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n583 \n\n\n\nChanges in fulfilment cashflows that relate to future service \u2013 loss \n\u2014 \n4 \n\u2014 \n\u2014 \n\u2014 \n4 \n\n\n\non and reversal of loss on onerous contracts \n\n\n\n\n\n\n\n\n\nChanges in fulfilment cashflows that relate to past service \n\u2014 \n\u2014 \n-2 \n60 \n-60 \n-2 \n\n\n\nInvestment components\n0 \n\u2014 \n0 \n\u2014 \n\u2014 \n0 \n\n\n\nInsurance finance income and expense \n-36 \n0 \n0 \n-23 \n0 \n-59 \n\n\n\nIn P&L \n1 \n0 \n0 \n41 \n5 \n48 \n\n\n\nIn OCI \n-37 \n0 \n0 \n-65 \n-5 \n-107 \n\n\n\nTotal changes in comprehensive income\n-2 161 \n0 \n30 \n1 582 \n17 \n-533 \n\n\n\nTotal cashflows\n2 167 \n\u2014 \n-31 \n-1 509 \n\u2014 \n627 \n\n\n\nPremiums received \n2 762 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n2 762 \n\n\n\nClaims paid \n\u2014 \n\u2014 \n-28 \n-1 266 \n\u2014 \n-1 294 \n\n\n\nCosts other than claims paid \n\u2014 \n\u2014 \n-3 \n-243 \n\u2014 \n-246 \n\n\n\nAcquisition costs paid \n-594 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-594 \n\n\n\nOther\n14 \n0 \n0 \n18 \n2 \n34 \n\n\n\nClosing balance \n760 \n4 \n17 \n2 259 \n275 \n3 314 \n\n\n\n2024\n\n\n\n\n\n\n\n\n\nOpening balance \n 700 \n 1 \n 16 \n1 964 \n 240 \n2 922 \n\n\n\nInsurance service result \n-1 952 \n 3 \n 31 \n1 606 \n 10 \n-303 \n\n\n\nInsurance revenues\n-2 482 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-2 482 \n\n\n\nBBA by transition method\n-39 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-39 \n\n\n\nModified retrospective approach \n 0 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n 0 \n\n\n\nFair value approach\n-29 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-29 \n\n\n\nOther\n-11 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-11 \n\n\n\nPAA\n-2 443 \n\u2014 \n\u2014 \n\u2014 \n\u2014 \n-2 443 \n\n\n\nInsurance service expenses\n 530 \n 3 \n 31 \n1 606 \n 10 \n2 179 \n\n\n\nIncurred claims (excl. repayments of investment components)\n\u2014\n-1\n 28\n1 251\n 65\n1 343 \n\n\n\nIncurred costs other than claims\n 0\n 0\n 3\n 232\n 0\n 236 \n\n\n\nAmortised acquisition expenses \n 529\n\u2014\n\u2014\n\u2014\n\u2014\n 529 \n\n\n\nChanges in fulfilment cashflows that relate to future service \u2013 loss \n\u2014\n 4\n\u2014\n\u2014\n\u2014\n 4 \n\n\n\non and reversal of loss on onerous contracts\n\n\n\n\n\n\n\n\n\nChanges in fulfilment cashflows that relate to past service\n\u2014\n\u2014\n 0\n 122\n-55\n 66 \n\n\n\nInvestment components\n 0 \n\u2014 \n 0 \n\u2014 \n\u2014 \n 0 \n\n\n\nInsurance finance income and expense\n 7 \n 0 \n 0 \n 58 \n 7 \n 72 \n\n\n\nIn P&L\n 1\n 0\n 0\n 39\n 5\n 45 \n\n\n\nIn OCI\n 6\n 0\n 0\n 18\n 2\n 26 \n\n\n\nTotal changes in comprehensive income\n-1 945 \n 3 \n 31 \n1 664 \n 17 \n-231 \n\n\n\nTotal cashflows\n1 991 \n\u2014 \n-29 \n-1 453 \n\u2014 \n 509 \n\n\n\nPremiums received\n2 532\n\u2014\n\u2014\n\u2014\n\u2014\n2 532 \n\n\n\nClaims paid\n\u2014\n\u2014\n-26\n-1 222\n\u2014\n-1 248 \n\n\n\nCosts other than claims paid\n\u2014\n\u2014\n-3\n-231\n\u2014\n-234 \n\n\n\nAcquisition costs paid\n-540\n\u2014\n\u2014\n\u2014\n\u2014\n-540 \n\n\n\nOther\n-6 \n 0 \n 0 \n-6 \n-1 \n-14 \n\n\n\nClosing balance\n 740 \n 4 \n 18 \n2 168 \n 256 \n3 186 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 In Non-life, KBC applies mostly the PAA, as the coverage period is 1 year or less. \n\u2022 The cost of outstanding claims is based on the past claims development experience to project future claims development. \nThese methods extrapolate the development of paid and incurred losses, average costs per claim (including claims \nhandling costs) and claim numbers based on the observed claim development of earlier years and expected loss ratio. \nHistorical claims are mainly analysed per accident year. Large claims are separately addressed. \n\u2022 Estimates of salvage recoveries and subrogation reimbursement are considered in the measurement of the ultimate claim \ncosts. \n\u2022 No asset for insurance acquisition cashflows is currently recognised. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.4: Movements in Life insurance contract liability components (BBA, VFA) \n\n\n\n\n(in millions of EUR) \nPresent value of future cashflows (incl. LIC) \nRisk adjustment (incl. LIC) \nContractual service margin \nTotal insurance contract liabilities \n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance contracts that existed at the transition date, modified retrospective approach \nInsurance contracts that existed at the transition date, fair value approach \nOther insurance contracts \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpening balance \n11 529 \n195 \n43 \n1 268 \n832 \n13 868 \n\n\n\n\n\n\n\n\n\n\nInsurance service result \n-281 \n5 \n-3 \n-126 \n203 \n-202 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to future service \n-227 \n20 \n2 \n-28 \n257 \n23 \n\n\n\n\n\n\n\n\n\n\nNew business \n-222 \n32 \n\u2013 \n\u2013 \n213 \n23 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates reflected in the CSM \n-4 \n-14 \n2 \n-28 \n44 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates that result in onerous contract losses and reversals \n-2 \n2 \n\u2013 \n\u2013 \n\u2013 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to current service \n-17 \n-12 \n-5 \n-98 \n-54 \n-185 \n\n\n\n\n\n\n\n\n\n\nCSM recognised in P&L \n\u2013 \n\u2013 \n-5 \n-98 \n-54 \n-156 \n\n\n\n\n\n\n\n\n\n\nChanges in the risk adjustment (expected) \n\u2013 \n-12 \n\u2013 \n\u2013 \n\u2013 \n-12 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments \n-17 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-17 \n\n\n\n\n\n\n\n\n\n\nChanges to liabilities for incurred claims related to past service \n-38 \n-3 \n\u2013 \n\u2013 \n\u2013 \n-40 \n\n\n\n\n\n\n\n\n\n\nInvestment result \n-11 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-11 \n\n\n\n\n\n\n\n\n\n\nNet result from financial instruments at fair value through profit or loss \n-11 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-11 \n\n\n\n\n\n\n\n\n\n\nInsurance finance income and expense \n-192 \n-8 \n0 \n11 \n16 \n-173 \n\n\n\n\n\n\n\n\n\n\nIn P&L \n254 \n3 \n0 \n11 \n16 \n284 \n\n\n\n\n\n\n\n\n\n\nIn OCI \n-446 \n-12 \n\u2013 \n\u2013 \n\u2013 \n-458 \n\n\n\n\n\n\n\n\n\n\nTotal changes in comprehensive income \n-485 \n-3 \n-2 \n-116 \n219 \n-387 \n\n\n\n\n\n\n\n\n\n\nTotal cashflows \n523 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n523 \n\n\n\n\n\n\n\n\n\n\nPremiums received \n2 106 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n2 106 \n\n\n\n\n\n\n\n\n\n\nClaims paid \n-1 341 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-1 341 \n\n\n\n\n\n\n\n\n\n\nCosts other than claims paid \n-98 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-98 \n\n\n\n\n\n\n\n\n\n\nAcquisition costs paid \n-144 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-144 \n\n\n\n\n\n\n\n\n\n\nOther changes \n35 \n1 \n2 \n9 \n6 \n53 \n\n\n\n\n\n\n\n\n\n\nClosing balance \n11 602 \n193 \n43 \n1 161 \n1 056 \n14 057 \n\n\n\n\n\n\n\n\n\n\n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpening balance \n11 538 \n152 \n47 \n1 387 \n683 \n13 807 \n\n\n\n\n\n\n\n\n\n\nInsurance service result \n-212 \n 41 \n-2 \n-125 \n 138 \n-159 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to future service \n-201 \n 53 \n 4 \n-11 \n 182 \n 28 \n\n\n\n\n\n\n\n\n\n\nNew business \n-245 \n 29 \n\u2013 \n\u2013 \n 230 \n 14 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates reflected in the CSM \n 32 \n 23 \n 4 \n-11 \n-48 \n 0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates that result in onerous contract losses and reversals \n 13 \n 1 \n\u2013 \n\u2013 \n\u2013 \n 14 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to current service \n 16 \n-9 \n-5 \n-114 \n-44 \n-157 \n\n\n\n\n\n\n\n\n\n\nCSM recognised in P&L \n0 \n- \n-5 \n-114 \n-44 \n-163 \n\n\n\n\n\n\n\n\n\n\nChanges in the risk adjustment (expected) \n0 \n-9 \n\u2013 \n\u2013 \n\u2013 \n-9 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments \n 16 \n- \n\u2013 \n\u2013 \n\u2013 \n 16 \n\n\n\n\n\n\n\n\n\n\nChanges to liabilities for incurred claims related to past service \n-27 \n-3 \n\u2013 \n\u2013 \n\u2013 \n-29 \n\n\n\n\n\n\n\n\n\n\nInvestment result \n 6 \n- \n\u2013 \n\u2013 \n\u2013 \n 6 \n\n\n\n\n\n\n\n\n\n\nNet result from financial instruments at fair value through profit or loss \n 6 \n- \n\u2013 \n\u2013 \n\u2013 \n 6 \n\n\n\n\n\n\n\n\n\n\nInsurance finance income and expense \n 466 \n 4 \n 1 \n 10 \n 13 \n 493 \n\n\n\n\n\n\n\n\n\n\nIn P&L \n 269 \n 3 \n 1 \n 10 \n 13 \n 295 \n\n\n\n\n\n\n\n\n\n\nIn OCI \n 197 \n 1 \n- \n- \n- \n 198 \n\n\n\n\n\n\n\n\n\n\nTotal changes in comprehensive income \n 260 \n 44 \n-1 \n-115 \n 151 \n 341 \n\n\n\n\n\n\n\n\n\n\nTotal cashflows \n-241 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-241 \n\n\n\n\n\n\n\n\n\n\nPremiums received \n2 681 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n2 681 \n\n\n\n\n\n\n\n\n\n\nClaims paid \n-2 699 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-2 699 \n\n\n\n\n\n\n\n\n\n\nCosts other than claims paid \n-99 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-99 \n\n\n\n\n\n\n\n\n\n\nAcquisition costs paid \n-124 \n\u2013 \n\u2013 \n\u2013 \n\u2013 \n-124 \n\n\n\n\n\n\n\n\n\n\nOther changes \n-28 \n-1 \n-3 \n-4 \n-3 \n-39 \n\n\n\n\n\n\n\n\n\n\nClosing balance \n11 529 \n 195 \n 43 \n1 268 \n 832 \n13 868 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 The amount recognised in P&L as release of the CSM is determined by: \n \n- Identifying the coverage units in the group. The number of coverage units in a group is the quantity of service provided \nby the insurer under the contracts in that Group of Contracts (GoC), determined by considering for each contract the \nquantity of the benefits provided to the policyholder under a contract and its expected coverage period. \n- Allocating the CSM at the end of the period equally to each coverage unit provided in the current period and expected \nto be provided in the future, and recognising in P&L the amount allocated to coverage units allocated to the current \nperiod. \n\u2022 Main movements in 2025: the positive cashflow of 523 million euros is primarily attributable to the increase in the insurance \ninvestment portfolio, supported in part by higher interest rates. \n\u2022 Main movements in 2024: the 43-million-euro increase in the risk adjustment in 2024 is mostly related to a model change to \ntake into account the risk that clients stop paying premiums for long-term life insurance contracts. The movement of the \ncontractual service margin in 2024, under \u2018New business\u2019, includes a 96-million-euro increase related to the migration of \nindividual pension agreements from the \u2018Risk and Savings\u2019 portfolio to the \u2018Hybrid products\u2019 portfolio (see also Note 5.6.2). \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.5: Movements in Non-life insurance contract liability components (BBA) \n \n\n\n\n\n(in millions of EUR) \nPresent value of future cashflows (incl. LIC) \nRisk adjustment (incl. LIC) \nContractual service margin \nTotal insurance contract liabilities \n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance contracts that existed at the transition date, fair value approach \nOther insurance contracts \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpening balance \n-40 \n122 \n31 \n101 \n214 \n\n\n\n\n\n\n\n\n\n\nInsurance service result \n-35 \n-47 \n69 \n-4 \n-18 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to future service \n-33 \n-45 \n75 \n3 \n0 \n\n\n\n\n\n\n\n\n\n\nNew business \n-22 \n8 \n\u2014 \n14 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates reflected in the CSM \n-11 \n-52 \n75 \n-12 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates that result in onerous contract losses and reversals \n0 \n0 \n\u2014 \n\u2014 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to current service \n-2 \n-2 \n-6 \n-7 \n-16 \n\n\n\n\n\n\n\n\n\n\nCSM recognised in P&L \n\u2014 \n\u2014 \n-6 \n-7 \n-13 \n\n\n\n\n\n\n\n\n\n\nChanges in the risk adjustment (expected) \n\u2014 \n-2 \n\u2014 \n\u2014 \n-2 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments \n-2 \n\u2014 \n\u2014 \n\u2014 \n-2 \n\n\n\n\n\n\n\n\n\n\nChanges to liabilities for incurred claims related to past service \n-1 \n-1 \n\u2014 \n\u2014 \n-2 \n\n\n\n\n\n\n\n\n\n\nInsurance finance income and expense \n-33 \n0 \n0 \n2 \n-31 \n\n\n\n\n\n\n\n\n\n\nIn P&L \n-2 \n1 \n0 \n2 \n1 \n\n\n\n\n\n\n\n\n\n\nIn OCI \n-31 \n-1 \n\u2014 \n\u2014 \n-33 \n\n\n\n\n\n\n\n\n\n\nTotal changes in comprehensive income \n-68 \n-48 \n69 \n-3 \n-49 \n\n\n\n\n\n\n\n\n\n\nTotal cashflows \n10 \n\u2014 \n\u2014 \n\u2014 \n10 \n\n\n\n\n\n\n\n\n\n\nPremiums received \n50 \n\u2014 \n\u2014 \n\u2014 \n50 \n\n\n\n\n\n\n\n\n\n\nClaims paid \n-28 \n\u2014 \n\u2014 \n\u2014 \n-28 \n\n\n\n\n\n\n\n\n\n\nCosts other than claims paid \n-3 \n\u2014 \n\u2014 \n\u2014 \n-3 \n\n\n\n\n\n\n\n\n\n\nAcquisition costs paid \n-8 \n\u2014 \n\u2014 \n\u2014 \n-8 \n\n\n\n\n\n\n\n\n\n\nOther changes \n0 \n 0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\nClosing balance \n-98 \n74 \n100 \n99 \n175 \n\n\n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOpening balance \n 8 \n 71 \n 52 \n 74 \n 206 \n\n\n\n\n\n\n\n\n\n\nInsurance service result \n-72 \n 60 \n-21 \n 26 \n-7 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to future service \n-74 \n 62 \n-19 \n 31 \n 0 \n\n\n\n\n\n\n\n\n\n\nNew business\n-21\n 3\n\u2014\n 18\n 0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates reflected in the CSM\n-52\n 58\n-19\n 13\n 0 \n\n\n\n\n\n\n\n\n\n\nChanges in estimates that result in onerous contract losses and reversals\n 0\n 0\n\u2014\n\u2014\n 0 \n\n\n\n\n\n\n\n\n\n\nChanges that relate to current service \n 1 \n-1 \n-2 \n-5 \n-7 \n\n\n\n\n\n\n\n\n\n\nCSM recognised in P&L\n\u2014\n\u2014\n-2\n-5\n-7 \n\n\n\n\n\n\n\n\n\n\nChanges in the risk adjustment (expected)\n\u2014\n-1\n\u2014\n\u2014\n-1 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments\n 1\n\u2014\n\u2014\n\u2014\n 1 \n\n\n\n\n\n\n\n\n\n\nChanges to liabilities for incurred claims related to past service \n 0 \n 0 \n\u2014 \n\u2014 \n 0 \n\n\n\n\n\n\n\n\n\n\nInsurance finance income and expense \n 15 \n-9 \n 0 \n 1 \n 7 \n\n\n\n\n\n\n\n\n\n\nIn P&L\n-1\n 1\n 0\n 1\n 1 \n\n\n\n\n\n\n\n\n\n\nIn OCI\n 16\n-10\n\u2014\n\u2014\n 6 \n\n\n\n\n\n\n\n\n\n\nTotal changes in comprehensive income \n-57 \n 51 \n-21 \n 27 \n-1 \n\n\n\n\n\n\n\n\n\n\nTotal cashflows \n 9 \n\u2014 \n\u2014 \n\u2014 \n 9 \n\n\n\n\n\n\n\n\n\n\nPremiums received\n 46\n\u2014\n\u2014\n\u2014\n 46 \n\n\n\n\n\n\n\n\n\n\nClaims paid\n-26\n\u2014\n\u2014\n\u2014\n-26 \n\n\n\n\n\n\n\n\n\n\nCosts other than claims paid\n-3\n\u2014\n\u2014\n\u2014\n-3 \n\n\n\n\n\n\n\n\n\n\nAcquisition costs paid\n-8\n\u2014\n\u2014\n\u2014\n-8 \n\n\n\n\n\n\n\n\n\n\nOther changes \n 0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\nClosing balance \n-40 \n 122 \n 31 \n 101 \n 214 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 In Non-life, the BBA is applied to \u2018individual health insurance\u2019. \n\u2022 The 33-million-euro financial gain in OCI is attributable to the increase in the yield curve. The 6-million-euro increase in \n2024 is attributable to a slight decline in the yield curve. A typical feature of the hospitalisation portfolio is that interest rate \nmovements have a greater impact on the cash outflows than on the cash inflows. Hospitalisation premiums are levelled \n(constant \u2018cash in\u2019 during the lifetime of the contract) and claims increase as the insured person ages (\u2018cash out\u2019 more \ntowards the end of the contract). \n\u2022 The 63-million-euro increase in the CSM for changes in estimates reflected in the CSM in 2025 is attributable to an update \nof the model parameters. The same parameter changes led to a 52-million-euro decrease in the risk adjustment. The 52-\nmillion-euro drop in 2024 is due to a model update in which expected higher claims result in higher premiums. A higher \npremium volume generates more future profit and, as a result, lower fulfilment cashflows. The 58-million-euro increase in \nchanges in estimates reflected in the CSM in the risk adjustment in 2024 was accounted for by a model change involving a \nmore conservative estimate of the uncertainty of claim costs related to hospitalisation. \n\n\n\n\n\n\n\n\n\n\n\n \n\nNote 5.6.6: New business (BBA/VFA) \n\n\n\n\n(in millions of EUR) \n(Re)insurance contracts issued \n(Re)insurance contracts acquired \nTotal \n\n\n\n\n\n\n\n\n\n\n\nNot onerous \nOnerous \nNot onerous \nOnerous \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEstimates of present value of cash outflows \n1 330 \n844 \n 0 \n 0 \n2 174 \n\n\n\n\n\n\n\n\n\n\nExpected claims \n1 102 \n799 \n 0 \n 0 \n1 901 \n\n\n\n\n\n\n\n\n\n\nExpected other insurance service expenses \n90 \n27 \n 0 \n 0 \n117 \n\n\n\n\n\n\n\n\n\n\nInsurance acquisition cashflows \n138 \n18 \n 0 \n 0 \n156 \n\n\n\n\n\n\n\n\n\n\nEstimates of present value of cash inflows \n-1 586 \n-832 \n 0 \n 0 \n-2 418 \n\n\n\n\n\n\n\n\n\n\nRisk adjustment for non-financial risk \n28 \n11 \n 0 \n 0 \n39 \n\n\n\n\n\n\n\n\n\n\nContractual service margin \n228 \n\u2014 \n 0 \n\u2014 \n228 \n\n\n\n\n\n\n\n\n\n\nIncrease in insurance contract liabilities: loss component \n\u2014 \n24 \n\u2014 \n 0 \n24 \n\n\n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEstimates of present value of cash outflows \n2 942 \n 625 \n 0 \n 0 \n3 567 \n\n\n\n\n\n\n\n\n\n\nExpected claims\n2 645\n 593\n 0\n 0\n3 238\n\n\n\n\n\n\n\n\n\n\nExpected other insurance service expenses\n 151\n 19\n 0\n 0\n 170\n\n\n\n\n\n\n\n\n\n\nInsurance acquisition cashflows\n 145\n 13\n 0\n 0\n 159\n\n\n\n\n\n\n\n\n\n\nEstimates of present value of cash inflows \n-3 218 \n-614 \n 0 \n 0 \n-3 833 \n\n\n\n\n\n\n\n\n\n\nRisk adjustment for non-financial risk \n 29 \n 3 \n 0 \n 0 \n 32 \n\n\n\n\n\n\n\n\n\n\nContractual service margin \n 248 \n\u2014 \n 0 \n\u2014 \n 248 \n\n\n\n\n\n\n\n\n\n\nIncrease in insurance contract liabilities: loss component \n\u2014 \n 14 \n\u2014 \n 0 \n 14 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The investment insurance policies sold in 2025, before taking into account the investment margin realised, form the basis of \nthe loss component of 24 million euros. This loss is largely due to commercial campaigns and the focus on investment \ninsurance sales realised with a market-driven competitive guaranteed interest rate. \n\u2022 \u2018Estimates of present value of cash outflows\u2019 in 2024 includes 1 446 million euros resulting from the surrender in 2024 of \nindividual pension agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 \nportfolio as the policyholders of the relevant contracts were given the opportunity to invest in unit-linked products. The net \nimpact of this migration on the CSM is a 96-million-euro increase (see also Note 5.6.2). \n\u2022 The sale of business with a loss component in 2024 was largely attributable to commercial campaigns in response to the \nBelgian state note maturing in September 2024. This new business was created with a market-driven competitive \nguaranteed interest rate. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.7: Future CSM recognition in profit and loss on insurance contracts (at the end of the reporting period) (BBA/VFA) \n\n\n\n\n\n\n\n\nCSM recognition in P&L in the \u2026 following reporting year \n\n\n\n\n\n\n\n\n\n\n(in millions of EUR)\n1st year \n2nd year \n3rd year \n4th year \n5th year \n6-10th year \n+10th year \n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLife \n160 \n151 \n145 \n138 \n132 \n580 \n1 142 \n\n\n\n\n\n\n\n\n\n\nNon-life \n12 \n12 \n11 \n11 \n10 \n44 \n84 \n\n\n\n\n\n\n\n\n\n\n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLife \n 153 \n 145 \n 138 \n 132 \n 126 \n 548 \n1 023 \n\n\n\n\n\n\n\n\n\n\nNon-life \n 7 \n 7 \n 7 \n 6 \n 6 \n 27 \n 57 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The table shows the future undiscounted CSM recognition for the next 25 years. \n \n \nNote 5.6.8: Fair value of assets backing insurance and investment contracts \n\n\n\n\n(in millions of EUR) \nLife \nOf which Life direct participation (VFA) \nNon-life \nNon-technical \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal (underlying) assets \n32 318 \n1 039 \n4 767 \n1 799 \n38 883 \n\n\n\n\n\n\n\n\n\n\nAt amortised cost \n1 731 \n0 \n3 238 \n828 \n5 797 \n\n\n\n\n\n\n\n\n\n\nAt FVOCI \n12 459 \n16 \n1 510 \n637 \n14 606 \n\n\n\n\n\n\n\n\n\n\nDebt securities \n11 331 \n16 \n1 244 \n369 \n12 944 \n\n\n\n\n\n\n\n\n\n\nEquity instruments \n1 128 \n0 \n266 \n268 \n1 662 \n\n\n\n\n\n\n\n\n\n\nAt FVPL (excl. derivatives) \n18 118 \n1 024 \n0 \n10 \n18 128 \n\n\n\n\n\n\n\n\n\n\nInstruments backing unit-linked contracts \n18 005 \n1 024 \n\u2014 \n\u2014 \n18 005 \n\n\n\n\n\n\n\n\n\n\nOther \n113 \n0 \n0 \n10 \n123 \n\n\n\n\n\n\n\n\n\n\nAt FVO \n0 \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\nProperty and equipment and investment property \n9 \n0 \n19 \n324 \n352 \n\n\n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal (underlying) assets \n30 414 \n 967 \n4 204 \n1 845 \n36 463 \n\n\n\n\n\n\n\n\n\n\nAt amortised cost \n1 886 \n 0 \n2 887 \n1 047 \n5 819 \n\n\n\n\n\n\n\n\n\n\nAt FVOCI \n11 753 \n 15 \n1 221 \n 593 \n13 568 \n\n\n\n\n\n\n\n\n\n\nDebt securities \n10 698 \n 15 \n 993 \n 373 \n12 064 \n\n\n\n\n\n\n\n\n\n\nEquity instruments\n1 055 \n 0 \n 228 \n 220 \n1 504 \n\n\n\n\n\n\n\n\n\n\nAt FVPL (excl. derivatives) \n16 666 \n 951 \n 0 \n 8 \n16 673 \n\n\n\n\n\n\n\n\n\n\nInstruments backing unit-linked contracts\n16 602 \n 951 \n\u2014 \n\u2014 \n16 602 \n\n\n\n\n\n\n\n\n\n\nOther\n 64 \n 0 \n 0 \n 8 \n 71 \n\n\n\n\n\n\n\n\n\n\nAt FVO \n 0 \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\nProperty and equipment and investment property \n 109 \n 0 \n 97 \n 198 \n 403 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 The table also includes the assets backing the liabilities under investment contracts (IFRS 9). \n\u2022 Non-technical: see Note 3.6.1. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.6.9: Changes in accumulated OCI for FVOCI assets related to insurance contracts for which the fair value transition \napproach is used \n\n\n\n\n(in millions of EUR) \n2025 \n2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOCI that may be recycled to P&L \n-34 \n-26 \n\n\n\n\n\n\n\n\n\n\nNet change in revaluation reserve (FVOCI debt instruments) \n-34 \n-26 \n\n\n\n\n\n\n\n\n\n\nFair value adjustments before tax \n-46 \n-33 \n\n\n\n\n\n\n\n\n\n\nDeferred tax on fair value changes \n11 \n 9 \n\n\n\n\n\n\n\n\n\n\nTransfer from reserve to net result \n0 \n-1 \n\n\n\n\n\n\n\n\n\n\nImpairment \n0 \n-2 \n\n\n\n\n\n\n\n\n\n\nNet gains/losses on disposal \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\nDeferred taxes \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\nOCI that will not be recycled to P&L \n23 \n 101 \n\n\n\n\n\n\n\n\n\n\nNet change in revaluation reserve (FVOCI equity instruments) \n23 \n 101 \n\n\n\n\n\n\n\n\n\n\nFair value adjustments before tax \n23 \n 101 \n\n\n\n\n\n\n\n\n\n\nDeferred tax on fair value changes \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 IFRS 17 allows simplifications to set the accumulated OCI for the insurance liabilities at nil at the transition date at 1 January \n2022, while maintaining the accumulated OCI for the covering financial assets. This disclosure gives insight into the \nmismatch between covering financial assets and insurance liabilities as it distorts classification within equity at transition \ndate and subsequently the years thereafter until the portfolio subject to the transition approach reaches maturity. \n\u2022 See also \u2018Consolidated statement of comprehensive income\u2019. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.7: Provisions for risks and charges \n \n\nNote 5.7.1: Overview \n \n\n\n\n\n(in millions of EUR) \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal provisions for risks and charges \n138 \n141 \n\n\n\n\n\n\n\n\n\n\nProvisions for off-balance-sheet commitments and financial guarantees \n68 \n73 \n\n\n\n\n\n\n\n\n\n\nProvisions for other risks and charges \n70 \n69 \n\n\n\n\n\n\n\n\n\n\nProvisions for restructuring \n17 \n22 \n\n\n\n\n\n\n\n\n\n\nProvisions for taxes and pending legal disputes \n32 \n31 \n\n\n\n\n\n\n\n\n\n\nOther \n21 \n17 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \nNote 5.7.2: Details of off-balance-sheet commitments and financial guarantees \n\n\n\n\n(in millions of EUR) \nSubject to 12-month ECL \nSubject to lifetime ECL \nSubject to lifetime ECL \u2013 non-performing \nTotal \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n31-12-2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProvisions on 1 January \n22 \n15 \n36 \n73 \n\n\n\n\n\n\n\n\n\n\nMovements with an impact on results \n \n \n \n \n\n\n\n\n\n\n\n\n\n\nTransfer of financial assets \n \n \n \n \n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n-1 \n3 \n2 \n4 \n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n1 \n-5 \n4 \n-1 \n\n\n\n\n\n\n\n\n\n\nStage 3 \u2018non-performing\u2019 (lifetime ECL) \n0 \n0 \n-4 \n-4 \n\n\n\n\n\n\n\n\n\n\nNew financial assets \n23 \n2 \n0 \n25 \n\n\n\n\n\n\n\n\n\n\nChanges in risk parameters during the reporting period \n-13 \n-3 \n-11 \n-27 \n\n\n\n\n\n\n\n\n\n\nChanges in the model or methodology \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets \n-1 \n0 \n-1 \n-3 \n\n\n\n\n\n\n\n\n\n\nOther \n0 \n0 \n-1 \n-1 \n\n\n\n\n\n\n\n\n\n\nMovements without an impact on results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\nChanges in the scope of consolidation \n0 \n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\nOther \n0 \n0 \n1 \n1 \n\n\n\n\n\n\n\n\n\n\nProvisions on 31 December \n31 \n12 \n25 \n68 \n\n\n\n\n\n\n\n\n\n\n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProvisions on 1 January \n 22 \n 20 \n 49 \n 91 \n\n\n\n\n\n\n\n\n\n\nMovements with an impact on results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTransfer of financial assets \n \n \n \n \n\n\n\n\n\n\n\n\n\n\nStage 1 (12-month ECL) \n-1 \n 5 \n 2 \n 6 \n\n\n\n\n\n\n\n\n\n\nStage 2 (lifetime ECL) \n 1 \n-9 \n 3 \n-5 \n\n\n\n\n\n\n\n\n\n\nStage 3 \u2018non-performing\u2019 (lifetime ECL) \n 0 \n 1 \n-5 \n-4 \n\n\n\n\n\n\n\n\n\n\nNew financial assets \n 5 \n 1 \n 1 \n 8 \n\n\n\n\n\n\n\n\n\n\nChanges in risk parameters during the reporting period \n-6 \n-1 \n-13 \n-21 \n\n\n\n\n\n\n\n\n\n\nChanges in the model or methodology \n 2 \n 0 \n-1 \n 1 \n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets \n-3 \n-1 \n-2 \n-6 \n\n\n\n\n\n\n\n\n\n\nOther \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\nMovements without an impact on results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDerecognised financial assets \n 0 \n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\nChanges in the scope of consolidation \n 0 \n-1 \n 0 \n-1 \n\n\n\n\n\n\n\n\n\n\nOther \n 2 \n 0 \n 1 \n 3 \n\n\n\n\n\n\n\n\n\n\nProvisions on 31 December \n 22 \n 15 \n 36 \n 73 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 Also see Note 6.1. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Information relating to the main legal disputes pending: claims filed against KBC group companies are \u2013 in keeping with\nIFRS rules \u2013 treated on the basis of an assessment of whether they will lead to an outflow of resources (i.e. \u2018probable\noutflow\u2019, \u2018possible outflow\u2019 or \u2018remotely probable outflow\u2019). Provisions are set aside for \u2018probable outflow\u2019 cases (see \u2018Notes\non the accounting policies\u2019). No provisions are constituted for \u2018possible outflow\u2019 cases, but information is provided in the\nfinancial statements if such cases might have a material impact on the balance sheet (i.e. when the claim could lead to a\npossible outflow of more than 50 million euros). All other claims (\u2018remotely probable outflow\u2019), of whatever magnitude, that\nrepresent a minor or no risk at all do not have to be reported. The most important cases are listed below. The information\nprovided is limited in order not to prejudice the position of the group in ongoing litigation.\n\n\n\n- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff\nInvestments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the\nbankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities\nby Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made\nby the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation\nprocess was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s\n\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to\nsubsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the\nTrustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.\nA court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate\ncourt (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on\n30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are\nhandled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals\nfor the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the\ndefendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy\nCourt issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee\namended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and\ncosts and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of\nspecific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The\nproceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An\ninvestigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30\nJune 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including\ndemonstrating its good faith. The procedure may still take several years.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 5.9: Retirement benefit obligations \n \n\n\n\n\n(in millions of EUR) \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDEFINED BENEFIT PLANS\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of defined benefit obligations\n\n\n\n\n\n\n\n\n\n\n\n\nDefined benefit obligations at the beginning of the period \n 2 684 \n 2 724 \n\n\n\n\n\n\n\n\n\n\nCurrent service cost \n104 \n 105 \n\n\n\n\n\n\n\n\n\n\nInterest cost \n86 \n 89 \n\n\n\n\n\n\n\n\n\n\nActuarial gain or loss resulting from changes in demographic assumptions \n13 \n 0 \n\n\n\n\n\n\n\n\n\n\nActuarial gain or loss resulting from changes in financial assumptions \n-152 \n-76 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments \n1 \n 29 \n\n\n\n\n\n\n\n\n\n\nPast-service cost \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\nBenefits paid \n-150 \n-190 \n\n\n\n\n\n\n\n\n\n\nOther \n-9 \n 3 \n\n\n\n\n\n\n\n\n\n\nDefined benefit obligations at the end of the period \n2 579 \n 2 684 \n\n\n\n\n\n\n\n\n\n\nReconciliation of the fair value of plan assets\n\n\n\n\n\n\n\n\n\n\n\n\nFair value of plan assets at the beginning of the period \n 3 070 \n 2 936 \n\n\n\n\n\n\n\n\n\n\nActual return on plan assets \n-18 \n 198 \n\n\n\n\n\n\n\n\n\n\nExpected interest income on plan assets, calculated based on market yields on high quality corporate bonds \n99 \n 96 \n\n\n\n\n\n\n\n\n\n\nEmployer contributions \n87 \n 97 \n\n\n\n\n\n\n\n\n\n\nPlan participant contributions \n20 \n 20 \n\n\n\n\n\n\n\n\n\n\nBenefits paid \n-150 \n-190 \n\n\n\n\n\n\n\n\n\n\nOther \n-4 \n 9 \n\n\n\n\n\n\n\n\n\n\nFair value of plan assets at the end of the period \n3 005 \n 3 070 \n\n\n\n\n\n\n\n\n\n\nof which financial instruments issued by the group \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\nof which property occupied by KBC \n2 \n 2 \n\n\n\n\n\n\n\n\n\n\nFunded status\n\n\n\n\n\n\n\n\n\n\n\n\nPlan assets in excess of defined benefit obligations \n426 \n 386 \n\n\n\n\n\n\n\n\n\n\nReimbursement rights \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\nAsset ceiling limit \n-166 \n-131 \n\n\n\n\n\n\n\n\n\n\nUnfunded accrued/prepaid pension cost \n260 \n 255 \n\n\n\n\n\n\n\n\n\n\nMovement in net liabilities or net assets\n\n\n\n\n\n\n\n\n\n\n\n\nUnfunded accrued/prepaid pension cost at the beginning of the period \n255 \n 142 \n\n\n\n\n\n\n\n\n\n\nAmounts recognised in the income statement \n-76 \n-82 \n\n\n\n\n\n\n\n\n\n\nAmounts recognised in other comprehensive income \n-8 \n 92 \n\n\n\n\n\n\n\n\n\n\nEmployer contributions \n87 \n 97 \n\n\n\n\n\n\n\n\n\n\nOther \n2 \n 6 \n\n\n\n\n\n\n\n\n\n\nUnfunded accrued/prepaid pension cost at the end of the period \n260 \n 255 \n\n\n\n\n\n\n\n\n\n\nAmounts recognised in the income statement \n-76 \n-82 \n\n\n\n\n\n\n\n\n\n\nCurrent service cost \n-104 \n-105 \n\n\n\n\n\n\n\n\n\n\nInterest cost \n10 \n 5 \n\n\n\n\n\n\n\n\n\n\nPlan participant contributions \n20 \n 20 \n\n\n\n\n\n\n\n\n\n\nOther \n0 \n-2 \n\n\n\n\n\n\n\n\n\n\nChanges to the amounts recognised in other comprehensive income \n-8 \n 92 \n\n\n\n\n\n\n\n\n\n\nActuarial gain or loss resulting from changes in demographic assumptions \n-13 \n 0 \n\n\n\n\n\n\n\n\n\n\nActuarial gain or loss resulting from changes in financial assumptions \n152 \n 76 \n\n\n\n\n\n\n\n\n\n\nActuarial result on plan assets \n-117 \n 102 \n\n\n\n\n\n\n\n\n\n\nExperience adjustments \n-1 \n-29 \n\n\n\n\n\n\n\n\n\n\nAdjustments to asset ceiling limits \n-32 \n-59 \n\n\n\n\n\n\n\n\n\n\nOther \n4 \n 1 \n\n\n\n\n\n\n\n\n\n\nDEFINED CONTRIBUTION PLANS\n\n\n\n\n\n\n\n\n\n\n\n\nExpenses for defined contribution plans \n-14 \n-14 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 Retirement benefits that are actively accrued for the Belgium-based staff of KBC Bank, KBC Insurance and most of their \nBelgian subsidiaries are accrued exclusively through the KBC pension fund. Up until year-end 2018, employer-funded \nretirement benefits had accrued primarily through a defined benefit plan, where the benefit is calculated based on the final \nsalary of employees before they retire, the number of years they had been in the plan and a formula that applies a \nprogressive rate scale. A defined contribution plan was introduced on 1 January 2014 for all new employees and any \nemployees who had chosen to switch to it. In this plan, a contribution is deposited based on the current monthly salary and \nthe amounts deposited are paid out together with the (guaranteed) return on retirement. Both types of pension plan are \nmanaged by the KBC pension fund, which uses the services of KBC Asset Management for the investment strategy. In \naddition, there are a number of smaller, closed group insurance schemes from the past that will continue to be funded and \nare managed by the KBC pension fund. On 1 January 2019, a new defined contribution plan was introduced to replace the \none introduced in 2014. All employees were again given the one-time option of switching from the defined benefit plan to \nthe new defined contribution plan. At year-end 2025, 45% of employees were active participants in the defined benefit plan \nand 55% in the defined contribution plan (the corresponding figures at year-end 2024 were 48% and 52%). \n\u2022 The expected age of retirement of each employee and the expected wage inflation based on an inflation curve derived \nfrom the market value of inflation-linked bonds are taken into account in the calculation of the gross defined benefit \nobligations. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditional information on retirement benefit obligations: DEFINED BENEFIT PLANS, KBC pension fund \n\n\n\n\nComposition\n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\nEquity instruments (including equity funds)\n29%\n33% \n\n\n\n\n\n\n\n\nBonds (including bond funds)\n58%\n53%\n\n\n\n\n\n\n\n\nReal estate (including real estate funds)\n13% \n13% \n\n\n\n\n\n\n\n\nCash\n0%\n0%\n\n\n\n\n\n\n\n\nof which illiquid assets\n17%\n17%\n\n\n\n\n\n\n\n\nContributions expected in 2026 (in millions of EUR)\n32\n\n\n\n\n\n\n\n\n\nRegulatory framework (2025 and 2024)\nPension plans are registered in collective labour agreements and incorporated into a set of\n\n\n\n\n\n\n\n\n\nregulations. Annual reporting of funding levels to supervisory authorities (FSMA/NBB).\n\n\n\n\n\n\n\n\n\nAny underfunding must be reported immediately to the supervisory authorities.\n\n\n\n\n\n\n\n\nRisks for KBC (2025 and 2024)\nInvestment risk and inflation risk.\n\n\n\n\n\n\n\n\nALM (2025 and 2024)\nThe hedging portfolio hedges against interest rate risk and inflation risk using interest rate swaps. \n\n\n\n\n\n\n\n\n\nThe return portfolio aims to generate an extra return.\n\n\n\n\n\n\n\n\nPlan amendments (2025 and 2024)\nA new version of the employer-funded defined contribution plan was introduced on 1 January \n\n\n\n\n\n\n\n\n\n2019. All employees who had been signed up to the defined benefit plan were given the one -time \n\n\n\n\n\n\n\n\n\noption of switching to this new plan. New employees are signed up to the employer-funded\n\n\n\n\n\n\n\n\n\ndefined contribution plan.\n\n\n\n\n\n\n\n\nCurtailments and settlements (2025 and 2024)\nNot applicable.\n\n\n\n\n\n\n\n\nDiscounting method (2025 and 2024)\nBased on quotes for various time buckets of AA-rated corporate bonds.\n\n\n\n\n\n\n\n\n\nThe derived bond yields are converted into a zero coupon curve.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKey actuarial assumptions\n2025 \n2024 \n\n\n\n\n\u2022Average discount rate \n3.39% \n3.10% \n\n\n\n\n\u2022Expected rate of salary increase \n2.45% \n2.47% \n\n\n\n\n\u2022Expected inflation rate \n2.12% \n2.16% \n\n\n\n\n\u2022Expected rate of increase in pensions \n\u2013 \n- \n\n\n\n\n\u2022Weighted average duration of the obligations\n9 years \n10 years \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImpact of changes in the assumptions used in the actuarial \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\ncalculation of the retirement benefit obligations \n\n\n\n\n\n\n\n\nIncrease in the retirement benefit obligations consequent on:\n\n\n\n\n\n\n\n\n\u2022a decrease of 1% in the discount rate \n10.01% \n10.98% \n\n\n\n\n\n\n\u2022an increase of 1% in the expected inflation rate \n8.12% \n8.69% \n\n\n\n\n\n\n\u2022an increase that is 1% higher than the expected real \n10.80% \n11.54% \n\n\n\n\n\n\nincrease in salary \n\n\n\n\n\n\n\n\n\u2022an increase of one year in life expectancy \n\u2013 \n- \n\n\n\n\n\n\nThe impact of the following assumptions has not been \nDecreasing mortality rates. Pension benefits are paid out in capital, so longevity risk is immaterial. \n\n\n\n\n\n\ncalculated: (2025 and 2024) \nStaff turnover rates: the impact of the changes remains limited. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdditional information on retirement benefit obligations: DEFINED CONTRIBUTION PLANS, KBC pension fund\n\n\n\n\n\n\nContributions expected in 2026 (in millions of EUR)\n52\n\n\n\n\n\n\nRegulatory framework (2025 and 2024) \nPursuant to the Belgian Supplementary Pensions Act, the employer must guarantee a minimum \n\n\n\n\n\n\n\nreturn of 2.50% on employee and employer contributions. \n\n\n\n\n\n\nRisks for KBC (2025 and 2024)\nInvestment risk.\n\n\n\n\n\n\nValuation (2025 and 2024) \nRetirement benefit obligations are measured on the basis of the accrued benefits on the \n\n\n\n\n\n\n\nreporting date, making a projection of these benefits (at the rate of interest guaranteed by law) \n\n\n\n\n\n\n\nuntil the expected age of retirement, and discounting the resulting benefits. KBC offers two types \n\n\n\n\n\n\n\nof defined contribution plan: one that is financed through employee contributions and one \n\n\n\n\n\n\n\nthrough employer contributions. The valuation of retirement benefit obligations for the employer-\n\n\n\n\n\n\n\nfunded defined contribution plan takes account of future contributions. However, it is not taken \n\n\n\n\n\n\n\ninto account for the valuation of the employee-funded defined contribution plan, because the \n\n\n\n\n\n\n\nemployer\u2019s obligation for that plan only relates to the guaranteed minimum interest rate. \n\n\n\n\n\n\nDiscounting method (2025 and 2024) \nBased on quotes for various time buckets of AA-rated corporate bonds. \n\n\n\n\n\n\n\nThe derived bond yields are converted into a zero coupon curve. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKey actuarial assumptions\n2025 \n2024 \n\n\n\n\n\n\n\n\n\n\n\u2022Average discount rate \n3.78% \n3.30% \n\n\n\n\n\n\n\n\n\n\n\u2022Weighted average duration of the obligations\n14 years \n15 years \n\n\n\n\n\n\n\n\n\n\nImpact of changes in the assumptions used in the actuarial \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\n\n\ncalculation of the retirement benefit obligations \n\n\n\n\n\n\n\n\n\n\n\n\nIncrease in the retirement benefit obligations consequent on:\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022a decrease of 1% in the discount rate \n16.42% \n17.99% \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 6.1: Off-balance-sheet commitments and financial guarantees given and received \n \n\n\n\n\n(in millions of EUR) \n\n\n31-12-2025 \n\n\n31-12-2024 \n\n\n\n\n\n\nNominal \nProvision \nNet exposure \nNominal \nProvision \nNet exposure \n\n\n\n\n\n\namount \n\n\namount \n\n\n\n\n\n\n\nUndrawn portion of credit lines granted\n\n\n\n\n\n\n\n\n\n\n\nStage 1\n50 373 \n27 \n50 346 \n 45 481 \n 18 \n 45 463 \n\n\n\n\n\nStage 2\n3 346 \n8 \n3 338 \n 3 314 \n 9 \n 3 305 \n\n\n\n\n\nStage 3\n68 \n2 \n66 \n 52 \n 2 \n 50 \n\n\n\n\n\nTotal\n53 787 \n36 \n53 751 \n 48 848 \n 30 \n 48 818 \n\n\n\n\n\nof which irrevocable credit lines \n32 767 \n19 \n32 748 \n 29 180 \n 10 \n 29 170 \n\n\n\n\n\nFinancial guarantees given\n\n\n\n\n\n\n\n\n\n\n\nStage 1\n11 064 \n3 \n11 061 \n 10 245 \n 3 \n 10 242 \n\n\n\n\n\nStage 2\n923 \n4 \n920 \n 992 \n 5 \n 987 \n\n\n\n\n\nStage 3\n84 \n21 \n62 \n 113 \n 32 \n 80 \n\n\n\n\n\nTotal\n12 072 \n29 \n12 043 \n 11 350 \n 41 \n 11 309 \n\n\n\n\n\nOther commitments given\n\n\n\n\n\n\n\n\n\n\n\nTotal\n1 225 \n3 \n1 222 \n 1 101 \n 2 \n 1 099 \n\n\n\n\n\nOff-balance-sheet commitments and financial \n\n\n\n\n\n\n\n\n\n\n\nguarantees \n\n\n\n\n\n\n\n\n\n\n\nTotal\n67 083 \n68 \n67 016 \n 61 299 \n 73 \n 61 226 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 Fair value of financial guarantees: based on the available market value. \n\u2022 The carrying value of financial assets pledged by KBC as collateral came to 43 246 million euros for liabilities and \n1 849 million euros for contingent liabilities (40 924 million euros and 1 667 million euros, respectively, in 2024). At year-end \n2025, some 22.7 billion euros\u2019 worth of residential mortgage loans and cash collections were entered in the cover asset \nregister for the special estate of the covered bond programme (21.8 billion euros at year-end 2024). \n\u2022 There is an obligation to return collateral received (which may be sold or repledged in the absence of default by the owner; \nsee table) in its original form, or possibly in cash. Collateral can be called in if loans are terminated for various reasons such \nas default or bankruptcy. In the event of bankruptcy, the collateral will be sold by the receiver. In other cases, the bank will \norganise the foreclosure itself or take possession of the collateral. Collateral received that relates to OTC derivatives is \nprimarily cash, which is recognised by KBC on the balance sheet (and is not included in the table). More details are provided \nin Note 4.3. \n\u2022 Collateral acquired through foreclosure came to 5 million euros in 2025 (3 million euros in 2024). \n \n \n\n\n\n\nCollateral received (which may be sold or repledged in the absence of default by the owner) (in millions of EUR) \nFair value of collateral received \nFair value of collateral sold or repledged \n\n\n\n\n\n\n31-12-2025 \n31-12-2024 \n31-12-2025 \n31-12-2024 \n\n\n\n\n\n\n\n\n\n\nFinancial assets \n49 438 \n 32 091 \n12 283 \n 12 279 \n\n\n\n\n\nEquity instruments \n27 \n 30 \n3 \n 2 \n\n\n\n\n\nDebt securities \n49 134 \n 31 809 \n12 280 \n 12 277 \n\n\n\n\n\nLoans and advances \n277 \n 252 \n0 \n 0 \n\n\n\n\n\nCash \n0 \n 0 \n0 \n 0 \n\n\n\n\n\nOther \n0 \n 0 \n0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\u2022 In the years 2016-2022, KBC contributed to the Single Resolution Fund (SRF) by means of irrevocable payment commitments \n(IPCs) in the amount of 87 million euros, which are fully covered by cash collateral. In line with industry practice, the following \naccounting treatment is applied to IPCs: i) the amount of cash collateral is recognised as a financial asset and ii) the \nhypothetical fund call in case of a resolution is reported as a contingent liability. In its 2023 decision (and confirmed in \nappeal in 2025), the General Court of the EU ruled that in a scenario in which a bank loses its banking license, it has no \nclaim on the cash collateral. The recognition of the cash collateral as a financial asset is nevertheless based on the fact \nthat interest is received on the amount outstanding and the expectation that this amount will be claimed by the SRF in the \nforeseeable future if it is not deemed likely. The amount of 87 million euros is deducted in the calculation of the common \nequity capital. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNote 4.8.2: Hedging derivatives \n \n \ninterest rate swaps \ninterest rate swaps \n\n\n\n\n31-12-2025 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \n\n\n\n\nHedging instrument \n\n\n\nHedged item \nImpact on equity \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChange in fair \n\n\n\n\n\n\n\n\n\n\n\n\nChange in fair \n\n\n\nvalue of hedged \n\n\n\n\n\n\n\n\n\n\n\n\nvalue of hedging \n\n\n\ninstruments used \n\n\n\n\n\n\n\n\n\n\n\n\ninstruments used \n\n\n\nas basis for \n\n\n\n\n\n\n\n\n\n\n\n\nas basis for \n\n\n\nrecognising \nIneffective \nEffective \n\n\n\n\n\n\n\n\n\n\nrecognising hedge \n\n\n\nhedge \nportion \nportion \n\n\n\n\n\n\n\n\n\n\nineffectiveness for \n\n\n\nineffectiveness \nrecognised in \nrecognised in \n\n\n\n\n\n\nNotional amounts1\nCarrying value \nthe period2\nType \n\n\nfor the period2\nprofit or loss \nOCI \n\n\n\n\n\n\n\n\n\n\n\n\n\nOf which \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal (including \naccumulated \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nfair value \nfair value \n\n\n\n\n\n\n\n\nHedging strategy \nPurchased \nSold \nAssets \nLiabilities \n\n\nchanges) \nadjustments \n\n\n\n\n\n\n\n\nFair value micro hedge\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n45 368 \n45 378 \n95 \n49 \n462 \nDebt securities held at AC\n12 911 \n-446 \n-161 \n\n\n\n\n\n\n\nCurrency and \n0 \n0 \n0 \n0 \n0 \nLoans and advances at AC \n515 \n27 \n-5 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities held at FVOCI\n11 660 \n-189 \n-243 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities issued at AC\n19 214 \n-175 \n-60 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits at AC\n599 \n-2 \n2 \n\n\n\n\n\n\n\nTotal\n45 368 \n45 378 \n95 \n49 \n462 \nTotal\n\n\n-468 \n-5 \n\u2013 \n\n\n\n\n\nPortfolio hedge of interest rate risk \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n151 428 \n151 428 \n53 \n78 \n774 \nDebt securities held at AC\n905 \n-17 \n14 \n\n\n\n\n\n\n\nCurrency and \n955 \n0 \n43 \n0 \n7 \nLoans and advances at AC\n129 131 \n-2 687 \n-706 \n\n\n\n\n\n\n\ninterest rate options\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities held at FVOCI\n166 \n2 \n2 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities issued at AC\n0 \n0 \n0 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits at AC\n18 788 \n-285 \n-93 \n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance contract liabilities, Life\n410 \n-5 \n11 \n\n\n\n\n\n\n\nTotal\n152 383 \n151 428 \n96 \n78 \n781 \nTotal\n\n\n-772 \n10 \n\u2013 \n\n\n\n\n\nCashflow hedge (micro hedge and portfolio hedge) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n18 372 \n18 372 \n13 \n82 \n583 \n\n\n\n\n\n\n\n\n\n\n\nCurrency and \n1 750 \n1 793 \n0 \n56 \n28 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal\n20 122 \n20 165 \n13 \n138 \n611 \nTotal\n\n\n-571 \n41 \n85 \n\n\n\n\n\nHedge of net investments in foreign operations \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal3\n3 240 \n3 189 \n10 \n511 \n-74 \nTotal\n\n\n74 \n0 \n61 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 In this table, both legs of the derivatives are reported in the notional amounts. \n2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3). \n3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits. \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \ninterest rate swaps \ninterest rate swaps \n\n\n\n\n31-12-2024 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions of EUR) \n\n\n\n\nHedging instrument \n\n\n\nHedged item \nImpact on equity \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChange in fair \n\n\n\n\n\n\n\n\n\n\n\n\nChange in fair \n\n\n\nvalue of hedged \n\n\n\n\n\n\n\n\n\n\n\n\nvalue of hedging \n\n\n\ninstruments used \n\n\n\n\n\n\n\n\n\n\n\n\ninstruments used \n\n\n\nas basis for \n\n\n\n\n\n\n\n\n\n\n\n\nas basis for \n\n\n\nrecognising \nIneffective \nEffective \n\n\n\n\n\n\n\n\n\n\nrecognising hedge \n\n\n\nhedge \nportion \nportion \n\n\n\n\n\n\n\n\n\n\nineffectiveness for \n\n\n\nineffectiveness \nrecognised in \nrecognised in \n\n\n\n\n\n\nNotional amounts1\nCarrying value \nthe period2\nType \n\n\nfor the period2\nprofit or loss \nOCI \n\n\n\n\n\n\n\n\n\n\n\n\n\nOf which \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal (including \naccumulated \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nfair value \nfair value \n\n\n\n\n\n\n\n\nHedging strategy \nPurchased \nSold \nAssets \nLiabilities \n\n\nchanges) \nadjustments \n\n\n\n\n\n\n\n\nFair value micro hedge\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n 37 727 \n 37 727 \n 96 \n 63 \n 281 \nDebt securities held at AC\n 8 050 \n-252 \n 17 \n\n\n\n\n\n\n\nCurrency and \n 0 \n 0 \n 0 \n 0 \n 0 \nLoans and advances at AC \n 569 \n 33 \n-45 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities held at FVOCI\n 7 254 \n 64 \n 80 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities issued at AC\n 21 802 \n-226 \n-334 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits at AC\n 102 \n-11 \n 13 \n\n\n\n\n\n\n\nTotal\n 37 727 \n 37 727 \n 96 \n 63 \n 281 \nTotal\n\n\n-269 \n 11 \n\u2013 \n\n\n\n\n\nPortfolio hedge of interest rate risk \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n 141 341 \n 141 341 \n 67 \n 95 \n-464 \nDebt securities held at AC\n 831 \n-31 \n-23 \n\n\n\n\n\n\n\nCurrency and \n 1 214 \n 0 \n 48 \n 0 \n-3 \nLoans and advances at AC\n 121 621 \n-1 988 \n 622 \n\n\n\n\n\n\n\ninterest rate options \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities held at FVOCI\n 76 \n 0 \n-3 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDebt securities issued at AC\n 0 \n 0 \n 0 \n\n\n\n\n\n\n\n\n\n\n\n\n\nDeposits at AC\n 17 471 \n-379 \n-121 \n\n\n\n\n\n\n\n\n\n\n\n\n\nInsurance contract liabilities, Life\n 161 \n 6 \n-6 \n\n\n\n\n\n\n\nTotal\n 142 555 \n 141 341 \n 115 \n 95 \n-467 \nTotal\n\n\n 469 \n 2 \n\u2013 \n\n\n\n\n\nCashflow hedge (micro hedge and portfolio hedge) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest rate swaps\n 17 376 \n 17 376 \n 5 \n 120 \n 22 \n\n\n\n\n\n\n\n\n\n\n\nCurrency and \n 1 830 \n 1 790 \n 19 \n 17 \n-30 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal\n 19 206 \n 19 166 \n 24 \n 137 \n-8 \nTotal\n\n\n 8 \n 0 \n-486 \n\n\n\n\n\nHedge of net investments in foreign operations \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal3\n 2 826 \n 2 806 \n 35 \n 518 \n 54 \nTotal\n\n\n-54 \n 0 \n 147 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 In this table, both legs of the derivatives are reported in the notional amounts. \n2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3). \n3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits. \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u2022 The Treasury departments of the various entities manage the interest rate risk. To prevent rate movements from having a \nnegative impact, the maturities of assets and liabilities are adjusted on the balance sheet using interest rate swaps and \nother derivatives. \n\u2022 As regards the relationship between risk management and the hedge accounting policy, \u2018economic\u2019 management takes \npriority and risks are hedged in accordance with the general ALM framework. Only then is a decision made on which, if any, \nof these techniques will be used to limit any resulting accounting mismatch. \n\u2022 The balances remaining in the cashflow hedge reserve from any hedging relationships for which hedge accounting is no \nlonger applied came to -95 million euros in 2025 (-187 million euros in 2024). The accumulated amount of fair value hedge \nadjustments remaining on the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and \nlosses amounted to -35 million euros in 2025 (-99 million euros in 2024). These adjustments are amortised to profit or loss. \n\u2022 The difference between the \u2018Profit/loss on positions in portfolios hedged against interest rate risk\u2019 balance sheet item and \naccumulated fair value adjustments following portfolio hedges of interest rate risk as included in Note 4.8.2 is attributable to \naccumulated fair value adjustments regarding discontinued fair value hedges not included in Note 4.8.2 but included in the \nbalance sheet. \n\u2022 Also see the paragraph on hedge accounting in the \u2018Risk management\u2019 section and Note 3.3. \n \n \n\n\n\n\nEstimated cashflows from cashflow hedging derivatives per time bucket (in millions of EUR) \nInflow \nOutflow \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNot more than three months \n21 \n-38 \n\n\n\n\n\n\n\n\n\n\n\nMore than three but not more than six months \n54 \n-78 \n\n\n\n\n\n\n\n\n\n\n\nMore than six months but not more than one year \n196 \n-205 \n\n\n\n\n\n\n\n\n\n\n\nMore than one but not more than two years \n387 \n-476 \n\n\n\n\n\n\n\n\n\n\n\nMore than two but not more than five years \n1 122 \n-1 172 \n\n\n\n\n\n\n\n\n\n\n\nMore than five years \n2 277 \n-2 106 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag132": {
"value": "\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-163 | \n-168 | \n\n\n\n\n\n\n
\n\n| Total broken down by type and IFRS portfolio | \n | \n | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss (incl. exchange rate revaluations) | \n170 | \n173 | \n\n\n\n\n\n\n
\n\n| Financial instruments MFVPL other than held for trading | \n564 | \n1 679 | \n\n\n\n\n\n\n
\n\n| Trading instruments (including interest on non-ALM trading derivatives and fair value changes in all trading derivatives) | \n328 | \n202 | \n\n\n\n\n\n\n
\n\n| Other financial instruments at fair value through profit or loss | \n-510 | \n-1 598 | \n\n\n\n\n\n\n
\n\n| Exchange rate revaluations | \n-108 | \n108 | \n\n\n\n\n\n\n
\n\n| Fair value adjustments in hedge accounting | \n-104 | \n-219 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense (for insurance contracts issued) | \n-333 | \n-341 | \n\n\n\n\n\n\n
\n\n| Hedge accounting broken down by type of hedge | \n | \n | \n\n\n\n\n\n\n
\n\n| Fair value micro-hedges | \n-5 | \n 11 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-468 | \n -269 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n462 | \n 281 | \n\n\n\n\n\n\n
\n\n| Cashflow hedges | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives, ineffective portion | \n41 | \n0 | \n\n\n\n\n\n\n
\n\n| Hedges of net investments in foreign operations, ineffective portion | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n10 | \n2 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedged items | \n-772 | \n 469 | \n\n\n\n\n\n\n
\n\n| Changes in the fair value of the hedging derivatives | \n781 | \n-467 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting for fair value hedges | \n-57 | \n -131 | \n\n\n\n\n\n\n
\n\n| Discontinuation of hedge accounting in the event of cashflow hedges | \n-92 | \n-101 | \n\n\n\n\n\n\n
\n\n| Total broken down by driver | \n | \n | \n\n\n\n\n\n\n
\n\n| Dealing room | \n246 | \n 294 | \n\n\n\n\n\n\n
\n\n| Change in the value of derivatives used for asset/liability management purposes and other | \n-132 | \n-189 | \n\n\n\n\n\n\n
\n\n| Market value adjustments (xVA) | \n-3 | \n-24 | \n\n\n\n\n\n\n
\n\n| Investment result for unit-linked insurance contracts under IFRS 17 and Insurance finance income and expense | \n-274 | \n-249 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
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\nNote 3.6: Insurance results
\n
\nNote 3.6.1: Insurance profitability \u2013 P&L
\n
\n\u2022 Unlike the group\u2019s income statement, the figures below include intragroup transactions between bank and insurance
\nentities of the group (the results for insurance contracts concluded between the group\u2019s bank and insurance entities,
\ninterest that insurance companies receive on their deposits with bank entities, commissions that insurance entities pay to
\nbank branches for sales of insurance, etc.) in order to give a more accurate view of the profitability of the insurance
\nbusiness.
\n\u2022 Of the items in Note 3.6.1, only \u2018Insurance revenues\u2019, \u2018Insurance service expenses\u2019, \u2018Insurance finance income and expense\u2019
\nand \u2018Net result from reinsurance contracts held\u2019 are presented on separate lines in the income statement (with a minor
\nadjustment related to intercompany transaction eliminations between bank and insurance entities). As part of our
\nintegrated bank-insurance concept, all the other insurance items \u2013 together with the group\u2019s banking activities \u2013 are
\nincluded in the income statement and related notes.
\n\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
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\n\n
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\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\n
Eastern Europe, measured under IFRS 17.
\n
\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n
- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\n
backing these liabilities
\n
- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\n
change in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\n
impact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\n
through P&L\u2019 (see also Note 3.3)
\n
\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\n
in the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\n
under \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\n
equity (i.e. mainly interest income from bonds) and income tax.
\n
\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\n
euros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\n
increases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\n
euros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\n
amounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\n
of claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\nNote 3.6.2: Insurance profitability \u2013 other comprehensive income (OCI)
\n\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n-85 | \n0 | \n-3 | \n26 | \n-61 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n375 | \n0 | \n104 | \n26 | \n506 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n0 | \n\u2014 | \n-14 | \n\u2014 | \n-14 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n -111 | \n-111 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n375 | \n0 | \n90 | \n-84 | \n381 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n 74 | \n 0 | \n-1 | \n 30 | \n 103 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-225 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-224 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 30 | \n-122 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n 75 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 104 | \n-47 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 For more information on the investment result and the change in insurance finance income and expense: see \u2018Other
\ncomprehensive income\u2019.
\n\u2022 In addition to the investment result of the financial assets recognised in profit or loss (Note 3.6.1) and in OCI (Note 3.6.2),
\nresults realised on FVOCI equity instruments are recognised directly in equity (see \u2018Transfer from revaluation reserves to
\nretained earnings upon realisation\u2019 in \u2018Consolidated statement of changes in equity\u2019). The corresponding figures for 2025
\nand 2024 were 58 million euros and 40 million euros, respectively, at insurance level of the 65 million euros and 47 million
\neuros at group level.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Note 3.6.3: Insurance revenues (Life and Non-life) by component
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n | \nTotal | \nLife | \nNon-life | \nTotal | \nLife | \nNon-life | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Insurance revenues for BBA and VFA contracts | \n509 | \n460 | \n49 | \n 472 | \n 432 | \n 39 | \n\n\n\n\n\n\n
\n\n| Amounts related to changes in liabilities for remaining coverage | \n474 | \n426 | \n48 | \n 447 | \n 408 | \n 38 | \n\n\n\n\n\n\n
\n\n| Expected claims and other insurance service expenses | \n286 | \n254 | \n32 | \n 262 | \n 232 | \n 29 | \n\n\n\n\n\n\n
\n\n| Change in risk adjustment for risk expired (non-financial risk) | \n19 | \n16 | \n3 | \n 14 | \n 13 | \n 2 | \n\n\n\n\n\n\n
\n\n| CSM recognised for services provided | \n169 | \n156 | \n13 | \n 170 | \n 163 | \n 7 | \n\n\n\n\n\n\n
\n\n| Recovery of insurance acquisition cashflows | \n35 | \n34 | \n1 | \n 25 | \n 24 | \n 1 | \n\n\n\n\n\n\n
\n\n| Insurance revenues for contracts measured using the PAA | \n2 704 | \n33 | \n2 672 | \n 2 483 | \n 31 | \n 2 452 | \n\n\n\n\n\n\n
\n\n| Total insurance revenues | \n3 214 | \n493 | \n2 721 | \n 2 955 | \n 463 | \n 2 492 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
Note 3.6.4: Life insurance sales
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n3 576 | \n 2 906 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 non-unit-linked | \n1 496 | \n 1 214 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 unit-linked | \n171 | \n 158 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 hybrid | \n274 | \n 197 | \n\n\n\n\n\n\n
\n\n| Non-IFRS 17 | \n1 635 | \n 1 337 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Non-IFRS 17 sales figures mainly refer to investment contracts without discretionary participation features (DPF), measured
\n
under IFRS 9. They concern the unit-linked insurance contracts in Belgium, for which margins are reported under \u2018Net fee and
\n
commission income\u2019.
\n
\u2022 Hybrid products: see Note 5.6.1.
\n
\u2022 Sales of life insurance products in 2025 went up by 23% compared to 2024, largely driven by growth in unit-linked insurance
\n
contracts in Belgium (Non-IFRS 17) and non-unit-linked insurance contracts (IFRS 17), also primarily in Belgium.
\n
\n
\n
\n
Note 3.6.5: Non-life insurance profitability by product (P&L)
\n
\n
\n\n\n| (in millions of EUR) | \nInsurance revenues | \nInsurance service expenses | \nInsurance finance income and expense before reinsurance in P&L | \nTotal before reinsurance | \nNet result from reinsurance contracts held | \nTotal after reinsurance | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n349 | \n-274 | \n-10 | \n65 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n631 | \n-601 | \n-20 | \n10 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n167 | \n-168 | \n-7 | \n-8 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n540 | \n-482 | \n-2 | \n56 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n1 017 | \n-708 | \n-10 | \n299 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n2 705 | \n-2 234 | \n-49 | \n422 | \n-23 | \n399 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n16 | \n-3 | \n1 | \n14 | \n-49 | \n-35 | \n\n\n\n\n\n\n
\n\n| Total | \n2 721 | \n-2 237 | \n-48 | \n436 | \n-72 | \n364 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n 308 | \n-243 | \n-8 | \n 57 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n 594 | \n-578 | \n-19 | \n-3 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n 154 | \n-139 | \n-6 | \n 9 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n 467 | \n-430 | \n-2 | \n 35 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n 952 | \n-789 | \n-11 | \n 152 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n 2 474 | \n-2 179 | \n-46 | \n 249 | \n-7 | \n 242 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n 18 | \n-3 | \n 1 | \n 16 | \n-6 | \n 10 | \n\n\n\n\n\n\n
\n\n| Total | \n 2 492 | \n-2 181 | \n-45 | \n 265 | \n-13 | \n 252 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| (in millions of EUR*) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-334 | \n-248 | \n\n\n\n\n\n\n
\n\n| Impairment on financial assets at AC and at FVOCI (impairment on loans) | \n-273 | \n-199 | \n\n\n\n\n\n\n
\n\n| By IFRS category | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n-272 | \n-201 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n-1 | \n2 | \n\n\n\n\n\n\n
\n\n| By product | \n | \n | \n\n\n\n\n\n\n
\n\n| Loans and advances | \n-278 | \n-224 | \n\n\n\n\n\n\n
\n\n| Debt securities | \n-1 | \n4 | \n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments and financial guarantees | \n6 | \n21 | \n\n\n\n\n\n\n
\n\n| By type | \n | \n | \n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-28 | \n-30 | \n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n15 | \n162 | \n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n-259 | \n-283 | \n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets | \n-1 | \n-49 | \n\n\n\n\n\n\n
\n\n| By business unit/country | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n-175 | \n-246 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n-44 | \n34 | \n\n\n\n\n\n\n
\n\n| International Markets | \n-64 | \n25 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n-7 | \n18 | \n\n\n\n\n\n\n
\n\n| Hungary | \n-6 | \n23 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n-51 | \n-16 | \n\n\n\n\n\n\n
\n\n| Group Centre | \n10 | \n-12 | \n\n\n\n\n\n\n
\n\n| Impairment on goodwill | \n-7 | \n0 | \n\n\n\n\n\n\n
\n\n| Impairment on other | \n-53 | \n-49 | \n\n\n\n\n\n\n
\n\n| Intangible fixed assets (other than goodwill) | \n-32 | \n-36 | \n\n\n\n\n\n\n
\n\n| Property and equipment (including investment property) | \n-6 | \n-2 | \n\n\n\n\n\n\n
\n\n| Associated companies and joint ventures | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Other | \n-16 | \n-11 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
* Positive figures indicate a reversal and hence a positive impact on results
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\u2022 We create the models for the various portfolios using typical PD, EAD and LGD inputs, as well as macro- and microeconomic
\nvariables to the extent that there is a statistical relationship. The macroeconomic variables are GDP growth, the
\nunemployment rate, policy interest rates, the exchange rate, government bond yields, house prices and inflation.
\nMicroeconomic variables include, for example, confidence indicators, the harmonised consumer price index (HICP), the
\nproducer price index (PPI), and so on. As a result of regular back-testing, models may change and economic variables may
\nbe reassessed. The following table gives the base-case scenario for the three key indicators (GDP growth, unemployment
\nrate and house price index) for each of our core countries for the coming years. After that, we take into account a gradual
\nlinear transition towards a stable situation.
\n
\n\n
\n\n\n| Macroeconomic base-case scenario \u2013 key indicators (used for situation at year-end 2025)* | \n2025 | \n2026 | \n2027 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Real GDP growth | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n1.0% | \n1.1% | \n1.3% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n2.5% | \n2.0% | \n2.2% | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.4% | \n2.3% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.7% | \n0.9% | \n1.8% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.1% | \n2.7% | \n2.8% | \n\n\n\n\n\n\n
\n\n| Unemployment rate | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n6.4% | \n6.2% | \n6.0% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n3.2% | \n3.2% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Hungary | \n4.4% | \n4.0% | \n3.7% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n5.4% | \n5.7% | \n5.7% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.8% | \n3.7% | \n3.6% | \n\n\n\n\n\n\n
\n\n| House price index | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n2.6% | \n3.1% | \n3.5% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n10.0% | \n6.4% | \n3.3% | \n\n\n\n\n\n\n
\n\n| Hungary | \n13.0% | \n7.5% | \n4.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n10.4% | \n5.0% | \n4.5% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n14.7% | \n8.5% | \n6.5% | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n* This deviates from the (more recent) estimates provided in the \u2018Report of the Board of Directors\u2019, under the \u2018Market conditions in our core markets in 2025\u2019 and \u2018Our business units\u2019 sections.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\u2022 We use three different forward-looking macroeconomic scenarios (with different probability weightings) to measure ECL.
\nThe weightings at year-end 2025 were 60% for the \u2018base\u2019 scenario, 20% for the optimistic \u2018up\u2019 scenario and 20% for the
\npessimistic \u2018down\u2019 scenario (60%, 20% and 20%, respectively, in 2024). The forecast horizon is 30 years. A sensitivity analysis
\nof the impact of these multiple economic scenarios on the collectively assessed ECL (i.e. without the ECL for individually
\nassessed loans of 1.65 billion euros at year-end 2025 and year-end 2024) shows that the \u2018base\u2019 scenario generates an ECL
\nof 0.85 billion euros (0.81 billion euros in 2024), which is 0.02 billion euros lower than for the \u2018down\u2019 scenario and 0.01 billion
\neuros higher than for the \u2018up\u2019 scenario (the same as in 2024). The assessed scenario-weighted collective ECL results (that
\nwere recognised) amounted to 0.85 billion euros (0.81 billion euros in 2024). These amounts include the ECL related to
\ngeopolitical and macroeconomic uncertainties.
\n
\n
\n\n
\n\n\n| Collectively assessed ECL by country (2025, in billions of EUR) | \n100% base-case scenario | \n100% optimistic scenario | \n100% pessimistic scenario | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n0.85 | \n0.84 | \n0.87 | \n\n\n\n\n\n\n
\n\n| Belgium | \n0.26 | \n0.26 | \n0.27 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n0.31 | \n0.31 | \n0.31 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.08 | \n0.08 | \n0.09 | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.05 | \n0.05 | \n0.06 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n0.15 | \n0.15 | \n0.16 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 The management of ESG risks is an integral part of the Credit Risk Management Framework (CRMF; see \u2018Risk management\u2019
\nunder \u2018Credit risk\u2019). Dedicated processes have been developed focusing on the risk management of ESG-related credit risks,
\nand in particular on identification measurement, risk appetite and follow-up. A detailed explanation of the Credit Risk
\nManagement Framework is provided in the \u2018ESG in credit risk management\u2019 section of the Risk Report, which is available at
\nwww.kbc.com. The main elements of this management framework are as follows:
\n- In order to identify ESG-related credit risks, we use the Environmental Risk Impact Map (ERIM) to assess the impact of
\nvarious climate and environmental risk drivers on the credit risk profile. Additionally, regular thematic analyses are also
\ncarried out (so-called \u2018White Papers\u2019). In the loan origination and review process, a sector-based environmental and
\nsocial (E&S) heat map is used. This is a screening tool to identify the risks involved in the portfolio of loans to corporate
\nentities and SMEs. For material credit files in scope of high E&S Risk sectors, an ESG assessment is performed at
\ncounterparty level.
\n- In the context of risk quantification, specific measurement techniques are being developed to assess the impact of ESG
\nrisks on our loan portfolio. For example, KBC is exploring the possibility of assessing sectoral climate impacts on
\nProbability of Default (PD) based on climate scenarios from the Network for Greening the Financial System (NGFS). The
\nquantifiability of ESG-related risks will gradually increase with the improved availability of data and measurement
\nmethodologies.
\n- As regards risk appetite, KBC aims to limit the adverse impact of its activities on the environment and society and to
\nencourage a positive impact, based on a responsible lending culture, the principles of which are laid out in a group-wide
\nsustainability policy. KBC\u2019s commitment to consider climate and environmental risks is reflected in standards and policies
\naddressing credit risk. These standards and policies apply in every step of the credit process, including, for instance, in
\nloan pricing and collateral valuation. Furthermore, climate-related Key Risk Indicators (KRIs) were introduced in the Risk
\nAppetite Process. These KRIs are monitored on a semi-annual basis by the Group Lending Committee and integrated in
\nthe Climate Risk Dashboard.
\n\u2022 Climate-related risks are currently not explicitly considered separately in our ECL models, mainly due to the above-
\nmentioned limitations regarding the measurability and availability of ESG-related data. However, KBC is gradually
\nincorporating these risks in the ECL process. This is reflected, for example, in our commitment, as described above, to
\nconsider climate-related risks in our collateral valuation process and in the ESG assessment of the relevant counterparty.
\nAdditionally, management has the ability to overrule the expected credit losses and to capture the growing insights into
\nESG and climate-related risks.
\n\u2022 Reserve for geopolitical and macroeconomic uncertainties: the outstanding balance of the ECL for geopolitical and
\nmacroeconomic uncertainties came to 100 million euros at year-end 2025; the corresponding figure at year-end 2024 was
\n117 million euros. This ECL is determined based on individual counterparties and sectors in our portfolio which are deemed to
\nhave incurred an increase in credit risk because they are either (\u00b0) exposed to the macroeconomic risks or (\u00b0) indirectly
\nexposed to ongoing military conflict, such as the one in Ukraine. The net decrease in 2025 is primarily attributable to the
\nimproved micro- and macroeconomic outlook, partly offset by the inclusion of a stressed scenario.
\n
\n\n\n\n\n\n\n\n\n\n
\nNote 4.2: Financial assets and liabilities, breakdown by portfolio and quality
\n\n
\n
\n
\n
\n
Note 4.2.1: Impaired financial assets
\n
\n
\n\n\n| (in millions of EUR) | \nCarrying value before impairment | \nImpairment | \nCarrying value after impairment | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n245 878 | \n-2 492 | \n243 386 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n225 157 | \n-196 | \n224 960 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n16 827 | \n-320 | \n16 507 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n3 420 | \n-1 837 | \n1 582 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n475 | \n-139 | \n336 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n51 761 | \n-9 | \n51 752 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n51 716 | \n-7 | \n51 709 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n41 | \n0 | \n40 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n5 | \n-2 | \n3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n26 863 | \n-5 | \n26 859 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n26 854 | \n-5 | \n26 850 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n9 | \n0 | \n9 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n 217 093 | \n-2 448 | \n 214 645 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 197 031 | \n-176 | \n 196 855 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 16 177 | \n-331 | \n 15 847 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 3 472 | \n-1 803 | \n 1 669 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 414 | \n-138 | \n 276 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n 50 084 | \n-8 | \n 50 075 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 49 979 | \n-6 | \n 49 973 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 100 | \n-1 | \n 99 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 5 | \n-2 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n22 543 | \n-4 | \n22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 22 543 | \n-4 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 0 | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.
\n
reverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column).
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due
\n
primarily to:
\n
- An organic net increase in the loan portfolio (mainly mortgage loans and term loans)
\n
- An increase in reverse repos to credit institutions
\n
\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019.
\n
This involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions
\n
and -0.3 billion euros for corporates. This related primarily to additional investments.
\n
\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to
\n
modifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into
\n
\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540
\n
million euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively.
\n
Modification gains or losses are recognised under impairment (see Note 3.9).
\n
\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still
\n
subject to enforcement activities; the corresponding figure for 2024 was 55 million euros.
\n
\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk
\n
management\u2019 section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Note 4.2.2: Impairment details for loans and advances at amortised cost
\n
\n
\n\n\n| (in millions of EUR) | \nStage 1 Subject to 12-month ECL | \nStage 2 Subject to lifetime ECL | \nStage 3 Subject to lifetime ECL | \nSubject to lifetime ECL (purchased or originated credit impaired) | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n176 | \n331 | \n1 803 | \n138 | \n2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n19 | \n-12 | \n305 | \n1 | \n312 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-24 | \n109 | \n96 | \n0 | \n182 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n4 | \n-80 | \n74 | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n5 | \n-24 | \n0 | \n-19 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n78 | \n12 | \n1 | \n0 | \n91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-25 | \n-9 | \n215 | \n2 | \n183 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n-4 | \n-15 | \n-18 | \n0 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-10 | \n-34 | \n-47 | \n0 | \n-91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-1 | \n7 | \n0 | \n7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n2 | \n1 | \n-270 | \n0 | \n-268 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n0 | \n-2 | \n-257 | \n-2 | \n-261 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n3 | \n-13 | \n1 | \n-7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n196 | \n320 | \n1 837 | \n139 | \n2 492 | \n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n 146 | \n 490 | \n 1 750 | \n 88 | \n 2 474 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n 31 | \n-154 | \n 334 | \n 49 | \n 260 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-11 | \n 76 | \n 43 | \n 0 | \n 108 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 19 | \n-112 | \n 98 | \n 0 | \n 4 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 12 | \n-31 | \n-1 | \n-20 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n 56 | \n 14 | \n 6 | \n 0 | \n 76 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-23 | \n-81 | \n 242 | \n 50 | \n 188 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 1 | \n-35 | \n-1 | \n 0 | \n-35 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-11 | \n-28 | \n-35 | \n-1 | \n-75 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 12 | \n 1 | \n 13 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n-1 | \n-6 | \n-280 | \n 1 | \n-286 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-1 | \n-2 | \n-234 | \n-1 | \n-238 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 1 | \n-1 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n-1 | \n-3 | \n-46 | \n 2 | \n-48 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n 176 | \n 331 | \n 1 803 | \n 138 | \n 2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at
\n
fair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet.
\n
2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except
\n
POCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration.
\n
3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or
\n
before the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness).
\n
\n
\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in
\n
impairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025)
\n
and on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025)
\n
are very limited.
\n
\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82%
\n
and 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and
\n
34%, respectively, in 2024.
\n
\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2.
\n
\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 4.4: Fair value of financial assets and liabilities \u2013 general
\n
\n
\n
\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
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losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
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loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
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the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
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assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
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private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
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Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
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losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
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for liquidity purposes and are therefore irrelevant from a capital perspective.
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\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
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section.
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
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appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
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assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
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consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
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Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
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methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
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and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
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Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
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values generated by valuation models are challenged by a team set up specifically for this purpose.
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\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
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discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
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margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
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value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
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by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
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equal to their carrying value.
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\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
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euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
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reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
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2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
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at year-end 2025 (1 761 million euros at year-end 2024).
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\nNote 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
\n
\n\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
\n532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million
\neuros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
\nbonds and corporate bonds.
\n
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
\n
\n
\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
\n
40 million euros, due primarily to new purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
\n
account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
\n
due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
\n
- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
\n
by 600 million euros, due to new purchases.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\n
offset by new transactions.
\n
\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\n
instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\n
purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\n
euros, due mainly to new purchases, partly offset by the sale of existing positions.
\n
- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\n
partly offset by new transactions and changes in market inputs.
\n
- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
\n
\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\n
exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\n
valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\n
inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\n
equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\n
funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\n
in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nNote 4.8: Derivatives
\n
\n\u2022 In terms of volume of the notional amounts of the derivatives, approximately 72% are trading derivatives and approximately
\n28% are hedging derivatives at year-end 2025 (75% and 25%, respectively, at year-end 2024).
\n\u2022 The majority of trading derivatives are effectively included in the trading book but are largely economically hedged (limited
\nopen positions) by other trading derivatives (such as derivative transactions initiated by commercial clients that are
\neconomically hedged) or by balance sheet positions (such as currency positions), which leads to large volumes of notional
\namounts but also to result-neutral revaluations on a net basis.
\n\u2022 A limited number of trading derivatives are ALM derivatives included in the banking book, which are used to hedge
\neconomic risk but are not subject to hedge accounting. Hedge accounting is applied to most of the ALM interest rate
\ncontracts. Only a limited number of the ALM derivatives for foreign currencies are included in hedge accounting.
\n
\n
\nNote 4.8.1: Trading derivatives
\n
\n\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n31-12-2025 | \n | \n | \n | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nCarrying value | \nNotional amounts* | \nCarrying value | \nNotional amounts* | \n\n\n\n\n\n\n\n\n\n
\n\n | \nAssets | \nLiabilities | \nPurchased | \nSold | \nAssets | \nLiabilities | \nPurchased | \nSold | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n3 456 | \n4 425 | \n569 005 | \n570 857 | \n 4 584 | \n 4 679 | \n 616 452 | \n 615 520 | \n\n\n\n\n\n\n\n\n\n
\n\n| Interest rate contracts | \n1 298 | \n1 576 | \n379 430 | \n378 490 | \n 1 589 | \n 1 781 | \n 429 232 | \n 426 678 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which interest rate swaps and futures | \n1 255 | \n1 550 | \n373 782 | \n374 241 | \n 1 510 | \n 1 740 | \n 421 656 | \n 422 160 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n43 | \n26 | \n5 649 | \n4 248 | \n 80 | \n 41 | \n 7 576 | \n 4 518 | \n\n\n\n\n\n\n\n\n\n
\n\n| Foreign exchange contracts | \n1 096 | \n1 235 | \n174 685 | \n176 863 | \n 2 193 | \n 1 784 | \n 172 410 | \n 174 374 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which currency and interest rate swaps, forward | \n1 011 | \n1 144 | \n168 149 | \n168 385 | \n 2 101 | \n 1 720 | \n 167 819 | \n 167 306 | \n\n\n\n\n\n\n\n\n\n
\n\n| foreign exchange transactions and futures | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n84 | \n91 | \n6 536 | \n8 479 | \n 92 | \n 64 | \n 4 592 | \n 7 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity contracts | \n1 049 | \n1 602 | \n14 623 | \n15 247 | \n 799 | \n 1 110 | \n 14 530 | \n 14 191 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which equity swaps | \n941 | \n1 060 | \n11 533 | \n11 108 | \n 646 | \n 692 | \n 11 348 | \n 10 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n108 | \n542 | \n3 090 | \n4 139 | \n 153 | \n 418 | \n 3 181 | \n 3 196 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit contracts | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which credit default swaps | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Commodity and other contracts | \n13 | \n12 | \n267 | \n257 | \n 4 | \n 3 | \n 280 | \n 277 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n* In this table, both legs of the derivatives are reported in the notional amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\nNote 4.8.2: Hedging derivatives
\n
\n
\ninterest rate swaps
\ninterest rate swaps
\n\n
\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nDebt securities held at AC | \n12 911 | \n-446 | \n-161 | \n | \n | \n\n\n\n
\n\n| Currency and | \n0 | \n0 | \n0 | \n0 | \n0 | \nLoans and advances at AC | \n515 | \n27 | \n-5 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n11 660 | \n-189 | \n-243 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n19 214 | \n-175 | \n-60 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n599 | \n-2 | \n2 | \n | \n | \n\n\n\n
\n\n| Total | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nTotal | \n | \n | \n-468 | \n-5 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n151 428 | \n151 428 | \n53 | \n78 | \n774 | \nDebt securities held at AC | \n905 | \n-17 | \n14 | \n | \n | \n\n\n\n
\n\n| Currency and | \n955 | \n0 | \n43 | \n0 | \n7 | \nLoans and advances at AC | \n129 131 | \n-2 687 | \n-706 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n166 | \n2 | \n2 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n0 | \n0 | \n0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n18 788 | \n-285 | \n-93 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n410 | \n-5 | \n11 | \n | \n | \n\n\n\n
\n\n| Total | \n152 383 | \n151 428 | \n96 | \n78 | \n781 | \nTotal | \n | \n | \n-772 | \n10 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n18 372 | \n18 372 | \n13 | \n82 | \n583 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n1 750 | \n1 793 | \n0 | \n56 | \n28 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n20 122 | \n20 165 | \n13 | \n138 | \n611 | \nTotal | \n | \n | \n-571 | \n41 | \n85 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n3 240 | \n3 189 | \n10 | \n511 | \n-74 | \nTotal | \n | \n | \n74 | \n0 | \n61 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n\n
\ninterest rate swaps
\ninterest rate swaps
\n\n
\n\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nDebt securities held at AC | \n 8 050 | \n-252 | \n 17 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \nLoans and advances at AC | \n 569 | \n 33 | \n-45 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 7 254 | \n 64 | \n 80 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 21 802 | \n-226 | \n-334 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 102 | \n-11 | \n 13 | \n | \n | \n\n\n\n
\n\n| Total | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nTotal | \n | \n | \n-269 | \n 11 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 141 341 | \n 141 341 | \n 67 | \n 95 | \n-464 | \nDebt securities held at AC | \n 831 | \n-31 | \n-23 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 214 | \n 0 | \n 48 | \n 0 | \n-3 | \nLoans and advances at AC | \n 121 621 | \n-1 988 | \n 622 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 76 | \n 0 | \n-3 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 0 | \n 0 | \n 0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 17 471 | \n-379 | \n-121 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n 161 | \n 6 | \n-6 | \n | \n | \n\n\n\n
\n\n| Total | \n 142 555 | \n 141 341 | \n 115 | \n 95 | \n-467 | \nTotal | \n | \n | \n 469 | \n 2 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 17 376 | \n 17 376 | \n 5 | \n 120 | \n 22 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 830 | \n 1 790 | \n 19 | \n 17 | \n-30 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n 19 206 | \n 19 166 | \n 24 | \n 137 | \n-8 | \nTotal | \n | \n | \n 8 | \n 0 | \n-486 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n 2 826 | \n 2 806 | \n 35 | \n 518 | \n 54 | \nTotal | \n | \n | \n-54 | \n 0 | \n 147 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n\n\u2022 The Treasury departments of the various entities manage the interest rate risk. To prevent rate movements from having a
\nnegative impact, the maturities of assets and liabilities are adjusted on the balance sheet using interest rate swaps and
\nother derivatives.
\n\u2022 As regards the relationship between risk management and the hedge accounting policy, \u2018economic\u2019 management takes
\npriority and risks are hedged in accordance with the general ALM framework. Only then is a decision made on which, if any,
\nof these techniques will be used to limit any resulting accounting mismatch.
\n\u2022 The balances remaining in the cashflow hedge reserve from any hedging relationships for which hedge accounting is no
\nlonger applied came to -95 million euros in 2025 (-187 million euros in 2024). The accumulated amount of fair value hedge
\nadjustments remaining on the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and
\nlosses amounted to -35 million euros in 2025 (-99 million euros in 2024). These adjustments are amortised to profit or loss.
\n\u2022 The difference between the \u2018Profit/loss on positions in portfolios hedged against interest rate risk\u2019 balance sheet item and
\naccumulated fair value adjustments following portfolio hedges of interest rate risk as included in Note 4.8.2 is attributable to
\naccumulated fair value adjustments regarding discontinued fair value hedges not included in Note 4.8.2 but included in the
\nbalance sheet.
\n\u2022 Also see the paragraph on hedge accounting in the \u2018Risk management\u2019 section and Note 3.3.
\n
\n
\n\n
\n\n\n| Estimated cashflows from cashflow hedging derivatives per time bucket (in millions of EUR) | \nInflow | \nOutflow | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Not more than three months | \n21 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than three but not more than six months | \n54 | \n-78 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than six months but not more than one year | \n196 | \n-205 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than one but not more than two years | \n387 | \n-476 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than two but not more than five years | \n1 122 | \n-1 172 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than five years | \n2 277 | \n-2 106 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nNote 5.2: Tax assets and tax liabilities
\n
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| CURRENT TAXES | \n | \n | \n\n\n
\n\n| Current tax assets | \n68 | \n 59 | \n\n\n
\n\n| Current tax liabilities | \n113 | \n 121 | \n\n\n
\n\n| DEFERRED TAXES | \n6 | \n 593 | \n\n\n
\n\n| Deferred tax assets by type of temporary difference | \n1 211 | \n1 382 | \n\n\n
\n\n| Employee benefits | \n81 | \n 80 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n122 | \n 366 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n100 | \n 98 | \n\n\n
\n\n| Provisions for risks and charges | \n17 | \n 18 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n220 | \n 212 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n94 | \n 86 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n468 | \n 426 | \n\n\n
\n\n| Insurance contract liabilities | \n44 | \n 33 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n64 | \n 64 | \n\n\n
\n\n| Deferred tax liabilities by type of temporary difference | \n1 204 | \n 789 | \n\n\n
\n\n| Employee benefits | \n111 | \n 113 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n0 | \n 0 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n54 | \n 57 | \n\n\n
\n\n| Provisions for risks and charges | \n10 | \n 9 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n1 | \n 3 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n81 | \n 85 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n211 | \n 21 | \n\n\n
\n\n| Insurance contract liabilities | \n663 | \n 452 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n74 | \n 50 | \n\n\n
\n\n| Recognised as a net amount in the balance sheet as follows: | \n | \n | \n\n\n
\n\n| Deferred tax assets | \n530 | \n 942 | \n\n\n
\n\n| Deferred tax liabilities | \n524 | \n 349 | \n\n\n
\n\n| Unused tax losses and unused tax credits | \n93 | \n 95 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\u2022 Deferred tax assets are recognised to the extent that it is probable that, on the basis of realistic financial projections,
\ntaxable profit will be available against which the deductible temporary differences can be utilised in the foreseeable future
\n(limited to a period of eight to ten years). The current deferred tax assets on tax losses carried forward on the balance
\nsheet are expected to be used largely within 1 year.
\n\u2022 Unused tax losses and unused tax credits concern tax losses of group companies which are not capitalised due to
\ninsufficient proof of future taxable profit. Most tax losses and tax credits can be carried forward for 20 years or more.
\n\u2022 The net change in deferred taxes (-587 million euros in 2025) breaks down as follows:
\n- The change in deferred tax assets of -172 million euros was primarily due to:
\n\u25e6 A decrease in deferred tax assets, mainly attributable to tax losses carried forward (-244 million euros), primarily due
\nto utilisation owing to taxable profits
\n\u25e6 An increase in deferred tax assets on account of changes in the fair value reserve for financial instruments measured
\nat fair value through OCI, cashflow hedges and hedges of net investments in foreign operations (+42 million euros)
\n- The change in deferred tax liabilities of +415 million euros was accounted for chiefly by:
\n\u25e6 An increase in deferred tax liabilities on account of changes in the fair value reserve for financial instruments
\nmeasured at fair value through OCI, cashflow hedges and hedges of net investments in foreign operations
\n(+190 million euros)
\n\u25e6 An increase in deferred tax liabilities for insurance contract liabilities (+210 million euros), with an amount of +141
\nmillion euros being recorded through OCI and +70 million euros being recorded via the income statement
\n\u2022 The deferred tax assets presented in the balance sheet are primarily attributable to KBC Bank and \u010cSOB in the Czech
\nRepublic.
\n
\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.5: Goodwill and other intangible assets
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\n
activities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\n
shown on the balance sheet.
\n
\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\n
and Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\n
quarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\n
generating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\n
entity.
\n
\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\n
carrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\n
cashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n
\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\n
the discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\n
the present value of all future free cashflows of the business. This method is based on long-term projections about the
\n
company\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\n
business at the end of the specific projection period). These long-term projections are the result of an assessment of past
\n
and present performances combined with external sources of information on future performances in the respective markets
\n
and the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\n
have been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\n
determined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\n
a compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\n
a market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\n
discounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\n
that can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n
\n\n\n | \n | \n | \nDiscount rates throughout the specific period | \n\n\n
\n\n| Goodwill outstanding | \n | \n | \n | \nof cashflow projections | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| K&H Bank | \n180 | \n169 | \n14.8% \u2013 12.9% | \n14.7% \u2013 13.5% | \n\n\n
\n\n| \u010cSOB (Czech Republic) | \n257 | \n248 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| \u010cSOB Stavebn\u00ed sporitelna | \n67 | \n65 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| United Bulgarian Bank | \n546 | \n546 | \n11.1% \u2013 11.7% | \n12.4% \u2013 12.3% | \n\n\n
\n\n| DZI Insurance | \n75 | \n75 | \n10.4% - 10.9% | \n10.1% | \n\n\n
\n\n| KBC Commercial Finance | \n21 | \n21 | \n11.0% \u2013 11.7% | \n11.6% \u2013 12.2% | \n\n\n
\n\n| Pension Insurance Company UBB | \n56 | \n56 | \n7.1% \u20137.4% | \n7.3% \u2013 7.8% | \n\n\n
\n\n| Rest | \n37 | \n42 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Total | \n1 239 | \n1 221 | \n\u2013 | \n\u2013 | \n\n\n
\n\n\n\n\n
\n\n\n
\n\u2022 The period to which the cashflow budgets and projections relate is 10 years in most cases. This longer period is used to take
\naccount of current strong growth in the Central and Eastern European countries, where the growth rate is expected to
\ndevelop towards a more moderate level in the longer term.
\n\u2022 The growth rate used to extrapolate the cashflow projections after that period is equal to the expected long-term growth
\nrate of the gross domestic product. This rate depends on the country and varied between 3.3% and 4.9% in 2025 (between
\n3.2% and 4.7% in 2024).
\n\u2022 No sensitivity analysis was carried out for entities where the recoverable amount exceeded the carrying value to such a
\nlarge extent that no reasonably possible change in the key assumptions would result in the recoverable amount being less
\nthan or equal to the carrying value. The table gives an indication for the other entities (one in 2025) of the impact of
\nreasonable changes in key assumptions on impairment on goodwill.
\n
\n\n
\n\n\n| Sensitivity to reasonable changes (in millions of EUR)* | \n1.0% increase in discount rate | \n1.0% increase in targeted solvency ratio | \n5% decrease in annual net profit | \n\n\n
\n\n\n\n\n\n| \u010cSOB Stavebn\u00ed spo\u0159itelna | \n-12 | \n-8 | \n-10 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n
\nNote 5.6: Insurance \u2013 balance sheet
\n
\n\n
\n
Note 5.6.1: Breakdown of (re)insurance contract assets and liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n2025 | \n | \n | \n | \n2024 | \n\n\n
\n\n | \nTotal | \nPAA | \nBBA | \nVFA | \nTotal | \nPAA | \nBBA | \nVFA | \n\n\n
\n\n| Life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n28 | \n28 | \n\u2014 | \n\u2014 | \n 20 | \n 20 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n14 109 | \n52 | \n13 017 | \n1 040 | \n13 925 | \n 57 | \n12 899 | \n 969 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n13 898 | \n2 | \n12 884 | \n1 013 | \n13 718 | \n 2 | \n12 769 | \n 948 | \n\n\n
\n\n| Unit-linked | \n868 | \n0 | \n\u2014 | \n868 | \n 823 | \n 0 | \n\u2014 | \n 823 | \n\n\n
\n\n| Non-unit-linked | \n11 986 | \n2 | \n11 985 | \n\u2014 | \n11 931 | \n 2 | \n11 929 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n1 044 | \n0 | \n899 | \n145 | \n 964 | \n 0 | \n 840 | \n 125 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n \u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n211 | \n51 | \n133 | \n27 | \n 207 | \n 55 | \n 130 | \n 22 | \n\n\n
\n\n| Unit-linked | \n23 | \n0 | \n\u2014 | \n23 | \n 19 | \n 0 | \n\u2014 | \n 19 | \n\n\n
\n\n| Non-unit-linked | \n162 | \n51 | \n112 | \n\u2014 | \n 168 | \n 55 | \n 112 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n25 | \n0 | \n21 | \n4 | \n 21 | \n 0 | \n 18 | \n 3 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n \u2014 | \n 0 | \n 0 | \n \u2014 | \n \u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n
\n\n| Non-life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n81 | \n81 | \n\u2014 | \n\u2014 | \n 98 | \n 98 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n3 314 | \n3 139 | \n175 | \n\u2014 | \n3 186 | \n2 971 | \n 214 | \n\u2014 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n764 | \n606 | \n158 | \n\u2014 | \n 744 | \n 547 | \n 196 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n180 | \n22 | \n158 | \n\u2014 | \n 211 | \n 14 | \n 196 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n162 | \n162 | \n\u2014 | \n\u2014 | \n 156 | \n 156 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n31 | \n31 | \n\u2014 | \n\u2014 | \n 25 | \n 25 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n136 | \n136 | \n\u2014 | \n\u2014 | \n 118 | \n 118 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n255 | \n255 | \n\u2014 | \n\u2014 | \n 234 | \n 234 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n2 551 | \n2 533 | \n17 | \n\u2014 | \n2 442 | \n2 424 | \n 18 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n668 | \n651 | \n17 | \n\u2014 | \n 656 | \n 638 | \n 18 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n986 | \n986 | \n\u2014 | \n\u2014 | \n 935 | \n 935 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n451 | \n451 | \n\u2014 | \n\u2014 | \n 401 | \n 401 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n80 | \n80 | \n\u2014 | \n\u2014 | \n 66 | \n 66 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n344 | \n344 | \n\u2014 | \n\u2014 | \n 364 | \n 364 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n21 | \n21 | \n0 | \n\u2014 | \n 20 | \n 20 | \n 0 | \n\u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n\u2014 | \n 0 | \n 0 | \n 0 | \n\u2014 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Insurance contract liabilities relate to insurance contracts and investment contracts with a discretionary participation
\n
feature (DPF). Liabilities under investment contracts without DPF are measured at fair value. They concern unit-linked
\n
contracts (under IFRS 9), which are recognised under financial liabilities (see Note 4.1).
\n
\n
\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they
\n
are based on various internal and external sources of information. These liabilities are generally calculated using
\n
assumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions
\n
are:
\n
- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on
\n
standard mortality tables and adapted where necessary to reflect the group\u2019s own experience.
\n
- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and
\n
associated overhead expenses which are considered directly attributable. Expenses are considered directly
\n
attributable if they are incurred as a consequence of performing insurance activities for in-force contracts;
\n
- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the
\n
contract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify
\n
these assumptions for the entire group.
\n
\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling
\n
costs, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n\u2022 For contracts providing multiple services, i.e. insurance coverage, investment return services and investment management
\nservices, \u2018multivariate coverage units\u2019 are used, taking into consideration that (a) coverage units are determined based on
\nthe individual benefit components separately and (b) weights are assigned to each component to reflect an appropriate
\nlevel of service to be provided. Such weightings appropriately reflect the release of CSM based on the quantity of the
\nbenefits provided for each service. Analogous to coverage units, these weights are also reassessed at the end of each
\nreporting period.
\n\u2022 Coverage units have a positive value and are floored to zero. In case of zero coverage units in a given period, no CSM is
\nallocated to P&L as no services have been provided in the period. This is possible, for instance, where contracts provide for
\n\u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but there is a mandatory waiting period
\nfor the client to be able to benefit from insurance coverage.
\n\u2022 Defining IFRS 17 portfolios is a local decision, made by each insurance entity of KBC Group. It is country-specific, driven by
\nthe local product mix and the way in which the insurance business is managed locally. The table presents a high-level
\nbreakdown by product.
\n\u2022 Within hybrid products, the policyholder can switch within the same contract, containing the coverage of significant
\ninsurance risk, from the unit-linked to the non-unit-linked component and vice versa.
\n\u2022 Non-life LRC BBA (158 million euros in 2025, 196 million euros in 2024) represents the LRC health insurance (as part of
\npersonal insurance) as they are mostly long-term contracts and are therefore measured according to the BBA. Non-life LIC
\nPAA for personal insurance (651 million euros in 2025, 638 million euros in 2024) represents the incurred claims under personal
\ninsurance with regard to \u2018workmen\u2019s compensation\u2019 insurance, which are typically settled over a long period.
\n\u2022 Most reinsurance programmes protect against the impact of exceptionally large loss events or accumulation of losses.
\nTherefore, the reinsurance result is not in the same order of magnitude as the direct insurance result, which means the
\nmovements in reinsurance assets are limited.
\n\u2022 Current account transactions with intermediaries and reinsurers are not included in the measurement of insurance liabilities
\nbut treated as a separate asset measured under IFRS 9.
\n\u2022 The following yield curves are used to discount cashflows that do not vary based on the returns of underlying items and
\napply specifically for insurance contracts with risk cover (non-life, death cover, health insurance). As these bottom-up
\ndiscount curves are not entity-specific but currency-dependent, two curves are included for each currency, one with
\nSolvency II volatility adjustment and one without (the latter is used for VFA liabilities).
\n
\n\n
\n\n\n| Yield curve used to discount cashflows not varying based on underlying items; bottom-up method (forward rates) | \n | \n | \n | \n\n\n
\n\n| Currency | \nIlliquidity premium | \n | \n | \n | \nPortfolio duration | \n\n\n
\n\n | \n | \n1 year | \n5 years | \n10 years | \n20 years | \n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n2.48% | \n3.19% | \n3.78% | \n3.71% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.33% | \n3.04% | \n3.63% | \n3.55% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.11% | \n4.37% | \n4.95% | \n5.16% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.96% | \n4.22% | \n4.80% | \n5.00% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n5.74% | \n6.58% | \n7.76% | \n6.23% | \n\n\n
\n\n | \nwithout volatility adjustment | \n5.66% | \n6.50% | \n7.67% | \n6.15% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n2.68% | \n3.17% | \n3.84% | \n4.03% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.61% | \n3.10% | \n3.77% | \n3.96% | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n1.91% | \n2.61% | \n2.84% | \n2.14% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.67% | \n2.37% | \n2.60% | \n1.91% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.01% | \n3.93% | \n4.30% | \n4.20% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.84% | \n3.76% | \n4.12% | \n4.03% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n6.92% | \n6.93% | \n7.39% | \n6.55% | \n\n\n
\n\n | \nwithout volatility adjustment | \n6.84% | \n6.85% | \n7.30% | \n6.48% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n1.94% | \n2.58% | \n2.83% | \n2.19% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.78% | \n2.42% | \n2.67% | \n2.03% | \n\n\n
\n\n\n\n\n
\n\n\n
\n\n\n\n\nNote 5.6.2: Movements in Life insurance contract liabilities
\n\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \n | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nunder PAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \n | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nRisk adjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 686 | \n32 | \n152 | \n52 | \n4 | \n13 925 | \n\n
\n\n| Insurance service result | \n-455 | \n17 | \n207 | \n16 | \n-1 | \n-216 | \n\n
\n\n| Insurance revenues | \n-492 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-492 | \n\n
\n\n| BBA + VFA by transition method | \n-460 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-460 | \n\n
\n\n| Modified retrospective approach | \n-10 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-10 | \n\n
\n\n| Fair value approach | \n-261 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-261 | \n\n
\n\n| Other | \n-189 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-189 | \n\n
\n\n| PAA | \n-33 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-33 | \n\n
\n\n| Insurance service expenses | \n38 | \n17 | \n207 | \n16 | \n-1 | \n276 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-3 | \n149 | \n12 | \n1 | \n159 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-3 | \n98 | \n4 | \n0 | \n98 | \n\n
\n\n| Amortised acquisition expenses | \n 38 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n38 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 23 | \n\u2014 | \n\u2014 | \n\u2014 | \n23 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-40 | \n0 | \n-2 | \n-42 | \n\n
\n\n| Investment components | \n-1 238 | \n\u2014 | \n1 238 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Investment result | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Insurance finance income and expense | \n-175 | \n0 | \n0 | \n0 | \n0 | \n-175 | \n\n
\n\n| In P&L | \n282 | \n1 | \n1 | \n1 | \n0 | \n285 | \n\n
\n\n| In OCI | \n-457 | \n-1 | \n-1 | \n-1 | \n0 | \n-460 | \n\n
\n\n| Total changes in comprehensive income | \n-1 878 | \n17 | \n1 445 | \n15 | \n-1 | \n-402 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-1 439 | \n-20 | \n\u2014 | \n532 | \n\n
\n\n| Premiums received | \n2 138 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 138 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-1 341 | \n-16 | \n\u2014 | \n-1 357 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-98 | \n-4 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-148 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-148 | \n\n
\n\n| Other | \n52 | \n0 | \n3 | \n0 | \n0 | \n54 | \n\n
\n\n| Closing balance | \n13 850 | \n49 | \n160 | \n48 | \n3 | \n14 109 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 667 | \n7 | \n134 | \n50 | \n3 | \n13 862 | \n\n
\n\n| Insurance service result | \n-435 | \n 24 | \n 225 | \n 19 | \n 0 | \n-168 | \n\n
\n\n| Insurance revenues | \n-463 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-463 | \n\n
\n\n| BBA + VFA by transition method | \n-432 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-432 | \n\n
\n\n| Modified retrospective approach | \n-9 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-9 | \n\n
\n\n| Fair value approach | \n-280 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-280 | \n\n
\n\n| Other | \n-143 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-143 | \n\n
\n\n| PAA | \n-31 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-31 | \n\n
\n\n| Insurance service expenses | \n 28 | \n 24 | \n 225 | \n 19 | \n 0 | \n 296 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-2 | \n 156 | \n 14 | \n 1 | \n 169 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-2 | \n 99 | \n 3 | \n 0 | \n 100 | \n\n
\n\n| Amortised acquisition expenses | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-29 | \n 1 | \n-1 | \n-29 | \n\n
\n\n| Investment components | \n-2 591 | \n\u2014 | \n2 591 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Investment result | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Insurance finance income and expense | \n 490 | \n 1 | \n 2 | \n 2 | \n 0 | \n 495 | \n\n
\n\n| In P&L | \n 292 | \n 1 | \n 2 | \n 1 | \n 0 | \n 296 | \n\n
\n\n| In OCI | \n 198 | \n 0 | \n 0 | \n 1 | \n 0 | \n 199 | \n\n
\n\n| Total changes in comprehensive income | \n-2 529 | \n 25 | \n2 818 | \n 20 | \n 0 | \n 334 | \n\n
\n\n| Total cashflows | \n2 585 | \n\u2014 | \n-2 798 | \n-19 | \n\u2014 | \n-232 | \n\n
\n\n| Premiums received | \n2 712 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 712 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-2 699 | \n-16 | \n\u2014 | \n-2 715 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-99 | \n-3 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-127 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-127 | \n\n
\n\n| Other | \n-37 | \n 0 | \n-2 | \n 0 | \n 0 | \n-39 | \n\n
\n\n| Closing balance | \n13 686 | \n 32 | \n 152 | \n 52 | \n 4 | \n13 925 | \n\n
\n\n\n
\n\n\n
\n\n\n\n\n\u2022 In the transition from IFRS 4 to IFRS 17 on 1 January 2022, KBC applied the Full Retrospective Approach (FRA) for recent
\nyears. Applying the FRA for non-recent years was impracticable due to either a lack of historical data (data and
\nhypotheses) or high costs associated with making information from the past available for FRA transition calculations. Where
\nthe FRA was impracticable, the Fair Value Approach (FVA) was predominantly used to determine the CSM on the transition
\ndate. The Modified Retrospective Approach (MRA) was rarely applied as this transition approach was overly complex and
\nthe costs did not outweigh the benefits. KBC calculated a fair value according to IFRS 13 based on the IFRS 17 cashflows
\nand subsequently adjusted a few assumptions or parameters. The adjustments related to the inclusion in the IFRS 13 fair
\nvalue of total expenses, i.e. including non-directly attributable expenses, and to the inclusion of a risk premium that covers
\nnot only non-financial risk, but also system and integration expenses and capital funding costs. All past years were
\ncombined into a single cohort for the FVA transition calculations. The FVA CSM ensued from cost and risk margin differences
\nunder IFRS 17 and IFRS 13 measurement approaches. Due to the application of the FVA on the transition date in accordance
\nwith the transition exemptions provided in IFRS 17, the OCI amount was set at nil. The locked-in rate for FVA business is the
\ninterest rate as determined at 31 December 2021, being the date of first-time application.
\n\u2022 Movement in insurance liabilities in 2025:
\n- Due to the increase in market interest rates during 2025, a gain in OCI of 460 million euros before tax is recognised as
\nKBC made the accounting policy choice for all portfolios within the group to split insurance finance income and expense
\nbetween P&L and OCI.
\n\u2022 Movement in insurance liabilities in 2024:
\n- Due to the decrease in market interest rates during 2024, an expense in OCI of 199 million euros before tax is recognised.
\n- The movement in the investment component of 2 591 million euros from LRC to LIC indicates the amounts of contracts
\ncoming at maturity or lapsed and includes 866 million euros resulting from the surrender in 2024 of individual pension
\nagreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 portfolio as the
\npolicyholders of the relevant contracts were given the opportunity to invest in unit-linked products.
\n\u2022 On transitioning to IFRS 17, KBC applied mainly the fair value approach. Therefore, the amortised acquisition costs are low
\nas they are not estimated under the fair value approach (i.e. the prospective approach).
\n\u2022 The Life insurance contracts are typically long-term contracts and are therefore measured according to the BBA or VFA.
\nThe latter is only applied within Central and Eastern European entities for unit-linked contracts or hybrid products as these
\nsold contracts mandatorily contain insurance risk cover.
\n\u2022 Some insurance contracts may specify amounts that are payable when no insured event occurs, and are repayable under
\nall circumstances and as such include an investment component. For defining the investment component, an investigation
\nbased on the contract\u2019s characteristics needs to be conducted. Within KBC, only investment components are identified
\nwithin Life insurance, such as life-long death cover. When an insurance contract allows surrender, the gross surrender value
\nis considered an investment component. Any associated surrender fees resulting from surrender are considered insurance
\ncomponents.
\n\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n\nNote 5.6.3: Movements in Non-life insurance contract liabilities
\n
\n\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured under | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nPAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \nRisk | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nadjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n740 | \n4 | \n18 | \n2 168 | \n256 | \n3 186 | \n\n
\n\n| Insurance service result | \n-2 125 | \n0 | \n30 | \n1 605 | \n17 | \n-474 | \n\n
\n\n| Insurance revenues | \n-2 709 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 709 | \n\n
\n\n| BBA by transition method | \n-49 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-49 | \n\n
\n\n| Modified retrospective approach | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Fair value approach | \n-35 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-35 | \n\n
\n\n| Other | \n-14 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-14 | \n\n
\n\n| PAA | \n-2 660 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 660 | \n\n
\n\n| Insurance service expenses | \n584 | \n0 | \n30 | \n1 605 | \n17 | \n2 235 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-4 | \n29 | \n1 301 | \n77 | \n1 403 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n0 | \n3 | \n244 | \n0 | \n248 | \n\n
\n\n| Amortised acquisition expenses | \n 583 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n583 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n4 | \n\u2014 | \n\u2014 | \n\u2014 | \n4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-2 | \n60 | \n-60 | \n-2 | \n\n
\n\n| Investment components | \n0 | \n\u2014 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Insurance finance income and expense | \n-36 | \n0 | \n0 | \n-23 | \n0 | \n-59 | \n\n
\n\n| In P&L | \n1 | \n0 | \n0 | \n41 | \n5 | \n48 | \n\n
\n\n| In OCI | \n-37 | \n0 | \n0 | \n-65 | \n-5 | \n-107 | \n\n
\n\n| Total changes in comprehensive income | \n-2 161 | \n0 | \n30 | \n1 582 | \n17 | \n-533 | \n\n
\n\n| Total cashflows | \n2 167 | \n\u2014 | \n-31 | \n-1 509 | \n\u2014 | \n627 | \n\n
\n\n| Premiums received | \n2 762 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 762 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-28 | \n-1 266 | \n\u2014 | \n-1 294 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-243 | \n\u2014 | \n-246 | \n\n
\n\n| Acquisition costs paid | \n-594 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-594 | \n\n
\n\n| Other | \n14 | \n0 | \n0 | \n18 | \n2 | \n34 | \n\n
\n\n| Closing balance | \n760 | \n4 | \n17 | \n2 259 | \n275 | \n3 314 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n 700 | \n 1 | \n 16 | \n1 964 | \n 240 | \n2 922 | \n\n
\n\n| Insurance service result | \n-1 952 | \n 3 | \n 31 | \n1 606 | \n 10 | \n-303 | \n\n
\n\n| Insurance revenues | \n-2 482 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 482 | \n\n
\n\n| BBA by transition method | \n-39 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-39 | \n\n
\n\n| Modified retrospective approach | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Fair value approach | \n-29 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-29 | \n\n
\n\n| Other | \n-11 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| PAA | \n-2 443 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 443 | \n\n
\n\n| Insurance service expenses | \n 530 | \n 3 | \n 31 | \n1 606 | \n 10 | \n2 179 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-1 | \n 28 | \n1 251 | \n 65 | \n1 343 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n 0 | \n 3 | \n 232 | \n 0 | \n 236 | \n\n
\n\n| Amortised acquisition expenses | \n 529 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 529 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n 4 | \n\u2014 | \n\u2014 | \n\u2014 | \n 4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n 0 | \n 122 | \n-55 | \n 66 | \n\n
\n\n| Investment components | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Insurance finance income and expense | \n 7 | \n 0 | \n 0 | \n 58 | \n 7 | \n 72 | \n\n
\n\n| In P&L | \n 1 | \n 0 | \n 0 | \n 39 | \n 5 | \n 45 | \n\n
\n\n| In OCI | \n 6 | \n 0 | \n 0 | \n 18 | \n 2 | \n 26 | \n\n
\n\n| Total changes in comprehensive income | \n-1 945 | \n 3 | \n 31 | \n1 664 | \n 17 | \n-231 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-29 | \n-1 453 | \n\u2014 | \n 509 | \n\n
\n\n| Premiums received | \n2 532 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 532 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-26 | \n-1 222 | \n\u2014 | \n-1 248 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-231 | \n\u2014 | \n-234 | \n\n
\n\n| Acquisition costs paid | \n-540 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-540 | \n\n
\n\n| Other | \n-6 | \n 0 | \n 0 | \n-6 | \n-1 | \n-14 | \n\n
\n\n| Closing balance | \n 740 | \n 4 | \n 18 | \n2 168 | \n 256 | \n3 186 | \n\n
\n\n\n
\n\n\n
\n\n\n\n\n\u2022 The amount recognised in P&L as release of the CSM is determined by:
\n
\n- Identifying the coverage units in the group. The number of coverage units in a group is the quantity of service provided
\nby the insurer under the contracts in that Group of Contracts (GoC), determined by considering for each contract the
\nquantity of the benefits provided to the policyholder under a contract and its expected coverage period.
\n- Allocating the CSM at the end of the period equally to each coverage unit provided in the current period and expected
\nto be provided in the future, and recognising in P&L the amount allocated to coverage units allocated to the current
\nperiod.
\n\u2022 Main movements in 2025: the positive cashflow of 523 million euros is primarily attributable to the increase in the insurance
\ninvestment portfolio, supported in part by higher interest rates.
\n\u2022 Main movements in 2024: the 43-million-euro increase in the risk adjustment in 2024 is mostly related to a model change to
\ntake into account the risk that clients stop paying premiums for long-term life insurance contracts. The movement of the
\ncontractual service margin in 2024, under \u2018New business\u2019, includes a 96-million-euro increase related to the migration of
\nindividual pension agreements from the \u2018Risk and Savings\u2019 portfolio to the \u2018Hybrid products\u2019 portfolio (see also Note 5.6.2).
\n
\n\n\n\n\n\n\n\n\n\n\nNote 5.6.5: Movements in Non-life insurance contract liability components (BBA)
\n
\n\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n-40 | \n122 | \n31 | \n101 | \n214 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-35 | \n-47 | \n69 | \n-4 | \n-18 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-33 | \n-45 | \n75 | \n3 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-22 | \n8 | \n\u2014 | \n14 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-11 | \n-52 | \n75 | \n-12 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-2 | \n-2 | \n-6 | \n-7 | \n-16 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-6 | \n-7 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-2 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-2 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-33 | \n0 | \n0 | \n2 | \n-31 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-2 | \n1 | \n0 | \n2 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-31 | \n-1 | \n\u2014 | \n\u2014 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-68 | \n-48 | \n69 | \n-3 | \n-49 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n10 | \n\u2014 | \n\u2014 | \n\u2014 | \n10 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n50 | \n\u2014 | \n\u2014 | \n\u2014 | \n50 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-28 | \n\u2014 | \n\u2014 | \n\u2014 | \n-28 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n0 | \n 0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-98 | \n74 | \n100 | \n99 | \n175 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 8 | \n 71 | \n 52 | \n 74 | \n 206 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-72 | \n 60 | \n-21 | \n 26 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-74 | \n 62 | \n-19 | \n 31 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-21 | \n 3 | \n\u2014 | \n 18 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-52 | \n 58 | \n-19 | \n 13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 1 | \n-1 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-1 | \n\u2014 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 1 | \n\u2014 | \n\u2014 | \n\u2014 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 15 | \n-9 | \n 0 | \n 1 | \n 7 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-1 | \n 1 | \n 0 | \n 1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 16 | \n-10 | \n\u2014 | \n\u2014 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-57 | \n 51 | \n-21 | \n 27 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n 9 | \n\u2014 | \n\u2014 | \n\u2014 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n 46 | \n\u2014 | \n\u2014 | \n\u2014 | \n 46 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-26 | \n\u2014 | \n\u2014 | \n\u2014 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-40 | \n 122 | \n 31 | \n 101 | \n 214 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\u2022 In Non-life, the BBA is applied to \u2018individual health insurance\u2019.
\n
\u2022 The 33-million-euro financial gain in OCI is attributable to the increase in the yield curve. The 6-million-euro increase in
\n
2024 is attributable to a slight decline in the yield curve. A typical feature of the hospitalisation portfolio is that interest rate
\n
movements have a greater impact on the cash outflows than on the cash inflows. Hospitalisation premiums are levelled
\n
(constant \u2018cash in\u2019 during the lifetime of the contract) and claims increase as the insured person ages (\u2018cash out\u2019 more
\n
towards the end of the contract).
\n
\u2022 The 63-million-euro increase in the CSM for changes in estimates reflected in the CSM in 2025 is attributable to an update
\n
of the model parameters. The same parameter changes led to a 52-million-euro decrease in the risk adjustment. The 52-
\n
million-euro drop in 2024 is due to a model update in which expected higher claims result in higher premiums. A higher
\n
premium volume generates more future profit and, as a result, lower fulfilment cashflows. The 58-million-euro increase in
\n
changes in estimates reflected in the CSM in the risk adjustment in 2024 was accounted for by a model change involving a
\n
more conservative estimate of the uncertainty of claim costs related to hospitalisation.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n
Note 5.6.6: New business (BBA/VFA)
\n
\n
\n\n\n| (in millions of EUR) | \n(Re)insurance contracts issued | \n(Re)insurance contracts acquired | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nNot onerous | \nOnerous | \nNot onerous | \nOnerous | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n1 330 | \n844 | \n 0 | \n 0 | \n2 174 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n1 102 | \n799 | \n 0 | \n 0 | \n1 901 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n90 | \n27 | \n 0 | \n 0 | \n117 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n138 | \n18 | \n 0 | \n 0 | \n156 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-1 586 | \n-832 | \n 0 | \n 0 | \n-2 418 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n28 | \n11 | \n 0 | \n 0 | \n39 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n228 | \n\u2014 | \n 0 | \n\u2014 | \n228 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n24 | \n\u2014 | \n 0 | \n24 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n2 942 | \n 625 | \n 0 | \n 0 | \n3 567 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n2 645 | \n 593 | \n 0 | \n 0 | \n3 238 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n 151 | \n 19 | \n 0 | \n 0 | \n 170 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n 145 | \n 13 | \n 0 | \n 0 | \n 159 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-3 218 | \n-614 | \n 0 | \n 0 | \n-3 833 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n 29 | \n 3 | \n 0 | \n 0 | \n 32 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n 248 | \n\u2014 | \n 0 | \n\u2014 | \n 248 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n 14 | \n\u2014 | \n 0 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The investment insurance policies sold in 2025, before taking into account the investment margin realised, form the basis of
\n
the loss component of 24 million euros. This loss is largely due to commercial campaigns and the focus on investment
\n
insurance sales realised with a market-driven competitive guaranteed interest rate.
\n
\u2022 \u2018Estimates of present value of cash outflows\u2019 in 2024 includes 1 446 million euros resulting from the surrender in 2024 of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019
\n
portfolio as the policyholders of the relevant contracts were given the opportunity to invest in unit-linked products. The net
\n
impact of this migration on the CSM is a 96-million-euro increase (see also Note 5.6.2).
\n
\u2022 The sale of business with a loss component in 2024 was largely attributable to commercial campaigns in response to the
\n
Belgian state note maturing in September 2024. This new business was created with a market-driven competitive
\n
guaranteed interest rate.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nNote 5.6.7: Future CSM recognition in profit and loss on insurance contracts (at the end of the reporting period) (BBA/VFA)
\n\n
\n\n\n | \n | \n | \n | \nCSM recognition in P&L in the \u2026 following reporting year | \n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \n1st year | \n2nd year | \n3rd year | \n4th year | \n5th year | \n6-10th year | \n+10th year | \n\n\n\n\n\n\n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n160 | \n151 | \n145 | \n138 | \n132 | \n580 | \n1 142 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n12 | \n12 | \n11 | \n11 | \n10 | \n44 | \n84 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n 153 | \n 145 | \n 138 | \n 132 | \n 126 | \n 548 | \n1 023 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n 7 | \n 7 | \n 7 | \n 6 | \n 6 | \n 27 | \n 57 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 The table shows the future undiscounted CSM recognition for the next 25 years.
\n
\n
\nNote 5.6.8: Fair value of assets backing insurance and investment contracts
\n\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n32 318 | \n1 039 | \n4 767 | \n1 799 | \n38 883 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 731 | \n0 | \n3 238 | \n828 | \n5 797 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n12 459 | \n16 | \n1 510 | \n637 | \n14 606 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n11 331 | \n16 | \n1 244 | \n369 | \n12 944 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 128 | \n0 | \n266 | \n268 | \n1 662 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n18 118 | \n1 024 | \n0 | \n10 | \n18 128 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n18 005 | \n1 024 | \n\u2014 | \n\u2014 | \n18 005 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n113 | \n0 | \n0 | \n10 | \n123 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n9 | \n0 | \n19 | \n324 | \n352 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n30 414 | \n 967 | \n4 204 | \n1 845 | \n36 463 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 886 | \n 0 | \n2 887 | \n1 047 | \n5 819 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n11 753 | \n 15 | \n1 221 | \n 593 | \n13 568 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n10 698 | \n 15 | \n 993 | \n 373 | \n12 064 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 055 | \n 0 | \n 228 | \n 220 | \n1 504 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n16 666 | \n 951 | \n 0 | \n 8 | \n16 673 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n16 602 | \n 951 | \n\u2014 | \n\u2014 | \n16 602 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 64 | \n 0 | \n 0 | \n 8 | \n 71 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n 109 | \n 0 | \n 97 | \n 198 | \n 403 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 The table also includes the assets backing the liabilities under investment contracts (IFRS 9).
\n\u2022 Non-technical: see Note 3.6.1.
\n
\n\n\n\n\n\n\n\n\n\n\nNote 5.6.9: Changes in accumulated OCI for FVOCI assets related to insurance contracts for which the fair value transition
\napproach is used
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| OCI that may be recycled to P&L | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI debt instruments) | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n-46 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n11 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Transfer from reserve to net result | \n0 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Net gains/losses on disposal | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred taxes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| OCI that will not be recycled to P&L | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI equity instruments) | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 IFRS 17 allows simplifications to set the accumulated OCI for the insurance liabilities at nil at the transition date at 1 January
\n2022, while maintaining the accumulated OCI for the covering financial assets. This disclosure gives insight into the
\nmismatch between covering financial assets and insurance liabilities as it distorts classification within equity at transition
\ndate and subsequently the years thereafter until the portfolio subject to the transition approach reaches maturity.
\n\u2022 See also \u2018Consolidated statement of comprehensive income\u2019.
\n
\n\n\n\n\n\n\n\n\n\n\n
\nNote 5.7: Provisions for risks and charges
\n
\n\n
Note 5.7.1: Overview
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total provisions for risks and charges | \n138 | \n141 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for off-balance-sheet commitments and financial guarantees | \n68 | \n73 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for other risks and charges | \n70 | \n69 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for restructuring | \n17 | \n22 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for taxes and pending legal disputes | \n32 | \n31 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n21 | \n17 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\nNote 5.7.2: Details of off-balance-sheet commitments and financial guarantees
\n\n
\n\n\n| (in millions of EUR) | \nSubject to 12-month ECL | \nSubject to lifetime ECL | \nSubject to lifetime ECL \u2013 non-performing | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 1 January | \n22 | \n15 | \n36 | \n73 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-1 | \n3 | \n2 | \n4 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n1 | \n-5 | \n4 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n0 | \n-4 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| New financial assets | \n23 | \n2 | \n0 | \n25 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-13 | \n-3 | \n-11 | \n-27 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n-1 | \n0 | \n-1 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n0 | \n-1 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n0 | \n1 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 31 December | \n31 | \n12 | \n25 | \n68 | \n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 1 January | \n 22 | \n 20 | \n 49 | \n 91 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-1 | \n 5 | \n 2 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 1 | \n-9 | \n 3 | \n-5 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 1 | \n-5 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| New financial assets | \n 5 | \n 1 | \n 1 | \n 8 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-6 | \n-1 | \n-13 | \n-21 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 2 | \n 0 | \n-1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n-3 | \n-1 | \n-2 | \n-6 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 0 | \n-1 | \n 0 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 2 | \n 0 | \n 1 | \n 3 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 31 December | \n 22 | \n 15 | \n 36 | \n 73 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 Also see Note 6.1.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\u2022 Information relating to the main legal disputes pending: claims filed against KBC group companies are \u2013 in keeping with
\nIFRS rules \u2013 treated on the basis of an assessment of whether they will lead to an outflow of resources (i.e. \u2018probable
\noutflow\u2019, \u2018possible outflow\u2019 or \u2018remotely probable outflow\u2019). Provisions are set aside for \u2018probable outflow\u2019 cases (see \u2018Notes
\non the accounting policies\u2019). No provisions are constituted for \u2018possible outflow\u2019 cases, but information is provided in the
\nfinancial statements if such cases might have a material impact on the balance sheet (i.e. when the claim could lead to a
\npossible outflow of more than 50 million euros). All other claims (\u2018remotely probable outflow\u2019), of whatever magnitude, that
\nrepresent a minor or no risk at all do not have to be reported. The most important cases are listed below. The information
\nprovided is limited in order not to prejudice the position of the group in ongoing litigation.
\n\n
\n
\n
- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff
\n
Investments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the
\n
bankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities
\n
by Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made
\n
by the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation
\n
process was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s
\n
\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to
\n
subsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the
\n
Trustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.
\n
A court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate
\n
court (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on
\n
30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are
\n
handled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals
\n
for the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the
\n
defendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy
\n
Court issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee
\n
amended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and
\n
costs and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of
\n
specific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The
\n
proceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An
\n
investigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30
\n
June 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including
\n
demonstrating its good faith. The procedure may still take several years.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nNote 5.9: Retirement benefit obligations
\n
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| DEFINED BENEFIT PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of defined benefit obligations | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the beginning of the period | \n 2 684 | \n 2 724 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n104 | \n 105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n86 | \n 89 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n-152 | \n-76 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n1 | \n 29 | \n\n\n\n\n\n\n\n\n
\n\n| Past-service cost | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-9 | \n 3 | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the end of the period | \n2 579 | \n 2 684 | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of the fair value of plan assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the beginning of the period | \n 3 070 | \n 2 936 | \n\n\n\n\n\n\n\n\n
\n\n| Actual return on plan assets | \n-18 | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Expected interest income on plan assets, calculated based on market yields on high quality corporate bonds | \n99 | \n 96 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-4 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the end of the period | \n3 005 | \n 3 070 | \n\n\n\n\n\n\n\n\n
\n\n| of which financial instruments issued by the group | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| of which property occupied by KBC | \n2 | \n 2 | \n\n\n\n\n\n\n\n\n
\n\n| Funded status | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Plan assets in excess of defined benefit obligations | \n426 | \n 386 | \n\n\n\n\n\n\n\n\n
\n\n| Reimbursement rights | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Asset ceiling limit | \n-166 | \n-131 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Movement in net liabilities or net assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the beginning of the period | \n255 | \n 142 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the end of the period | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n-104 | \n-105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n10 | \n 5 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to the amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n-13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n152 | \n 76 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial result on plan assets | \n-117 | \n 102 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-1 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Adjustments to asset ceiling limits | \n-32 | \n-59 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n4 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| DEFINED CONTRIBUTION PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Expenses for defined contribution plans | \n-14 | \n-14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\u2022 Retirement benefits that are actively accrued for the Belgium-based staff of KBC Bank, KBC Insurance and most of their
\nBelgian subsidiaries are accrued exclusively through the KBC pension fund. Up until year-end 2018, employer-funded
\nretirement benefits had accrued primarily through a defined benefit plan, where the benefit is calculated based on the final
\nsalary of employees before they retire, the number of years they had been in the plan and a formula that applies a
\nprogressive rate scale. A defined contribution plan was introduced on 1 January 2014 for all new employees and any
\nemployees who had chosen to switch to it. In this plan, a contribution is deposited based on the current monthly salary and
\nthe amounts deposited are paid out together with the (guaranteed) return on retirement. Both types of pension plan are
\nmanaged by the KBC pension fund, which uses the services of KBC Asset Management for the investment strategy. In
\naddition, there are a number of smaller, closed group insurance schemes from the past that will continue to be funded and
\nare managed by the KBC pension fund. On 1 January 2019, a new defined contribution plan was introduced to replace the
\none introduced in 2014. All employees were again given the one-time option of switching from the defined benefit plan to
\nthe new defined contribution plan. At year-end 2025, 45% of employees were active participants in the defined benefit plan
\nand 55% in the defined contribution plan (the corresponding figures at year-end 2024 were 48% and 52%).
\n\u2022 The expected age of retirement of each employee and the expected wage inflation based on an inflation curve derived
\nfrom the market value of inflation-linked bonds are taken into account in the calculation of the gross defined benefit
\nobligations.
\n
\n\n\n\n\n\n\n\n\n\n\nAdditional information on retirement benefit obligations: DEFINED BENEFIT PLANS, KBC pension fund
\n\n
\n\n\n| Composition | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n
\n\n| Equity instruments (including equity funds) | \n29% | \n33% | \n\n\n\n\n\n\n
\n\n| Bonds (including bond funds) | \n58% | \n53% | \n\n\n\n\n\n\n
\n\n| Real estate (including real estate funds) | \n13% | \n13% | \n\n\n\n\n\n\n
\n\n| Cash | \n0% | \n0% | \n\n\n\n\n\n\n
\n\n| of which illiquid assets | \n17% | \n17% | \n\n\n\n\n\n\n
\n\n| Contributions expected in 2026 (in millions of EUR) | \n32 | \n | \n\n\n\n\n\n\n
\n\n| Regulatory framework (2025 and 2024) | \nPension plans are registered in collective labour agreements and incorporated into a set of | \n\n\n\n\n\n\n
\n\n | \nregulations. Annual reporting of funding levels to supervisory authorities (FSMA/NBB). | \n\n\n\n\n\n\n
\n\n | \nAny underfunding must be reported immediately to the supervisory authorities. | \n\n\n\n\n\n\n
\n\n| Risks for KBC (2025 and 2024) | \nInvestment risk and inflation risk. | \n\n\n\n\n\n\n
\n\n| ALM (2025 and 2024) | \nThe hedging portfolio hedges against interest rate risk and inflation risk using interest rate swaps. | \n\n\n\n\n\n\n
\n\n | \nThe return portfolio aims to generate an extra return. | \n\n\n\n\n\n\n
\n\n| Plan amendments (2025 and 2024) | \nA new version of the employer-funded defined contribution plan was introduced on 1 January | \n\n\n\n\n\n\n
\n\n | \n2019. All employees who had been signed up to the defined benefit plan were given the one -time | \n\n\n\n\n\n\n
\n\n | \noption of switching to this new plan. New employees are signed up to the employer-funded | \n\n\n\n\n\n\n
\n\n | \ndefined contribution plan. | \n\n\n\n\n\n\n
\n\n| Curtailments and settlements (2025 and 2024) | \nNot applicable. | \n\n\n\n\n\n\n
\n\n| Discounting method (2025 and 2024) | \nBased on quotes for various time buckets of AA-rated corporate bonds. | \n\n\n\n\n\n\n
\n\n | \nThe derived bond yields are converted into a zero coupon curve. | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n| Key actuarial assumptions | \n2025 | \n2024 | \n\n\n
\n\n| \u2022Average discount rate | \n3.39% | \n3.10% | \n\n\n
\n\n| \u2022Expected rate of salary increase | \n2.45% | \n2.47% | \n\n\n
\n\n| \u2022Expected inflation rate | \n2.12% | \n2.16% | \n\n\n
\n\n| \u2022Expected rate of increase in pensions | \n\u2013 | \n- | \n\n\n
\n\n| \u2022Weighted average duration of the obligations | \n9 years | \n10 years | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n\n\n| Impact of changes in the assumptions used in the actuarial | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| calculation of the retirement benefit obligations | \n | \n | \n\n\n\n\n
\n\n| Increase in the retirement benefit obligations consequent on: | \n | \n | \n\n\n\n\n
\n\n| \u2022a decrease of 1% in the discount rate | \n10.01% | \n10.98% | \n\n\n\n\n
\n\n| \u2022an increase of 1% in the expected inflation rate | \n8.12% | \n8.69% | \n\n\n\n\n
\n\n| \u2022an increase that is 1% higher than the expected real | \n10.80% | \n11.54% | \n\n\n\n\n
\n\n| increase in salary | \n | \n | \n\n\n\n\n
\n\n| \u2022an increase of one year in life expectancy | \n\u2013 | \n- | \n\n\n\n\n
\n\n| The impact of the following assumptions has not been | \nDecreasing mortality rates. Pension benefits are paid out in capital, so longevity risk is immaterial. | \n\n\n\n\n
\n\n| calculated: (2025 and 2024) | \nStaff turnover rates: the impact of the changes remains limited. | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n| Additional information on retirement benefit obligations: DEFINED CONTRIBUTION PLANS, KBC pension fund | \n\n\n\n\n
\n\n| Contributions expected in 2026 (in millions of EUR) | \n52 | \n\n\n\n\n
\n\n| Regulatory framework (2025 and 2024) | \nPursuant to the Belgian Supplementary Pensions Act, the employer must guarantee a minimum | \n\n\n\n\n
\n\n | \nreturn of 2.50% on employee and employer contributions. | \n\n\n\n\n
\n\n| Risks for KBC (2025 and 2024) | \nInvestment risk. | \n\n\n\n\n
\n\n| Valuation (2025 and 2024) | \nRetirement benefit obligations are measured on the basis of the accrued benefits on the | \n\n\n\n\n
\n\n | \nreporting date, making a projection of these benefits (at the rate of interest guaranteed by law) | \n\n\n\n\n
\n\n | \nuntil the expected age of retirement, and discounting the resulting benefits. KBC offers two types | \n\n\n\n\n
\n\n | \nof defined contribution plan: one that is financed through employee contributions and one | \n\n\n\n\n
\n\n | \nthrough employer contributions. The valuation of retirement benefit obligations for the employer- | \n\n\n\n\n
\n\n | \nfunded defined contribution plan takes account of future contributions. However, it is not taken | \n\n\n\n\n
\n\n | \ninto account for the valuation of the employee-funded defined contribution plan, because the | \n\n\n\n\n
\n\n | \nemployer\u2019s obligation for that plan only relates to the guaranteed minimum interest rate. | \n\n\n\n\n
\n\n| Discounting method (2025 and 2024) | \nBased on quotes for various time buckets of AA-rated corporate bonds. | \n\n\n\n\n
\n\n | \nThe derived bond yields are converted into a zero coupon curve. | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n| Key actuarial assumptions | \n2025 | \n2024 | \n\n\n\n\n\n\n\n\n
\n\n| \u2022Average discount rate | \n3.78% | \n3.30% | \n\n\n\n\n\n\n\n\n
\n\n| \u2022Weighted average duration of the obligations | \n14 years | \n15 years | \n\n\n\n\n\n\n\n\n
\n\n| Impact of changes in the assumptions used in the actuarial | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n| calculation of the retirement benefit obligations | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Increase in the retirement benefit obligations consequent on: | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| \u2022a decrease of 1% in the discount rate | \n16.42% | \n17.99% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\u2022 In Non-life, KBC applies mostly the PAA, as the coverage period is 1 year or less.
\n\u2022 The cost of outstanding claims is based on the past claims development experience to project future claims development.
\nThese methods extrapolate the development of paid and incurred losses, average costs per claim (including claims
\nhandling costs) and claim numbers based on the observed claim development of earlier years and expected loss ratio.
\nHistorical claims are mainly analysed per accident year. Large claims are separately addressed.
\n\u2022 Estimates of salvage recoveries and subrogation reimbursement are considered in the measurement of the ultimate claim
\ncosts.
\n\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n\n\n\n\n\n\n\nNote 5.6.4: Movements in Life insurance contract liability components (BBA, VFA)
\n\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, modified retrospective approach | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 529 | \n195 | \n43 | \n1 268 | \n832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-281 | \n5 | \n-3 | \n-126 | \n203 | \n-202 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-227 | \n20 | \n2 | \n-28 | \n257 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-222 | \n32 | \n\u2013 | \n\u2013 | \n213 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-4 | \n-14 | \n2 | \n-28 | \n44 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n-2 | \n2 | \n\u2013 | \n\u2013 | \n\u2013 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-17 | \n-12 | \n-5 | \n-98 | \n-54 | \n-185 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2013 | \n\u2013 | \n-5 | \n-98 | \n-54 | \n-156 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2013 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-12 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-17 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-17 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-38 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-40 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-192 | \n-8 | \n0 | \n11 | \n16 | \n-173 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n254 | \n3 | \n0 | \n11 | \n16 | \n284 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-446 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-458 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-485 | \n-3 | \n-2 | \n-116 | \n219 | \n-387 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n523 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n523 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 106 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 106 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-1 341 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-1 341 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-98 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-98 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-144 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-144 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n35 | \n1 | \n2 | \n9 | \n6 | \n53 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 602 | \n193 | \n43 | \n1 161 | \n1 056 | \n14 057 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 538 | \n152 | \n47 | \n1 387 | \n683 | \n13 807 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-212 | \n 41 | \n-2 | \n-125 | \n 138 | \n-159 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-201 | \n 53 | \n 4 | \n-11 | \n 182 | \n 28 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-245 | \n 29 | \n\u2013 | \n\u2013 | \n 230 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n 32 | \n 23 | \n 4 | \n-11 | \n-48 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 13 | \n 1 | \n\u2013 | \n\u2013 | \n\u2013 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 16 | \n-9 | \n-5 | \n-114 | \n-44 | \n-157 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n0 | \n- | \n-5 | \n-114 | \n-44 | \n-163 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n0 | \n-9 | \n\u2013 | \n\u2013 | \n\u2013 | \n-9 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 16 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 16 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-27 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 466 | \n 4 | \n 1 | \n 10 | \n 13 | \n 493 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n 269 | \n 3 | \n 1 | \n 10 | \n 13 | \n 295 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 197 | \n 1 | \n- | \n- | \n- | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n 260 | \n 44 | \n-1 | \n-115 | \n 151 | \n 341 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n-241 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-241 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 681 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 681 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-2 699 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-2 699 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-99 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-99 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-124 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-124 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n-28 | \n-1 | \n-3 | \n-4 | \n-3 | \n-39 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 529 | \n 195 | \n 43 | \n1 268 | \n 832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nNote 6.1: Off-balance-sheet commitments and financial guarantees given and received
\n
\n\n
\n\n\n| (in millions of EUR) | \n | \n | \n31-12-2025 | \n | \n | \n31-12-2024 | \n\n\n\n
\n\n | \nNominal | \nProvision | \nNet exposure | \nNominal | \nProvision | \nNet exposure | \n\n\n\n
\n\n | \namount | \n | \n | \namount | \n | \n | \n\n\n\n
\n\n| Undrawn portion of credit lines granted | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n50 373 | \n27 | \n50 346 | \n 45 481 | \n 18 | \n 45 463 | \n\n\n\n
\n\n| Stage 2 | \n3 346 | \n8 | \n3 338 | \n 3 314 | \n 9 | \n 3 305 | \n\n\n\n
\n\n| Stage 3 | \n68 | \n2 | \n66 | \n 52 | \n 2 | \n 50 | \n\n\n\n
\n\n| Total | \n53 787 | \n36 | \n53 751 | \n 48 848 | \n 30 | \n 48 818 | \n\n\n\n
\n\n| of which irrevocable credit lines | \n32 767 | \n19 | \n32 748 | \n 29 180 | \n 10 | \n 29 170 | \n\n\n\n
\n\n| Financial guarantees given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n11 064 | \n3 | \n11 061 | \n 10 245 | \n 3 | \n 10 242 | \n\n\n\n
\n\n| Stage 2 | \n923 | \n4 | \n920 | \n 992 | \n 5 | \n 987 | \n\n\n\n
\n\n| Stage 3 | \n84 | \n21 | \n62 | \n 113 | \n 32 | \n 80 | \n\n\n\n
\n\n| Total | \n12 072 | \n29 | \n12 043 | \n 11 350 | \n 41 | \n 11 309 | \n\n\n\n
\n\n| Other commitments given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n1 225 | \n3 | \n1 222 | \n 1 101 | \n 2 | \n 1 099 | \n\n\n\n
\n\n| Off-balance-sheet commitments and financial | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| guarantees | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n67 083 | \n68 | \n67 016 | \n 61 299 | \n 73 | \n 61 226 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n\u2022 Fair value of financial guarantees: based on the available market value.
\n\u2022 The carrying value of financial assets pledged by KBC as collateral came to 43 246 million euros for liabilities and
\n1 849 million euros for contingent liabilities (40 924 million euros and 1 667 million euros, respectively, in 2024). At year-end
\n2025, some 22.7 billion euros\u2019 worth of residential mortgage loans and cash collections were entered in the cover asset
\nregister for the special estate of the covered bond programme (21.8 billion euros at year-end 2024).
\n\u2022 There is an obligation to return collateral received (which may be sold or repledged in the absence of default by the owner;
\nsee table) in its original form, or possibly in cash. Collateral can be called in if loans are terminated for various reasons such
\nas default or bankruptcy. In the event of bankruptcy, the collateral will be sold by the receiver. In other cases, the bank will
\norganise the foreclosure itself or take possession of the collateral. Collateral received that relates to OTC derivatives is
\nprimarily cash, which is recognised by KBC on the balance sheet (and is not included in the table). More details are provided
\nin Note 4.3.
\n\u2022 Collateral acquired through foreclosure came to 5 million euros in 2025 (3 million euros in 2024).
\n
\n
\n\n
\n\n\n| Collateral received (which may be sold or repledged in the absence of default by the owner) (in millions of EUR) | \nFair value of collateral received | \nFair value of collateral sold or repledged | \n\n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial assets | \n49 438 | \n 32 091 | \n12 283 | \n 12 279 | \n\n\n\n
\n\n| Equity instruments | \n27 | \n 30 | \n3 | \n 2 | \n\n\n\n
\n\n| Debt securities | \n49 134 | \n 31 809 | \n12 280 | \n 12 277 | \n\n\n\n
\n\n| Loans and advances | \n277 | \n 252 | \n0 | \n 0 | \n\n\n\n
\n\n| Cash | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n| Other | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\u2022 In the years 2016-2022, KBC contributed to the Single Resolution Fund (SRF) by means of irrevocable payment commitments
\n(IPCs) in the amount of 87 million euros, which are fully covered by cash collateral. In line with industry practice, the following
\naccounting treatment is applied to IPCs: i) the amount of cash collateral is recognised as a financial asset and ii) the
\nhypothetical fund call in case of a resolution is reported as a contingent liability. In its 2023 decision (and confirmed in
\nappeal in 2025), the General Court of the EU ruled that in a scenario in which a bank loses its banking license, it has no
\nclaim on the cash collateral. The recognition of the cash collateral as a financial asset is nevertheless based on the fact
\nthat interest is received on the amount outstanding and the expectation that this amount will be claimed by the SRF in the
\nforeseeable future if it is not deemed likely. The amount of 87 million euros is deducted in the calculation of the common
\nequity capital.
\n
\n\n\n\n\n\n\n",
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\nNote 3.4: Net fee and commission income
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n2 789 | \n 2 578 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n3 525 | \n 3 253 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-736 | \n-675 | \n\n\n\n\n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n\n\n\n\n
\n\n| Asset management services | \n1 548 | \n 1 421 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n1 597 | \n 1 478 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-48 | \n-57 | \n\n\n\n\n\n\n
\n\n| Banking services | \n1 187 | \n 1 108 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n1 869 | \n 1 721 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-683 | \n-613 | \n\n\n\n\n\n\n
\n\n| Other | \n54 | \n 49 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n59 | \n 54 | \n\n\n\n\n\n\n
\n\n| Fee and commission expense | \n-5 | \n-5 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\u2022 \u2018Asset management services\u2019 contains management fees, entry fees and distribution fees for investment funds and unit-
\nlinked life insurance under IFRS 9. \u2018Banking services\u2019 contains credit- and guarantee-related fees, fees paid on the
\nSignificant Risk Transfer (SRT, see Note 4.1), payment transaction fees, network income, securities-related fees, distribution
\nfees paid for banking products and fees for other banking services. Distribution fees paid for insurance products (Life and
\nNon-life under IFRS 17) are recognised in the income statement under \u2018Insurance service expenses before reinsurance\u2019 (see
\nNote 3.6). \u2018Other\u2019 comprises distribution fees of third-party insurers (not under IFRS 17) and platformication income.
\n\n
\n
\n
\u2022 The lion\u2019s share of the fees and commissions related to lending is recognised under \u2018Net interest income\u2019 (effective interest
\n
rate calculations).
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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\n\n
\n
\n
Note 3.5: Net other income
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n230 | \n181 | \n\n\n\n\n\n\n
\n\n| of which gains or losses on | \n | \n | \n\n\n\n\n\n\n
\n\n| Sale of financial assets measured at amortised cost | \n-30 | \n-36 | \n\n\n\n\n\n\n
\n\n| Sale of FVOCI debt instruments | \n2 | \n2 | \n\n\n\n\n\n\n
\n\n| Repurchase of financial liabilities measured at amortised cost | \n-4 | \n0 | \n\n\n\n\n\n\n
\n\n| Other, including: | \n261 | \n215 | \n\n\n\n\n\n\n
\n\n| Income from operational leasing activities | \n669 | \n643 | \n\n\n\n\n\n\n
\n\n| Expenses from operational leasing activities | \n-535 | \n-523 | \n\n\n\n\n\n\n
\n\n| Income from Groep VAB | \n195 | \n190 | \n\n\n\n\n\n\n
\n\n| Expenses from Groep VAB | \n-152 | \n-143 | \n\n\n\n\n\n\n
\n\n| Legal disputes | \n0 | \n-28 | \n\n\n\n\n\n\n
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\u2022 Legal disputes: in 2024, this item mainly concerned Hungary.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag145": {
"value": "\n
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Note 3.5: Net other income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n230 | \n181 | \n\n\n\n\n\n\n
\n\n| of which gains or losses on | \n | \n | \n\n\n\n\n\n\n
\n\n| Sale of financial assets measured at amortised cost | \n-30 | \n-36 | \n\n\n\n\n\n\n
\n\n| Sale of FVOCI debt instruments | \n2 | \n2 | \n\n\n\n\n\n\n
\n\n| Repurchase of financial liabilities measured at amortised cost | \n-4 | \n0 | \n\n\n\n\n\n\n
\n\n| Other, including: | \n261 | \n215 | \n\n\n\n\n\n\n
\n\n| Income from operational leasing activities | \n669 | \n643 | \n\n\n\n\n\n\n
\n\n| Expenses from operational leasing activities | \n-535 | \n-523 | \n\n\n\n\n\n\n
\n\n| Income from Groep VAB | \n195 | \n190 | \n\n\n\n\n\n\n
\n\n| Expenses from Groep VAB | \n-152 | \n-143 | \n\n\n\n\n\n\n
\n\n| Legal disputes | \n0 | \n-28 | \n\n\n\n\n\n\n
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\u2022 Legal disputes: in 2024, this item mainly concerned Hungary.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag146": {
"value": "\nNote 3.5: Net other income
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n230 | \n181 | \n\n\n\n\n\n\n
\n\n| of which gains or losses on | \n | \n | \n\n\n\n\n\n\n
\n\n| Sale of financial assets measured at amortised cost | \n-30 | \n-36 | \n\n\n\n\n\n\n
\n\n| Sale of FVOCI debt instruments | \n2 | \n2 | \n\n\n\n\n\n\n
\n\n| Repurchase of financial liabilities measured at amortised cost | \n-4 | \n0 | \n\n\n\n\n\n\n
\n\n| Other, including: | \n261 | \n215 | \n\n\n\n\n\n\n
\n\n| Income from operational leasing activities | \n669 | \n643 | \n\n\n\n\n\n\n
\n\n| Expenses from operational leasing activities | \n-535 | \n-523 | \n\n\n\n\n\n\n
\n\n| Income from Groep VAB | \n195 | \n190 | \n\n\n\n\n\n\n
\n\n| Expenses from Groep VAB | \n-152 | \n-143 | \n\n\n\n\n\n\n
\n\n| Legal disputes | \n0 | \n-28 | \n\n\n\n\n\n\n
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\n\u2022 Legal disputes: in 2024, this item mainly concerned Hungary.
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
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Note 4.3: Maximum credit exposure and offsetting
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\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
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\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\n
maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\n
irrevocable commitments.
\n
\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\n
estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\n
reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\n
property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n
0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\n
securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\n
also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\n
received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\n
assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
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\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\n
losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\n
loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\n
the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\n
assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
\n
private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\n
Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\n
losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\n
for liquidity purposes and are therefore irrelevant from a capital perspective.
\n
\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
\n
section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
\n
appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
\n
assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
\n
consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
\n
Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
\n
methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
\n
and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
\n
Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
\n
values generated by valuation models are challenged by a team set up specifically for this purpose.
\n
\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\n
discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
\n
margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
\n
value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\n
by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
\n
equal to their carrying value.
\n
\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
\n
euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
\n
reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
\n
2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
\n
at year-end 2025 (1 761 million euros at year-end 2024).
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
\n
amounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
\n
\n
\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
\n
assets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
\n
and settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
\n
instruments that were traded on (central) clearing houses.
\n
\n
\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
\n
are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
\n
not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
\n
received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
\n
under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt.
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag147": {
"value": "\n
\n\n
\n\n
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Note 3.6: Insurance results
\n
\n
Note 3.6.1: Insurance profitability \u2013 P&L
\n
\n
\u2022 Unlike the group\u2019s income statement, the figures below include intragroup transactions between bank and insurance
\n
entities of the group (the results for insurance contracts concluded between the group\u2019s bank and insurance entities,
\n
interest that insurance companies receive on their deposits with bank entities, commissions that insurance entities pay to
\n
bank branches for sales of insurance, etc.) in order to give a more accurate view of the profitability of the insurance
\n
business.
\n
\u2022 Of the items in Note 3.6.1, only \u2018Insurance revenues\u2019, \u2018Insurance service expenses\u2019, \u2018Insurance finance income and expense\u2019
\n
and \u2018Net result from reinsurance contracts held\u2019 are presented on separate lines in the income statement (with a minor
\n
adjustment related to intercompany transaction eliminations between bank and insurance entities). As part of our
\n
integrated bank-insurance concept, all the other insurance items \u2013 together with the group\u2019s banking activities \u2013 are
\n
included in the income statement and related notes.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\n
Eastern Europe, measured under IFRS 17.
\n
\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n
- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\n
backing these liabilities
\n
- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\n
change in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\n
impact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\n
through P&L\u2019 (see also Note 3.3)
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\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\n
in the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\n
under \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\n
equity (i.e. mainly interest income from bonds) and income tax.
\n
\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\n
euros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\n
increases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\n
euros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\n
amounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\n
of claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
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of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
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Note 3.6.2: Insurance profitability \u2013 other comprehensive income (OCI)
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\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n-85 | \n0 | \n-3 | \n26 | \n-61 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n375 | \n0 | \n104 | \n26 | \n506 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n0 | \n\u2014 | \n-14 | \n\u2014 | \n-14 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n -111 | \n-111 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n375 | \n0 | \n90 | \n-84 | \n381 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n 74 | \n 0 | \n-1 | \n 30 | \n 103 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-225 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-224 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 30 | \n-122 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n 75 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 104 | \n-47 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 For more information on the investment result and the change in insurance finance income and expense: see \u2018Other
\n
comprehensive income\u2019.
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\u2022 In addition to the investment result of the financial assets recognised in profit or loss (Note 3.6.1) and in OCI (Note 3.6.2),
\n
results realised on FVOCI equity instruments are recognised directly in equity (see \u2018Transfer from revaluation reserves to
\n
retained earnings upon realisation\u2019 in \u2018Consolidated statement of changes in equity\u2019). The corresponding figures for 2025
\n
and 2024 were 58 million euros and 40 million euros, respectively, at insurance level of the 65 million euros and 47 million
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euros at group level.
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Note 3.6.3: Insurance revenues (Life and Non-life) by component
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n | \nTotal | \nLife | \nNon-life | \nTotal | \nLife | \nNon-life | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Insurance revenues for BBA and VFA contracts | \n509 | \n460 | \n49 | \n 472 | \n 432 | \n 39 | \n\n\n\n\n\n\n
\n\n| Amounts related to changes in liabilities for remaining coverage | \n474 | \n426 | \n48 | \n 447 | \n 408 | \n 38 | \n\n\n\n\n\n\n
\n\n| Expected claims and other insurance service expenses | \n286 | \n254 | \n32 | \n 262 | \n 232 | \n 29 | \n\n\n\n\n\n\n
\n\n| Change in risk adjustment for risk expired (non-financial risk) | \n19 | \n16 | \n3 | \n 14 | \n 13 | \n 2 | \n\n\n\n\n\n\n
\n\n| CSM recognised for services provided | \n169 | \n156 | \n13 | \n 170 | \n 163 | \n 7 | \n\n\n\n\n\n\n
\n\n| Recovery of insurance acquisition cashflows | \n35 | \n34 | \n1 | \n 25 | \n 24 | \n 1 | \n\n\n\n\n\n\n
\n\n| Insurance revenues for contracts measured using the PAA | \n2 704 | \n33 | \n2 672 | \n 2 483 | \n 31 | \n 2 452 | \n\n\n\n\n\n\n
\n\n| Total insurance revenues | \n3 214 | \n493 | \n2 721 | \n 2 955 | \n 463 | \n 2 492 | \n\n\n\n\n\n\n
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Note 3.6.4: Life insurance sales
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\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n3 576 | \n 2 906 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 non-unit-linked | \n1 496 | \n 1 214 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 unit-linked | \n171 | \n 158 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 hybrid | \n274 | \n 197 | \n\n\n\n\n\n\n
\n\n| Non-IFRS 17 | \n1 635 | \n 1 337 | \n\n\n\n\n\n\n
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\u2022 Non-IFRS 17 sales figures mainly refer to investment contracts without discretionary participation features (DPF), measured
\n
under IFRS 9. They concern the unit-linked insurance contracts in Belgium, for which margins are reported under \u2018Net fee and
\n
commission income\u2019.
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\u2022 Hybrid products: see Note 5.6.1.
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\u2022 Sales of life insurance products in 2025 went up by 23% compared to 2024, largely driven by growth in unit-linked insurance
\n
contracts in Belgium (Non-IFRS 17) and non-unit-linked insurance contracts (IFRS 17), also primarily in Belgium.
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Note 3.6.5: Non-life insurance profitability by product (P&L)
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\n\n\n| (in millions of EUR) | \nInsurance revenues | \nInsurance service expenses | \nInsurance finance income and expense before reinsurance in P&L | \nTotal before reinsurance | \nNet result from reinsurance contracts held | \nTotal after reinsurance | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n349 | \n-274 | \n-10 | \n65 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n631 | \n-601 | \n-20 | \n10 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n167 | \n-168 | \n-7 | \n-8 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n540 | \n-482 | \n-2 | \n56 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n1 017 | \n-708 | \n-10 | \n299 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n2 705 | \n-2 234 | \n-49 | \n422 | \n-23 | \n399 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n16 | \n-3 | \n1 | \n14 | \n-49 | \n-35 | \n\n\n\n\n\n\n
\n\n| Total | \n2 721 | \n-2 237 | \n-48 | \n436 | \n-72 | \n364 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n 308 | \n-243 | \n-8 | \n 57 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n 594 | \n-578 | \n-19 | \n-3 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n 154 | \n-139 | \n-6 | \n 9 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n 467 | \n-430 | \n-2 | \n 35 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n 952 | \n-789 | \n-11 | \n 152 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n 2 474 | \n-2 179 | \n-46 | \n 249 | \n-7 | \n 242 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n 18 | \n-3 | \n 1 | \n 16 | \n-6 | \n 10 | \n\n\n\n\n\n\n
\n\n| Total | \n 2 492 | \n-2 181 | \n-45 | \n 265 | \n-13 | \n 252 | \n\n\n\n\n\n\n
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Note 5.6: Insurance \u2013 balance sheet
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Note 5.6.1: Breakdown of (re)insurance contract assets and liabilities
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\n\n\n| (in millions of EUR) | \n | \n | \n | \n2025 | \n | \n | \n | \n2024 | \n\n\n
\n\n | \nTotal | \nPAA | \nBBA | \nVFA | \nTotal | \nPAA | \nBBA | \nVFA | \n\n\n
\n\n| Life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n28 | \n28 | \n\u2014 | \n\u2014 | \n 20 | \n 20 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n14 109 | \n52 | \n13 017 | \n1 040 | \n13 925 | \n 57 | \n12 899 | \n 969 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n13 898 | \n2 | \n12 884 | \n1 013 | \n13 718 | \n 2 | \n12 769 | \n 948 | \n\n\n
\n\n| Unit-linked | \n868 | \n0 | \n\u2014 | \n868 | \n 823 | \n 0 | \n\u2014 | \n 823 | \n\n\n
\n\n| Non-unit-linked | \n11 986 | \n2 | \n11 985 | \n\u2014 | \n11 931 | \n 2 | \n11 929 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n1 044 | \n0 | \n899 | \n145 | \n 964 | \n 0 | \n 840 | \n 125 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n \u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n211 | \n51 | \n133 | \n27 | \n 207 | \n 55 | \n 130 | \n 22 | \n\n\n
\n\n| Unit-linked | \n23 | \n0 | \n\u2014 | \n23 | \n 19 | \n 0 | \n\u2014 | \n 19 | \n\n\n
\n\n| Non-unit-linked | \n162 | \n51 | \n112 | \n\u2014 | \n 168 | \n 55 | \n 112 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n25 | \n0 | \n21 | \n4 | \n 21 | \n 0 | \n 18 | \n 3 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n \u2014 | \n 0 | \n 0 | \n \u2014 | \n \u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n
\n\n| Non-life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n81 | \n81 | \n\u2014 | \n\u2014 | \n 98 | \n 98 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n3 314 | \n3 139 | \n175 | \n\u2014 | \n3 186 | \n2 971 | \n 214 | \n\u2014 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n764 | \n606 | \n158 | \n\u2014 | \n 744 | \n 547 | \n 196 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n180 | \n22 | \n158 | \n\u2014 | \n 211 | \n 14 | \n 196 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n162 | \n162 | \n\u2014 | \n\u2014 | \n 156 | \n 156 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n31 | \n31 | \n\u2014 | \n\u2014 | \n 25 | \n 25 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n136 | \n136 | \n\u2014 | \n\u2014 | \n 118 | \n 118 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n255 | \n255 | \n\u2014 | \n\u2014 | \n 234 | \n 234 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n2 551 | \n2 533 | \n17 | \n\u2014 | \n2 442 | \n2 424 | \n 18 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n668 | \n651 | \n17 | \n\u2014 | \n 656 | \n 638 | \n 18 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n986 | \n986 | \n\u2014 | \n\u2014 | \n 935 | \n 935 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n451 | \n451 | \n\u2014 | \n\u2014 | \n 401 | \n 401 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n80 | \n80 | \n\u2014 | \n\u2014 | \n 66 | \n 66 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n344 | \n344 | \n\u2014 | \n\u2014 | \n 364 | \n 364 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n21 | \n21 | \n0 | \n\u2014 | \n 20 | \n 20 | \n 0 | \n\u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n\u2014 | \n 0 | \n 0 | \n 0 | \n\u2014 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Insurance contract liabilities relate to insurance contracts and investment contracts with a discretionary participation
\n
feature (DPF). Liabilities under investment contracts without DPF are measured at fair value. They concern unit-linked
\n
contracts (under IFRS 9), which are recognised under financial liabilities (see Note 4.1).
\n
\n
\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they
\n
are based on various internal and external sources of information. These liabilities are generally calculated using
\n
assumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions
\n
are:
\n
- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on
\n
standard mortality tables and adapted where necessary to reflect the group\u2019s own experience.
\n
- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and
\n
associated overhead expenses which are considered directly attributable. Expenses are considered directly
\n
attributable if they are incurred as a consequence of performing insurance activities for in-force contracts;
\n
- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the
\n
contract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify
\n
these assumptions for the entire group.
\n
\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling
\n
costs, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
\u2022 For contracts providing multiple services, i.e. insurance coverage, investment return services and investment management
\n
services, \u2018multivariate coverage units\u2019 are used, taking into consideration that (a) coverage units are determined based on
\n
the individual benefit components separately and (b) weights are assigned to each component to reflect an appropriate
\n
level of service to be provided. Such weightings appropriately reflect the release of CSM based on the quantity of the
\n
benefits provided for each service. Analogous to coverage units, these weights are also reassessed at the end of each
\n
reporting period.
\n
\u2022 Coverage units have a positive value and are floored to zero. In case of zero coverage units in a given period, no CSM is
\n
allocated to P&L as no services have been provided in the period. This is possible, for instance, where contracts provide for
\n
\u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but there is a mandatory waiting period
\n
for the client to be able to benefit from insurance coverage.
\n
\u2022 Defining IFRS 17 portfolios is a local decision, made by each insurance entity of KBC Group. It is country-specific, driven by
\n
the local product mix and the way in which the insurance business is managed locally. The table presents a high-level
\n
breakdown by product.
\n
\u2022 Within hybrid products, the policyholder can switch within the same contract, containing the coverage of significant
\n
insurance risk, from the unit-linked to the non-unit-linked component and vice versa.
\n
\u2022 Non-life LRC BBA (158 million euros in 2025, 196 million euros in 2024) represents the LRC health insurance (as part of
\n
personal insurance) as they are mostly long-term contracts and are therefore measured according to the BBA. Non-life LIC
\n
PAA for personal insurance (651 million euros in 2025, 638 million euros in 2024) represents the incurred claims under personal
\n
insurance with regard to \u2018workmen\u2019s compensation\u2019 insurance, which are typically settled over a long period.
\n
\u2022 Most reinsurance programmes protect against the impact of exceptionally large loss events or accumulation of losses.
\n
Therefore, the reinsurance result is not in the same order of magnitude as the direct insurance result, which means the
\n
movements in reinsurance assets are limited.
\n
\u2022 Current account transactions with intermediaries and reinsurers are not included in the measurement of insurance liabilities
\n
but treated as a separate asset measured under IFRS 9.
\n
\u2022 The following yield curves are used to discount cashflows that do not vary based on the returns of underlying items and
\n
apply specifically for insurance contracts with risk cover (non-life, death cover, health insurance). As these bottom-up
\n
discount curves are not entity-specific but currency-dependent, two curves are included for each currency, one with
\n
Solvency II volatility adjustment and one without (the latter is used for VFA liabilities).
\n
\n
\n
\n\n\n| Yield curve used to discount cashflows not varying based on underlying items; bottom-up method (forward rates) | \n | \n | \n | \n\n\n
\n\n| Currency | \nIlliquidity premium | \n | \n | \n | \nPortfolio duration | \n\n\n
\n\n | \n | \n1 year | \n5 years | \n10 years | \n20 years | \n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n2.48% | \n3.19% | \n3.78% | \n3.71% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.33% | \n3.04% | \n3.63% | \n3.55% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.11% | \n4.37% | \n4.95% | \n5.16% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.96% | \n4.22% | \n4.80% | \n5.00% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n5.74% | \n6.58% | \n7.76% | \n6.23% | \n\n\n
\n\n | \nwithout volatility adjustment | \n5.66% | \n6.50% | \n7.67% | \n6.15% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n2.68% | \n3.17% | \n3.84% | \n4.03% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.61% | \n3.10% | \n3.77% | \n3.96% | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n1.91% | \n2.61% | \n2.84% | \n2.14% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.67% | \n2.37% | \n2.60% | \n1.91% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.01% | \n3.93% | \n4.30% | \n4.20% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.84% | \n3.76% | \n4.12% | \n4.03% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n6.92% | \n6.93% | \n7.39% | \n6.55% | \n\n\n
\n\n | \nwithout volatility adjustment | \n6.84% | \n6.85% | \n7.30% | \n6.48% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n1.94% | \n2.58% | \n2.83% | \n2.19% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.78% | \n2.42% | \n2.67% | \n2.03% | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
Note 5.6.2: Movements in Life insurance contract liabilities
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \n | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nunder PAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \n | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nRisk adjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 686 | \n32 | \n152 | \n52 | \n4 | \n13 925 | \n\n
\n\n| Insurance service result | \n-455 | \n17 | \n207 | \n16 | \n-1 | \n-216 | \n\n
\n\n| Insurance revenues | \n-492 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-492 | \n\n
\n\n| BBA + VFA by transition method | \n-460 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-460 | \n\n
\n\n| Modified retrospective approach | \n-10 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-10 | \n\n
\n\n| Fair value approach | \n-261 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-261 | \n\n
\n\n| Other | \n-189 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-189 | \n\n
\n\n| PAA | \n-33 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-33 | \n\n
\n\n| Insurance service expenses | \n38 | \n17 | \n207 | \n16 | \n-1 | \n276 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-3 | \n149 | \n12 | \n1 | \n159 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-3 | \n98 | \n4 | \n0 | \n98 | \n\n
\n\n| Amortised acquisition expenses | \n 38 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n38 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 23 | \n\u2014 | \n\u2014 | \n\u2014 | \n23 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-40 | \n0 | \n-2 | \n-42 | \n\n
\n\n| Investment components | \n-1 238 | \n\u2014 | \n1 238 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Investment result | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Insurance finance income and expense | \n-175 | \n0 | \n0 | \n0 | \n0 | \n-175 | \n\n
\n\n| In P&L | \n282 | \n1 | \n1 | \n1 | \n0 | \n285 | \n\n
\n\n| In OCI | \n-457 | \n-1 | \n-1 | \n-1 | \n0 | \n-460 | \n\n
\n\n| Total changes in comprehensive income | \n-1 878 | \n17 | \n1 445 | \n15 | \n-1 | \n-402 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-1 439 | \n-20 | \n\u2014 | \n532 | \n\n
\n\n| Premiums received | \n2 138 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 138 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-1 341 | \n-16 | \n\u2014 | \n-1 357 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-98 | \n-4 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-148 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-148 | \n\n
\n\n| Other | \n52 | \n0 | \n3 | \n0 | \n0 | \n54 | \n\n
\n\n| Closing balance | \n13 850 | \n49 | \n160 | \n48 | \n3 | \n14 109 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 667 | \n7 | \n134 | \n50 | \n3 | \n13 862 | \n\n
\n\n| Insurance service result | \n-435 | \n 24 | \n 225 | \n 19 | \n 0 | \n-168 | \n\n
\n\n| Insurance revenues | \n-463 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-463 | \n\n
\n\n| BBA + VFA by transition method | \n-432 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-432 | \n\n
\n\n| Modified retrospective approach | \n-9 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-9 | \n\n
\n\n| Fair value approach | \n-280 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-280 | \n\n
\n\n| Other | \n-143 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-143 | \n\n
\n\n| PAA | \n-31 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-31 | \n\n
\n\n| Insurance service expenses | \n 28 | \n 24 | \n 225 | \n 19 | \n 0 | \n 296 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-2 | \n 156 | \n 14 | \n 1 | \n 169 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-2 | \n 99 | \n 3 | \n 0 | \n 100 | \n\n
\n\n| Amortised acquisition expenses | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-29 | \n 1 | \n-1 | \n-29 | \n\n
\n\n| Investment components | \n-2 591 | \n\u2014 | \n2 591 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Investment result | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Insurance finance income and expense | \n 490 | \n 1 | \n 2 | \n 2 | \n 0 | \n 495 | \n\n
\n\n| In P&L | \n 292 | \n 1 | \n 2 | \n 1 | \n 0 | \n 296 | \n\n
\n\n| In OCI | \n 198 | \n 0 | \n 0 | \n 1 | \n 0 | \n 199 | \n\n
\n\n| Total changes in comprehensive income | \n-2 529 | \n 25 | \n2 818 | \n 20 | \n 0 | \n 334 | \n\n
\n\n| Total cashflows | \n2 585 | \n\u2014 | \n-2 798 | \n-19 | \n\u2014 | \n-232 | \n\n
\n\n| Premiums received | \n2 712 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 712 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-2 699 | \n-16 | \n\u2014 | \n-2 715 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-99 | \n-3 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-127 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-127 | \n\n
\n\n| Other | \n-37 | \n 0 | \n-2 | \n 0 | \n 0 | \n-39 | \n\n
\n\n| Closing balance | \n13 686 | \n 32 | \n 152 | \n 52 | \n 4 | \n13 925 | \n\n
\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
\u2022 In the transition from IFRS 4 to IFRS 17 on 1 January 2022, KBC applied the Full Retrospective Approach (FRA) for recent
\n
years. Applying the FRA for non-recent years was impracticable due to either a lack of historical data (data and
\n
hypotheses) or high costs associated with making information from the past available for FRA transition calculations. Where
\n
the FRA was impracticable, the Fair Value Approach (FVA) was predominantly used to determine the CSM on the transition
\n
date. The Modified Retrospective Approach (MRA) was rarely applied as this transition approach was overly complex and
\n
the costs did not outweigh the benefits. KBC calculated a fair value according to IFRS 13 based on the IFRS 17 cashflows
\n
and subsequently adjusted a few assumptions or parameters. The adjustments related to the inclusion in the IFRS 13 fair
\n
value of total expenses, i.e. including non-directly attributable expenses, and to the inclusion of a risk premium that covers
\n
not only non-financial risk, but also system and integration expenses and capital funding costs. All past years were
\n
combined into a single cohort for the FVA transition calculations. The FVA CSM ensued from cost and risk margin differences
\n
under IFRS 17 and IFRS 13 measurement approaches. Due to the application of the FVA on the transition date in accordance
\n
with the transition exemptions provided in IFRS 17, the OCI amount was set at nil. The locked-in rate for FVA business is the
\n
interest rate as determined at 31 December 2021, being the date of first-time application.
\n
\u2022 Movement in insurance liabilities in 2025:
\n
- Due to the increase in market interest rates during 2025, a gain in OCI of 460 million euros before tax is recognised as
\n
KBC made the accounting policy choice for all portfolios within the group to split insurance finance income and expense
\n
between P&L and OCI.
\n
\u2022 Movement in insurance liabilities in 2024:
\n
- Due to the decrease in market interest rates during 2024, an expense in OCI of 199 million euros before tax is recognised.
\n
- The movement in the investment component of 2 591 million euros from LRC to LIC indicates the amounts of contracts
\n
coming at maturity or lapsed and includes 866 million euros resulting from the surrender in 2024 of individual pension
\n
agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 portfolio as the
\n
policyholders of the relevant contracts were given the opportunity to invest in unit-linked products.
\n
\u2022 On transitioning to IFRS 17, KBC applied mainly the fair value approach. Therefore, the amortised acquisition costs are low
\n
as they are not estimated under the fair value approach (i.e. the prospective approach).
\n
\u2022 The Life insurance contracts are typically long-term contracts and are therefore measured according to the BBA or VFA.
\n
The latter is only applied within Central and Eastern European entities for unit-linked contracts or hybrid products as these
\n
sold contracts mandatorily contain insurance risk cover.
\n
\u2022 Some insurance contracts may specify amounts that are payable when no insured event occurs, and are repayable under
\n
all circumstances and as such include an investment component. For defining the investment component, an investigation
\n
based on the contract\u2019s characteristics needs to be conducted. Within KBC, only investment components are identified
\n
within Life insurance, such as life-long death cover. When an insurance contract allows surrender, the gross surrender value
\n
is considered an investment component. Any associated surrender fees resulting from surrender are considered insurance
\n
components.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
Note 5.6.3: Movements in Non-life insurance contract liabilities
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured under | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nPAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \nRisk | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nadjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n740 | \n4 | \n18 | \n2 168 | \n256 | \n3 186 | \n\n
\n\n| Insurance service result | \n-2 125 | \n0 | \n30 | \n1 605 | \n17 | \n-474 | \n\n
\n\n| Insurance revenues | \n-2 709 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 709 | \n\n
\n\n| BBA by transition method | \n-49 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-49 | \n\n
\n\n| Modified retrospective approach | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Fair value approach | \n-35 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-35 | \n\n
\n\n| Other | \n-14 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-14 | \n\n
\n\n| PAA | \n-2 660 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 660 | \n\n
\n\n| Insurance service expenses | \n584 | \n0 | \n30 | \n1 605 | \n17 | \n2 235 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-4 | \n29 | \n1 301 | \n77 | \n1 403 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n0 | \n3 | \n244 | \n0 | \n248 | \n\n
\n\n| Amortised acquisition expenses | \n 583 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n583 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n4 | \n\u2014 | \n\u2014 | \n\u2014 | \n4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-2 | \n60 | \n-60 | \n-2 | \n\n
\n\n| Investment components | \n0 | \n\u2014 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Insurance finance income and expense | \n-36 | \n0 | \n0 | \n-23 | \n0 | \n-59 | \n\n
\n\n| In P&L | \n1 | \n0 | \n0 | \n41 | \n5 | \n48 | \n\n
\n\n| In OCI | \n-37 | \n0 | \n0 | \n-65 | \n-5 | \n-107 | \n\n
\n\n| Total changes in comprehensive income | \n-2 161 | \n0 | \n30 | \n1 582 | \n17 | \n-533 | \n\n
\n\n| Total cashflows | \n2 167 | \n\u2014 | \n-31 | \n-1 509 | \n\u2014 | \n627 | \n\n
\n\n| Premiums received | \n2 762 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 762 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-28 | \n-1 266 | \n\u2014 | \n-1 294 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-243 | \n\u2014 | \n-246 | \n\n
\n\n| Acquisition costs paid | \n-594 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-594 | \n\n
\n\n| Other | \n14 | \n0 | \n0 | \n18 | \n2 | \n34 | \n\n
\n\n| Closing balance | \n760 | \n4 | \n17 | \n2 259 | \n275 | \n3 314 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n 700 | \n 1 | \n 16 | \n1 964 | \n 240 | \n2 922 | \n\n
\n\n| Insurance service result | \n-1 952 | \n 3 | \n 31 | \n1 606 | \n 10 | \n-303 | \n\n
\n\n| Insurance revenues | \n-2 482 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 482 | \n\n
\n\n| BBA by transition method | \n-39 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-39 | \n\n
\n\n| Modified retrospective approach | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Fair value approach | \n-29 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-29 | \n\n
\n\n| Other | \n-11 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| PAA | \n-2 443 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 443 | \n\n
\n\n| Insurance service expenses | \n 530 | \n 3 | \n 31 | \n1 606 | \n 10 | \n2 179 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-1 | \n 28 | \n1 251 | \n 65 | \n1 343 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n 0 | \n 3 | \n 232 | \n 0 | \n 236 | \n\n
\n\n| Amortised acquisition expenses | \n 529 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 529 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n 4 | \n\u2014 | \n\u2014 | \n\u2014 | \n 4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n 0 | \n 122 | \n-55 | \n 66 | \n\n
\n\n| Investment components | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Insurance finance income and expense | \n 7 | \n 0 | \n 0 | \n 58 | \n 7 | \n 72 | \n\n
\n\n| In P&L | \n 1 | \n 0 | \n 0 | \n 39 | \n 5 | \n 45 | \n\n
\n\n| In OCI | \n 6 | \n 0 | \n 0 | \n 18 | \n 2 | \n 26 | \n\n
\n\n| Total changes in comprehensive income | \n-1 945 | \n 3 | \n 31 | \n1 664 | \n 17 | \n-231 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-29 | \n-1 453 | \n\u2014 | \n 509 | \n\n
\n\n| Premiums received | \n2 532 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 532 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-26 | \n-1 222 | \n\u2014 | \n-1 248 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-231 | \n\u2014 | \n-234 | \n\n
\n\n| Acquisition costs paid | \n-540 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-540 | \n\n
\n\n| Other | \n-6 | \n 0 | \n 0 | \n-6 | \n-1 | \n-14 | \n\n
\n\n| Closing balance | \n 740 | \n 4 | \n 18 | \n2 168 | \n 256 | \n3 186 | \n\n
\n\n\n
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\n\n\n\n\n
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\n\n
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\u2022 The amount recognised in P&L as release of the CSM is determined by:
\n
\n
- Identifying the coverage units in the group. The number of coverage units in a group is the quantity of service provided
\n
by the insurer under the contracts in that Group of Contracts (GoC), determined by considering for each contract the
\n
quantity of the benefits provided to the policyholder under a contract and its expected coverage period.
\n
- Allocating the CSM at the end of the period equally to each coverage unit provided in the current period and expected
\n
to be provided in the future, and recognising in P&L the amount allocated to coverage units allocated to the current
\n
period.
\n
\u2022 Main movements in 2025: the positive cashflow of 523 million euros is primarily attributable to the increase in the insurance
\n
investment portfolio, supported in part by higher interest rates.
\n
\u2022 Main movements in 2024: the 43-million-euro increase in the risk adjustment in 2024 is mostly related to a model change to
\n
take into account the risk that clients stop paying premiums for long-term life insurance contracts. The movement of the
\n
contractual service margin in 2024, under \u2018New business\u2019, includes a 96-million-euro increase related to the migration of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio to the \u2018Hybrid products\u2019 portfolio (see also Note 5.6.2).
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\n\n\n\n\n\n\n\n\n\n\n
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Note 5.6.5: Movements in Non-life insurance contract liability components (BBA)
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\n
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\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n-40 | \n122 | \n31 | \n101 | \n214 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-35 | \n-47 | \n69 | \n-4 | \n-18 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-33 | \n-45 | \n75 | \n3 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-22 | \n8 | \n\u2014 | \n14 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-11 | \n-52 | \n75 | \n-12 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-2 | \n-2 | \n-6 | \n-7 | \n-16 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-6 | \n-7 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-2 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-2 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-33 | \n0 | \n0 | \n2 | \n-31 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-2 | \n1 | \n0 | \n2 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-31 | \n-1 | \n\u2014 | \n\u2014 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-68 | \n-48 | \n69 | \n-3 | \n-49 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n10 | \n\u2014 | \n\u2014 | \n\u2014 | \n10 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n50 | \n\u2014 | \n\u2014 | \n\u2014 | \n50 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-28 | \n\u2014 | \n\u2014 | \n\u2014 | \n-28 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n0 | \n 0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-98 | \n74 | \n100 | \n99 | \n175 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 8 | \n 71 | \n 52 | \n 74 | \n 206 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-72 | \n 60 | \n-21 | \n 26 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-74 | \n 62 | \n-19 | \n 31 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-21 | \n 3 | \n\u2014 | \n 18 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-52 | \n 58 | \n-19 | \n 13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 1 | \n-1 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-1 | \n\u2014 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 1 | \n\u2014 | \n\u2014 | \n\u2014 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 15 | \n-9 | \n 0 | \n 1 | \n 7 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-1 | \n 1 | \n 0 | \n 1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 16 | \n-10 | \n\u2014 | \n\u2014 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-57 | \n 51 | \n-21 | \n 27 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n 9 | \n\u2014 | \n\u2014 | \n\u2014 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n 46 | \n\u2014 | \n\u2014 | \n\u2014 | \n 46 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-26 | \n\u2014 | \n\u2014 | \n\u2014 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-40 | \n 122 | \n 31 | \n 101 | \n 214 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 In Non-life, the BBA is applied to \u2018individual health insurance\u2019.
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\u2022 The 33-million-euro financial gain in OCI is attributable to the increase in the yield curve. The 6-million-euro increase in
\n
2024 is attributable to a slight decline in the yield curve. A typical feature of the hospitalisation portfolio is that interest rate
\n
movements have a greater impact on the cash outflows than on the cash inflows. Hospitalisation premiums are levelled
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(constant \u2018cash in\u2019 during the lifetime of the contract) and claims increase as the insured person ages (\u2018cash out\u2019 more
\n
towards the end of the contract).
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\u2022 The 63-million-euro increase in the CSM for changes in estimates reflected in the CSM in 2025 is attributable to an update
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of the model parameters. The same parameter changes led to a 52-million-euro decrease in the risk adjustment. The 52-
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million-euro drop in 2024 is due to a model update in which expected higher claims result in higher premiums. A higher
\n
premium volume generates more future profit and, as a result, lower fulfilment cashflows. The 58-million-euro increase in
\n
changes in estimates reflected in the CSM in the risk adjustment in 2024 was accounted for by a model change involving a
\n
more conservative estimate of the uncertainty of claim costs related to hospitalisation.
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Note 5.6.6: New business (BBA/VFA)
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\n\n\n| (in millions of EUR) | \n(Re)insurance contracts issued | \n(Re)insurance contracts acquired | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nNot onerous | \nOnerous | \nNot onerous | \nOnerous | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n1 330 | \n844 | \n 0 | \n 0 | \n2 174 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n1 102 | \n799 | \n 0 | \n 0 | \n1 901 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n90 | \n27 | \n 0 | \n 0 | \n117 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n138 | \n18 | \n 0 | \n 0 | \n156 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-1 586 | \n-832 | \n 0 | \n 0 | \n-2 418 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n28 | \n11 | \n 0 | \n 0 | \n39 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n228 | \n\u2014 | \n 0 | \n\u2014 | \n228 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n24 | \n\u2014 | \n 0 | \n24 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n2 942 | \n 625 | \n 0 | \n 0 | \n3 567 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n2 645 | \n 593 | \n 0 | \n 0 | \n3 238 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n 151 | \n 19 | \n 0 | \n 0 | \n 170 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n 145 | \n 13 | \n 0 | \n 0 | \n 159 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-3 218 | \n-614 | \n 0 | \n 0 | \n-3 833 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n 29 | \n 3 | \n 0 | \n 0 | \n 32 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n 248 | \n\u2014 | \n 0 | \n\u2014 | \n 248 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n 14 | \n\u2014 | \n 0 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 The investment insurance policies sold in 2025, before taking into account the investment margin realised, form the basis of
\n
the loss component of 24 million euros. This loss is largely due to commercial campaigns and the focus on investment
\n
insurance sales realised with a market-driven competitive guaranteed interest rate.
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\u2022 \u2018Estimates of present value of cash outflows\u2019 in 2024 includes 1 446 million euros resulting from the surrender in 2024 of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019
\n
portfolio as the policyholders of the relevant contracts were given the opportunity to invest in unit-linked products. The net
\n
impact of this migration on the CSM is a 96-million-euro increase (see also Note 5.6.2).
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\u2022 The sale of business with a loss component in 2024 was largely attributable to commercial campaigns in response to the
\n
Belgian state note maturing in September 2024. This new business was created with a market-driven competitive
\n
guaranteed interest rate.
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\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n
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\n
\n
Note 5.6.7: Future CSM recognition in profit and loss on insurance contracts (at the end of the reporting period) (BBA/VFA)
\n
\n
\n\n\n | \n | \n | \n | \nCSM recognition in P&L in the \u2026 following reporting year | \n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \n1st year | \n2nd year | \n3rd year | \n4th year | \n5th year | \n6-10th year | \n+10th year | \n\n\n\n\n\n\n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n160 | \n151 | \n145 | \n138 | \n132 | \n580 | \n1 142 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n12 | \n12 | \n11 | \n11 | \n10 | \n44 | \n84 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n 153 | \n 145 | \n 138 | \n 132 | \n 126 | \n 548 | \n1 023 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n 7 | \n 7 | \n 7 | \n 6 | \n 6 | \n 27 | \n 57 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The table shows the future undiscounted CSM recognition for the next 25 years.
\n
\n
\n
Note 5.6.8: Fair value of assets backing insurance and investment contracts
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n32 318 | \n1 039 | \n4 767 | \n1 799 | \n38 883 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 731 | \n0 | \n3 238 | \n828 | \n5 797 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n12 459 | \n16 | \n1 510 | \n637 | \n14 606 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n11 331 | \n16 | \n1 244 | \n369 | \n12 944 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 128 | \n0 | \n266 | \n268 | \n1 662 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n18 118 | \n1 024 | \n0 | \n10 | \n18 128 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n18 005 | \n1 024 | \n\u2014 | \n\u2014 | \n18 005 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n113 | \n0 | \n0 | \n10 | \n123 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n9 | \n0 | \n19 | \n324 | \n352 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n30 414 | \n 967 | \n4 204 | \n1 845 | \n36 463 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 886 | \n 0 | \n2 887 | \n1 047 | \n5 819 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n11 753 | \n 15 | \n1 221 | \n 593 | \n13 568 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n10 698 | \n 15 | \n 993 | \n 373 | \n12 064 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 055 | \n 0 | \n 228 | \n 220 | \n1 504 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n16 666 | \n 951 | \n 0 | \n 8 | \n16 673 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n16 602 | \n 951 | \n\u2014 | \n\u2014 | \n16 602 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 64 | \n 0 | \n 0 | \n 8 | \n 71 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n 109 | \n 0 | \n 97 | \n 198 | \n 403 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The table also includes the assets backing the liabilities under investment contracts (IFRS 9).
\n
\u2022 Non-technical: see Note 3.6.1.
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\n\n
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Note 5.6.9: Changes in accumulated OCI for FVOCI assets related to insurance contracts for which the fair value transition
\n
approach is used
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| OCI that may be recycled to P&L | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI debt instruments) | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n-46 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n11 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Transfer from reserve to net result | \n0 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Net gains/losses on disposal | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred taxes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| OCI that will not be recycled to P&L | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI equity instruments) | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 IFRS 17 allows simplifications to set the accumulated OCI for the insurance liabilities at nil at the transition date at 1 January
\n
2022, while maintaining the accumulated OCI for the covering financial assets. This disclosure gives insight into the
\n
mismatch between covering financial assets and insurance liabilities as it distorts classification within equity at transition
\n
date and subsequently the years thereafter until the portfolio subject to the transition approach reaches maturity.
\n
\u2022 See also \u2018Consolidated statement of comprehensive income\u2019.
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\n\n\n\n\n\n\n\n\n\n
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\n\n
\n
\n
\u2022 In Non-life, KBC applies mostly the PAA, as the coverage period is 1 year or less.
\n
\u2022 The cost of outstanding claims is based on the past claims development experience to project future claims development.
\n
These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims
\n
handling costs) and claim numbers based on the observed claim development of earlier years and expected loss ratio.
\n
Historical claims are mainly analysed per accident year. Large claims are separately addressed.
\n
\u2022 Estimates of salvage recoveries and subrogation reimbursement are considered in the measurement of the ultimate claim
\n
costs.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
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\n\n
\n
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Note 5.6.4: Movements in Life insurance contract liability components (BBA, VFA)
\n
\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, modified retrospective approach | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 529 | \n195 | \n43 | \n1 268 | \n832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-281 | \n5 | \n-3 | \n-126 | \n203 | \n-202 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-227 | \n20 | \n2 | \n-28 | \n257 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-222 | \n32 | \n\u2013 | \n\u2013 | \n213 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-4 | \n-14 | \n2 | \n-28 | \n44 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n-2 | \n2 | \n\u2013 | \n\u2013 | \n\u2013 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-17 | \n-12 | \n-5 | \n-98 | \n-54 | \n-185 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2013 | \n\u2013 | \n-5 | \n-98 | \n-54 | \n-156 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2013 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-12 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-17 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-17 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-38 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-40 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-192 | \n-8 | \n0 | \n11 | \n16 | \n-173 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n254 | \n3 | \n0 | \n11 | \n16 | \n284 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-446 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-458 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-485 | \n-3 | \n-2 | \n-116 | \n219 | \n-387 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n523 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n523 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 106 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 106 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-1 341 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-1 341 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-98 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-98 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-144 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-144 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n35 | \n1 | \n2 | \n9 | \n6 | \n53 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 602 | \n193 | \n43 | \n1 161 | \n1 056 | \n14 057 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 538 | \n152 | \n47 | \n1 387 | \n683 | \n13 807 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-212 | \n 41 | \n-2 | \n-125 | \n 138 | \n-159 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-201 | \n 53 | \n 4 | \n-11 | \n 182 | \n 28 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-245 | \n 29 | \n\u2013 | \n\u2013 | \n 230 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n 32 | \n 23 | \n 4 | \n-11 | \n-48 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 13 | \n 1 | \n\u2013 | \n\u2013 | \n\u2013 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 16 | \n-9 | \n-5 | \n-114 | \n-44 | \n-157 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n0 | \n- | \n-5 | \n-114 | \n-44 | \n-163 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n0 | \n-9 | \n\u2013 | \n\u2013 | \n\u2013 | \n-9 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 16 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 16 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-27 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 466 | \n 4 | \n 1 | \n 10 | \n 13 | \n 493 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n 269 | \n 3 | \n 1 | \n 10 | \n 13 | \n 295 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 197 | \n 1 | \n- | \n- | \n- | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n 260 | \n 44 | \n-1 | \n-115 | \n 151 | \n 341 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n-241 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-241 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 681 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 681 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-2 699 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-2 699 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-99 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-99 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-124 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-124 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n-28 | \n-1 | \n-3 | \n-4 | \n-3 | \n-39 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 529 | \n 195 | \n 43 | \n1 268 | \n 832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag150": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\n
Eastern Europe, measured under IFRS 17.
\n
\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n
- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\n
backing these liabilities
\n
- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\n
change in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\n
impact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\n
through P&L\u2019 (see also Note 3.3)
\n
\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\n
in the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\n
under \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\n
equity (i.e. mainly interest income from bonds) and income tax.
\n
\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\n
euros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\n
increases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\n
euros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\n
amounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\n
of claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
\n
\n\n\n\n\n\n\n\n\n
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\n\n
\n
\n
\n
\n
of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
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\nNote 3.6.4: Life insurance sales
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n3 576 | \n 2 906 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 non-unit-linked | \n1 496 | \n 1 214 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 unit-linked | \n171 | \n 158 | \n\n\n\n\n\n\n
\n\n| IFRS 17 \u2013 hybrid | \n274 | \n 197 | \n\n\n\n\n\n\n
\n\n| Non-IFRS 17 | \n1 635 | \n 1 337 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 Non-IFRS 17 sales figures mainly refer to investment contracts without discretionary participation features (DPF), measured
\nunder IFRS 9. They concern the unit-linked insurance contracts in Belgium, for which margins are reported under \u2018Net fee and
\ncommission income\u2019.
\n\u2022 Hybrid products: see Note 5.6.1.
\n\u2022 Sales of life insurance products in 2025 went up by 23% compared to 2024, largely driven by growth in unit-linked insurance
\ncontracts in Belgium (Non-IFRS 17) and non-unit-linked insurance contracts (IFRS 17), also primarily in Belgium.
\n
\n
\n\n
Note 3.6.5: Non-life insurance profitability by product (P&L)
\n
\n
\n\n\n| (in millions of EUR) | \nInsurance revenues | \nInsurance service expenses | \nInsurance finance income and expense before reinsurance in P&L | \nTotal before reinsurance | \nNet result from reinsurance contracts held | \nTotal after reinsurance | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n349 | \n-274 | \n-10 | \n65 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n631 | \n-601 | \n-20 | \n10 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n167 | \n-168 | \n-7 | \n-8 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n540 | \n-482 | \n-2 | \n56 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n1 017 | \n-708 | \n-10 | \n299 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n2 705 | \n-2 234 | \n-49 | \n422 | \n-23 | \n399 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n16 | \n-3 | \n1 | \n14 | \n-49 | \n-35 | \n\n\n\n\n\n\n
\n\n| Total | \n2 721 | \n-2 237 | \n-48 | \n436 | \n-72 | \n364 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n 308 | \n-243 | \n-8 | \n 57 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n 594 | \n-578 | \n-19 | \n-3 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n 154 | \n-139 | \n-6 | \n 9 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n 467 | \n-430 | \n-2 | \n 35 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n 952 | \n-789 | \n-11 | \n 152 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n 2 474 | \n-2 179 | \n-46 | \n 249 | \n-7 | \n 242 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n 18 | \n-3 | \n 1 | \n 16 | \n-6 | \n 10 | \n\n\n\n\n\n\n
\n\n| Total | \n 2 492 | \n-2 181 | \n-45 | \n 265 | \n-13 | \n 252 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag151": {
"value": "\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\n
Eastern Europe, measured under IFRS 17.
\n
\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n
- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\n
backing these liabilities
\n
- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\n
change in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\n
impact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\n
through P&L\u2019 (see also Note 3.3)
\n
\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\n
in the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\n
under \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\n
equity (i.e. mainly interest income from bonds) and income tax.
\n
\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\n
euros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\n
increases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\n
euros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\n
amounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\n
of claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n
Note 3.6.2: Insurance profitability \u2013 other comprehensive income (OCI)
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n-85 | \n0 | \n-3 | \n26 | \n-61 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n460 | \n0 | \n107 | \n\u2014 | \n567 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n375 | \n0 | \n104 | \n26 | \n506 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n0 | \n\u2014 | \n-14 | \n\u2014 | \n-14 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n -111 | \n-111 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n375 | \n0 | \n90 | \n-84 | \n381 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Investment result (OCI) on financial assets at FVOCI | \n 74 | \n 0 | \n-1 | \n 30 | \n 103 | \n\n\n\n\n\n\n
\n\n| Change in Insurance finance income and expense \u2013 OCI, before reinsurance | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-225 | \n\n\n\n\n\n\n
\n\n| Effect of changes in interest rates and other financial assumptions in OCI, incl. foreign exchange differences | \n-199 | \n 0 | \n-26 | \n\u2014 | \n-224 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of underlying liabilities of contracts measured under VFA \u2013 OCI | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 30 | \n-122 | \n\n\n\n\n\n\n
\n\n| Change in reinsurance finance income and expense \u2013 OCI | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n
\n\n| Deferred taxes | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n 75 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance, after tax \u2013 OCI | \n-125 | \n 0 | \n-26 | \n 104 | \n-47 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 For more information on the investment result and the change in insurance finance income and expense: see \u2018Other
\n
comprehensive income\u2019.
\n
\u2022 In addition to the investment result of the financial assets recognised in profit or loss (Note 3.6.1) and in OCI (Note 3.6.2),
\n
results realised on FVOCI equity instruments are recognised directly in equity (see \u2018Transfer from revaluation reserves to
\n
retained earnings upon realisation\u2019 in \u2018Consolidated statement of changes in equity\u2019). The corresponding figures for 2025
\n
and 2024 were 58 million euros and 40 million euros, respectively, at insurance level of the 65 million euros and 47 million
\n
euros at group level.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nNote 3.6.5: Non-life insurance profitability by product (P&L)
\n\n
\n\n\n| (in millions of EUR) | \nInsurance revenues | \nInsurance service expenses | \nInsurance finance income and expense before reinsurance in P&L | \nTotal before reinsurance | \nNet result from reinsurance contracts held | \nTotal after reinsurance | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n349 | \n-274 | \n-10 | \n65 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n631 | \n-601 | \n-20 | \n10 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n167 | \n-168 | \n-7 | \n-8 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n540 | \n-482 | \n-2 | \n56 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n1 017 | \n-708 | \n-10 | \n299 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n2 705 | \n-2 234 | \n-49 | \n422 | \n-23 | \n399 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n16 | \n-3 | \n1 | \n14 | \n-49 | \n-35 | \n\n\n\n\n\n\n
\n\n| Total | \n2 721 | \n-2 237 | \n-48 | \n436 | \n-72 | \n364 | \n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Personal insurance | \n 308 | \n-243 | \n-8 | \n 57 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n 594 | \n-578 | \n-19 | \n-3 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Liabilities other than MTPL | \n 154 | \n-139 | \n-6 | \n 9 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Casco | \n 467 | \n-430 | \n-2 | \n 35 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Property incl. other than casco | \n 952 | \n-789 | \n-11 | \n 152 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| Total primary business | \n 2 474 | \n-2 179 | \n-46 | \n 249 | \n-7 | \n 242 | \n\n\n\n\n\n\n
\n\n| Accepted reinsurance | \n 18 | \n-3 | \n 1 | \n 16 | \n-6 | \n 10 | \n\n\n\n\n\n\n
\n\n| Total | \n 2 492 | \n-2 181 | \n-45 | \n 265 | \n-13 | \n 252 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nNote 5.6.1: Breakdown of (re)insurance contract assets and liabilities
\n\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n2025 | \n | \n | \n | \n2024 | \n\n\n
\n\n | \nTotal | \nPAA | \nBBA | \nVFA | \nTotal | \nPAA | \nBBA | \nVFA | \n\n\n
\n\n| Life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n28 | \n28 | \n\u2014 | \n\u2014 | \n 20 | \n 20 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n14 109 | \n52 | \n13 017 | \n1 040 | \n13 925 | \n 57 | \n12 899 | \n 969 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n13 898 | \n2 | \n12 884 | \n1 013 | \n13 718 | \n 2 | \n12 769 | \n 948 | \n\n\n
\n\n| Unit-linked | \n868 | \n0 | \n\u2014 | \n868 | \n 823 | \n 0 | \n\u2014 | \n 823 | \n\n\n
\n\n| Non-unit-linked | \n11 986 | \n2 | \n11 985 | \n\u2014 | \n11 931 | \n 2 | \n11 929 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n1 044 | \n0 | \n899 | \n145 | \n 964 | \n 0 | \n 840 | \n 125 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n \u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n211 | \n51 | \n133 | \n27 | \n 207 | \n 55 | \n 130 | \n 22 | \n\n\n
\n\n| Unit-linked | \n23 | \n0 | \n\u2014 | \n23 | \n 19 | \n 0 | \n\u2014 | \n 19 | \n\n\n
\n\n| Non-unit-linked | \n162 | \n51 | \n112 | \n\u2014 | \n 168 | \n 55 | \n 112 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n25 | \n0 | \n21 | \n4 | \n 21 | \n 0 | \n 18 | \n 3 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n \u2014 | \n 0 | \n 0 | \n \u2014 | \n \u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n
\n\n| Non-life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n81 | \n81 | \n\u2014 | \n\u2014 | \n 98 | \n 98 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n3 314 | \n3 139 | \n175 | \n\u2014 | \n3 186 | \n2 971 | \n 214 | \n\u2014 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n764 | \n606 | \n158 | \n\u2014 | \n 744 | \n 547 | \n 196 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n180 | \n22 | \n158 | \n\u2014 | \n 211 | \n 14 | \n 196 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n162 | \n162 | \n\u2014 | \n\u2014 | \n 156 | \n 156 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n31 | \n31 | \n\u2014 | \n\u2014 | \n 25 | \n 25 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n136 | \n136 | \n\u2014 | \n\u2014 | \n 118 | \n 118 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n255 | \n255 | \n\u2014 | \n\u2014 | \n 234 | \n 234 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n2 551 | \n2 533 | \n17 | \n\u2014 | \n2 442 | \n2 424 | \n 18 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n668 | \n651 | \n17 | \n\u2014 | \n 656 | \n 638 | \n 18 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n986 | \n986 | \n\u2014 | \n\u2014 | \n 935 | \n 935 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n451 | \n451 | \n\u2014 | \n\u2014 | \n 401 | \n 401 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n80 | \n80 | \n\u2014 | \n\u2014 | \n 66 | \n 66 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n344 | \n344 | \n\u2014 | \n\u2014 | \n 364 | \n 364 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n21 | \n21 | \n0 | \n\u2014 | \n 20 | \n 20 | \n 0 | \n\u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n\u2014 | \n 0 | \n 0 | \n 0 | \n\u2014 | \n\n\n
\n\n\n\n\n
\n\n\n
\n\u2022 Insurance contract liabilities relate to insurance contracts and investment contracts with a discretionary participation
\nfeature (DPF). Liabilities under investment contracts without DPF are measured at fair value. They concern unit-linked
\ncontracts (under IFRS 9), which are recognised under financial liabilities (see Note 4.1).
\n\n
\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they
\n
are based on various internal and external sources of information. These liabilities are generally calculated using
\n
assumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions
\n
are:
\n
- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on
\n
standard mortality tables and adapted where necessary to reflect the group\u2019s own experience.
\n
- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and
\n
associated overhead expenses which are considered directly attributable. Expenses are considered directly
\n
attributable if they are incurred as a consequence of performing insurance activities for in-force contracts;
\n
- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the
\n
contract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify
\n
these assumptions for the entire group.
\n
\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling
\n
costs, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\u2022 For contracts providing multiple services, i.e. insurance coverage, investment return services and investment management
\n
services, \u2018multivariate coverage units\u2019 are used, taking into consideration that (a) coverage units are determined based on
\n
the individual benefit components separately and (b) weights are assigned to each component to reflect an appropriate
\n
level of service to be provided. Such weightings appropriately reflect the release of CSM based on the quantity of the
\n
benefits provided for each service. Analogous to coverage units, these weights are also reassessed at the end of each
\n
reporting period.
\n
\u2022 Coverage units have a positive value and are floored to zero. In case of zero coverage units in a given period, no CSM is
\n
allocated to P&L as no services have been provided in the period. This is possible, for instance, where contracts provide for
\n
\u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but there is a mandatory waiting period
\n
for the client to be able to benefit from insurance coverage.
\n
\u2022 Defining IFRS 17 portfolios is a local decision, made by each insurance entity of KBC Group. It is country-specific, driven by
\n
the local product mix and the way in which the insurance business is managed locally. The table presents a high-level
\n
breakdown by product.
\n
\u2022 Within hybrid products, the policyholder can switch within the same contract, containing the coverage of significant
\n
insurance risk, from the unit-linked to the non-unit-linked component and vice versa.
\n
\u2022 Non-life LRC BBA (158 million euros in 2025, 196 million euros in 2024) represents the LRC health insurance (as part of
\n
personal insurance) as they are mostly long-term contracts and are therefore measured according to the BBA. Non-life LIC
\n
PAA for personal insurance (651 million euros in 2025, 638 million euros in 2024) represents the incurred claims under personal
\n
insurance with regard to \u2018workmen\u2019s compensation\u2019 insurance, which are typically settled over a long period.
\n
\u2022 Most reinsurance programmes protect against the impact of exceptionally large loss events or accumulation of losses.
\n
Therefore, the reinsurance result is not in the same order of magnitude as the direct insurance result, which means the
\n
movements in reinsurance assets are limited.
\n
\u2022 Current account transactions with intermediaries and reinsurers are not included in the measurement of insurance liabilities
\n
but treated as a separate asset measured under IFRS 9.
\n
\u2022 The following yield curves are used to discount cashflows that do not vary based on the returns of underlying items and
\n
apply specifically for insurance contracts with risk cover (non-life, death cover, health insurance). As these bottom-up
\n
discount curves are not entity-specific but currency-dependent, two curves are included for each currency, one with
\n
Solvency II volatility adjustment and one without (the latter is used for VFA liabilities).
\n
\n
\n
\n\n\n| Yield curve used to discount cashflows not varying based on underlying items; bottom-up method (forward rates) | \n | \n | \n | \n\n\n
\n\n| Currency | \nIlliquidity premium | \n | \n | \n | \nPortfolio duration | \n\n\n
\n\n | \n | \n1 year | \n5 years | \n10 years | \n20 years | \n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n2.48% | \n3.19% | \n3.78% | \n3.71% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.33% | \n3.04% | \n3.63% | \n3.55% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.11% | \n4.37% | \n4.95% | \n5.16% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.96% | \n4.22% | \n4.80% | \n5.00% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n5.74% | \n6.58% | \n7.76% | \n6.23% | \n\n\n
\n\n | \nwithout volatility adjustment | \n5.66% | \n6.50% | \n7.67% | \n6.15% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n2.68% | \n3.17% | \n3.84% | \n4.03% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.61% | \n3.10% | \n3.77% | \n3.96% | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n1.91% | \n2.61% | \n2.84% | \n2.14% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.67% | \n2.37% | \n2.60% | \n1.91% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.01% | \n3.93% | \n4.30% | \n4.20% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.84% | \n3.76% | \n4.12% | \n4.03% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n6.92% | \n6.93% | \n7.39% | \n6.55% | \n\n\n
\n\n | \nwithout volatility adjustment | \n6.84% | \n6.85% | \n7.30% | \n6.48% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n1.94% | \n2.58% | \n2.83% | \n2.19% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.78% | \n2.42% | \n2.67% | \n2.03% | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n\nNote 5.6.6: New business (BBA/VFA)
\n\n
\n\n\n| (in millions of EUR) | \n(Re)insurance contracts issued | \n(Re)insurance contracts acquired | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nNot onerous | \nOnerous | \nNot onerous | \nOnerous | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n1 330 | \n844 | \n 0 | \n 0 | \n2 174 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n1 102 | \n799 | \n 0 | \n 0 | \n1 901 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n90 | \n27 | \n 0 | \n 0 | \n117 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n138 | \n18 | \n 0 | \n 0 | \n156 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-1 586 | \n-832 | \n 0 | \n 0 | \n-2 418 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n28 | \n11 | \n 0 | \n 0 | \n39 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n228 | \n\u2014 | \n 0 | \n\u2014 | \n228 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n24 | \n\u2014 | \n 0 | \n24 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n2 942 | \n 625 | \n 0 | \n 0 | \n3 567 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n2 645 | \n 593 | \n 0 | \n 0 | \n3 238 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n 151 | \n 19 | \n 0 | \n 0 | \n 170 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n 145 | \n 13 | \n 0 | \n 0 | \n 159 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-3 218 | \n-614 | \n 0 | \n 0 | \n-3 833 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n 29 | \n 3 | \n 0 | \n 0 | \n 32 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n 248 | \n\u2014 | \n 0 | \n\u2014 | \n 248 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n 14 | \n\u2014 | \n 0 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 The investment insurance policies sold in 2025, before taking into account the investment margin realised, form the basis of
\nthe loss component of 24 million euros. This loss is largely due to commercial campaigns and the focus on investment
\ninsurance sales realised with a market-driven competitive guaranteed interest rate.
\n\u2022 \u2018Estimates of present value of cash outflows\u2019 in 2024 includes 1 446 million euros resulting from the surrender in 2024 of
\nindividual pension agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019
\nportfolio as the policyholders of the relevant contracts were given the opportunity to invest in unit-linked products. The net
\nimpact of this migration on the CSM is a 96-million-euro increase (see also Note 5.6.2).
\n\u2022 The sale of business with a loss component in 2024 was largely attributable to commercial campaigns in response to the
\nBelgian state note maturing in September 2024. This new business was created with a market-driven competitive
\nguaranteed interest rate.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag153": {
"value": "\n\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n216 | \n13 | \n484 | \n\u2014 | \n700 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n493 | \n29 | \n2 721 | \n\u2014 | \n3 214 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-276 | \n-16 | \n-2 237 | \n\u2014 | \n-2 514 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 406 | \n\u2014 | \n-1 406 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n133 | \n0 | \n66 | \n21 | \n220 | \n\n\n\n\n\n\n
\n\n| Investment result | \n418 | \n59 | \n114 | \n21 | \n553 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n337 | \n0 | \n106 | \n9 | \n452 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n20 | \n0 | \n7 | \n8 | \n36 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n58 | \n59 | \n-1 | \n3 | \n60 | \n\n\n\n\n\n\n
\n\n| Net other income | \n3 | \n0 | \n2 | \n2 | \n6 | \n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-285 | \n-59 | \n-48 | \n\u2014 | \n-333 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-227 | \n\u2014 | \n-49 | \n\u2014 | \n-275 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n0 | \n0 | \n1 | \n\u2014 | \n1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-59 | \n-59 | \n\u2014 | \n\u2014 | \n-59 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n349 | \n13 | \n550 | \n21 | \n920 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-3 | \n\u2014 | \n-72 | \n\u2014 | \n-75 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-37 | \n\u2014 | \n-107 | \n\u2014 | \n-144 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n0 | \n\u2014 | \n9 | \n\u2014 | \n9 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n35 | \n\u2014 | \n28 | \n\u2014 | \n62 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n346 | \n13 | \n478 | \n21 | \n845 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n30 | \n-2 | \n-59 | \n20 | \n-9 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n84 | \n0 | \n-2 | \n33 | \n115 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 75 | \n75 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-53 | \n-2 | \n-57 | \n-80 | \n-190 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n0 | \n0 | \n0 | \n-8 | \n-9 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-191 | \n-191 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n376 | \n11 | \n419 | \n-150 | \n645 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 645 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Insurance service result | \n 168 | \n 10 | \n 310 | \n\u2014 | \n 478 | \n\n\n\n\n\n\n
\n\n| Insurance revenues before reinsurance | \n 463 | \n 24 | \n 2 492 | \n\u2014 | \n 2 955 | \n\n\n\n\n\n\n
\n\n| Insurance service expenses | \n-296 | \n-14 | \n-2 181 | \n\u2014 | \n-2 477 | \n\n\n\n\n\n\n
\n\n| Of which Non-life claim-related expenses | \n\u2014 | \n\u2014 | \n-1 416 | \n\u2014 | \n-1 416 | \n\n\n\n\n\n\n
\n\n| Investment result and insurance finance income and expense | \n 150 | \n 2 | \n 55 | \n 8 | \n 213 | \n\n\n\n\n\n\n
\n\n| Investment result | \n 446 | \n 92 | \n 100 | \n 8 | \n 554 | \n\n\n\n\n\n\n
\n\n| Net interest income | \n 325 | \n 0 | \n 91 | \n 1 | \n 417 | \n\n\n\n\n\n\n
\n\n| Dividend income | \n 22 | \n 0 | \n 4 | \n 7 | \n 34 | \n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 92 | \n 92 | \n 0 | \n 0 | \n 92 | \n\n\n\n\n\n\n
\n\n| Net other income | \n 4 | \n 0 | \n 4 | \n 1 | \n 9 | \n\n\n\n\n\n\n
\n\n| Impairment | \n 2 | \n 0 | \n 1 | \n 0 | \n 2 | \n\n\n\n\n\n\n
\n\n| Insurance finance income and expense, before reinsurance | \n-296 | \n-91 | \n-45 | \n\u2014 | \n-341 | \n\n\n\n\n\n\n
\n\n| Interest accretion | \n-204 | \n\u2014 | \n-46 | \n\u2014 | \n-250 | \n\n\n\n\n\n\n
\n\n| Effect of changes in financial assumptions and foreign exchange differences | \n-2 | \n 0 | \n 1 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n
\n\n| Changes in fair value of liabilities of IFRS 17 unit-linked contracts | \n-91 | \n-91 | \n\u2014 | \n\u2014 | \n-91 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result before reinsurance | \n 317 | \n 12 | \n 365 | \n 8 | \n 691 | \n\n\n\n\n\n\n
\n\n| Net result from reinsurance contracts held | \n-4 | \n\u2014 | \n-13 | \n\u2014 | \n-17 | \n\n\n\n\n\n\n
\n\n| Premiums paid to the reinsurer | \n-36 | \n\u2014 | \n-121 | \n\u2014 | \n-157 | \n\n\n\n\n\n\n
\n\n| Fee and commission income | \n 9 | \n\u2014 | \n 11 | \n\u2014 | \n 20 | \n\n\n\n\n\n\n
\n\n| Amounts recoverable from the reinsurer | \n 23 | \n\u2014 | \n 99 | \n\u2014 | \n 122 | \n\n\n\n\n\n\n
\n\n| Total reinsurance finance income and expense | \n 0 | \n\u2014 | \n-1 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n
\n\n| Net insurance and investment result after reinsurance | \n 313 | \n 12 | \n 352 | \n 8 | \n 674 | \n\n\n\n\n\n\n
\n\n| Non-directly attributable income or expenses | \n 23 | \n-2 | \n-56 | \n 16 | \n-17 | \n\n\n\n\n\n\n
\n\n| Net fee and commission income | \n 75 | \n 0 | \n-2 | \n 28 | \n 102 | \n\n\n\n\n\n\n
\n\n| Net other income | \n\u2014 | \n\u2014 | \n\u2014 | \n 80 | \n 80 | \n\n\n\n\n\n\n
\n\n| Operating expenses (incl. bank and insurance tax) | \n-51 | \n-2 | \n-53 | \n-91 | \n-196 | \n\n\n\n\n\n\n
\n\n| Impairment \u2013 other | \n-1 | \n 0 | \n-1 | \n 0 | \n-3 | \n\n\n\n\n\n\n
\n\n| Share in the result of associates and joint ventures | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n\n\n\n\n\n\n
\n\n| Income tax expense | \n\u2014 | \n\u2014 | \n\u2014 | \n-142 | \n-142 | \n\n\n\n\n\n\n
\n\n| Result after tax | \n 336 | \n 10 | \n 296 | \n-117 | \n 515 | \n\n\n\n\n\n\n
\n\n| attributable to minority interests | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n\n\n\n\n\n\n
\n\n| attributable to equity holders of the parent | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 515 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 The column \u2018of which Life direct participation (VFA)\u2019 relates to results of long-term unit-linked contracts in Central and
\nEastern Europe, measured under IFRS 17.
\n\u2022 \u2018Insurance finance income and expense, before reinsurance\u2019 includes:
\n- Interest accretion on the IFRS 17 insurance liabilities, which is offset by the investment result on the corresponding assets
\nbacking these liabilities
\n- Changes in the fair value of underlying liabilities of insurance contracts measured under the VFA, which represents the
\nchange in the fair value of unit-linked liabilities, measured under IFRS 17 (Variable Fee Approach), with the offsetting
\nimpact in the change in the fair value of underlying unit-linked assets in \u2018Net result from financial instruments at fair value
\nthrough P&L\u2019 (see also Note 3.3)
\n\u2022 \u2018Non-technical\u2019 includes the results from non-insurance subsidiaries, such as VAB Group and ADD. They have been included
\nin the note for the \u2018insurance business\u2019 given that they are KBC Insurance subsidiaries (but as they cannot be recognised
\nunder \u2018Life\u2019 or \u2018Non-life\u2019, they are included under \u2018Non-technical\u2019). \u2018Non-technical\u2019 also includes the investment income from
\nequity (i.e. mainly interest income from bonds) and income tax.
\n\u2022 In 2025, the Non-life insurance service result was positively impacted by robust growth in insurance revenues (+229 million
\neuros) in all countries, but most distinctly in Belgium and the Czech Republic, driven by both volume growth and rate
\nincreases. In addition, there was a slightly positive impact from lower Non-life claim-related expenses (+10 million
\neuros). This was partly due to a lower impact of storms, primarily in the Czech Republic (storm Boris in 2024) and Belgium,
\namounting to -21 million euros before reinsurance or -16 million euros after reinsurance. Furthermore, the sector-wide update
\nof claims inflation on bodily injury claims had a negative impact last year. However, this was largely offset by a higher level
\n
\n\n\n\n\n\n\n\n\n\n
\n\n
of exceptionally large and standard claims (mainly driven by portfolio growth), additionally resulting in a strong increase in
\n
acquisition commissions (-50 million euros). The Life insurance result was positively impacted by a more favourable
\n
experience result, primarily in Belgium, and a more favourable settlement of past claims, again driven by Belgium.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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}
},
"Tag171": {
"value": "\nNote 3.6.3: Insurance revenues (Life and Non-life) by component
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n | \nTotal | \nLife | \nNon-life | \nTotal | \nLife | \nNon-life | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Insurance revenues for BBA and VFA contracts | \n509 | \n460 | \n49 | \n 472 | \n 432 | \n 39 | \n\n\n\n\n\n\n
\n\n| Amounts related to changes in liabilities for remaining coverage | \n474 | \n426 | \n48 | \n 447 | \n 408 | \n 38 | \n\n\n\n\n\n\n
\n\n| Expected claims and other insurance service expenses | \n286 | \n254 | \n32 | \n 262 | \n 232 | \n 29 | \n\n\n\n\n\n\n
\n\n| Change in risk adjustment for risk expired (non-financial risk) | \n19 | \n16 | \n3 | \n 14 | \n 13 | \n 2 | \n\n\n\n\n\n\n
\n\n| CSM recognised for services provided | \n169 | \n156 | \n13 | \n 170 | \n 163 | \n 7 | \n\n\n\n\n\n\n
\n\n| Recovery of insurance acquisition cashflows | \n35 | \n34 | \n1 | \n 25 | \n 24 | \n 1 | \n\n\n\n\n\n\n
\n\n| Insurance revenues for contracts measured using the PAA | \n2 704 | \n33 | \n2 672 | \n 2 483 | \n 31 | \n 2 452 | \n\n\n\n\n\n\n
\n\n| Total insurance revenues | \n3 214 | \n493 | \n2 721 | \n 2 955 | \n 463 | \n 2 492 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag174": {
"value": "\n
\n\n
\n
\n
\n
\n
Note 3.7: Operating expenses
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-5 265 | \n-5 097 | \n\n\n\n\n\n\n
\n\n| Staff expenses | \n-2 801 | \n-2 708 | \n\n\n\n\n\n\n
\n\n| General administrative expenses | \n | \n | \n\n\n\n\n\n\n
\n\n| ICT | \n-647 | \n-641 | \n\n\n\n\n\n\n
\n\n| Facility expenses | \n-246 | \n-250 | \n\n\n\n\n\n\n
\n\n| Marketing and communications | \n-120 | \n-111 | \n\n\n\n\n\n\n
\n\n| Professional service fees | \n-149 | \n-142 | \n\n\n\n\n\n\n
\n\n| Bank and insurance tax | \n-666 | \n-623 | \n\n\n\n\n\n\n
\n\n| Other | \n-234 | \n-240 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortisation of fixed assets | \n-402 | \n-382 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The table above contains the sum of \u2018Total operating expenses excluding bank and insurance tax\u2019 and \u2018Bank and insurance
\n
tax\u2019 from the income statement.
\n
\u2022 The total expenses went up by 3% in 2025 compared to 2024.
\n
- This amount includes 666 million euros in bank and insurance tax, a 7% increase year-on-year.
\n
- Expenses excluding bank and insurance tax increased by 3% to 4 599 million euros. This was mainly attributable to higher
\n
staff expenses (mostly indexation and wag e drift) and, to a lesser extent , to higher ICT costs , marketing costs ,
\n
professional service fees and depreciation and amortisation, partly offset by slightly lower facility expenses.
\n
\u2022 These operating expenses also include Insurance service expenses that are allocated as \u2018directly attributable to insurance
\n
contracts\u2019. For 2025, they are comprised of approximately 41% staff expenses, 55% general administrative expenses and 4%
\n
depreciation and amortisation of fixed assets.
\n
\u2022 For information on the average number of persons employed, see Note 3.8; information on the remuneration of members of
\n
the Executive Committee and the Board of Directors is provided under \u2018Remuneration report\u2019 in the \u2018Corporate governance
\n
statement\u2019 section; details of the statutory auditor\u2019s remuneration are provided in Note 6.4.
\n
\u2022 Information on the capital increase reserved for KBC group employees can be found in the \u2018Company annual accounts and
\n
additional information\u2019 section. In 2025, this resulted in the recognition of a limited employee benefit (2 million euros) as the
\n
issue price in 2025 was lower than the market price. Information regarding the price of the KBC share can be found in the
\n
\u2018Report of the Board of Directors\u2019 section.
\n
\u2022 Staff expenses include, among other things, variable remuneration paid to Key Identified Staff through a combined
\n
mechanism in which 50% is awarded in cash and 50% in phantom stocks, with payments taking place immediately and
\n
partly spread over a maximum period of six years. See the \u2018Corporate governance statement\u2019 section for more information
\n
on phantom stocks.
\n
In April 2025, 103 551 phantom stocks were awarded at the average price of the first quarter. The cost is 18 million euros of
\n
the total staff expenses (11 million euros in 2024), consisting of a revaluation of the outstanding phantom stocks and a cost
\n
estimate of the phantom stocks still to be awarded in April 2026 (earned in 2025). The cost increase is attributable to the
\n
sharp increase of the KBC share price throughout 2025.
\n
At 31 December 2025, a provision has been recorded for the outstanding phantom stocks, equal to the number of
\n
outstanding units multiplied by the average of the KBC share price during the last quarter.
\n
\n
\n
\n\n\n | \nNumber of phantom stocks | \nPrice per phantom stock (in EUR) | \nValue at 31-12-2025 (in millions of EUR) | \nNumber of phantom stocks to be granted in | \n\n\n\n\n\n\n
\n\n| 2026 | \n2027 | \n2028 | \n2029 | \n2030 | \n2031 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total commitment | \n243 698 | \n105.38 | \n26 | \n98 848 | \n50 626 | \n42 337 | \n31 244 | \n16 222 | \n4 421 | \n\n\n\n\n\n\n
\n\n| Of which awarded to the members of the Executive Committee | \n70 360 | \n105.38 | \n7 | \n24 973 | \n14 426 | \n12 167 | \n9 685 | \n6 347 | \n2 762 | \n\n\n\n\n\n\n
\n\n| Social security contributions | \n\u2013 | \n\u2013 | \n4 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n| Total commitment | \n\u2013 | \n\u2013 | \n29 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag175": {
"value": "\n
\n\n
\n
\n
Note 3.7: Operating expenses
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-5 265 | \n-5 097 | \n\n\n\n\n\n\n
\n\n| Staff expenses | \n-2 801 | \n-2 708 | \n\n\n\n\n\n\n
\n\n| General administrative expenses | \n | \n | \n\n\n\n\n\n\n
\n\n| ICT | \n-647 | \n-641 | \n\n\n\n\n\n\n
\n\n| Facility expenses | \n-246 | \n-250 | \n\n\n\n\n\n\n
\n\n| Marketing and communications | \n-120 | \n-111 | \n\n\n\n\n\n\n
\n\n| Professional service fees | \n-149 | \n-142 | \n\n\n\n\n\n\n
\n\n| Bank and insurance tax | \n-666 | \n-623 | \n\n\n\n\n\n\n
\n\n| Other | \n-234 | \n-240 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortisation of fixed assets | \n-402 | \n-382 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The table above contains the sum of \u2018Total operating expenses excluding bank and insurance tax\u2019 and \u2018Bank and insurance
\n
tax\u2019 from the income statement.
\n
\u2022 The total expenses went up by 3% in 2025 compared to 2024.
\n
- This amount includes 666 million euros in bank and insurance tax, a 7% increase year-on-year.
\n
- Expenses excluding bank and insurance tax increased by 3% to 4 599 million euros. This was mainly attributable to higher
\n
staff expenses (mostly indexation and wag e drift) and, to a lesser extent , to higher ICT costs , marketing costs ,
\n
professional service fees and depreciation and amortisation, partly offset by slightly lower facility expenses.
\n
\u2022 These operating expenses also include Insurance service expenses that are allocated as \u2018directly attributable to insurance
\n
contracts\u2019. For 2025, they are comprised of approximately 41% staff expenses, 55% general administrative expenses and 4%
\n
depreciation and amortisation of fixed assets.
\n
\u2022 For information on the average number of persons employed, see Note 3.8; information on the remuneration of members of
\n
the Executive Committee and the Board of Directors is provided under \u2018Remuneration report\u2019 in the \u2018Corporate governance
\n
statement\u2019 section; details of the statutory auditor\u2019s remuneration are provided in Note 6.4.
\n
\u2022 Information on the capital increase reserved for KBC group employees can be found in the \u2018Company annual accounts and
\n
additional information\u2019 section. In 2025, this resulted in the recognition of a limited employee benefit (2 million euros) as the
\n
issue price in 2025 was lower than the market price. Information regarding the price of the KBC share can be found in the
\n
\u2018Report of the Board of Directors\u2019 section.
\n
\u2022 Staff expenses include, among other things, variable remuneration paid to Key Identified Staff through a combined
\n
mechanism in which 50% is awarded in cash and 50% in phantom stocks, with payments taking place immediately and
\n
partly spread over a maximum period of six years. See the \u2018Corporate governance statement\u2019 section for more information
\n
on phantom stocks.
\n
In April 2025, 103 551 phantom stocks were awarded at the average price of the first quarter. The cost is 18 million euros of
\n
the total staff expenses (11 million euros in 2024), consisting of a revaluation of the outstanding phantom stocks and a cost
\n
estimate of the phantom stocks still to be awarded in April 2026 (earned in 2025). The cost increase is attributable to the
\n
sharp increase of the KBC share price throughout 2025.
\n
At 31 December 2025, a provision has been recorded for the outstanding phantom stocks, equal to the number of
\n
outstanding units multiplied by the average of the KBC share price during the last quarter.
\n
\n
\n
\n\n\n | \nNumber of phantom stocks | \nPrice per phantom stock (in EUR) | \nValue at 31-12-2025 (in millions of EUR) | \nNumber of phantom stocks to be granted in | \n\n\n\n\n\n\n
\n\n| 2026 | \n2027 | \n2028 | \n2029 | \n2030 | \n2031 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total commitment | \n243 698 | \n105.38 | \n26 | \n98 848 | \n50 626 | \n42 337 | \n31 244 | \n16 222 | \n4 421 | \n\n\n\n\n\n\n
\n\n| Of which awarded to the members of the Executive Committee | \n70 360 | \n105.38 | \n7 | \n24 973 | \n14 426 | \n12 167 | \n9 685 | \n6 347 | \n2 762 | \n\n\n\n\n\n\n
\n\n| Social security contributions | \n\u2013 | \n\u2013 | \n4 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n| Total commitment | \n\u2013 | \n\u2013 | \n29 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag176": {
"value": "\n
\n\n
Note 3.7: Operating expenses
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-5 265 | \n-5 097 | \n\n\n\n\n\n\n
\n\n| Staff expenses | \n-2 801 | \n-2 708 | \n\n\n\n\n\n\n
\n\n| General administrative expenses | \n | \n | \n\n\n\n\n\n\n
\n\n| ICT | \n-647 | \n-641 | \n\n\n\n\n\n\n
\n\n| Facility expenses | \n-246 | \n-250 | \n\n\n\n\n\n\n
\n\n| Marketing and communications | \n-120 | \n-111 | \n\n\n\n\n\n\n
\n\n| Professional service fees | \n-149 | \n-142 | \n\n\n\n\n\n\n
\n\n| Bank and insurance tax | \n-666 | \n-623 | \n\n\n\n\n\n\n
\n\n| Other | \n-234 | \n-240 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortisation of fixed assets | \n-402 | \n-382 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The table above contains the sum of \u2018Total operating expenses excluding bank and insurance tax\u2019 and \u2018Bank and insurance
\n
tax\u2019 from the income statement.
\n
\u2022 The total expenses went up by 3% in 2025 compared to 2024.
\n
- This amount includes 666 million euros in bank and insurance tax, a 7% increase year-on-year.
\n
- Expenses excluding bank and insurance tax increased by 3% to 4 599 million euros. This was mainly attributable to higher
\n
staff expenses (mostly indexation and wag e drift) and, to a lesser extent , to higher ICT costs , marketing costs ,
\n
professional service fees and depreciation and amortisation, partly offset by slightly lower facility expenses.
\n
\u2022 These operating expenses also include Insurance service expenses that are allocated as \u2018directly attributable to insurance
\n
contracts\u2019. For 2025, they are comprised of approximately 41% staff expenses, 55% general administrative expenses and 4%
\n
depreciation and amortisation of fixed assets.
\n
\u2022 For information on the average number of persons employed, see Note 3.8; information on the remuneration of members of
\n
the Executive Committee and the Board of Directors is provided under \u2018Remuneration report\u2019 in the \u2018Corporate governance
\n
statement\u2019 section; details of the statutory auditor\u2019s remuneration are provided in Note 6.4.
\n
\u2022 Information on the capital increase reserved for KBC group employees can be found in the \u2018Company annual accounts and
\n
additional information\u2019 section. In 2025, this resulted in the recognition of a limited employee benefit (2 million euros) as the
\n
issue price in 2025 was lower than the market price. Information regarding the price of the KBC share can be found in the
\n
\u2018Report of the Board of Directors\u2019 section.
\n
\u2022 Staff expenses include, among other things, variable remuneration paid to Key Identified Staff through a combined
\n
mechanism in which 50% is awarded in cash and 50% in phantom stocks, with payments taking place immediately and
\n
partly spread over a maximum period of six years. See the \u2018Corporate governance statement\u2019 section for more information
\n
on phantom stocks.
\n
In April 2025, 103 551 phantom stocks were awarded at the average price of the first quarter. The cost is 18 million euros of
\n
the total staff expenses (11 million euros in 2024), consisting of a revaluation of the outstanding phantom stocks and a cost
\n
estimate of the phantom stocks still to be awarded in April 2026 (earned in 2025). The cost increase is attributable to the
\n
sharp increase of the KBC share price throughout 2025.
\n
At 31 December 2025, a provision has been recorded for the outstanding phantom stocks, equal to the number of
\n
outstanding units multiplied by the average of the KBC share price during the last quarter.
\n
\n
\n
\n\n\n | \nNumber of phantom stocks | \nPrice per phantom stock (in EUR) | \nValue at 31-12-2025 (in millions of EUR) | \nNumber of phantom stocks to be granted in | \n\n\n\n\n\n\n
\n\n| 2026 | \n2027 | \n2028 | \n2029 | \n2030 | \n2031 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total commitment | \n243 698 | \n105.38 | \n26 | \n98 848 | \n50 626 | \n42 337 | \n31 244 | \n16 222 | \n4 421 | \n\n\n\n\n\n\n
\n\n| Of which awarded to the members of the Executive Committee | \n70 360 | \n105.38 | \n7 | \n24 973 | \n14 426 | \n12 167 | \n9 685 | \n6 347 | \n2 762 | \n\n\n\n\n\n\n
\n\n| Social security contributions | \n\u2013 | \n\u2013 | \n4 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n| Total commitment | \n\u2013 | \n\u2013 | \n29 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
Note 5.4: Property and equipment and investment property
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Property and equipment | \n3 578 | \n3 396 | \n\n\n
\n\n| Investment property | \n363 | \n 585 | \n\n\n
\n\n| Rental income | \n49 | \n 55 | \n\n\n
\n\n| Direct operating expenses from investments generating rental income | \n14 | \n 16 | \n\n\n
\n\n| Direct operating expenses from investments not generating rental income | \n0 | \n 1 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n| MOVEMENTS TABLE | \nLand and buildings | \nIT equipment | \nOther equipment | \nTotal property and equipment | \nInvestment property | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 271 | \n135 | \n1 990 | \n3 396 | \n585 | \n\n\n
\n\n| Acquisitions | \n160 | \n72 | \n714 | \n945 | \n141 | \n\n\n
\n\n| Disposals | \n-31 | \n-3 | \n-237 | \n-272 | \n-23 | \n\n\n
\n\n| Depreciation | \n-103 | \n-59 | \n-28 | \n-190 | \n-31 | \n\n\n
\n\n| Other movements | \n21 | \n4 | \n-327 | \n-303 | \n-308 | \n\n\n
\n\n| Closing balance | \n1 317 | \n148 | \n2 112 | \n3 578 | \n363 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 678 | \n472 | \n963 | \n3 113 | \n293 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 596 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 306 | \n122 | \n1 789 | \n3 216 | \n485 | \n\n\n
\n\n| Acquisitions | \n 109 | \n 83 | \n 803 | \n 995 | \n 149 | \n\n\n
\n\n| Disposals | \n-44 | \n-2 | \n-271 | \n-317 | \n-13 | \n\n\n
\n\n| Depreciation | \n-102 | \n-62 | \n-30 | \n-194 | \n-33 | \n\n\n
\n\n| Other movements | \n 3 | \n-6 | \n-300 | \n-304 | \n-2 | \n\n\n
\n\n| Closing balance | \n1 271 | \n 135 | \n1 990 | \n3 396 | \n 585 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 609 | \n 484 | \n 882 | \n2 975 | \n 324 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 839 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\u2022 Annual rates of depreciation: mainly 3% for buildings (including investment property), 33% for IT equipment, between 5% and
\n
33% for other equipment. No depreciation is charged for land.
\n
\n\n\n\n
\n
\u2022 There was a small amount (around 0.2 billion euros) for commitments for the acquisition of property and equipment. There
\n
are no material restrictions on title, or on property and equipment pledged as security for liabilities.
\n
\u2022 Most investment property is valued by an independent expert on a regular basis and by in-house specialists on an annual
\n
basis, based primarily on the capitalisation of the estimated rental value and on unit prices of similar real property. Account
\n
is taken of all the market inputs available on the date of the assessment (including location and market situation, type of
\n
building and construction, state of repair, use, etc.).
\n
\u2022 Certain other investment property is valued annually by in-house specialists based on the current annual rental per building
\n
and expected rental movements and on an individual capitalisation rate per building.
\n
\u2022 The impact of the heavy flooding and other extreme weather conditions in 2025 and 2024 on property and equipment and
\n
investment property (in this case, our branch network) and on the associated impairment was insignificant. For information
\n
regarding climate-related and other ESG risks, see the \u2018Sustainability statement\u2019 section.
\n
\u2022 The impact of our own activities as a bank-insurer on the environment is very limited, especially when compared to
\n
industrial companies and our indirect impact through lending and other activities, and stems mainly from our buildings and
\n
vehicles (commuting). We nevertheless also calculate our own direct greenhouse gas impact and apply certain targets in
\n
that regard. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\n
More details can also be found in our Climate Report and our Sustainability Report at www.kbc.com.
\n
\u2022 \u2018Other equipment\u2019 mostly comprises full service vehicle leases (mainly cars and bicycles) under operating leases. The other
\n
movements in \u2018Other equipment\u2019 mainly concern depreciation of these assets, recognised under \u2018Net other income\u2019 in
\n
the income statement.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
Note 5.5: Goodwill and other intangible assets
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\n
activities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\n
shown on the balance sheet.
\n
\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\n
and Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\n
quarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\n
generating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\n
entity.
\n
\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\n
carrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\n
cashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n
\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\n
the discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\n
the present value of all future free cashflows of the business. This method is based on long-term projections about the
\n
company\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\n
business at the end of the specific projection period). These long-term projections are the result of an assessment of past
\n
and present performances combined with external sources of information on future performances in the respective markets
\n
and the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\n
have been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\n
determined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\n
a compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\n
a market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\n
discounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\n
that can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n\n\n | \n | \n | \nDiscount rates throughout the specific period | \n\n\n
\n\n| Goodwill outstanding | \n | \n | \n | \nof cashflow projections | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| K&H Bank | \n180 | \n169 | \n14.8% \u2013 12.9% | \n14.7% \u2013 13.5% | \n\n\n
\n\n| \u010cSOB (Czech Republic) | \n257 | \n248 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| \u010cSOB Stavebn\u00ed sporitelna | \n67 | \n65 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| United Bulgarian Bank | \n546 | \n546 | \n11.1% \u2013 11.7% | \n12.4% \u2013 12.3% | \n\n\n
\n\n| DZI Insurance | \n75 | \n75 | \n10.4% - 10.9% | \n10.1% | \n\n\n
\n\n| KBC Commercial Finance | \n21 | \n21 | \n11.0% \u2013 11.7% | \n11.6% \u2013 12.2% | \n\n\n
\n\n| Pension Insurance Company UBB | \n56 | \n56 | \n7.1% \u20137.4% | \n7.3% \u2013 7.8% | \n\n\n
\n\n| Rest | \n37 | \n42 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Total | \n1 239 | \n1 221 | \n\u2013 | \n\u2013 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The period to which the cashflow budgets and projections relate is 10 years in most cases. This longer period is used to take
\n
account of current strong growth in the Central and Eastern European countries, where the growth rate is expected to
\n
develop towards a more moderate level in the longer term.
\n
\u2022 The growth rate used to extrapolate the cashflow projections after that period is equal to the expected long-term growth
\n
rate of the gross domestic product. This rate depends on the country and varied between 3.3% and 4.9% in 2025 (between
\n
3.2% and 4.7% in 2024).
\n
\u2022 No sensitivity analysis was carried out for entities where the recoverable amount exceeded the carrying value to such a
\n
large extent that no reasonably possible change in the key assumptions would result in the recoverable amount being less
\n
than or equal to the carrying value. The table gives an indication for the other entities (one in 2025) of the impact of
\n
reasonable changes in key assumptions on impairment on goodwill.
\n
\n
\n
\n\n\n| Sensitivity to reasonable changes (in millions of EUR)* | \n1.0% increase in discount rate | \n1.0% increase in targeted solvency ratio | \n5% decrease in annual net profit | \n\n\n
\n\n\n\n\n\n| \u010cSOB Stavebn\u00ed spo\u0159itelna | \n-12 | \n-8 | \n-10 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag177": {
"value": "\nNote 3.7: Operating expenses
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-5 265 | \n-5 097 | \n\n\n\n\n\n\n
\n\n| Staff expenses | \n-2 801 | \n-2 708 | \n\n\n\n\n\n\n
\n\n| General administrative expenses | \n | \n | \n\n\n\n\n\n\n
\n\n| ICT | \n-647 | \n-641 | \n\n\n\n\n\n\n
\n\n| Facility expenses | \n-246 | \n-250 | \n\n\n\n\n\n\n
\n\n| Marketing and communications | \n-120 | \n-111 | \n\n\n\n\n\n\n
\n\n| Professional service fees | \n-149 | \n-142 | \n\n\n\n\n\n\n
\n\n| Bank and insurance tax | \n-666 | \n-623 | \n\n\n\n\n\n\n
\n\n| Other | \n-234 | \n-240 | \n\n\n\n\n\n\n
\n\n| Depreciation and amortisation of fixed assets | \n-402 | \n-382 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 The table above contains the sum of \u2018Total operating expenses excluding bank and insurance tax\u2019 and \u2018Bank and insurance
\ntax\u2019 from the income statement.
\n\u2022 The total expenses went up by 3% in 2025 compared to 2024.
\n- This amount includes 666 million euros in bank and insurance tax, a 7% increase year-on-year.
\n- Expenses excluding bank and insurance tax increased by 3% to 4 599 million euros. This was mainly attributable to higher
\nstaff expenses (mostly indexation and wag e drift) and, to a lesser extent , to higher ICT costs , marketing costs ,
\nprofessional service fees and depreciation and amortisation, partly offset by slightly lower facility expenses.
\n\u2022 These operating expenses also include Insurance service expenses that are allocated as \u2018directly attributable to insurance
\ncontracts\u2019. For 2025, they are comprised of approximately 41% staff expenses, 55% general administrative expenses and 4%
\ndepreciation and amortisation of fixed assets.
\n\u2022 For information on the average number of persons employed, see Note 3.8; information on the remuneration of members of
\nthe Executive Committee and the Board of Directors is provided under \u2018Remuneration report\u2019 in the \u2018Corporate governance
\nstatement\u2019 section; details of the statutory auditor\u2019s remuneration are provided in Note 6.4.
\n\u2022 Information on the capital increase reserved for KBC group employees can be found in the \u2018Company annual accounts and
\nadditional information\u2019 section. In 2025, this resulted in the recognition of a limited employee benefit (2 million euros) as the
\nissue price in 2025 was lower than the market price. Information regarding the price of the KBC share can be found in the
\n\u2018Report of the Board of Directors\u2019 section.
\n\u2022 Staff expenses include, among other things, variable remuneration paid to Key Identified Staff through a combined
\nmechanism in which 50% is awarded in cash and 50% in phantom stocks, with payments taking place immediately and
\npartly spread over a maximum period of six years. See the \u2018Corporate governance statement\u2019 section for more information
\non phantom stocks.
\nIn April 2025, 103 551 phantom stocks were awarded at the average price of the first quarter. The cost is 18 million euros of
\nthe total staff expenses (11 million euros in 2024), consisting of a revaluation of the outstanding phantom stocks and a cost
\nestimate of the phantom stocks still to be awarded in April 2026 (earned in 2025). The cost increase is attributable to the
\nsharp increase of the KBC share price throughout 2025.
\nAt 31 December 2025, a provision has been recorded for the outstanding phantom stocks, equal to the number of
\noutstanding units multiplied by the average of the KBC share price during the last quarter.
\n
\n\n
\n\n\n | \nNumber of phantom stocks | \nPrice per phantom stock (in EUR) | \nValue at 31-12-2025 (in millions of EUR) | \nNumber of phantom stocks to be granted in | \n\n\n\n\n\n\n
\n\n| 2026 | \n2027 | \n2028 | \n2029 | \n2030 | \n2031 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total commitment | \n243 698 | \n105.38 | \n26 | \n98 848 | \n50 626 | \n42 337 | \n31 244 | \n16 222 | \n4 421 | \n\n\n\n\n\n\n
\n\n| Of which awarded to the members of the Executive Committee | \n70 360 | \n105.38 | \n7 | \n24 973 | \n14 426 | \n12 167 | \n9 685 | \n6 347 | \n2 762 | \n\n\n\n\n\n\n
\n\n| Social security contributions | \n\u2013 | \n\u2013 | \n4 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n| Total commitment | \n\u2013 | \n\u2013 | \n29 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag178": {
"value": "\nNote 3.8: Personnel
\n
\n\n
\n\n\n| (number) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total average number of persons employed (in full-time equivalents) | \n37 979 | \n 38 074 | \n\n\n\n\n\n\n
\n\n| By legal entity | \n | \n | \n\n\n\n\n\n\n
\n\n| KBC Bank | \n27 619 | \n 27 872 | \n\n\n\n\n\n\n
\n\n| KBC Insurance | \n3 981 | \n 4 120 | \n\n\n\n\n\n\n
\n\n| KBC Group NV (holding company) and KBC Global Services NV (cost-sharing structure) | \n6 379 | \n 6 082 | \n\n\n\n\n\n\n
\n\n| By employee classification | \n | \n | \n\n\n\n\n\n\n
\n\n| Blue-collar staff | \n223 | \n417 | \n\n\n\n\n\n\n
\n\n| White-collar staff | \n37 493 | \n 37 400 | \n\n\n\n\n\n\n
\n\n| Senior management | \n263 | \n 257 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 The figures in the table are annual averages, which \u2013 in terms of scope \u2013 may differ from year-end figures that are provided
\nelsewhere.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| Transactions with key management (members of the Board of Directors and Executive Committee of | \n\n\n\n
\n\n| KBC Group NV) (in millions of EUR)* | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Total* | \n15 | \n 16 | \n\n\n\n
\n\n| Breakdown by type of remuneration | \n | \n | \n\n\n\n
\n\n| Short-term employee benefits | \n12 | \n 13 | \n\n\n\n
\n\n| Post-employment benefits | \n3 | \n 3 | \n\n\n\n
\n\n| Defined benefit plans | \n0 | \n 0 | \n\n\n\n
\n\n| Defined contribution plans | \n3 | \n 3 | \n\n\n\n
\n\n| Other long-term employee benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Termination benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Share-based payments | \n1 | \n 0 | \n\n\n\n
\n\n| Stock options (units) | \n | \n | \n\n\n\n
\n\n| At the beginning of the period | \n0 | \n0 | \n\n\n\n
\n\n| Granted | \n0 | \n0 | \n\n\n\n
\n\n| Exercised | \n0 | \n0 | \n\n\n\n
\n\n| Composition-related changes | \n0 | \n0 | \n\n\n\n
\n\n| At the end of the period | \n0 | \n0 | \n\n\n\n
\n\n| Advances and loans granted to key management and partners | \n5 | \n 3 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
*
\nRemuneration to key management of the consolidating company on the basis of their activity in that company, its subsidiaries and associated companies, including the amount of
\nretirement pensions granted to former key management staff on that basis.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag179": {
"value": "\n
\n\n
\n
Note 3.9: Impairment (income statement)
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR*) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-334 | \n-248 | \n\n\n\n\n\n\n
\n\n| Impairment on financial assets at AC and at FVOCI (impairment on loans) | \n-273 | \n-199 | \n\n\n\n\n\n\n
\n\n| By IFRS category | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n-272 | \n-201 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n-1 | \n2 | \n\n\n\n\n\n\n
\n\n| By product | \n | \n | \n\n\n\n\n\n\n
\n\n| Loans and advances | \n-278 | \n-224 | \n\n\n\n\n\n\n
\n\n| Debt securities | \n-1 | \n4 | \n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments and financial guarantees | \n6 | \n21 | \n\n\n\n\n\n\n
\n\n| By type | \n | \n | \n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-28 | \n-30 | \n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n15 | \n162 | \n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n-259 | \n-283 | \n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets | \n-1 | \n-49 | \n\n\n\n\n\n\n
\n\n| By business unit/country | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n-175 | \n-246 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n-44 | \n34 | \n\n\n\n\n\n\n
\n\n| International Markets | \n-64 | \n25 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n-7 | \n18 | \n\n\n\n\n\n\n
\n\n| Hungary | \n-6 | \n23 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n-51 | \n-16 | \n\n\n\n\n\n\n
\n\n| Group Centre | \n10 | \n-12 | \n\n\n\n\n\n\n
\n\n| Impairment on goodwill | \n-7 | \n0 | \n\n\n\n\n\n\n
\n\n| Impairment on other | \n-53 | \n-49 | \n\n\n\n\n\n\n
\n\n| Intangible fixed assets (other than goodwill) | \n-32 | \n-36 | \n\n\n\n\n\n\n
\n\n| Property and equipment (including investment property) | \n-6 | \n-2 | \n\n\n\n\n\n\n
\n\n| Associated companies and joint ventures | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Other | \n-16 | \n-11 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
* Positive figures indicate a reversal and hence a positive impact on results
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\u2022 Impairment on loans:
\n
- In 2025, this item included a partial reversal of 17 million euros related to the reserves allocated to geopolitical and
\n
macroeconomic uncertainties (see below) and a net impairment increase of 290 million euros related to the loan book (of
\n
which a charge of 52 million euros related to lowering the back-stop shortfall for non-performing loans in Belgium, see
\n
also the \u2018Capital management\u2019 section).
\n
- In 2024, this item included a partial reversal of 134 million euros related to the reserve for geopolitical and
\n
macroeconomic uncertainties (see below) and a net increase of 333 million euros for loans in the loan portfolio (of which
\n
72 million euros related to lowering the backstop shortfall for old non-performing loans in Belgium \u2013 see also the \u2018Capital
\n
management\u2019 section).
\n
- The impact of the extreme weather conditions, including flooding and storms, in 2025 and 2024 on (impairment on) loans
\n
was insignificant.
\n
\u2022 Impairment on goodwill in 2025 included a provision of 7 million euros related to goodwill in the Belgium Business Unit.
\n
\u2022 Impairment on other:
\n
- In 2025, this item included impairment of software and modification losses related to the extension of the interest cap
\n
regulation in Hungary and to the mortgage loan support scheme in Slovakia.
\n
- In 2024, this item included impairment of software and modification losses related to the extension of the interest cap
\n
regulation in Hungary.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section. Among other
\n
things, this section also provides more information on impaired loans (Stage 3).
\n
\u2022 For information on total impairment recognised in the balance sheet, see Note 4.2.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\u2022 More background information and methodology for KBC\u2019s ECL model is provided in the accounting policies under \u2018Financial
\n
assets \u2013 impairment\u2019 in Note 1.2.
\n
\u2022 In order to calculate ECL, KBC uses specific models for probability of default (PD), exposure at default (EAD) and loss given
\n
default (LGD). It is essential to take account of historical observations and forward-looking projections in this respect.
\n
- PD represents the probability of a counterparty defaulting in the next 12 months or during the entire term of the facility
\n
(depending on which IFRS 9 \u2018Stage\u2019 the facility is in). The PD is determined by the counterparty\u2019s internal (and, if
\n
applicable, external) credit rating. Variables used in PD models include financial ratios and behavioural parameters
\n
(arrears).
\n
- EAD represents the estimated outstanding debt at the time of default and depends on the existing outstanding debt
\n
and any changes permitted under the contract and normal repayments. Variables used in these models include product
\n
types and repayment schedules.
\n
- LGD is the estimated size of the loss relative to the outstanding debt at the time of default. LGD is presented as a
\n
percentage of the outstanding debt and is determined by historical amounts recovered on similar claims. Variables used
\n
in these models include collateral types and financial ratios.
\n
\u2022 On 31 December 2025, there were around 80 different IFRS 9 models. In addition to several group-wide models, we have
\n
separate PD, EAD and LGD models for each of our core countries. In accordance with the Basel grouping approach, we use
\n
the type of counterparty (private individuals, SMEs, companies, governments, etc.) to determine the scope of an IFRS 9
\n
model. Each model allows for differentiation in terms of facility type (term loans, revolving facilities, etc.) and collateral type
\n
(mortgages, pledges on business assets, guarantees, etc.). Examples of IFRS 9 models include \u2018Banks\u2019, \u2018Belgian private
\n
persons \u2013 home loans\u2019, \u2018Czech corporates\u2019, \u2018Bulgarian corporates and SMEs\u2019 and \u2018Central governments\u2019. Detailed
\n
documentation is available for each PD, EAD and LGD model. These models are periodically back-tested and, if necessary,
\n
redesigned. There was no material net impact on ECL from redesigned models in 2025. The main models are subject to
\n
review by external auditors. The Basel models, which the IFRS 9 models are based on, are subject to external control
\n
performed by the supervisory authorities.
\n
\n
\n\n
\u2022 We create the models for the various portfolios using typical PD, EAD and LGD inputs, as well as macro- and microeconomic
\n
variables to the extent that there is a statistical relationship. The macroeconomic variables are GDP growth, the
\n
unemployment rate, policy interest rates, the exchange rate, government bond yields, house prices and inflation.
\n
Microeconomic variables include, for example, confidence indicators, the harmonised consumer price index (HICP), the
\n
producer price index (PPI), and so on. As a result of regular back-testing, models may change and economic variables may
\n
be reassessed. The following table gives the base-case scenario for the three key indicators (GDP growth, unemployment
\n
rate and house price index) for each of our core countries for the coming years. After that, we take into account a gradual
\n
linear transition towards a stable situation.
\n
\n
\n
\n\n\n| Macroeconomic base-case scenario \u2013 key indicators (used for situation at year-end 2025)* | \n2025 | \n2026 | \n2027 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Real GDP growth | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n1.0% | \n1.1% | \n1.3% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n2.5% | \n2.0% | \n2.2% | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.4% | \n2.3% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.7% | \n0.9% | \n1.8% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.1% | \n2.7% | \n2.8% | \n\n\n\n\n\n\n
\n\n| Unemployment rate | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n6.4% | \n6.2% | \n6.0% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n3.2% | \n3.2% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Hungary | \n4.4% | \n4.0% | \n3.7% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n5.4% | \n5.7% | \n5.7% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.8% | \n3.7% | \n3.6% | \n\n\n\n\n\n\n
\n\n| House price index | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n2.6% | \n3.1% | \n3.5% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n10.0% | \n6.4% | \n3.3% | \n\n\n\n\n\n\n
\n\n| Hungary | \n13.0% | \n7.5% | \n4.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n10.4% | \n5.0% | \n4.5% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n14.7% | \n8.5% | \n6.5% | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
* This deviates from the (more recent) estimates provided in the \u2018Report of the Board of Directors\u2019, under the \u2018Market conditions in our core markets in 2025\u2019 and \u2018Our business units\u2019 sections.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 We use three different forward-looking macroeconomic scenarios (with different probability weightings) to measure ECL.
\n
The weightings at year-end 2025 were 60% for the \u2018base\u2019 scenario, 20% for the optimistic \u2018up\u2019 scenario and 20% for the
\n
pessimistic \u2018down\u2019 scenario (60%, 20% and 20%, respectively, in 2024). The forecast horizon is 30 years. A sensitivity analysis
\n
of the impact of these multiple economic scenarios on the collectively assessed ECL (i.e. without the ECL for individually
\n
assessed loans of 1.65 billion euros at year-end 2025 and year-end 2024) shows that the \u2018base\u2019 scenario generates an ECL
\n
of 0.85 billion euros (0.81 billion euros in 2024), which is 0.02 billion euros lower than for the \u2018down\u2019 scenario and 0.01 billion
\n
euros higher than for the \u2018up\u2019 scenario (the same as in 2024). The assessed scenario-weighted collective ECL results (that
\n
were recognised) amounted to 0.85 billion euros (0.81 billion euros in 2024). These amounts include the ECL related to
\n
geopolitical and macroeconomic uncertainties.
\n
\n
\n
\n
\n\n\n| Collectively assessed ECL by country (2025, in billions of EUR) | \n100% base-case scenario | \n100% optimistic scenario | \n100% pessimistic scenario | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n0.85 | \n0.84 | \n0.87 | \n\n\n\n\n\n\n
\n\n| Belgium | \n0.26 | \n0.26 | \n0.27 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n0.31 | \n0.31 | \n0.31 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.08 | \n0.08 | \n0.09 | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.05 | \n0.05 | \n0.06 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n0.15 | \n0.15 | \n0.16 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The management of ESG risks is an integral part of the Credit Risk Management Framework (CRMF; see \u2018Risk management\u2019
\n
under \u2018Credit risk\u2019). Dedicated processes have been developed focusing on the risk management of ESG-related credit risks,
\n
and in particular on identification measurement, risk appetite and follow-up. A detailed explanation of the Credit Risk
\n
Management Framework is provided in the \u2018ESG in credit risk management\u2019 section of the Risk Report, which is available at
\n
www.kbc.com. The main elements of this management framework are as follows:
\n
- In order to identify ESG-related credit risks, we use the Environmental Risk Impact Map (ERIM) to assess the impact of
\n
various climate and environmental risk drivers on the credit risk profile. Additionally, regular thematic analyses are also
\n
carried out (so-called \u2018White Papers\u2019). In the loan origination and review process, a sector-based environmental and
\n
social (E&S) heat map is used. This is a screening tool to identify the risks involved in the portfolio of loans to corporate
\n
entities and SMEs. For material credit files in scope of high E&S Risk sectors, an ESG assessment is performed at
\n
counterparty level.
\n
- In the context of risk quantification, specific measurement techniques are being developed to assess the impact of ESG
\n
risks on our loan portfolio. For example, KBC is exploring the possibility of assessing sectoral climate impacts on
\n
Probability of Default (PD) based on climate scenarios from the Network for Greening the Financial System (NGFS). The
\n
quantifiability of ESG-related risks will gradually increase with the improved availability of data and measurement
\n
methodologies.
\n
- As regards risk appetite, KBC aims to limit the adverse impact of its activities on the environment and society and to
\n
encourage a positive impact, based on a responsible lending culture, the principles of which are laid out in a group-wide
\n
sustainability policy. KBC\u2019s commitment to consider climate and environmental risks is reflected in standards and policies
\n
addressing credit risk. These standards and policies apply in every step of the credit process, including, for instance, in
\n
loan pricing and collateral valuation. Furthermore, climate-related Key Risk Indicators (KRIs) were introduced in the Risk
\n
Appetite Process. These KRIs are monitored on a semi-annual basis by the Group Lending Committee and integrated in
\n
the Climate Risk Dashboard.
\n
\u2022 Climate-related risks are currently not explicitly considered separately in our ECL models, mainly due to the above-
\n
mentioned limitations regarding the measurability and availability of ESG-related data. However, KBC is gradually
\n
incorporating these risks in the ECL process. This is reflected, for example, in our commitment, as described above, to
\n
consider climate-related risks in our collateral valuation process and in the ESG assessment of the relevant counterparty.
\n
Additionally, management has the ability to overrule the expected credit losses and to capture the growing insights into
\n
ESG and climate-related risks.
\n
\u2022 Reserve for geopolitical and macroeconomic uncertainties: the outstanding balance of the ECL for geopolitical and
\n
macroeconomic uncertainties came to 100 million euros at year-end 2025; the corresponding figure at year-end 2024 was
\n
117 million euros. This ECL is determined based on individual counterparties and sectors in our portfolio which are deemed to
\n
have incurred an increase in credit risk because they are either (\u00b0) exposed to the macroeconomic risks or (\u00b0) indirectly
\n
exposed to ongoing military conflict, such as the one in Ukraine. The net decrease in 2025 is primarily attributable to the
\n
improved micro- and macroeconomic outlook, partly offset by the inclusion of a stressed scenario.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\nNote 5.4: Property and equipment and investment property
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Property and equipment | \n3 578 | \n3 396 | \n\n\n
\n\n| Investment property | \n363 | \n 585 | \n\n\n
\n\n| Rental income | \n49 | \n 55 | \n\n\n
\n\n| Direct operating expenses from investments generating rental income | \n14 | \n 16 | \n\n\n
\n\n| Direct operating expenses from investments not generating rental income | \n0 | \n 1 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n| MOVEMENTS TABLE | \nLand and buildings | \nIT equipment | \nOther equipment | \nTotal property and equipment | \nInvestment property | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 271 | \n135 | \n1 990 | \n3 396 | \n585 | \n\n\n
\n\n| Acquisitions | \n160 | \n72 | \n714 | \n945 | \n141 | \n\n\n
\n\n| Disposals | \n-31 | \n-3 | \n-237 | \n-272 | \n-23 | \n\n\n
\n\n| Depreciation | \n-103 | \n-59 | \n-28 | \n-190 | \n-31 | \n\n\n
\n\n| Other movements | \n21 | \n4 | \n-327 | \n-303 | \n-308 | \n\n\n
\n\n| Closing balance | \n1 317 | \n148 | \n2 112 | \n3 578 | \n363 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 678 | \n472 | \n963 | \n3 113 | \n293 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 596 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 306 | \n122 | \n1 789 | \n3 216 | \n485 | \n\n\n
\n\n| Acquisitions | \n 109 | \n 83 | \n 803 | \n 995 | \n 149 | \n\n\n
\n\n| Disposals | \n-44 | \n-2 | \n-271 | \n-317 | \n-13 | \n\n\n
\n\n| Depreciation | \n-102 | \n-62 | \n-30 | \n-194 | \n-33 | \n\n\n
\n\n| Other movements | \n 3 | \n-6 | \n-300 | \n-304 | \n-2 | \n\n\n
\n\n| Closing balance | \n1 271 | \n 135 | \n1 990 | \n3 396 | \n 585 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 609 | \n 484 | \n 882 | \n2 975 | \n 324 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 839 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\u2022 Annual rates of depreciation: mainly 3% for buildings (including investment property), 33% for IT equipment, between 5% and
\n
33% for other equipment. No depreciation is charged for land.
\n
\n\n\n\n
\u2022 There was a small amount (around 0.2 billion euros) for commitments for the acquisition of property and equipment. There
\nare no material restrictions on title, or on property and equipment pledged as security for liabilities.
\n\u2022 Most investment property is valued by an independent expert on a regular basis and by in-house specialists on an annual
\nbasis, based primarily on the capitalisation of the estimated rental value and on unit prices of similar real property. Account
\nis taken of all the market inputs available on the date of the assessment (including location and market situation, type of
\nbuilding and construction, state of repair, use, etc.).
\n\u2022 Certain other investment property is valued annually by in-house specialists based on the current annual rental per building
\nand expected rental movements and on an individual capitalisation rate per building.
\n\u2022 The impact of the heavy flooding and other extreme weather conditions in 2025 and 2024 on property and equipment and
\ninvestment property (in this case, our branch network) and on the associated impairment was insignificant. For information
\nregarding climate-related and other ESG risks, see the \u2018Sustainability statement\u2019 section.
\n\u2022 The impact of our own activities as a bank-insurer on the environment is very limited, especially when compared to
\nindustrial companies and our indirect impact through lending and other activities, and stems mainly from our buildings and
\nvehicles (commuting). We nevertheless also calculate our own direct greenhouse gas impact and apply certain targets in
\nthat regard. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\nMore details can also be found in our Climate Report and our Sustainability Report at www.kbc.com.
\n\u2022 \u2018Other equipment\u2019 mostly comprises full service vehicle leases (mainly cars and bicycles) under operating leases. The other
\nmovements in \u2018Other equipment\u2019 mainly concern depreciation of these assets, recognised under \u2018Net other income\u2019 in
\nthe income statement.
\n
\n\n\n\n\n
\n\n
\n
\nNote 5.5: Goodwill and other intangible assets
\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\n
activities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\n
shown on the balance sheet.
\n
\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\n
and Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\n
quarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\n
generating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\n
entity.
\n
\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\n
carrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\n
cashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n
\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\n
the discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\n
the present value of all future free cashflows of the business. This method is based on long-term projections about the
\n
company\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\n
business at the end of the specific projection period). These long-term projections are the result of an assessment of past
\n
and present performances combined with external sources of information on future performances in the respective markets
\n
and the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\n
have been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\n
determined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\n
a compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\n
a market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\n
discounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\n
that can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag180": {
"value": "\n
\nNote 3.9: Impairment (income statement)
\n\n
\n\n
\n
\n\n\n| (in millions of EUR*) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-334 | \n-248 | \n\n\n\n\n\n\n
\n\n| Impairment on financial assets at AC and at FVOCI (impairment on loans) | \n-273 | \n-199 | \n\n\n\n\n\n\n
\n\n| By IFRS category | \n | \n | \n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost | \n-272 | \n-201 | \n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI | \n-1 | \n2 | \n\n\n\n\n\n\n
\n\n| By product | \n | \n | \n\n\n\n\n\n\n
\n\n| Loans and advances | \n-278 | \n-224 | \n\n\n\n\n\n\n
\n\n| Debt securities | \n-1 | \n4 | \n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments and financial guarantees | \n6 | \n21 | \n\n\n\n\n\n\n
\n\n| By type | \n | \n | \n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-28 | \n-30 | \n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n15 | \n162 | \n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n-259 | \n-283 | \n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets | \n-1 | \n-49 | \n\n\n\n\n\n\n
\n\n| By business unit/country | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n-175 | \n-246 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n-44 | \n34 | \n\n\n\n\n\n\n
\n\n| International Markets | \n-64 | \n25 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n-7 | \n18 | \n\n\n\n\n\n\n
\n\n| Hungary | \n-6 | \n23 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n-51 | \n-16 | \n\n\n\n\n\n\n
\n\n| Group Centre | \n10 | \n-12 | \n\n\n\n\n\n\n
\n\n| Impairment on goodwill | \n-7 | \n0 | \n\n\n\n\n\n\n
\n\n| Impairment on other | \n-53 | \n-49 | \n\n\n\n\n\n\n
\n\n| Intangible fixed assets (other than goodwill) | \n-32 | \n-36 | \n\n\n\n\n\n\n
\n\n| Property and equipment (including investment property) | \n-6 | \n-2 | \n\n\n\n\n\n\n
\n\n| Associated companies and joint ventures | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Other | \n-16 | \n-11 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
* Positive figures indicate a reversal and hence a positive impact on results
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\u2022 Impairment on loans:
\n- In 2025, this item included a partial reversal of 17 million euros related to the reserves allocated to geopolitical and
\nmacroeconomic uncertainties (see below) and a net impairment increase of 290 million euros related to the loan book (of
\nwhich a charge of 52 million euros related to lowering the back-stop shortfall for non-performing loans in Belgium, see
\nalso the \u2018Capital management\u2019 section).
\n- In 2024, this item included a partial reversal of 134 million euros related to the reserve for geopolitical and
\nmacroeconomic uncertainties (see below) and a net increase of 333 million euros for loans in the loan portfolio (of which
\n72 million euros related to lowering the backstop shortfall for old non-performing loans in Belgium \u2013 see also the \u2018Capital
\nmanagement\u2019 section).
\n- The impact of the extreme weather conditions, including flooding and storms, in 2025 and 2024 on (impairment on) loans
\nwas insignificant.
\n\u2022 Impairment on goodwill in 2025 included a provision of 7 million euros related to goodwill in the Belgium Business Unit.
\n\u2022 Impairment on other:
\n- In 2025, this item included impairment of software and modification losses related to the extension of the interest cap
\nregulation in Hungary and to the mortgage loan support scheme in Slovakia.
\n- In 2024, this item included impairment of software and modification losses related to the extension of the interest cap
\nregulation in Hungary.
\n\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\nparts of that particular section which have been audited by the statutory auditor are specified in that section. Among other
\nthings, this section also provides more information on impaired loans (Stage 3).
\n\u2022 For information on total impairment recognised in the balance sheet, see Note 4.2.
\n
\n\n\n\n\n\n\n\n\n\n
\n\u2022 More background information and methodology for KBC\u2019s ECL model is provided in the accounting policies under \u2018Financial
\nassets \u2013 impairment\u2019 in Note 1.2.
\n\u2022 In order to calculate ECL, KBC uses specific models for probability of default (PD), exposure at default (EAD) and loss given
\ndefault (LGD). It is essential to take account of historical observations and forward-looking projections in this respect.
\n- PD represents the probability of a counterparty defaulting in the next 12 months or during the entire term of the facility
\n(depending on which IFRS 9 \u2018Stage\u2019 the facility is in). The PD is determined by the counterparty\u2019s internal (and, if
\napplicable, external) credit rating. Variables used in PD models include financial ratios and behavioural parameters
\n(arrears).
\n- EAD represents the estimated outstanding debt at the time of default and depends on the existing outstanding debt
\nand any changes permitted under the contract and normal repayments. Variables used in these models include product
\ntypes and repayment schedules.
\n- LGD is the estimated size of the loss relative to the outstanding debt at the time of default. LGD is presented as a
\npercentage of the outstanding debt and is determined by historical amounts recovered on similar claims. Variables used
\nin these models include collateral types and financial ratios.
\n\u2022 On 31 December 2025, there were around 80 different IFRS 9 models. In addition to several group-wide models, we have
\nseparate PD, EAD and LGD models for each of our core countries. In accordance with the Basel grouping approach, we use
\nthe type of counterparty (private individuals, SMEs, companies, governments, etc.) to determine the scope of an IFRS 9
\nmodel. Each model allows for differentiation in terms of facility type (term loans, revolving facilities, etc.) and collateral type
\n(mortgages, pledges on business assets, guarantees, etc.). Examples of IFRS 9 models include \u2018Banks\u2019, \u2018Belgian private
\npersons \u2013 home loans\u2019, \u2018Czech corporates\u2019, \u2018Bulgarian corporates and SMEs\u2019 and \u2018Central governments\u2019. Detailed
\ndocumentation is available for each PD, EAD and LGD model. These models are periodically back-tested and, if necessary,
\nredesigned. There was no material net impact on ECL from redesigned models in 2025. The main models are subject to
\nreview by external auditors. The Basel models, which the IFRS 9 models are based on, are subject to external control
\nperformed by the supervisory authorities.
\n\n
\n\n
\u2022 We create the models for the various portfolios using typical PD, EAD and LGD inputs, as well as macro- and microeconomic
\n
variables to the extent that there is a statistical relationship. The macroeconomic variables are GDP growth, the
\n
unemployment rate, policy interest rates, the exchange rate, government bond yields, house prices and inflation.
\n
Microeconomic variables include, for example, confidence indicators, the harmonised consumer price index (HICP), the
\n
producer price index (PPI), and so on. As a result of regular back-testing, models may change and economic variables may
\n
be reassessed. The following table gives the base-case scenario for the three key indicators (GDP growth, unemployment
\n
rate and house price index) for each of our core countries for the coming years. After that, we take into account a gradual
\n
linear transition towards a stable situation.
\n
\n
\n
\n\n\n| Macroeconomic base-case scenario \u2013 key indicators (used for situation at year-end 2025)* | \n2025 | \n2026 | \n2027 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Real GDP growth | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n1.0% | \n1.1% | \n1.3% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n2.5% | \n2.0% | \n2.2% | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.4% | \n2.3% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.7% | \n0.9% | \n1.8% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.1% | \n2.7% | \n2.8% | \n\n\n\n\n\n\n
\n\n| Unemployment rate | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n6.4% | \n6.2% | \n6.0% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n3.2% | \n3.2% | \n3.0% | \n\n\n\n\n\n\n
\n\n| Hungary | \n4.4% | \n4.0% | \n3.7% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n5.4% | \n5.7% | \n5.7% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n3.8% | \n3.7% | \n3.6% | \n\n\n\n\n\n\n
\n\n| House price index | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Belgium | \n2.6% | \n3.1% | \n3.5% | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n10.0% | \n6.4% | \n3.3% | \n\n\n\n\n\n\n
\n\n| Hungary | \n13.0% | \n7.5% | \n4.0% | \n\n\n\n\n\n\n
\n\n| Slovakia | \n10.4% | \n5.0% | \n4.5% | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n14.7% | \n8.5% | \n6.5% | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
* This deviates from the (more recent) estimates provided in the \u2018Report of the Board of Directors\u2019, under the \u2018Market conditions in our core markets in 2025\u2019 and \u2018Our business units\u2019 sections.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\u2022 We use three different forward-looking macroeconomic scenarios (with different probability weightings) to measure ECL.
\n
The weightings at year-end 2025 were 60% for the \u2018base\u2019 scenario, 20% for the optimistic \u2018up\u2019 scenario and 20% for the
\n
pessimistic \u2018down\u2019 scenario (60%, 20% and 20%, respectively, in 2024). The forecast horizon is 30 years. A sensitivity analysis
\n
of the impact of these multiple economic scenarios on the collectively assessed ECL (i.e. without the ECL for individually
\n
assessed loans of 1.65 billion euros at year-end 2025 and year-end 2024) shows that the \u2018base\u2019 scenario generates an ECL
\n
of 0.85 billion euros (0.81 billion euros in 2024), which is 0.02 billion euros lower than for the \u2018down\u2019 scenario and 0.01 billion
\n
euros higher than for the \u2018up\u2019 scenario (the same as in 2024). The assessed scenario-weighted collective ECL results (that
\n
were recognised) amounted to 0.85 billion euros (0.81 billion euros in 2024). These amounts include the ECL related to
\n
geopolitical and macroeconomic uncertainties.
\n
\n
\n
\n
\n\n\n| Collectively assessed ECL by country (2025, in billions of EUR) | \n100% base-case scenario | \n100% optimistic scenario | \n100% pessimistic scenario | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n0.85 | \n0.84 | \n0.87 | \n\n\n\n\n\n\n
\n\n| Belgium | \n0.26 | \n0.26 | \n0.27 | \n\n\n\n\n\n\n
\n\n| Czech Republic | \n0.31 | \n0.31 | \n0.31 | \n\n\n\n\n\n\n
\n\n| Slovakia | \n0.08 | \n0.08 | \n0.09 | \n\n\n\n\n\n\n
\n\n| Hungary | \n0.05 | \n0.05 | \n0.06 | \n\n\n\n\n\n\n
\n\n| Bulgaria | \n0.15 | \n0.15 | \n0.16 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 The management of ESG risks is an integral part of the Credit Risk Management Framework (CRMF; see \u2018Risk management\u2019
\n
under \u2018Credit risk\u2019). Dedicated processes have been developed focusing on the risk management of ESG-related credit risks,
\n
and in particular on identification measurement, risk appetite and follow-up. A detailed explanation of the Credit Risk
\n
Management Framework is provided in the \u2018ESG in credit risk management\u2019 section of the Risk Report, which is available at
\n
www.kbc.com. The main elements of this management framework are as follows:
\n
- In order to identify ESG-related credit risks, we use the Environmental Risk Impact Map (ERIM) to assess the impact of
\n
various climate and environmental risk drivers on the credit risk profile. Additionally, regular thematic analyses are also
\n
carried out (so-called \u2018White Papers\u2019). In the loan origination and review process, a sector-based environmental and
\n
social (E&S) heat map is used. This is a screening tool to identify the risks involved in the portfolio of loans to corporate
\n
entities and SMEs. For material credit files in scope of high E&S Risk sectors, an ESG assessment is performed at
\n
counterparty level.
\n
- In the context of risk quantification, specific measurement techniques are being developed to assess the impact of ESG
\n
risks on our loan portfolio. For example, KBC is exploring the possibility of assessing sectoral climate impacts on
\n
Probability of Default (PD) based on climate scenarios from the Network for Greening the Financial System (NGFS). The
\n
quantifiability of ESG-related risks will gradually increase with the improved availability of data and measurement
\n
methodologies.
\n
- As regards risk appetite, KBC aims to limit the adverse impact of its activities on the environment and society and to
\n
encourage a positive impact, based on a responsible lending culture, the principles of which are laid out in a group-wide
\n
sustainability policy. KBC\u2019s commitment to consider climate and environmental risks is reflected in standards and policies
\n
addressing credit risk. These standards and policies apply in every step of the credit process, including, for instance, in
\n
loan pricing and collateral valuation. Furthermore, climate-related Key Risk Indicators (KRIs) were introduced in the Risk
\n
Appetite Process. These KRIs are monitored on a semi-annual basis by the Group Lending Committee and integrated in
\n
the Climate Risk Dashboard.
\n
\u2022 Climate-related risks are currently not explicitly considered separately in our ECL models, mainly due to the above-
\n
mentioned limitations regarding the measurability and availability of ESG-related data. However, KBC is gradually
\n
incorporating these risks in the ECL process. This is reflected, for example, in our commitment, as described above, to
\n
consider climate-related risks in our collateral valuation process and in the ESG assessment of the relevant counterparty.
\n
Additionally, management has the ability to overrule the expected credit losses and to capture the growing insights into
\n
ESG and climate-related risks.
\n
\u2022 Reserve for geopolitical and macroeconomic uncertainties: the outstanding balance of the ECL for geopolitical and
\n
macroeconomic uncertainties came to 100 million euros at year-end 2025; the corresponding figure at year-end 2024 was
\n
117 million euros. This ECL is determined based on individual counterparties and sectors in our portfolio which are deemed to
\n
have incurred an increase in credit risk because they are either (\u00b0) exposed to the macroeconomic risks or (\u00b0) indirectly
\n
exposed to ongoing military conflict, such as the one in Ukraine. The net decrease in 2025 is primarily attributable to the
\n
improved micro- and macroeconomic outlook, partly offset by the inclusion of a stressed scenario.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nNote 4.2.1: Impaired financial assets
\n\n
\n\n\n| (in millions of EUR) | \nCarrying value before impairment | \nImpairment | \nCarrying value after impairment | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n245 878 | \n-2 492 | \n243 386 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n225 157 | \n-196 | \n224 960 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n16 827 | \n-320 | \n16 507 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n3 420 | \n-1 837 | \n1 582 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n475 | \n-139 | \n336 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n51 761 | \n-9 | \n51 752 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n51 716 | \n-7 | \n51 709 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n41 | \n0 | \n40 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n5 | \n-2 | \n3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n26 863 | \n-5 | \n26 859 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n26 854 | \n-5 | \n26 850 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n9 | \n0 | \n9 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n 217 093 | \n-2 448 | \n 214 645 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 197 031 | \n-176 | \n 196 855 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 16 177 | \n-331 | \n 15 847 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 3 472 | \n-1 803 | \n 1 669 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 414 | \n-138 | \n 276 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n 50 084 | \n-8 | \n 50 075 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 49 979 | \n-6 | \n 49 973 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 100 | \n-1 | \n 99 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 5 | \n-2 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n22 543 | \n-4 | \n22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 22 543 | \n-4 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 0 | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.
\nreverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column).
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due
\n
primarily to:
\n
- An organic net increase in the loan portfolio (mainly mortgage loans and term loans)
\n
- An increase in reverse repos to credit institutions
\n
\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019.
\n
This involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions
\n
and -0.3 billion euros for corporates. This related primarily to additional investments.
\n
\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to
\n
modifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into
\n
\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540
\n
million euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively.
\n
Modification gains or losses are recognised under impairment (see Note 3.9).
\n
\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still
\n
subject to enforcement activities; the corresponding figure for 2024 was 55 million euros.
\n
\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk
\n
management\u2019 section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
Note 4.2.2: Impairment details for loans and advances at amortised cost
\n
\n
\n\n\n| (in millions of EUR) | \nStage 1 Subject to 12-month ECL | \nStage 2 Subject to lifetime ECL | \nStage 3 Subject to lifetime ECL | \nSubject to lifetime ECL (purchased or originated credit impaired) | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n176 | \n331 | \n1 803 | \n138 | \n2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n19 | \n-12 | \n305 | \n1 | \n312 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-24 | \n109 | \n96 | \n0 | \n182 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n4 | \n-80 | \n74 | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n5 | \n-24 | \n0 | \n-19 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n78 | \n12 | \n1 | \n0 | \n91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-25 | \n-9 | \n215 | \n2 | \n183 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n-4 | \n-15 | \n-18 | \n0 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-10 | \n-34 | \n-47 | \n0 | \n-91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-1 | \n7 | \n0 | \n7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n2 | \n1 | \n-270 | \n0 | \n-268 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n0 | \n-2 | \n-257 | \n-2 | \n-261 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n3 | \n-13 | \n1 | \n-7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n196 | \n320 | \n1 837 | \n139 | \n2 492 | \n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n 146 | \n 490 | \n 1 750 | \n 88 | \n 2 474 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n 31 | \n-154 | \n 334 | \n 49 | \n 260 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-11 | \n 76 | \n 43 | \n 0 | \n 108 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 19 | \n-112 | \n 98 | \n 0 | \n 4 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 12 | \n-31 | \n-1 | \n-20 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n 56 | \n 14 | \n 6 | \n 0 | \n 76 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-23 | \n-81 | \n 242 | \n 50 | \n 188 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 1 | \n-35 | \n-1 | \n 0 | \n-35 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-11 | \n-28 | \n-35 | \n-1 | \n-75 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 12 | \n 1 | \n 13 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n-1 | \n-6 | \n-280 | \n 1 | \n-286 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-1 | \n-2 | \n-234 | \n-1 | \n-238 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 1 | \n-1 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n-1 | \n-3 | \n-46 | \n 2 | \n-48 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n 176 | \n 331 | \n 1 803 | \n 138 | \n 2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at
\n
fair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet.
\n
2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except
\n
POCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration.
\n
3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or
\n
before the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness).
\n
\n
\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in
\n
impairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025)
\n
and on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025)
\n
are very limited.
\n
\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82%
\n
and 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and
\n
34%, respectively, in 2024.
\n
\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2.
\n
\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag191": {
"value": "\n
\n\n
\n
\n
\n
\n
Note 3.10: Share in the result of associates and joint ventures
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 | \n80 | \n\n\n\n\n\n\n
\n\n| Of which | \n | \n | \n\n\n\n\n\n\n
\n\n| IGLUU s.r.o. | \n-1 | \n0 | \n\n\n\n\n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Isabel NV | \n3 | \n78 | \n\n\n\n\n\n\n
\n\n| Bancontact Payconiq Company NV | \n1 | \n1 | \n\n\n\n\n\n\n
\n\n| Batopin NV | \n3 | \n1 | \n\n\n\n\n\n\n
\n\n| Cash Service Company AD | \n1 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Impairment on (goodwill on) associated companies and joint ventures is included in \u2018Impairment\u2019 (see Note 3.9). The share in
\n
the result of associates and joint ventures does not therefore take this impairment into account.
\n
\u2022 The results in 2024 are mainly due to a one-off gain of 79 million euros related to Isabel NV.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
Note 5.3: Investments in associated companies and joint ventures
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n63 | \n 116 | \n\n\n
\n\n| Overview of investments, including goodwill | \n | \n | \n\n\n
\n\n| IGLUU s.r.o. | \n0 | \n 3 | \n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n\u2013 | \n\n\n
\n\n| Isabel NV | \n38 | \n 94 | \n\n\n
\n\n| Bancontact Payconiq Company NV | \n9 | \n 8 | \n\n\n
\n\n| Payconiq International SA | \n0 | \n\u2013 | \n\n\n
\n\n| Batopin NV | \n11 | \n 8 | \n\n\n
\n\n| Other | \n5 | \n 3 | \n\n\n
\n\n| Goodwill on associated companies and joint ventures | \n | \n | \n\n\n
\n\n| Gross amount | \n0 | \n 0 | \n\n\n
\n\n| Accumulated impairment | \n0 | \n 0 | \n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n
\n\n| Unlisted | \n63 | \n 116 | \n\n\n
\n\n| Listed | \n0 | \n 0 | \n\n\n
\n\n| Fair value of investments in listed associated companies and joint ventures | \n0 | \n 0 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Associated companies are companies on whose management KBC exerts significant influence, without having direct or
\n
indirect full or joint control. In general, KBC has a 20% to 50% shareholding in such companies. Joint ventures are companies
\n
over which KBC exercises joint control.
\n
\u2022 Goodwill paid on associated companies and joint ventures is included in the book value of \u2018Investments in associated
\n
companies and joint ventures\u2019 shown on the balance sheet. An impairment test is performed and, if required, the necessary
\n
impairment losses on goodwill are recognised (see table).
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag192": {
"value": "\n
\n\n
\n
\n
Note 3.10: Share in the result of associates and joint ventures
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 | \n80 | \n\n\n\n\n\n\n
\n\n| Of which | \n | \n | \n\n\n\n\n\n\n
\n\n| IGLUU s.r.o. | \n-1 | \n0 | \n\n\n\n\n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Isabel NV | \n3 | \n78 | \n\n\n\n\n\n\n
\n\n| Bancontact Payconiq Company NV | \n1 | \n1 | \n\n\n\n\n\n\n
\n\n| Batopin NV | \n3 | \n1 | \n\n\n\n\n\n\n
\n\n| Cash Service Company AD | \n1 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Impairment on (goodwill on) associated companies and joint ventures is included in \u2018Impairment\u2019 (see Note 3.9). The share in
\n
the result of associates and joint ventures does not therefore take this impairment into account.
\n
\u2022 The results in 2024 are mainly due to a one-off gain of 79 million euros related to Isabel NV.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
Note 5.3: Investments in associated companies and joint ventures
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n63 | \n 116 | \n\n\n
\n\n| Overview of investments, including goodwill | \n | \n | \n\n\n
\n\n| IGLUU s.r.o. | \n0 | \n 3 | \n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n\u2013 | \n\n\n
\n\n| Isabel NV | \n38 | \n 94 | \n\n\n
\n\n| Bancontact Payconiq Company NV | \n9 | \n 8 | \n\n\n
\n\n| Payconiq International SA | \n0 | \n\u2013 | \n\n\n
\n\n| Batopin NV | \n11 | \n 8 | \n\n\n
\n\n| Other | \n5 | \n 3 | \n\n\n
\n\n| Goodwill on associated companies and joint ventures | \n | \n | \n\n\n
\n\n| Gross amount | \n0 | \n 0 | \n\n\n
\n\n| Accumulated impairment | \n0 | \n 0 | \n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n
\n\n| Unlisted | \n63 | \n 116 | \n\n\n
\n\n| Listed | \n0 | \n 0 | \n\n\n
\n\n| Fair value of investments in listed associated companies and joint ventures | \n0 | \n 0 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Associated companies are companies on whose management KBC exerts significant influence, without having direct or
\n
indirect full or joint control. In general, KBC has a 20% to 50% shareholding in such companies. Joint ventures are companies
\n
over which KBC exercises joint control.
\n
\u2022 Goodwill paid on associated companies and joint ventures is included in the book value of \u2018Investments in associated
\n
companies and joint ventures\u2019 shown on the balance sheet. An impairment test is performed and, if required, the necessary
\n
impairment losses on goodwill are recognised (see table).
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Note 6.5: Group structure
\n
\n
\n
KBC Group: main subsidiaries included in the scope of consolidation at year
\n
-end 2025
\n
\n
\n\n\n| Company | \nRegistered office | \nCompany number | \nShare of capital held at group level (in %) | \nBusiness unit* | \nActivity | \n\n\n\n
\n\n\n\n\n\n\n| KBC Bank (group) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| KBC Bank NV | \nBrussels \u2013 BE | \n0462.920.226 | \n100.00 | \nBEL/GRP | \ncredit institution | \n\n\n\n
\n\n| CBC BANQUE SA | \nNamur \u2013 BE | \n0403.211.380 | \n100.00 | \nBEL | \ncredit institution | \n\n\n\n
\n\n| \u010ceskoslovensk\u00e1 Obchodn\u00e1 Banka a.s. | \nBratislava \u2013 SK | \n\u2013\u2013 | \n100.00 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| \u010ceskoslovensk\u00e1 Obchodn\u00ed Banka a.s. | \nPrague \u2013 CZ | \n\u2013\u2013 | \n100.00 | \nCZR | \ncredit institution | \n\n\n\n
\n\n| KBC Asset Management NV | \nBrussels \u2013 BE | \n0469.444.267 | \n100.00 | \nBEL | \nasset management | \n\n\n\n
\n\n| KBC Autolease NV | \nLeuven \u2013 BE | \n0422.562.385 | \n100.00 | \nBEL | \nleasing | \n\n\n\n
\n\n| KBC Commercial Finance NV | \nBrussels \u2013 BE | \n0403.278.488 | \n100.00 | \nBEL | \nfactoring | \n\n\n\n
\n\n| KBC IFIMA SA | \nLuxembourg \u2013 LU | \n\u2013\u2013 | \n100.00 | \nGRP | \nfinance | \n\n\n\n
\n\n| KBC Securities NV | \nBrussels \u2013 BE | \n0437.060.521 | \n100.00 | \nBEL | \nstockbroker | \n\n\n\n
\n\n| K&H Bank Zrt. | \nBudapest \u2013 HU | \n\u2013\u2013 | \n100.00 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| Loan Invest NV | \nBrussels \u2013 BE | \n0889.054.884 | \n100.00 | \nBEL | \nsecuritisation | \n\n\n\n
\n\n| United Bulgarian Bank AD | \nSofia \u2013 BG | \n\u2013\u2013 | \n99.96 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| KBC Insurance (group) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| KBC Insurance NV | \nLeuven \u2013 BE | \n0403.552.563 | \n100.00 | \nBEL/GRP | \ninsurance company | \n\n\n\n
\n\n| ADD NV | \nHeverlee \u2013 BE | \n0406.080.305 | \n100.00 | \nBEL | \ninsurance broker | \n\n\n\n
\n\n| KBC Group Re SA | \nLuxembourg \u2013 LU | \n\u2013\u2013 | \n100.00 | \nGRP | \nreinsurance company | \n\n\n\n
\n\n| \u010cSOB Poji\u0161t\u2019ovna a.s. | \nPardubice \u2013 CZ | \n\u2013\u2013 | \n100.00 | \nCZR | \ninsurance company | \n\n\n\n
\n\n| \u010cSOB Poist\u2019ov\u0148a a.s. | \nBratislava \u2013 SK | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| DZI (group) | \nSofia \u2013 BG | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| Groep VAB NV | \nZwijndrecht \u2013 BE | \n0456.920.676 | \n100.00 | \nBEL | \ndriving school/roadside assistance | \n\n\n\n
\n\n| K&H Biztos\u00edt\u00f3 Zrt. | \nBudapest \u2013 HU | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| KBC group | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| DISCAI NV | \nBrussels \u2013 BE | \n0773.435.537 | \n100.00 | \nGRP | \nsoftware company | \n\n\n\n
\n\n| KBC Group NV | \nBrussels \u2013 BE | \n0403.227.515 | \n100.00 | \nGRP | \nbank-insurance holding company | \n\n\n\n
\n\n| KBC Bank (group) | \nVarious locations | \n\u2013\u2013 | \n100.00 | \nvarious | \ncredit institution | \n\n\n\n
\n\n| KBC Global Services NV | \nBrussels \u2013 BE | \n0772.332.707 | \n100.00 | \nGRP | \ncost-sharing structure | \n\n\n\n
\n\n| KBC Insurance (group) | \nVarious locations | \n\u2013\u2013 | \n100.00 | \nvarious | \ninsurance company | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
* BEL: Belgium Business Unit; CZR: Czech Republic Business Unit; IMA: International Markets Business Unit; GRP: Group Centre.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n
\u2022 The KBC group\u2019s legal structure has one single entity \u2013 KBC Group NV \u2013 in control of two underlying companies, viz. KBC
\n
Bank NV and KBC Insurance NV, as well as companies such as DISCAI NV and KBC Global Services NV. KBC Bank and KBC
\n
Insurance have several subsidiaries and sub-subsidiaries. A complete list of group companies (included in or excluded from
\n
the scope of consolidation) is provided at www.kbc.com > About us > Our structure.
\n
\n
\u2022 All (material) entities (including structured entities (SPVs)) over which the consolidating entity exercises, directly or indirectly,
\n
exclusive control are consolidated according the method of full consolidation. To assess whether or not structured entities
\n
have to be consolidated, KBC uses the principles set out in IFRS 10, as well as thresholds for inclusion in consolidation.
\n
\n\n\n\n\n\n\n
\n
\u2022 Disclosures of interests in other entities (IFRS 12)
\n
- Significant judgements and assumptions:
\n
\u25e6 In general, funds managed by KBC are not included in the scope of consolidation, as they do not meet the three
\n
criteria of control (power, exposure to a variable return and ability to use such power to affect those returns).
\n
\u25e6 Joint entities in which KBC does not hold 50% of the share capital are classified as joint ventures, since it has joint
\n
control over these entities based on shareholder agreements. Based on the Articles of Association and/or
\n
shareholder agreements, voting rights in (and therefore the control of) the joint venture are spread evenly across the
\n
different shareholders and decisions may only be taken by unanimity.
\n
- Interests in subsidiaries:
\n
\u25e6 For the vast majority of the entities, the voting rights are materially equal to the ownership rights.
\n
\u25e6 Pursuant to the joint capital decision, specific Pillar-II levels have been set to ensure that certain minimum capital
\n
ratios are respected, which impose certain restrictions on the repatriation of capital and distribution of dividends.
\n
KBC does not have any significant restrictions on its ability to access or use the assets and settle the liabilities of the
\n
group, except for those resulting from the supervisory frameworks within which banking and insurance subsidiaries
\n
operate. The banking and insurance supervisory frameworks require, among other things, that these subsidiaries
\n
keep certain levels of regulatory capital.
\n
\u25e6 The structured entity Loan Invest is the consolidated securitisation vehicle of KBC, whereby KBC has set up an
\n
autopilot mechanism and remains exposed to loan losses on the securitised loan portfolio and, therefore, recognises
\n
impairment losses on them when necessary.
\n
- Interests in unconsolidated structured entities:
\n
\u25e6 KBC Bank NV is arranger and dealer of a number of 40-billion-euro medium term notes programmes issued by 19
\n
unconsolidated structured entities established for that purpose. These entities were established between 2006 and
\n
2016 under the Irish Companies Act 2014 as an Irish public limited company or an Irish private limited company. Their
\n
primary business is to raise money by issuing notes in order to buy financial assets (such as securities, bonds and
\n
deposits) and to enter into related derivative and other contracts. They provide investment opportunities for clients
\n
by providing economies of scale, a diversification of credit risk and a high level of granularity. Each structured entity
\n
has a prospectus that was approved by the Central Bank of Ireland (available at www.kbc.be/prospectus/spv).
\n
However, the structured entities are not consolidated because they fail to meet the three criteria for consolidation
\n
(power, exposure to a variable return and ability to use such power to affect those returns). At year-end 2025, the
\n
assets under management at these entities amounted to 3.5 billion euros.
\n
\u25e6 Sponsored unconsolidated structured entities are defined as structured entities where KBC or one of its subsidiaries
\n
acts as arranger of the issuance programme, but where the decision-making power of the entities does not reside
\n
with KBC or one of its subsidiaries. As a result, these entities are not consolidated.
\n
\u25e6 In 2025, KBC had received income from unconsolidated structured entities in the form of management fees (6 million
\n
euros) and accounting fees (1 million euros).
\n
\u25e6 At year-end 2025, KBC held 1.2 billion euros\u2019 worth of notes issued by the unconsolidated structured entities. Its
\n
liabilities towards the unconsolidated structured entities amounted to 0.2 billion euros and comprised mainly time
\n
deposits (0.1 billion euros).
\n
\u25e6 Any potential decrease in the value of the notes is passed on to the end-client, which means it will have no impact
\n
on KBC.
\n
\u2022 At year-end 2025, no group companies were active in the extractive industry. As a result, no consolidated report on
\n
payments to governments has been prepared (see Art.3:8 \u00a7 1 of the Companies and Associations Code).
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
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},
"Tag193": {
"value": "\n
\n\n
Note 3.10: Share in the result of associates and joint ventures
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 | \n80 | \n\n\n\n\n\n\n
\n\n| Of which | \n | \n | \n\n\n\n\n\n\n
\n\n| IGLUU s.r.o. | \n-1 | \n0 | \n\n\n\n\n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Isabel NV | \n3 | \n78 | \n\n\n\n\n\n\n
\n\n| Bancontact Payconiq Company NV | \n1 | \n1 | \n\n\n\n\n\n\n
\n\n| Batopin NV | \n3 | \n1 | \n\n\n\n\n\n\n
\n\n| Cash Service Company AD | \n1 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\u2022 Impairment on (goodwill on) associated companies and joint ventures is included in \u2018Impairment\u2019 (see Note 3.9). The share in
\n
the result of associates and joint ventures does not therefore take this impairment into account.
\n
\u2022 The results in 2024 are mainly due to a one-off gain of 79 million euros related to Isabel NV.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nNote 5.3: Investments in associated companies and joint ventures
\n
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n63 | \n 116 | \n\n\n
\n\n| Overview of investments, including goodwill | \n | \n | \n\n\n
\n\n| IGLUU s.r.o. | \n0 | \n 3 | \n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n\u2013 | \n\n\n
\n\n| Isabel NV | \n38 | \n 94 | \n\n\n
\n\n| Bancontact Payconiq Company NV | \n9 | \n 8 | \n\n\n
\n\n| Payconiq International SA | \n0 | \n\u2013 | \n\n\n
\n\n| Batopin NV | \n11 | \n 8 | \n\n\n
\n\n| Other | \n5 | \n 3 | \n\n\n
\n\n| Goodwill on associated companies and joint ventures | \n | \n | \n\n\n
\n\n| Gross amount | \n0 | \n 0 | \n\n\n
\n\n| Accumulated impairment | \n0 | \n 0 | \n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n
\n\n| Unlisted | \n63 | \n 116 | \n\n\n
\n\n| Listed | \n0 | \n 0 | \n\n\n
\n\n| Fair value of investments in listed associated companies and joint ventures | \n0 | \n 0 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\u2022 Associated companies are companies on whose management KBC exerts significant influence, without having direct or
\nindirect full or joint control. In general, KBC has a 20% to 50% shareholding in such companies. Joint ventures are companies
\nover which KBC exercises joint control.
\n\u2022 Goodwill paid on associated companies and joint ventures is included in the book value of \u2018Investments in associated
\ncompanies and joint ventures\u2019 shown on the balance sheet. An impairment test is performed and, if required, the necessary
\nimpairment losses on goodwill are recognised (see table).
\n
\n\n\n\n",
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"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
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}
},
"Tag194": {
"value": "\nNote 3.10: Share in the result of associates and joint ventures
\n
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n6 | \n80 | \n\n\n\n\n\n\n
\n\n| Of which | \n | \n | \n\n\n\n\n\n\n
\n\n| IGLUU s.r.o. | \n-1 | \n0 | \n\n\n\n\n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n0 | \n\n\n\n\n\n\n
\n\n| Isabel NV | \n3 | \n78 | \n\n\n\n\n\n\n
\n\n| Bancontact Payconiq Company NV | \n1 | \n1 | \n\n\n\n\n\n\n
\n\n| Batopin NV | \n3 | \n1 | \n\n\n\n\n\n\n
\n\n| Cash Service Company AD | \n1 | \n\u2013 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 Impairment on (goodwill on) associated companies and joint ventures is included in \u2018Impairment\u2019 (see Note 3.9). The share in
\nthe result of associates and joint ventures does not therefore take this impairment into account.
\n\u2022 The results in 2024 are mainly due to a one-off gain of 79 million euros related to Isabel NV.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n
Note 5.3: Investments in associated companies and joint ventures
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n63 | \n 116 | \n\n\n
\n\n| Overview of investments, including goodwill | \n | \n | \n\n\n
\n\n| IGLUU s.r.o. | \n0 | \n 3 | \n\n\n
\n\n| Immoscoop 2.0 BV | \n0 | \n\u2013 | \n\n\n
\n\n| Isabel NV | \n38 | \n 94 | \n\n\n
\n\n| Bancontact Payconiq Company NV | \n9 | \n 8 | \n\n\n
\n\n| Payconiq International SA | \n0 | \n\u2013 | \n\n\n
\n\n| Batopin NV | \n11 | \n 8 | \n\n\n
\n\n| Other | \n5 | \n 3 | \n\n\n
\n\n| Goodwill on associated companies and joint ventures | \n | \n | \n\n\n
\n\n| Gross amount | \n0 | \n 0 | \n\n\n
\n\n| Accumulated impairment | \n0 | \n 0 | \n\n\n
\n\n| Breakdown by type | \n | \n | \n\n\n
\n\n| Unlisted | \n63 | \n 116 | \n\n\n
\n\n| Listed | \n0 | \n 0 | \n\n\n
\n\n| Fair value of investments in listed associated companies and joint ventures | \n0 | \n 0 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Associated companies are companies on whose management KBC exerts significant influence, without having direct or
\n
indirect full or joint control. In general, KBC has a 20% to 50% shareholding in such companies. Joint ventures are companies
\n
over which KBC exercises joint control.
\n
\u2022 Goodwill paid on associated companies and joint ventures is included in the book value of \u2018Investments in associated
\n
companies and joint ventures\u2019 shown on the balance sheet. An impairment test is performed and, if required, the necessary
\n
impairment losses on goodwill are recognised (see table).
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag195": {
"value": "\nNote 3.11: Income tax expense
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Total | \n-1 010 | \n-527 | \n\n\n\n\n\n\n
\n\n| By type | \n | \n | \n\n\n\n\n\n\n
\n\n| Current taxes on income | \n-666 | \n-699 | \n\n\n\n\n\n\n
\n\n| Deferred taxes on income | \n-344 | \n173 | \n\n\n\n\n\n\n
\n\n| Tax components | \n | \n | \n\n\n\n\n\n\n
\n\n| Result before tax | \n4 580 | \n3 941 | \n\n\n\n\n\n\n
\n\n| Income tax at the Belgian statutory rate | \n25.00% | \n25.00% | \n\n\n\n\n\n\n
\n\n| Income tax calculated | \n-1 145 | \n-985 | \n\n\n\n\n\n\n
\n\n| Plus/minus tax effects attributable to | \n | \n | \n\n\n\n\n\n\n
\n\n| differences in tax rates, Belgium \u2013 abroad | \n181 | \n 168 | \n\n\n\n\n\n\n
\n\n| tax-free income | \n113 | \n 64 | \n\n\n\n\n\n\n
\n\n| adjustments related to prior years | \n-1 | \n-8 | \n\n\n\n\n\n\n
\n\n| adjustments to deferred taxes due to change in tax rate | \n0 | \n 0 | \n\n\n\n\n\n\n
\n\n| unused tax losses and unused tax credits to reduce current tax expense | \n5 | \n 4 | \n\n\n\n\n\n\n
\n\n| unused tax losses and unused tax credits to reduce deferred tax expense | \n1 | \n 3 | \n\n\n\n\n\n\n
\n\n| reversal of previously recognised deferred tax assets due to tax losses | \n-4 | \n-13 | \n\n\n\n\n\n\n
\n\n| liquidation of Exicon (formerly KBC Bank Ireland) | \n\u2013 | \n 318 | \n\n\n\n\n\n\n
\n\n| other (including non-deductible expenses) | \n-160 | \n-78 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 For information on tax assets and tax liabilities, see Note 5.2.
\n\u2022 Taxes in 2024 were positively impacted by the liquidation of Exicon (formerly KBC Bank Ireland) (see below), partly offset by
\nan updated estimate of future taxable profits of the London branch (-9 million euros).
\n\u2022 The government of the Czech Republic introduced a windfall tax, which will also apply to major banks and will be in force for
\nthe period 2023-2025. Any excess profits will be taxed at 79% (19% standard business tax, 60% windfall tax). As \u010cSOB in the
\nCzech Republic did not make any excess profit in 2025 and 2024, no Czech windfall tax was due.
\n\u2022 On 14 December 2023, Belgium, where ultimate parent company KBC Group NV has its registered office, laid down the Pillar
\nTwo global minimum tax in statute and declared that it would take effect on 1 January 2024. Under these rules, KBC is
\nrequired to pay top-up tax (in Belgium or abroad) on the profits of its subsidiaries and permanent establishments, which are
\ntaxed at an effective tax rate of less than 15%. Based on the 2025 results, the additional top-up tax will be around 23 million
\neuros (mainly in the Czech Republic and in Bulgaria). The group has applied the temporary exception issued by the IASB in
\nMay 2023 relating to the accounting requirements for deferred taxes in IAS 12. The group will continue to monitor the effect
\nof the Pillar Two legislation on its future financial performance.
\n\u2022 Liquidation of Exicon (formerly KBC Bank Ireland): following approval from the Irish Ministry of Finance in September 2023, the
\nremaining positions of KBC Bank Ireland were transferred to KBC Bank\u2019s Dublin branch, which means the main hurdles to
\ncommencing the legal process of liquidating Exicon (formerly KBC Bank Ireland), which was finalised on 1 October 2025, were
\novercome. In the fourth quarter of 2024, the imminent liquidation resulted in the recognition of a deferred tax asset for KBC
\nBank NV of 318 million euros. For more information, see also Note 5.2.
\n\u2022 Public Country-by-Country Reporting will be drawn up in the first half of 2026 and published on www.kbc.com.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.2: Tax assets and tax liabilities
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| CURRENT TAXES | \n | \n | \n\n\n
\n\n| Current tax assets | \n68 | \n 59 | \n\n\n
\n\n| Current tax liabilities | \n113 | \n 121 | \n\n\n
\n\n| DEFERRED TAXES | \n6 | \n 593 | \n\n\n
\n\n| Deferred tax assets by type of temporary difference | \n1 211 | \n1 382 | \n\n\n
\n\n| Employee benefits | \n81 | \n 80 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n122 | \n 366 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n100 | \n 98 | \n\n\n
\n\n| Provisions for risks and charges | \n17 | \n 18 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n220 | \n 212 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n94 | \n 86 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n468 | \n 426 | \n\n\n
\n\n| Insurance contract liabilities | \n44 | \n 33 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n64 | \n 64 | \n\n\n
\n\n| Deferred tax liabilities by type of temporary difference | \n1 204 | \n 789 | \n\n\n
\n\n| Employee benefits | \n111 | \n 113 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n0 | \n 0 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n54 | \n 57 | \n\n\n
\n\n| Provisions for risks and charges | \n10 | \n 9 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n1 | \n 3 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n81 | \n 85 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n211 | \n 21 | \n\n\n
\n\n| Insurance contract liabilities | \n663 | \n 452 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n74 | \n 50 | \n\n\n
\n\n| Recognised as a net amount in the balance sheet as follows: | \n | \n | \n\n\n
\n\n| Deferred tax assets | \n530 | \n 942 | \n\n\n
\n\n| Deferred tax liabilities | \n524 | \n 349 | \n\n\n
\n\n| Unused tax losses and unused tax credits | \n93 | \n 95 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag196": {
"value": "\nNote 3.12: Earnings per share
\n
\n\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n| Result after tax, attributable to equity holders of the parent | \n3 568 | \n3 415 | \n\n\n\n\n\n\n
\n\n| Coupon on AT1 instruments | \n-117 | \n-84 | \n\n\n\n\n\n\n
\n\n| Net result used to determine basic earnings per share | \n3 452 | \n3 332 | \n\n\n\n\n\n\n
\n\n| Weighted average number of ordinary shares outstanding (millions of units) | \n397 | \n400 | \n\n\n\n\n\n\n
\n\n| Basic earnings per share (EUR) | \n8.70 | \n8.33 | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\u2022 Diluted earnings per share are currently almost the same as basic earnings per share.
\n\u2022 Number of ordinary shares outstanding is after deduction of treasury shares repurchased (see 2023-2024 share buyback
\nprogramme).
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag200": {
"value": "\n
\n\n
\n
\n
\n
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\n
\n
\n
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\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
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associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.3: Maximum credit exposure and offsetting
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\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\n
maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\n
irrevocable commitments.
\n
\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\n
estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\n
reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\n
property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n
0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\n
securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\n
also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\n
received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\n
assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\nNote 4.4: Fair value of financial assets and liabilities \u2013 general
\n
\n\n
\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n
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\n\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
\nlosses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
\nloans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
\nthe assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
\nassets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
\nprivate market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
\nGuarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
\nlosses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
\nfor liquidity purposes and are therefore irrelevant from a capital perspective.
\n\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
\nsection.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n
\n
\n
\n
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
\n
appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
\n
assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
\n
consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
\n
Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
\n
methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
\n
and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
\n
Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
\n
values generated by valuation models are challenged by a team set up specifically for this purpose.
\n
\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
\n
discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
\n
margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
\n
value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
\n
by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
\n
equal to their carrying value.
\n
\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
\n
euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
\n
reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
\n
2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
\n
at year-end 2025 (1 761 million euros at year-end 2024).
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n
\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
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(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
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* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
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amounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
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\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
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assets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
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and settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
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instruments that were traded on (central) clearing houses.
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\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
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are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
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not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
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counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
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received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
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under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
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counterparties defaults, becomes insolvent or goes bankrupt.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag202": {
"value": "\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
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associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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Note 4.2: Financial assets and liabilities, breakdown by portfolio and quality
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Note 4.2.1: Impaired financial assets
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\n\n\n| (in millions of EUR) | \nCarrying value before impairment | \nImpairment | \nCarrying value after impairment | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n245 878 | \n-2 492 | \n243 386 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n225 157 | \n-196 | \n224 960 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n16 827 | \n-320 | \n16 507 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n3 420 | \n-1 837 | \n1 582 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n475 | \n-139 | \n336 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n51 761 | \n-9 | \n51 752 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n51 716 | \n-7 | \n51 709 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n41 | \n0 | \n40 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n5 | \n-2 | \n3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n26 863 | \n-5 | \n26 859 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n26 854 | \n-5 | \n26 850 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n9 | \n0 | \n9 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n 217 093 | \n-2 448 | \n 214 645 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 197 031 | \n-176 | \n 196 855 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 16 177 | \n-331 | \n 15 847 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 3 472 | \n-1 803 | \n 1 669 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 414 | \n-138 | \n 276 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n 50 084 | \n-8 | \n 50 075 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 49 979 | \n-6 | \n 49 973 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 100 | \n-1 | \n 99 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 5 | \n-2 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n22 543 | \n-4 | \n22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 22 543 | \n-4 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 0 | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
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* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.
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reverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column).
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\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due
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primarily to:
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- An organic net increase in the loan portfolio (mainly mortgage loans and term loans)
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- An increase in reverse repos to credit institutions
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\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019.
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This involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions
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and -0.3 billion euros for corporates. This related primarily to additional investments.
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\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to
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modifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into
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\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540
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million euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively.
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Modification gains or losses are recognised under impairment (see Note 3.9).
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\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still
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subject to enforcement activities; the corresponding figure for 2024 was 55 million euros.
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\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk
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management\u2019 section.
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Note 4.2.2: Impairment details for loans and advances at amortised cost
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\n\n\n| (in millions of EUR) | \nStage 1 Subject to 12-month ECL | \nStage 2 Subject to lifetime ECL | \nStage 3 Subject to lifetime ECL | \nSubject to lifetime ECL (purchased or originated credit impaired) | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n176 | \n331 | \n1 803 | \n138 | \n2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n19 | \n-12 | \n305 | \n1 | \n312 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-24 | \n109 | \n96 | \n0 | \n182 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n4 | \n-80 | \n74 | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n5 | \n-24 | \n0 | \n-19 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n78 | \n12 | \n1 | \n0 | \n91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-25 | \n-9 | \n215 | \n2 | \n183 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n-4 | \n-15 | \n-18 | \n0 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-10 | \n-34 | \n-47 | \n0 | \n-91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-1 | \n7 | \n0 | \n7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n2 | \n1 | \n-270 | \n0 | \n-268 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n0 | \n-2 | \n-257 | \n-2 | \n-261 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n3 | \n-13 | \n1 | \n-7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n196 | \n320 | \n1 837 | \n139 | \n2 492 | \n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n 146 | \n 490 | \n 1 750 | \n 88 | \n 2 474 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n 31 | \n-154 | \n 334 | \n 49 | \n 260 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-11 | \n 76 | \n 43 | \n 0 | \n 108 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 19 | \n-112 | \n 98 | \n 0 | \n 4 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 12 | \n-31 | \n-1 | \n-20 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n 56 | \n 14 | \n 6 | \n 0 | \n 76 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-23 | \n-81 | \n 242 | \n 50 | \n 188 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 1 | \n-35 | \n-1 | \n 0 | \n-35 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-11 | \n-28 | \n-35 | \n-1 | \n-75 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 12 | \n 1 | \n 13 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n-1 | \n-6 | \n-280 | \n 1 | \n-286 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-1 | \n-2 | \n-234 | \n-1 | \n-238 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 1 | \n-1 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n-1 | \n-3 | \n-46 | \n 2 | \n-48 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n 176 | \n 331 | \n 1 803 | \n 138 | \n 2 448 | \n\n\n\n\n\n\n\n\n\n
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1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at
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fair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet.
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2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except
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POCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration.
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3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or
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before the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness).
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\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in
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impairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025)
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and on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025)
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are very limited.
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\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82%
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and 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and
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\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2.
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\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
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composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
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parts of that particular section which have been audited by the statutory auditor are specified in that section.
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Note 4.3: Maximum credit exposure and offsetting
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\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
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\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
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maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
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irrevocable commitments.
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\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
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estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
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reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
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property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
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0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
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securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
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also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
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received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
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assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
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composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
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parts of that particular section which have been audited by the statutory auditor are specified in that section.
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\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
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relevant loans.
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Note 4.4: Fair value of financial assets and liabilities \u2013 general
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\n\n\n| Fair value of financial instruments that are not | \n | \n | \n | \nFinancial assets | \n | \n | \nFinancial liabilities | \n\n\n\n\n\n\n\n
\n\n| measured at fair value in the balance sheet | \n | \n | \nat amortised cost | \n | \n | \nat amortised cost | \n\n\n\n\n\n\n\n
\n\n | \nCarrying | \n | \n | \n | \n | \nCarrying | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nvalue | \n | \n | \nFair value | \nvalue | \n | \n | \nFair value | \n\n\n\n\n\n\n\n
\n\n | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n36 076 | \n36 052 | \n3 | \n33 074 | \n2 976 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n207 310 | \n200 944 | \n54 | \n175 | \n200 715 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n51 752 | \n50 267 | \n48 084 | \n1 861 | \n322 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n1 282 | \n1 281 | \n0 | \n1 281 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-2 676 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n293 744 | \n288 544 | \n48 140 | \n36 391 | \n204 013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n19 630 | \n19 671 | \n29 | \n15 769 | \n3 872 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n302 742 | \n302 884 | \n256 | \n113 099 | \n189 528 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n27 | \n27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 314 | \n2 316 | \n4 | \n507 | \n1 805 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n324 714 | \n324 897 | \n289 | \n129 402 | \n195 206 | \n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (including reverse repos) | \n 23 360 | \n 23 635 | \n5 | \n21 033 | \n2 597 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (including reverse repos) | \n 191 285 | \n 186 569 | \n43 | \n281 | \n186 246 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 50 075 | \n 48 205 | \n44 844 | \n2 932 | \n429 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Other | \n 1 154 | \n 1 154 | \n0 | \n1 154 | \n0 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Adjustment for fair value hedges for a portfolio of interest rate risk | \n-1 930 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| Total | \n 263 945 | \n 259 564 | \n44 892 | \n25 400 | \n189 272 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 31 439 | \n 31 263 | \n16 | \n19 745 | \n11 503 | \n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 272 428 | \n 272 595 | \n0 | \n80 942 | \n191 653 | \n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 27 | \n 27 | \n0 | \n27 | \n0 | \n\n\n\n\n\n\n\n
\n\n| Other | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 2 157 | \n 2 153 | \n0 | \n592 | \n1 562 | \n\n\n\n\n\n\n\n
\n\n| Total | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n 306 050 | \n 306 038 | \n16 | \n101 305 | \n204 717 | \n\n\n\n\n\n\n\n
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\u2022 The difference between the fair value and the carrying value of the financial instruments at amortised cost (the unrealised
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losses, mainly on the debt securities portfolio and loans and advances to customers, primarily on mortgage loans and term
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loans) was caused by interest rate movements in 2025, 2024 and 2023. As a hold-to-collect business model is applied on
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the assets side, interim changes in fair value are less relevant. Taking into account i) KBC\u2019s large stock of high-quality liquid
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assets (approximately 101 billion euros on average in 2025), which consist of cash and bonds which can be repoed in the
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private market and at the central banks, ii) the fact that 56% of total customer deposits at KBC are covered by the Deposit
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Guarantee and iii) the fact that 87% of total customer deposits consist of more stable retail and SME clients, the unrealised
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losses on the debt securities portfolio and loans and advances to customers at amortised cost do not need to be realised
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for liquidity purposes and are therefore irrelevant from a capital perspective.
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\u2022 Also see the paragraph on the outlier stress test under \u2018Market risk in non-trading activities\u2019 in the \u2018Risk management\u2019
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section.
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\u2022 All internal valuation models are validated by an independent Risk Validation Unit. In addition, the Executive Committee has
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appointed a Group Valuation Committee (GVC) to ensure that KBC meets all the legal requirements for measuring financial
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assets and liabilities at fair value. The GVC monitors consistent implementation of the KBC Valuation Framework, which
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consists of various guidelines, including the Group Valuation Policy, the Group Market Value Adjustments Policy and the
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Group Parameter Review Policy. The GVC meets at least twice a quarter to approve significant changes in valuation
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methods (including, but not limited to, models, market data and inputs) or deviations from group policies for financial assets
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and liabilities measured at fair value. The committee is made up of members from Finance, Risk Management and the
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Middle Office. Valuation uncertainty measurements are made and reported to the GVC every three months. Certain fair
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values generated by valuation models are challenged by a team set up specifically for this purpose.
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\u2022 The fair value of mortgage and term loans not measured at fair value on the balance sheet (see table) is calculated by
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discounting contractual cashflows at the risk-free rate. This calculation is then adjusted for credit risk by taking account of
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margins obtained on similar, but recently issued, loans or by using a spread derived from the listed-bond spread. The fair
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value of the main portfolios takes account of prepayment risks and cap options. The fair value of time deposits is calculated
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by discounting contractual cashflows at the risk-free rate. The fair value of demand and savings deposits is presumed to be
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equal to their carrying value.
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\u2022 As a result of the first-time adoption of IFRS 9 on 1 January 2018, debt instruments with a total carrying value of 15 060 million
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euros have been reclassified from \u2018Available-for-sale assets\u2019 to \u2018Financial assets held at amortised cost\u2019. Due to this
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reclassification, changes in fair value (before tax) totalling 1 million euros were not recorded in the revaluation reserve in
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2025 (20 million euros in 2024). The fair value of this reclassified portfolio (after redemptions) amounted to 1 024 million euros
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
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\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
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- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
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quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
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transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
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available transaction prices. No valuation technique (model) is involved.
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- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
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or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
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\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
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market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
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rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
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discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
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- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
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assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
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involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
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considered to be unobservable in the market.
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\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
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significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
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require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
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\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
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financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
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indicated in the table, a small portion may actually be classified in another stage.
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\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
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reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
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* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
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amounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
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\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
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assets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
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and settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
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instruments that were traded on (central) clearing houses.
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\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
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are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
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not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
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counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
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received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
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under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
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counterparties defaults, becomes insolvent or goes bankrupt.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag206": {
"value": "\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
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certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
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settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag207": {
"value": "\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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and partly obtained through reverse repo transactions.
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
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These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
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cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
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since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
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these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
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targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
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clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
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Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
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5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
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finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
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the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
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Sustainability Report, in table 5.2 (this has not been audited).
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- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
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loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
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negative market value.
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\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
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Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
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closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
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these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
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(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
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loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
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www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
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flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
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being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
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with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
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are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
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main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
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addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
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pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
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these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
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financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
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accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
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for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
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held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
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are conducted in accordance with standard terms which are customary in the market.
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
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the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
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repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
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in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
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Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
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follow the same evolution as the Transferred financial assets.
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\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
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associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
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we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
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for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
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the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
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Directors\u2019 section for a more detailed explanation.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag211": {
"value": "\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
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\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
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1 The carrying value comes close to the maximum credit exposure.
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2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
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3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
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4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
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5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
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- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
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criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
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- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
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to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
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\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
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SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
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\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
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\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
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\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag212": {
"value": "\n
\n\n
\n
\n
\n
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Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
1 The carrying value comes close to the maximum credit exposure.
\n
2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n
3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n
4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
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\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n
- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\n
criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
\n
- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\n
to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
\n
\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\n
SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
\n
\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n
\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag214": {
"value": "\n
\n\n
Note 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n
\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
1 The carrying value comes close to the maximum credit exposure.
\n
2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n
3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n
4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n
\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n
- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\n
criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
\n
- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\n
to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
\n
\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\n
SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
\n
\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n
\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag215": {
"value": "\nNote 4.1: Financial assets and liabilities, breakdown by portfolio and product
\n\n
\n\n\n| (in millions of EUR) | \nMeasu-red at amor-tised cost (AC) | \nMeasu-red at fair value through other compre-hensive income (FVOCI) | \nManda- torily measured at fair value through profit or loss (MFVPL) excl. HFT | \nHeld for trading (HFT) | \nDesig-nated at fair value1 (FVO) | \nHedging deriva-tives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS, 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n3 059 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 060 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n55 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n207 244 | \n0 | \n1 368 | \n0 | \n0 | \n0 | \n208 612 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n3 094 | \n0 | \n0 | \n0 | \n0 | \n0 | \n3 094 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n9 114 | \n0 | \n781 | \n0 | \n0 | \n0 | \n9 895 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n83 771 | \n0 | \n587 | \n0 | \n0 | \n0 | \n84 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n97 348 | \n0 | \n0 | \n0 | \n0 | \n0 | \n97 348 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n8 467 | \n0 | \n0 | \n0 | \n0 | \n0 | \n8 467 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n4 822 | \n0 | \n0 | \n0 | \n0 | \n0 | \n4 822 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n629 | \n0 | \n0 | \n0 | \n0 | \n0 | \n629 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n33 083 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n33 017 | \n0 | \n0 | \n8 | \n0 | \n0 | \n33 025 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n66 | \n0 | \n0 | \n0 | \n0 | \n0 | \n66 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n1 869 | \n9 | \n1 155 | \n0 | \n0 | \n3 034 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n0 | \n0 | \n18 005 | \n0 | \n0 | \n0 | \n18 005 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n51 752 | \n26 859 | \n123 | \n7 212 | \n0 | \n0 | \n85 946 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n45 016 | \n22 426 | \n0 | \n3 805 | \n0 | \n0 | \n71 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n4 874 | \n2 642 | \n0 | \n3 362 | \n0 | \n0 | \n10 879 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n1 862 | \n1 790 | \n123 | \n45 | \n0 | \n0 | \n3 821 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n0 | \n0 | \n3 456 | \n0 | \n215 | \n3 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n1 282 | \n0 | \n0 | \n0 | \n0 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n296 420 | \n28 728 | \n19 506 | \n11 830 | \n0 | \n215 | \n356 699 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS, 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (excl. reverse repos) | \n 2 438 | \n 0 | \n 0 | \n 1 | \n 0 | \n 0 | \n 2 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which loans and advances to banks repayable on demand and term loans to banks at not more than three months | \n | \n | \n | \n | \n | \n | \n 225 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (excluding reverse repos) | \n 191 124 | \n 0 | \n 943 | \n 0 | \n 0 | \n 0 | \n 192 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n 2 887 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 2 887 | \n\n\n\n\n\n\n\n\n\n
\n\n| Consumer credit | \n 6 316 | \n 0 | \n 633 | \n 0 | \n 0 | \n 0 | \n 6 949 | \n\n\n\n\n\n\n\n\n\n
\n\n| Mortgage loans | \n 77 750 | \n 0 | \n 309 | \n 0 | \n 0 | \n 0 | \n 78 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| Term loans | \n 90 754 | \n 0 | \n 1 | \n 0 | \n 0 | \n 0 | \n 90 755 | \n\n\n\n\n\n\n\n\n\n
\n\n| Finance lease | \n 7 919 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 7 919 | \n\n\n\n\n\n\n\n\n\n
\n\n| Current account advances | \n 4 790 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 4 790 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 708 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 708 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos2 | \n 21 083 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 21 083 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 20 922 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 20 922 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 162 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 162 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n 0 | \n 1 722 | \n 10 | \n 902 | \n 0 | \n 0 | \n 2 633 | \n\n\n\n\n\n\n\n\n\n
\n\n| Assets under unit-linked investment contracts | \n 0 | \n 0 | \n 16 602 | \n 0 | \n 0 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities issued by | \n 50 075 | \n 22 539 | \n 70 | \n 5 021 | \n 0 | \n 0 | \n 77 705 | \n\n\n\n\n\n\n\n\n\n
\n\n| Public bodies | \n 41 955 | \n 18 165 | \n 0 | \n 3 360 | \n 0 | \n 0 | \n 63 480 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit institutions | \n 5 982 | \n 2 510 | \n 0 | \n 1 593 | \n 0 | \n 0 | \n 10 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Corporates | \n 2 139 | \n 1 864 | \n 70 | \n 68 | \n 0 | \n 0 | \n 4 140 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 0 | \n 0 | \n 4 584 | \n 0 | \n 271 | \n 4 856 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other3 | \n 1 154 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 265 875 | \n 24 261 | \n 17 624 | \n 10 509 | \n 0 | \n 271 | \n 318 540 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
1 The carrying value comes close to the maximum credit exposure.
\n
2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n
3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n
4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\n
and partly obtained through reverse repo transactions.
\n
5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\u2022 \u2018Loans and advances to customers (excl. repos)\u2019
\n
- These also include loans whose interest payments are linked to ESG targets of the client (\u2018Sustainability-linked loans\u2019).
\n
These are described in our 2025 Sustainability Report, in table 5.5 (this has not been audited). The contractual
\n
cashflows of these loans are deemed to be solely payments of principal and interest on the principal amount (SPPI),
\n
since the variability in interest payments resulting from the ESG component reflects the instrument\u2019s credit risk. For
\n
these loans, the margin on interest payments depends on whether or not the borrower meets the contractual ESG
\n
targets. These may be climate-related, environmental or social targets. This item also includes loans provided to
\n
clients which contribute to ESG targets. These are loans that fully or partially meet the EU Taxonomy criteria or the
\n
criteria of sustainability frameworks of other external parties, such as the European Investment Bank, the Loan Market
\n
Association (LMA) or local governments. These amounts are also described in our 2025 Sustainability Report, in table
\n
5.5 (this has not been audited). The \u2018Debt securities\u2019 item also includes bonds purchased by KBC that were issued to
\n
finance investments containing a sustainability component. These bonds comply with the ICMA Green Bond Principles,
\n
the Social Bond Principles or the Sustainability Bond Guidelines. These amounts are also described in our 2025
\n
Sustainability Report, in table 5.2 (this has not been audited).
\n
- \u2018Consumer credit\u2019 as at 31 December 2025 includes a reclassification from term loans for 1.6 billion euros relating to
\n
loans in the Czech Republic (not retroactively adjusted).
\n
- \u2018Other\u2019 includes cash deposits held as collateral as security provided for mainly outstanding derivatives with a
\n
negative market value.
\n
\u2022 \u2018Non-convertible bonds\u2019 and \u2018Non-convertible subordinated liabilities\u2018 comprise mainly KBC Bank, KBC Group, \u010cSOB (Czech
\n
Republic) and KBC IFIMA issues. They are usually recognised under \u2018Measured at amortised cost\u2019. However, if they contain
\n
closely related embedded derivatives, they are recorded under \u2018Designated at fair value\u2019 (see accounting policies). In 2025,
\n
these items also include four green bonds issued by KBC (for 500, 750, 750 and 500 million euros each) and two social bonds
\n
(for 750 and 750 million euros each), which have been recognised at amortised cost. The purpose of these bonds is to fund
\n
loans to our clients intended for green or social projects; however, the cashflows of these bonds themselves are not linked
\n
to any ESG targets. More information on our Green Bond Framework and our Social Bond Framework is available at
\n
www.kbc.com.
\n
\u2022 Non-convertible bonds in 2025 also include credit-linked notes issued by KBC in 2025 (273 million euros) in the context of the
\n
SRT transactions, see also Note 4.3. A credit-linked note is an unsecured debt certificate of which the contractual cash
\n
flows are linked to the credit performance of a reference portfolio of corporate loans, with the principal amount outstanding
\n
being subject to loss absorption in the event of specified credit events.
\n
\u2022 More information on major new debt issues or redemptions is provided under the \u2018Consolidated cashflow statement\u2019.
\n
\u2022 Transferred financial assets that continue to be recognised in their entirety: KBC regularly lends and/or sells debt securities
\n
with the commitment to buy them back at a later date (repo transactions). Securities lent or sold with such a commitment
\n
are transferred to the counterparty, and, in exchange, KBC receives cash or other financial assets. However, KBC retains the
\n
main risks and income relating to these securities, and, therefore, continues to recognise them on its balance sheet. In
\n
addition, a financial liability is recognised equalling the cash or other financial assets received. KBC is unable to use, sell or
\n
pledge the transferred assets for the duration of the transaction and remains exposed to interest rate risk and credit risk on
\n
these assets. The counterparty\u2019s recourse is not limited to the transferred assets. Vice versa, KBC regularly purchases
\n
financial assets with the commitment to sell them back at a later date (reverse repo transactions). These transactions are
\n
accounted for as a loan or advance, and the underlying asset is not recognised in the financial statements but is accounted
\n
for as a collateral held. In certain cases, KBC is allowed to resell or repledge the collateral held. The fair value of collateral
\n
held and sold or repledged is disclosed in Note 6.1. Collateralised transactions, such as repo and reverse repo transactions,
\n
are conducted in accordance with standard terms which are customary in the market.
\n
\n
\n
\n\n\n| Transferred financial assets that continue to be recognised in their entirety (carrying value, in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Transferred financial assets that continue to be recognised in their entirety: repo transactions and securities lent out | \n26 274 | \n27 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n858 | \n1 549 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n3 731 | \n4 866 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n21 685 | \n20 664 | \n\n\n\n\n\n\n\n\n\n
\n\n| Associated financial liability | \n11 640 | \n18 623 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n392 | \n1 147 | \n\n\n\n\n\n\n\n\n\n
\n\n| Fair value through OCI | \n1 695 | \n3 439 | \n\n\n\n\n\n\n\n\n\n
\n\n| Amortised cost | \n9 553 | \n14 037 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\u2022 KBC has more transferred financial assets on its balance sheet than repo transactions, due to the fact that the cash legs of
\n
certain repo transactions are offset against reverse repo transactions if they are carried out with the same counterparty, in
\n
the same currency and with the same maturity date. Moreover, there is a legally enforceable right, and an intention, to
\n
settle the transactions on a net basis or to realise the financial asset and settle the financial liability simultaneously. The
\n
repo transactions comprise both the associated financial liability from the transferred assets that continue to be recognised
\n
in their entirety and the associated financial liability from collateral received that is sold or repledged. The decline in
\n
Associated financial liability in 2025 was mainly driven by repo transactions, which, due to offsetting, do not necessarily
\n
follow the same evolution as the Transferred financial assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. We report on estimated greenhouse gas emissions
\n
associated with lending and other activities and have defined objectives for reducing the greenhouse gas intensity of loans
\n
we have provided to, among others, electricity producers and the real estate sector, mortgage loans and loans provided
\n
for commercial residential real estate, as well as loans provided to the automotive industry and car leasing (see Note 6.2),
\n
the agricultural sector, and cement and steel producers. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of
\n
Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
Note 5.6: Insurance \u2013 balance sheet
\n
\n
\n
\n
Note 5.6.1: Breakdown of (re)insurance contract assets and liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n2025 | \n | \n | \n | \n2024 | \n\n\n
\n\n | \nTotal | \nPAA | \nBBA | \nVFA | \nTotal | \nPAA | \nBBA | \nVFA | \n\n\n
\n\n| Life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n28 | \n28 | \n\u2014 | \n\u2014 | \n 20 | \n 20 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n14 109 | \n52 | \n13 017 | \n1 040 | \n13 925 | \n 57 | \n12 899 | \n 969 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n13 898 | \n2 | \n12 884 | \n1 013 | \n13 718 | \n 2 | \n12 769 | \n 948 | \n\n\n
\n\n| Unit-linked | \n868 | \n0 | \n\u2014 | \n868 | \n 823 | \n 0 | \n\u2014 | \n 823 | \n\n\n
\n\n| Non-unit-linked | \n11 986 | \n2 | \n11 985 | \n\u2014 | \n11 931 | \n 2 | \n11 929 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n1 044 | \n0 | \n899 | \n145 | \n 964 | \n 0 | \n 840 | \n 125 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n 0 | \n 0 | \n \u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n211 | \n51 | \n133 | \n27 | \n 207 | \n 55 | \n 130 | \n 22 | \n\n\n
\n\n| Unit-linked | \n23 | \n0 | \n\u2014 | \n23 | \n 19 | \n 0 | \n\u2014 | \n 19 | \n\n\n
\n\n| Non-unit-linked | \n162 | \n51 | \n112 | \n\u2014 | \n 168 | \n 55 | \n 112 | \n\u2014 | \n\n\n
\n\n| Hybrid | \n25 | \n0 | \n21 | \n4 | \n 21 | \n 0 | \n 18 | \n 3 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n \u2014 | \n 0 | \n 0 | \n \u2014 | \n \u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n
\n\n| Non-life | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Reinsurance assets | \n81 | \n81 | \n\u2014 | \n\u2014 | \n 98 | \n 98 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Insurance contract liabilities | \n3 314 | \n3 139 | \n175 | \n\u2014 | \n3 186 | \n2 971 | \n 214 | \n\u2014 | \n\n\n
\n\n| LRC (liability for remaining coverage) | \n764 | \n606 | \n158 | \n\u2014 | \n 744 | \n 547 | \n 196 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n180 | \n22 | \n158 | \n\u2014 | \n 211 | \n 14 | \n 196 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n162 | \n162 | \n\u2014 | \n\u2014 | \n 156 | \n 156 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n31 | \n31 | \n\u2014 | \n\u2014 | \n 25 | \n 25 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n136 | \n136 | \n\u2014 | \n\u2014 | \n 118 | \n 118 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n255 | \n255 | \n\u2014 | \n\u2014 | \n 234 | \n 234 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n0 | \n0 | \n\u2014 | \n\u2014 | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| LIC (liability for incurred claims) | \n2 551 | \n2 533 | \n17 | \n\u2014 | \n2 442 | \n2 424 | \n 18 | \n\u2014 | \n\n\n
\n\n| Personal insurance | \n668 | \n651 | \n17 | \n\u2014 | \n 656 | \n 638 | \n 18 | \n\u2014 | \n\n\n
\n\n| Motor Third-Party Liability (MTPL) | \n986 | \n986 | \n\u2014 | \n\u2014 | \n 935 | \n 935 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Liabilities other than MTPL | \n451 | \n451 | \n\u2014 | \n\u2014 | \n 401 | \n 401 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Casco | \n80 | \n80 | \n\u2014 | \n\u2014 | \n 66 | \n 66 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Property other than casco | \n344 | \n344 | \n\u2014 | \n\u2014 | \n 364 | \n 364 | \n\u2014 | \n\u2014 | \n\n\n
\n\n| Accepted reinsurance | \n21 | \n21 | \n0 | \n\u2014 | \n 20 | \n 20 | \n 0 | \n\u2014 | \n\n\n
\n\n| Assets for acquisition cost | \n0 | \n0 | \n0 | \n\u2014 | \n 0 | \n 0 | \n 0 | \n\u2014 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 Insurance contract liabilities relate to insurance contracts and investment contracts with a discretionary participation
\n
feature (DPF). Liabilities under investment contracts without DPF are measured at fair value. They concern unit-linked
\n
contracts (under IFRS 9), which are recognised under financial liabilities (see Note 4.1).
\n
\n
\u2022 LRC (except PAA) is calculated using various assumptions. Judgement is required when making these assumptions and they
\n
are based on various internal and external sources of information. These liabilities are generally calculated using
\n
assumptions that are current and regularly updated, reflecting the conditions existing at closing date. The key assumptions
\n
are:
\n
- Lapse and dormancy rates at both contract and premium level, as well as mortality and morbidity rates, based on
\n
standard mortality tables and adapted where necessary to reflect the group\u2019s own experience.
\n
- Operating expense assumptions which reflect the projected costs of maintaining and servicing in-force policies and
\n
associated overhead expenses which are considered directly attributable. Expenses are considered directly
\n
attributable if they are incurred as a consequence of performing insurance activities for in-force contracts;
\n
- Assumptions may vary depending on the type of insurance, the generation of contracts (mainly the time when the
\n
contract is entered into and the applicable terms and conditions) and the country, making it impossible to quantify
\n
these assumptions for the entire group.
\n
\u2022 Assumptions for LIC are based on past claims experience relating to claim numbers, claim payments and claims handling
\n
costs, and adjusted to take account of such factors as anticipated market experience, claims inflation and external factors
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 For contracts providing multiple services, i.e. insurance coverage, investment return services and investment management
\n
services, \u2018multivariate coverage units\u2019 are used, taking into consideration that (a) coverage units are determined based on
\n
the individual benefit components separately and (b) weights are assigned to each component to reflect an appropriate
\n
level of service to be provided. Such weightings appropriately reflect the release of CSM based on the quantity of the
\n
benefits provided for each service. Analogous to coverage units, these weights are also reassessed at the end of each
\n
reporting period.
\n
\u2022 Coverage units have a positive value and are floored to zero. In case of zero coverage units in a given period, no CSM is
\n
allocated to P&L as no services have been provided in the period. This is possible, for instance, where contracts provide for
\n
\u2018waiting periods\u2019. In such cases, the contract has been signed by the policyholder but there is a mandatory waiting period
\n
for the client to be able to benefit from insurance coverage.
\n
\u2022 Defining IFRS 17 portfolios is a local decision, made by each insurance entity of KBC Group. It is country-specific, driven by
\n
the local product mix and the way in which the insurance business is managed locally. The table presents a high-level
\n
breakdown by product.
\n
\u2022 Within hybrid products, the policyholder can switch within the same contract, containing the coverage of significant
\n
insurance risk, from the unit-linked to the non-unit-linked component and vice versa.
\n
\u2022 Non-life LRC BBA (158 million euros in 2025, 196 million euros in 2024) represents the LRC health insurance (as part of
\n
personal insurance) as they are mostly long-term contracts and are therefore measured according to the BBA. Non-life LIC
\n
PAA for personal insurance (651 million euros in 2025, 638 million euros in 2024) represents the incurred claims under personal
\n
insurance with regard to \u2018workmen\u2019s compensation\u2019 insurance, which are typically settled over a long period.
\n
\u2022 Most reinsurance programmes protect against the impact of exceptionally large loss events or accumulation of losses.
\n
Therefore, the reinsurance result is not in the same order of magnitude as the direct insurance result, which means the
\n
movements in reinsurance assets are limited.
\n
\u2022 Current account transactions with intermediaries and reinsurers are not included in the measurement of insurance liabilities
\n
but treated as a separate asset measured under IFRS 9.
\n
\u2022 The following yield curves are used to discount cashflows that do not vary based on the returns of underlying items and
\n
apply specifically for insurance contracts with risk cover (non-life, death cover, health insurance). As these bottom-up
\n
discount curves are not entity-specific but currency-dependent, two curves are included for each currency, one with
\n
Solvency II volatility adjustment and one without (the latter is used for VFA liabilities).
\n
\n
\n
\n\n\n| Yield curve used to discount cashflows not varying based on underlying items; bottom-up method (forward rates) | \n | \n | \n | \n\n\n
\n\n| Currency | \nIlliquidity premium | \n | \n | \n | \nPortfolio duration | \n\n\n
\n\n | \n | \n1 year | \n5 years | \n10 years | \n20 years | \n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n2.48% | \n3.19% | \n3.78% | \n3.71% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.33% | \n3.04% | \n3.63% | \n3.55% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.11% | \n4.37% | \n4.95% | \n5.16% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.96% | \n4.22% | \n4.80% | \n5.00% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n5.74% | \n6.58% | \n7.76% | \n6.23% | \n\n\n
\n\n | \nwithout volatility adjustment | \n5.66% | \n6.50% | \n7.67% | \n6.15% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n2.68% | \n3.17% | \n3.84% | \n4.03% | \n\n\n
\n\n | \nwithout volatility adjustment | \n2.61% | \n3.10% | \n3.77% | \n3.96% | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| EUR | \nwith volatility adjustment | \n1.91% | \n2.61% | \n2.84% | \n2.14% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.67% | \n2.37% | \n2.60% | \n1.91% | \n\n\n
\n\n| CZK | \nwith volatility adjustment | \n4.01% | \n3.93% | \n4.30% | \n4.20% | \n\n\n
\n\n | \nwithout volatility adjustment | \n3.84% | \n3.76% | \n4.12% | \n4.03% | \n\n\n
\n\n| HUF | \nwith volatility adjustment | \n6.92% | \n6.93% | \n7.39% | \n6.55% | \n\n\n
\n\n | \nwithout volatility adjustment | \n6.84% | \n6.85% | \n7.30% | \n6.48% | \n\n\n
\n\n| BGN | \nwith volatility adjustment | \n1.94% | \n2.58% | \n2.83% | \n2.19% | \n\n\n
\n\n | \nwithout volatility adjustment | \n1.78% | \n2.42% | \n2.67% | \n2.03% | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.6.2: Movements in Life insurance contract liabilities
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \n | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nunder PAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \n | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nRisk adjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 686 | \n32 | \n152 | \n52 | \n4 | \n13 925 | \n\n
\n\n| Insurance service result | \n-455 | \n17 | \n207 | \n16 | \n-1 | \n-216 | \n\n
\n\n| Insurance revenues | \n-492 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-492 | \n\n
\n\n| BBA + VFA by transition method | \n-460 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-460 | \n\n
\n\n| Modified retrospective approach | \n-10 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-10 | \n\n
\n\n| Fair value approach | \n-261 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-261 | \n\n
\n\n| Other | \n-189 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-189 | \n\n
\n\n| PAA | \n-33 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-33 | \n\n
\n\n| Insurance service expenses | \n38 | \n17 | \n207 | \n16 | \n-1 | \n276 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-3 | \n149 | \n12 | \n1 | \n159 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-3 | \n98 | \n4 | \n0 | \n98 | \n\n
\n\n| Amortised acquisition expenses | \n 38 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n38 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 23 | \n\u2014 | \n\u2014 | \n\u2014 | \n23 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-40 | \n0 | \n-2 | \n-42 | \n\n
\n\n| Investment components | \n-1 238 | \n\u2014 | \n1 238 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Investment result | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Insurance finance income and expense | \n-175 | \n0 | \n0 | \n0 | \n0 | \n-175 | \n\n
\n\n| In P&L | \n282 | \n1 | \n1 | \n1 | \n0 | \n285 | \n\n
\n\n| In OCI | \n-457 | \n-1 | \n-1 | \n-1 | \n0 | \n-460 | \n\n
\n\n| Total changes in comprehensive income | \n-1 878 | \n17 | \n1 445 | \n15 | \n-1 | \n-402 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-1 439 | \n-20 | \n\u2014 | \n532 | \n\n
\n\n| Premiums received | \n2 138 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 138 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-1 341 | \n-16 | \n\u2014 | \n-1 357 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-98 | \n-4 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-148 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-148 | \n\n
\n\n| Other | \n52 | \n0 | \n3 | \n0 | \n0 | \n54 | \n\n
\n\n| Closing balance | \n13 850 | \n49 | \n160 | \n48 | \n3 | \n14 109 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 667 | \n7 | \n134 | \n50 | \n3 | \n13 862 | \n\n
\n\n| Insurance service result | \n-435 | \n 24 | \n 225 | \n 19 | \n 0 | \n-168 | \n\n
\n\n| Insurance revenues | \n-463 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-463 | \n\n
\n\n| BBA + VFA by transition method | \n-432 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-432 | \n\n
\n\n| Modified retrospective approach | \n-9 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-9 | \n\n
\n\n| Fair value approach | \n-280 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-280 | \n\n
\n\n| Other | \n-143 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-143 | \n\n
\n\n| PAA | \n-31 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-31 | \n\n
\n\n| Insurance service expenses | \n 28 | \n 24 | \n 225 | \n 19 | \n 0 | \n 296 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-2 | \n 156 | \n 14 | \n 1 | \n 169 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-2 | \n 99 | \n 3 | \n 0 | \n 100 | \n\n
\n\n| Amortised acquisition expenses | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-29 | \n 1 | \n-1 | \n-29 | \n\n
\n\n| Investment components | \n-2 591 | \n\u2014 | \n2 591 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Investment result | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Insurance finance income and expense | \n 490 | \n 1 | \n 2 | \n 2 | \n 0 | \n 495 | \n\n
\n\n| In P&L | \n 292 | \n 1 | \n 2 | \n 1 | \n 0 | \n 296 | \n\n
\n\n| In OCI | \n 198 | \n 0 | \n 0 | \n 1 | \n 0 | \n 199 | \n\n
\n\n| Total changes in comprehensive income | \n-2 529 | \n 25 | \n2 818 | \n 20 | \n 0 | \n 334 | \n\n
\n\n| Total cashflows | \n2 585 | \n\u2014 | \n-2 798 | \n-19 | \n\u2014 | \n-232 | \n\n
\n\n| Premiums received | \n2 712 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 712 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-2 699 | \n-16 | \n\u2014 | \n-2 715 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-99 | \n-3 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-127 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-127 | \n\n
\n\n| Other | \n-37 | \n 0 | \n-2 | \n 0 | \n 0 | \n-39 | \n\n
\n\n| Closing balance | \n13 686 | \n 32 | \n 152 | \n 52 | \n 4 | \n13 925 | \n\n
\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 In the transition from IFRS 4 to IFRS 17 on 1 January 2022, KBC applied the Full Retrospective Approach (FRA) for recent
\n
years. Applying the FRA for non-recent years was impracticable due to either a lack of historical data (data and
\n
hypotheses) or high costs associated with making information from the past available for FRA transition calculations. Where
\n
the FRA was impracticable, the Fair Value Approach (FVA) was predominantly used to determine the CSM on the transition
\n
date. The Modified Retrospective Approach (MRA) was rarely applied as this transition approach was overly complex and
\n
the costs did not outweigh the benefits. KBC calculated a fair value according to IFRS 13 based on the IFRS 17 cashflows
\n
and subsequently adjusted a few assumptions or parameters. The adjustments related to the inclusion in the IFRS 13 fair
\n
value of total expenses, i.e. including non-directly attributable expenses, and to the inclusion of a risk premium that covers
\n
not only non-financial risk, but also system and integration expenses and capital funding costs. All past years were
\n
combined into a single cohort for the FVA transition calculations. The FVA CSM ensued from cost and risk margin differences
\n
under IFRS 17 and IFRS 13 measurement approaches. Due to the application of the FVA on the transition date in accordance
\n
with the transition exemptions provided in IFRS 17, the OCI amount was set at nil. The locked-in rate for FVA business is the
\n
interest rate as determined at 31 December 2021, being the date of first-time application.
\n
\u2022 Movement in insurance liabilities in 2025:
\n
- Due to the increase in market interest rates during 2025, a gain in OCI of 460 million euros before tax is recognised as
\n
KBC made the accounting policy choice for all portfolios within the group to split insurance finance income and expense
\n
between P&L and OCI.
\n
\u2022 Movement in insurance liabilities in 2024:
\n
- Due to the decrease in market interest rates during 2024, an expense in OCI of 199 million euros before tax is recognised.
\n
- The movement in the investment component of 2 591 million euros from LRC to LIC indicates the amounts of contracts
\n
coming at maturity or lapsed and includes 866 million euros resulting from the surrender in 2024 of individual pension
\n
agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 portfolio as the
\n
policyholders of the relevant contracts were given the opportunity to invest in unit-linked products.
\n
\u2022 On transitioning to IFRS 17, KBC applied mainly the fair value approach. Therefore, the amortised acquisition costs are low
\n
as they are not estimated under the fair value approach (i.e. the prospective approach).
\n
\u2022 The Life insurance contracts are typically long-term contracts and are therefore measured according to the BBA or VFA.
\n
The latter is only applied within Central and Eastern European entities for unit-linked contracts or hybrid products as these
\n
sold contracts mandatorily contain insurance risk cover.
\n
\u2022 Some insurance contracts may specify amounts that are payable when no insured event occurs, and are repayable under
\n
all circumstances and as such include an investment component. For defining the investment component, an investigation
\n
based on the contract\u2019s characteristics needs to be conducted. Within KBC, only investment components are identified
\n
within Life insurance, such as life-long death cover. When an insurance contract allows surrender, the gross surrender value
\n
is considered an investment component. Any associated surrender fees resulting from surrender are considered insurance
\n
components.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.6.3: Movements in Non-life insurance contract liabilities
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured under | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nPAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \nRisk | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nadjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n740 | \n4 | \n18 | \n2 168 | \n256 | \n3 186 | \n\n
\n\n| Insurance service result | \n-2 125 | \n0 | \n30 | \n1 605 | \n17 | \n-474 | \n\n
\n\n| Insurance revenues | \n-2 709 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 709 | \n\n
\n\n| BBA by transition method | \n-49 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-49 | \n\n
\n\n| Modified retrospective approach | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Fair value approach | \n-35 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-35 | \n\n
\n\n| Other | \n-14 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-14 | \n\n
\n\n| PAA | \n-2 660 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 660 | \n\n
\n\n| Insurance service expenses | \n584 | \n0 | \n30 | \n1 605 | \n17 | \n2 235 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-4 | \n29 | \n1 301 | \n77 | \n1 403 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n0 | \n3 | \n244 | \n0 | \n248 | \n\n
\n\n| Amortised acquisition expenses | \n 583 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n583 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n4 | \n\u2014 | \n\u2014 | \n\u2014 | \n4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-2 | \n60 | \n-60 | \n-2 | \n\n
\n\n| Investment components | \n0 | \n\u2014 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Insurance finance income and expense | \n-36 | \n0 | \n0 | \n-23 | \n0 | \n-59 | \n\n
\n\n| In P&L | \n1 | \n0 | \n0 | \n41 | \n5 | \n48 | \n\n
\n\n| In OCI | \n-37 | \n0 | \n0 | \n-65 | \n-5 | \n-107 | \n\n
\n\n| Total changes in comprehensive income | \n-2 161 | \n0 | \n30 | \n1 582 | \n17 | \n-533 | \n\n
\n\n| Total cashflows | \n2 167 | \n\u2014 | \n-31 | \n-1 509 | \n\u2014 | \n627 | \n\n
\n\n| Premiums received | \n2 762 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 762 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-28 | \n-1 266 | \n\u2014 | \n-1 294 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-243 | \n\u2014 | \n-246 | \n\n
\n\n| Acquisition costs paid | \n-594 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-594 | \n\n
\n\n| Other | \n14 | \n0 | \n0 | \n18 | \n2 | \n34 | \n\n
\n\n| Closing balance | \n760 | \n4 | \n17 | \n2 259 | \n275 | \n3 314 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n 700 | \n 1 | \n 16 | \n1 964 | \n 240 | \n2 922 | \n\n
\n\n| Insurance service result | \n-1 952 | \n 3 | \n 31 | \n1 606 | \n 10 | \n-303 | \n\n
\n\n| Insurance revenues | \n-2 482 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 482 | \n\n
\n\n| BBA by transition method | \n-39 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-39 | \n\n
\n\n| Modified retrospective approach | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Fair value approach | \n-29 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-29 | \n\n
\n\n| Other | \n-11 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| PAA | \n-2 443 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 443 | \n\n
\n\n| Insurance service expenses | \n 530 | \n 3 | \n 31 | \n1 606 | \n 10 | \n2 179 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-1 | \n 28 | \n1 251 | \n 65 | \n1 343 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n 0 | \n 3 | \n 232 | \n 0 | \n 236 | \n\n
\n\n| Amortised acquisition expenses | \n 529 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 529 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n 4 | \n\u2014 | \n\u2014 | \n\u2014 | \n 4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n 0 | \n 122 | \n-55 | \n 66 | \n\n
\n\n| Investment components | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Insurance finance income and expense | \n 7 | \n 0 | \n 0 | \n 58 | \n 7 | \n 72 | \n\n
\n\n| In P&L | \n 1 | \n 0 | \n 0 | \n 39 | \n 5 | \n 45 | \n\n
\n\n| In OCI | \n 6 | \n 0 | \n 0 | \n 18 | \n 2 | \n 26 | \n\n
\n\n| Total changes in comprehensive income | \n-1 945 | \n 3 | \n 31 | \n1 664 | \n 17 | \n-231 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-29 | \n-1 453 | \n\u2014 | \n 509 | \n\n
\n\n| Premiums received | \n2 532 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 532 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-26 | \n-1 222 | \n\u2014 | \n-1 248 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-231 | \n\u2014 | \n-234 | \n\n
\n\n| Acquisition costs paid | \n-540 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-540 | \n\n
\n\n| Other | \n-6 | \n 0 | \n 0 | \n-6 | \n-1 | \n-14 | \n\n
\n\n| Closing balance | \n 740 | \n 4 | \n 18 | \n2 168 | \n 256 | \n3 186 | \n\n
\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 The amount recognised in P&L as release of the CSM is determined by:
\n
\n
- Identifying the coverage units in the group. The number of coverage units in a group is the quantity of service provided
\n
by the insurer under the contracts in that Group of Contracts (GoC), determined by considering for each contract the
\n
quantity of the benefits provided to the policyholder under a contract and its expected coverage period.
\n
- Allocating the CSM at the end of the period equally to each coverage unit provided in the current period and expected
\n
to be provided in the future, and recognising in P&L the amount allocated to coverage units allocated to the current
\n
period.
\n
\u2022 Main movements in 2025: the positive cashflow of 523 million euros is primarily attributable to the increase in the insurance
\n
investment portfolio, supported in part by higher interest rates.
\n
\u2022 Main movements in 2024: the 43-million-euro increase in the risk adjustment in 2024 is mostly related to a model change to
\n
take into account the risk that clients stop paying premiums for long-term life insurance contracts. The movement of the
\n
contractual service margin in 2024, under \u2018New business\u2019, includes a 96-million-euro increase related to the migration of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio to the \u2018Hybrid products\u2019 portfolio (see also Note 5.6.2).
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.6.5: Movements in Non-life insurance contract liability components (BBA)
\n
\n
\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n-40 | \n122 | \n31 | \n101 | \n214 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-35 | \n-47 | \n69 | \n-4 | \n-18 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-33 | \n-45 | \n75 | \n3 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-22 | \n8 | \n\u2014 | \n14 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-11 | \n-52 | \n75 | \n-12 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-2 | \n-2 | \n-6 | \n-7 | \n-16 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-6 | \n-7 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-2 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-2 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-33 | \n0 | \n0 | \n2 | \n-31 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-2 | \n1 | \n0 | \n2 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-31 | \n-1 | \n\u2014 | \n\u2014 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-68 | \n-48 | \n69 | \n-3 | \n-49 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n10 | \n\u2014 | \n\u2014 | \n\u2014 | \n10 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n50 | \n\u2014 | \n\u2014 | \n\u2014 | \n50 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-28 | \n\u2014 | \n\u2014 | \n\u2014 | \n-28 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n0 | \n 0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-98 | \n74 | \n100 | \n99 | \n175 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 8 | \n 71 | \n 52 | \n 74 | \n 206 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-72 | \n 60 | \n-21 | \n 26 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-74 | \n 62 | \n-19 | \n 31 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-21 | \n 3 | \n\u2014 | \n 18 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-52 | \n 58 | \n-19 | \n 13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 1 | \n-1 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-1 | \n\u2014 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 1 | \n\u2014 | \n\u2014 | \n\u2014 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 15 | \n-9 | \n 0 | \n 1 | \n 7 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-1 | \n 1 | \n 0 | \n 1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 16 | \n-10 | \n\u2014 | \n\u2014 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-57 | \n 51 | \n-21 | \n 27 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n 9 | \n\u2014 | \n\u2014 | \n\u2014 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n 46 | \n\u2014 | \n\u2014 | \n\u2014 | \n 46 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-26 | \n\u2014 | \n\u2014 | \n\u2014 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-40 | \n 122 | \n 31 | \n 101 | \n 214 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
\n
\u2022 In Non-life, the BBA is applied to \u2018individual health insurance\u2019.
\n
\u2022 The 33-million-euro financial gain in OCI is attributable to the increase in the yield curve. The 6-million-euro increase in
\n
2024 is attributable to a slight decline in the yield curve. A typical feature of the hospitalisation portfolio is that interest rate
\n
movements have a greater impact on the cash outflows than on the cash inflows. Hospitalisation premiums are levelled
\n
(constant \u2018cash in\u2019 during the lifetime of the contract) and claims increase as the insured person ages (\u2018cash out\u2019 more
\n
towards the end of the contract).
\n
\u2022 The 63-million-euro increase in the CSM for changes in estimates reflected in the CSM in 2025 is attributable to an update
\n
of the model parameters. The same parameter changes led to a 52-million-euro decrease in the risk adjustment. The 52-
\n
million-euro drop in 2024 is due to a model update in which expected higher claims result in higher premiums. A higher
\n
premium volume generates more future profit and, as a result, lower fulfilment cashflows. The 58-million-euro increase in
\n
changes in estimates reflected in the CSM in the risk adjustment in 2024 was accounted for by a model change involving a
\n
more conservative estimate of the uncertainty of claim costs related to hospitalisation.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
Note 5.6.6: New business (BBA/VFA)
\n
\n
\n\n\n| (in millions of EUR) | \n(Re)insurance contracts issued | \n(Re)insurance contracts acquired | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n | \nNot onerous | \nOnerous | \nNot onerous | \nOnerous | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n1 330 | \n844 | \n 0 | \n 0 | \n2 174 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n1 102 | \n799 | \n 0 | \n 0 | \n1 901 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n90 | \n27 | \n 0 | \n 0 | \n117 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n138 | \n18 | \n 0 | \n 0 | \n156 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-1 586 | \n-832 | \n 0 | \n 0 | \n-2 418 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n28 | \n11 | \n 0 | \n 0 | \n39 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n228 | \n\u2014 | \n 0 | \n\u2014 | \n228 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n24 | \n\u2014 | \n 0 | \n24 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash outflows | \n2 942 | \n 625 | \n 0 | \n 0 | \n3 567 | \n\n\n\n\n\n\n\n\n
\n\n| Expected claims | \n2 645 | \n 593 | \n 0 | \n 0 | \n3 238 | \n\n\n\n\n\n\n\n\n
\n\n| Expected other insurance service expenses | \n 151 | \n 19 | \n 0 | \n 0 | \n 170 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance acquisition cashflows | \n 145 | \n 13 | \n 0 | \n 0 | \n 159 | \n\n\n\n\n\n\n\n\n
\n\n| Estimates of present value of cash inflows | \n-3 218 | \n-614 | \n 0 | \n 0 | \n-3 833 | \n\n\n\n\n\n\n\n\n
\n\n| Risk adjustment for non-financial risk | \n 29 | \n 3 | \n 0 | \n 0 | \n 32 | \n\n\n\n\n\n\n\n\n
\n\n| Contractual service margin | \n 248 | \n\u2014 | \n 0 | \n\u2014 | \n 248 | \n\n\n\n\n\n\n\n\n
\n\n| Increase in insurance contract liabilities: loss component | \n\u2014 | \n 14 | \n\u2014 | \n 0 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The investment insurance policies sold in 2025, before taking into account the investment margin realised, form the basis of
\n
the loss component of 24 million euros. This loss is largely due to commercial campaigns and the focus on investment
\n
insurance sales realised with a market-driven competitive guaranteed interest rate.
\n
\u2022 \u2018Estimates of present value of cash outflows\u2019 in 2024 includes 1 446 million euros resulting from the surrender in 2024 of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019
\n
portfolio as the policyholders of the relevant contracts were given the opportunity to invest in unit-linked products. The net
\n
impact of this migration on the CSM is a 96-million-euro increase (see also Note 5.6.2).
\n
\u2022 The sale of business with a loss component in 2024 was largely attributable to commercial campaigns in response to the
\n
Belgian state note maturing in September 2024. This new business was created with a market-driven competitive
\n
guaranteed interest rate.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.6.7: Future CSM recognition in profit and loss on insurance contracts (at the end of the reporting period) (BBA/VFA)
\n
\n
\n\n\n | \n | \n | \n | \nCSM recognition in P&L in the \u2026 following reporting year | \n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \n1st year | \n2nd year | \n3rd year | \n4th year | \n5th year | \n6-10th year | \n+10th year | \n\n\n\n\n\n\n\n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n160 | \n151 | \n145 | \n138 | \n132 | \n580 | \n1 142 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n12 | \n12 | \n11 | \n11 | \n10 | \n44 | \n84 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Life | \n 153 | \n 145 | \n 138 | \n 132 | \n 126 | \n 548 | \n1 023 | \n\n\n\n\n\n\n\n\n
\n\n| Non-life | \n 7 | \n 7 | \n 7 | \n 6 | \n 6 | \n 27 | \n 57 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The table shows the future undiscounted CSM recognition for the next 25 years.
\n
\n
\n
Note 5.6.8: Fair value of assets backing insurance and investment contracts
\n
\n
\n\n\n| (in millions of EUR) | \nLife | \nOf which Life direct participation (VFA) | \nNon-life | \nNon-technical | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n32 318 | \n1 039 | \n4 767 | \n1 799 | \n38 883 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 731 | \n0 | \n3 238 | \n828 | \n5 797 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n12 459 | \n16 | \n1 510 | \n637 | \n14 606 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n11 331 | \n16 | \n1 244 | \n369 | \n12 944 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 128 | \n0 | \n266 | \n268 | \n1 662 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n18 118 | \n1 024 | \n0 | \n10 | \n18 128 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n18 005 | \n1 024 | \n\u2014 | \n\u2014 | \n18 005 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n113 | \n0 | \n0 | \n10 | \n123 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n9 | \n0 | \n19 | \n324 | \n352 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Total (underlying) assets | \n30 414 | \n 967 | \n4 204 | \n1 845 | \n36 463 | \n\n\n\n\n\n\n\n\n
\n\n| At amortised cost | \n1 886 | \n 0 | \n2 887 | \n1 047 | \n5 819 | \n\n\n\n\n\n\n\n\n
\n\n| At FVOCI | \n11 753 | \n 15 | \n1 221 | \n 593 | \n13 568 | \n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n10 698 | \n 15 | \n 993 | \n 373 | \n12 064 | \n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 055 | \n 0 | \n 228 | \n 220 | \n1 504 | \n\n\n\n\n\n\n\n\n
\n\n| At FVPL (excl. derivatives) | \n16 666 | \n 951 | \n 0 | \n 8 | \n16 673 | \n\n\n\n\n\n\n\n\n
\n\n| Instruments backing unit-linked contracts | \n16 602 | \n 951 | \n\u2014 | \n\u2014 | \n16 602 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 64 | \n 0 | \n 0 | \n 8 | \n 71 | \n\n\n\n\n\n\n\n\n
\n\n| At FVO | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Property and equipment and investment property | \n 109 | \n 0 | \n 97 | \n 198 | \n 403 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 The table also includes the assets backing the liabilities under investment contracts (IFRS 9).
\n
\u2022 Non-technical: see Note 3.6.1.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.6.9: Changes in accumulated OCI for FVOCI assets related to insurance contracts for which the fair value transition
\n
approach is used
\n
\n
\n\n\n| (in millions of EUR) | \n2025 | \n2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| OCI that may be recycled to P&L | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI debt instruments) | \n-34 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n-46 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n11 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Transfer from reserve to net result | \n0 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Impairment | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Net gains/losses on disposal | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred taxes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| OCI that will not be recycled to P&L | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Net change in revaluation reserve (FVOCI equity instruments) | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value adjustments before tax | \n23 | \n 101 | \n\n\n\n\n\n\n\n\n
\n\n| Deferred tax on fair value changes | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 IFRS 17 allows simplifications to set the accumulated OCI for the insurance liabilities at nil at the transition date at 1 January
\n
2022, while maintaining the accumulated OCI for the covering financial assets. This disclosure gives insight into the
\n
mismatch between covering financial assets and insurance liabilities as it distorts classification within equity at transition
\n
date and subsequently the years thereafter until the portfolio subject to the transition approach reaches maturity.
\n
\u2022 See also \u2018Consolidated statement of comprehensive income\u2019.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\u2022 In Non-life, KBC applies mostly the PAA, as the coverage period is 1 year or less.
\n
\u2022 The cost of outstanding claims is based on the past claims development experience to project future claims development.
\n
These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims
\n
handling costs) and claim numbers based on the observed claim development of earlier years and expected loss ratio.
\n
Historical claims are mainly analysed per accident year. Large claims are separately addressed.
\n
\u2022 Estimates of salvage recoveries and subrogation reimbursement are considered in the measurement of the ultimate claim
\n
costs.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.6.4: Movements in Life insurance contract liability components (BBA, VFA)
\n
\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, modified retrospective approach | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 529 | \n195 | \n43 | \n1 268 | \n832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-281 | \n5 | \n-3 | \n-126 | \n203 | \n-202 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-227 | \n20 | \n2 | \n-28 | \n257 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-222 | \n32 | \n\u2013 | \n\u2013 | \n213 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-4 | \n-14 | \n2 | \n-28 | \n44 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n-2 | \n2 | \n\u2013 | \n\u2013 | \n\u2013 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-17 | \n-12 | \n-5 | \n-98 | \n-54 | \n-185 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2013 | \n\u2013 | \n-5 | \n-98 | \n-54 | \n-156 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2013 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-12 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-17 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-17 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-38 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-40 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-192 | \n-8 | \n0 | \n11 | \n16 | \n-173 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n254 | \n3 | \n0 | \n11 | \n16 | \n284 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-446 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-458 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-485 | \n-3 | \n-2 | \n-116 | \n219 | \n-387 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n523 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n523 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 106 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 106 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-1 341 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-1 341 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-98 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-98 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-144 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-144 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n35 | \n1 | \n2 | \n9 | \n6 | \n53 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 602 | \n193 | \n43 | \n1 161 | \n1 056 | \n14 057 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 538 | \n152 | \n47 | \n1 387 | \n683 | \n13 807 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-212 | \n 41 | \n-2 | \n-125 | \n 138 | \n-159 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-201 | \n 53 | \n 4 | \n-11 | \n 182 | \n 28 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-245 | \n 29 | \n\u2013 | \n\u2013 | \n 230 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n 32 | \n 23 | \n 4 | \n-11 | \n-48 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 13 | \n 1 | \n\u2013 | \n\u2013 | \n\u2013 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 16 | \n-9 | \n-5 | \n-114 | \n-44 | \n-157 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n0 | \n- | \n-5 | \n-114 | \n-44 | \n-163 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n0 | \n-9 | \n\u2013 | \n\u2013 | \n\u2013 | \n-9 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 16 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 16 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-27 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 466 | \n 4 | \n 1 | \n 10 | \n 13 | \n 493 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n 269 | \n 3 | \n 1 | \n 10 | \n 13 | \n 295 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 197 | \n 1 | \n- | \n- | \n- | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n 260 | \n 44 | \n-1 | \n-115 | \n 151 | \n 341 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n-241 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-241 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 681 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 681 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-2 699 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-2 699 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-99 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-99 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-124 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-124 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n-28 | \n-1 | \n-3 | \n-4 | \n-3 | \n-39 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 529 | \n 195 | \n 43 | \n1 268 | \n 832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
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"value": "\n\n
\n\n\n| (in millions of EUR) | \nMeasured at amortised cost (AC) | \nHeld for trading (HFT) | \nDesignated at fair value (FVO) | \nHedging derivatives | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL LIABILITIES, 31-12-2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n12 571 | \n0 | \n0 | \n0 | \n12 571 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n3 247 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n287 748 | \n23 | \n997 | \n0 | \n288 769 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n115 552 | \n0 | \n0 | \n0 | \n115 552 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n37 027 | \n23 | \n166 | \n0 | \n37 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n85 088 | \n0 | \n0 | \n0 | \n85 088 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n12 | \n0 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n237 679 | \n23 | \n166 | \n0 | \n237 868 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n23 561 | \n0 | \n5 | \n0 | \n23 567 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n23 130 | \n0 | \n826 | \n0 | \n23 956 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n3 378 | \n0 | \n0 | \n0 | \n3 378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n22 053 | \n108 | \n0 | \n0 | \n22 161 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n7 059 | \n0 | \n0 | \n0 | \n7 059 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n14 994 | \n108 | \n0 | \n0 | \n15 102 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n27 | \n0 | \n16 971 | \n0 | \n16 998 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n4 425 | \n0 | \n320 | \n4 745 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n0 | \n1 219 | \n0 | \n0 | \n1 219 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n0 | \n12 | \n0 | \n0 | \n12 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n0 | \n1 207 | \n0 | \n0 | \n1 207 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n2 314 | \n0 | \n0 | \n0 | \n2 315 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n324 714 | \n5 775 | \n17 968 | \n320 | \n348 777 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES, 31-12-2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (excl. repos) | \n 12 852 | \n 0 | \n 0 | \n 0 | \n 12 852 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which deposits from banks repayable on demand | \n | \n | \n | \n | \n 6 456 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (excl. repos) | \n 270 030 | \n 22 | \n 1 035 | \n 0 | \n 271 087 | \n\n\n\n\n\n\n\n\n\n
\n\n| Demand deposits (incl. special deposits and other deposits) | \n 110 090 | \n 0 | \n 0 | \n 0 | \n 110 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Time deposits | \n 42 781 | \n 22 | \n 163 | \n 0 | \n 42 966 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings accounts | \n 74 440 | \n 0 | \n 0 | \n 0 | \n 74 440 | \n\n\n\n\n\n\n\n\n\n
\n\n| Savings certificates | \n 1 250 | \n 0 | \n 0 | \n 0 | \n 1 250 | \n\n\n\n\n\n\n\n\n\n
\n\n| Subtotal deposits from customers | \n 228 562 | \n 22 | \n 163 | \n 0 | \n 228 747 | \n\n\n\n\n\n\n\n\n\n
\n\n| Certificates of deposit | \n 14 376 | \n 0 | \n 5 | \n 0 | \n 14 382 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible bonds | \n 24 185 | \n 0 | \n 745 | \n 0 | \n 24 930 | \n\n\n\n\n\n\n\n\n\n
\n\n| Non-convertible subordinated liabilities | \n 2 907 | \n 0 | \n 121 | \n 0 | \n 3 028 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos4 | \n 20 985 | \n 94 | \n 0 | \n 0 | \n 21 079 | \n\n\n\n\n\n\n\n\n\n
\n\n| with credit institutions | \n 18 587 | \n 94 | \n 0 | \n 0 | \n 18 681 | \n\n\n\n\n\n\n\n\n\n
\n\n| with customers | \n 2 398 | \n 0 | \n 0 | \n 0 | \n 2 398 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n 27 | \n 0 | \n 15 644 | \n 0 | \n 15 671 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 0 | \n 4 679 | \n 0 | \n 316 | \n 4 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n 0 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| In equity instruments | \n 0 | \n 9 | \n 0 | \n 0 | \n 9 | \n\n\n\n\n\n\n\n\n\n
\n\n| In debt securities | \n 0 | \n 872 | \n 0 | \n 0 | \n 872 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other5 | \n 2 157 | \n 0 | \n 0 | \n 0 | \n 2 157 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 306 050 | \n 5 677 | \n 16 680 | \n 316 | \n 328 723 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n1 The carrying value comes close to the maximum credit exposure.
\n2 The amount of the reverse repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out).
\n3 Financial assets not included under \u2018Loans and advances to customers\u2019 as they are not directly related to commercial lending.
\n4 The amount of the repos (before offsetting) is virtually identical to the amount of the underlying assets (that have been lent out), with the assets being partly reflected on the balance sheet
\nand partly obtained through reverse repo transactions.
\n5 Financial liabilities not included under deposits from customers as they are not directly related to commercial deposit acquisition.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n",
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\n\n
\n
\n
Note 4.2.1: Impaired financial assets
\n
\n
\n\n\n| (in millions of EUR) | \nCarrying value before impairment | \nImpairment | \nCarrying value after impairment | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n245 878 | \n-2 492 | \n243 386 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n225 157 | \n-196 | \n224 960 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n16 827 | \n-320 | \n16 507 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n3 420 | \n-1 837 | \n1 582 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n475 | \n-139 | \n336 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n51 761 | \n-9 | \n51 752 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n51 716 | \n-7 | \n51 709 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n41 | \n0 | \n40 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n5 | \n-2 | \n3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n26 863 | \n-5 | \n26 859 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n26 854 | \n-5 | \n26 850 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n9 | \n0 | \n9 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Loans and advances* | \n 217 093 | \n-2 448 | \n 214 645 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 197 031 | \n-176 | \n 196 855 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 16 177 | \n-331 | \n 15 847 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 3 472 | \n-1 803 | \n 1 669 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 414 | \n-138 | \n 276 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at amortised cost: Debt securities | \n 50 084 | \n-8 | \n 50 075 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 49 979 | \n-6 | \n 49 973 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 100 | \n-1 | \n 99 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 5 | \n-2 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial assets at fair value through OCI: Debt securities | \n22 543 | \n-4 | \n22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n 22 543 | \n-4 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 0 | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 (lifetime ECL) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Purchased or originated credit impaired assets (POCI) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
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* The carrying value after impairment in this note corresponds to the sum of the \u2018Loans and advances to credit institutions (excl. reverse repos)\u2019, \u2018Loans and advances to customers (excl.
\n
reverse repos)\u2019 and \u2018Reverse repos\u2019 in Note 4.1 (in the \u2018Measured at amortised cost\u2019 column).
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\u2022 Carrying value (before impairment) of loans and advances at amortised cost: increase of 28.8 billion euros in 2025, due
\n
primarily to:
\n
- An organic net increase in the loan portfolio (mainly mortgage loans and term loans)
\n
- An increase in reverse repos to credit institutions
\n
\u2022 Carrying value (before impairment) of debt securities: increase of 6 billion euros in 2025, entirely in \u2018Stage 1\u2019.
\n
This involves an increase of 7.3 billion euros in (issues by) public bodies, partly offset by -1.0 billion euros for credit institutions
\n
and -0.3 billion euros for corporates. This related primarily to additional investments.
\n
\u2022 In 2025, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 financial assets with a net carrying value of 596 million euros have been subject to
\n
modifications in 2025 that did not result in derecognition. The gross carrying value of financial assets moved back into
\n
\u2018Stage 1\u2019 this year and that have been subject to modifications in the past that did not result in derecognition came to 540
\n
million euros in 2025. The corresponding figures for 2024 were 474 million euros and 683 million euros, respectively.
\n
Modification gains or losses are recognised under impairment (see Note 3.9).
\n
\u2022 In 2025, financial assets at amortised cost with a gross carrying value of 42 million euros were written off, but were still
\n
subject to enforcement activities; the corresponding figure for 2024 was 55 million euros.
\n
\u2022 For a breakdown of the financial instruments by remaining maturity of less than or more than one year, we refer to the \u2018Risk
\n
management\u2019 section.
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Note 4.2.2: Impairment details for loans and advances at amortised cost
\n
\n
\n\n\n| (in millions of EUR) | \nStage 1 Subject to 12-month ECL | \nStage 2 Subject to lifetime ECL | \nStage 3 Subject to lifetime ECL | \nSubject to lifetime ECL (purchased or originated credit impaired) | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n176 | \n331 | \n1 803 | \n138 | \n2 448 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n19 | \n-12 | \n305 | \n1 | \n312 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-24 | \n109 | \n96 | \n0 | \n182 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n4 | \n-80 | \n74 | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n5 | \n-24 | \n0 | \n-19 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n78 | \n12 | \n1 | \n0 | \n91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-25 | \n-9 | \n215 | \n2 | \n183 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n-4 | \n-15 | \n-18 | \n0 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-10 | \n-34 | \n-47 | \n0 | \n-91 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-1 | \n7 | \n0 | \n7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n2 | \n1 | \n-270 | \n0 | \n-268 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n0 | \n-2 | \n-257 | \n-2 | \n-261 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n3 | \n-13 | \n1 | \n-7 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n196 | \n320 | \n1 837 | \n139 | \n2 492 | \n\n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 1 January | \n 146 | \n 490 | \n 1 750 | \n 88 | \n 2 474 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results1 | \n 31 | \n-154 | \n 334 | \n 49 | \n 260 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-11 | \n 76 | \n 43 | \n 0 | \n 108 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 19 | \n-112 | \n 98 | \n 0 | \n 4 | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 12 | \n-31 | \n-1 | \n-20 | \n\n\n\n\n\n\n\n\n\n
\n\n| New financial assets2 | \n 56 | \n 14 | \n 6 | \n 0 | \n 76 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-23 | \n-81 | \n 242 | \n 50 | \n 188 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 1 | \n-35 | \n-1 | \n 0 | \n-35 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-11 | \n-28 | \n-35 | \n-1 | \n-75 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 12 | \n 1 | \n 13 | \n\n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n-1 | \n-6 | \n-280 | \n 1 | \n-286 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets3 | \n-1 | \n-2 | \n-234 | \n-1 | \n-238 | \n\n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 1 | \n-1 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Transfers under IFRS 5 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other | \n-1 | \n-3 | \n-46 | \n 2 | \n-48 | \n\n\n\n\n\n\n\n\n\n
\n\n| Impairment on 31 December | \n 176 | \n 331 | \n 1 803 | \n 138 | \n 2 448 | \n\n\n\n\n\n\n\n\n\n
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1 Amounts recovered in respect of loans that have already been written off are recycled to the income statement and recorded as \u2018Impairment on financial assets at amortised cost and at
\n
fair value through OCI\u2019. However, they have not been included in this table since they do not have any impact on impairment losses on the balance sheet.
\n
2 Also includes impairment related to new financial assets resulting from off-balance-sheet commitments and financial guarantees already given being called. New financial assets (except
\n
POCI) start in \u2018Stage 1\u2019, but can end up in \u2018Stage 2\u2019 or \u2018Stage 3\u2019 at year-end due to credit deterioration.
\n
3 Derecognition without an impact on results occurs when the impairment adjustment has already been made upfront (for example, at the moment of the sale agreement (disposals) or
\n
before the write-off). Derecognition with an impact on results occurs when the impairment adjustment takes place at the same time (for instance, in the case of debt forgiveness).
\n
\n
\u2022 The table is limited to impairment on loans and advances at amortised cost, as impairment and the movements in
\n
impairment on debt securities at amortised cost (from 8 million euros at year-end 2024 to 9 million euros at year-end 2025)
\n
and on debt securities at fair value through OCI (from 4 million euros at year-end 2024 to 5 million euros at year-end 2025)
\n
are very limited.
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\u2022 The total impairment is spread over the following counterparties: households (17%), companies (82%), and other (1%); 17%, 82%
\n
and 1%, respectively, in 2024. Of these, 64% is determined on an individual basis and 36% is determined collectively; 66% and
\n
34%, respectively, in 2024.
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\u2022 For information on provisions for commitments and financial guarantees, see Note 5.7.2.
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\u2022 For information regarding the impact of changes in impairment on the income statement, see Note 3.9.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
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Note 4.3: Maximum credit exposure and offsetting
\n
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\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
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\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\n
maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\n
irrevocable commitments.
\n
\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\n
estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\n
reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\n
property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n
0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\n
securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\n
also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\n
received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\n
assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
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\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
\n
amounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
\n
\n
\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
\n
assets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
\n
and settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
\n
instruments that were traded on (central) clearing houses.
\n
\n
\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
\n
are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
\n
not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
\n
received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
\n
under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag294": {
"value": "\n
\n\n
Note 4.3: Maximum credit exposure and offsetting
\n
\n
\n
\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\n
maximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\n
irrevocable commitments.
\n
\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\n
estate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\n
reverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\n
property (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n
0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\n
securities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\n
also Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\n
received\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\n
assets.
\n
\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\n
composition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\n
parts of that particular section which have been audited by the statutory auditor are specified in that section.
\n
\n
\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
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\n
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Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
\n
\n
\n
\n
\n
\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
\n
- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
\n
quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
\n
are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
\n
(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
\n
transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
\n
available transaction prices. No valuation technique (model) is involved.
\n
- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
\n
or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
\n
\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
\n
market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
\n
rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
\n
discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
\n
- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
\n
assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
\n
involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
\n
considered to be unobservable in the market.
\n
\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
\n
value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
\n
significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
\n
require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
\n
\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
\n
financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
\n
indicated in the table, a small portion may actually be classified in another stage.
\n
\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
\n
reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
\n
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\nNote 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
\n
\n\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\nfollowing:
\n- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\nincreased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
\n40 million euros, due primarily to new purchases.
\n- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
\naccount of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
\ndue mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
\n- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
\nmarket inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
\nby 600 million euros, due to new purchases.
\n- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
\nmarket inputs and new transactions, partly offset by the settlement of existing positions.
\n- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\noffset by new transactions.
\n\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\nfollowing:
\n- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\nincreased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\ninstruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\npurchases.
\n- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\naccount of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\neuros, due mainly to new purchases, partly offset by the sale of existing positions.
\n- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\nmarket inputs and new purchases, partly offset by the sale of existing positions.
\n- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\nmarket inputs and new transactions, partly offset by the settlement of existing positions.
\n- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\npartly offset by new transactions and changes in market inputs.
\n- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\nchanges in market inputs.
\n\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\nexposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\nvalued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\ninputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\nequity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\nfunding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\nin fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
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Note 4.8: Derivatives
\n
\n
\u2022 In terms of volume of the notional amounts of the derivatives, approximately 72% are trading derivatives and approximately
\n
28% are hedging derivatives at year-end 2025 (75% and 25%, respectively, at year-end 2024).
\n
\u2022 The majority of trading derivatives are effectively included in the trading book but are largely economically hedged (limited
\n
open positions) by other trading derivatives (such as derivative transactions initiated by commercial clients that are
\n
economically hedged) or by balance sheet positions (such as currency positions), which leads to large volumes of notional
\n
amounts but also to result-neutral revaluations on a net basis.
\n
\u2022 A limited number of trading derivatives are ALM derivatives included in the banking book, which are used to hedge
\n
economic risk but are not subject to hedge accounting. Hedge accounting is applied to most of the ALM interest rate
\n
contracts. Only a limited number of the ALM derivatives for foreign currencies are included in hedge accounting.
\n
\n
\n
Note 4.8.1: Trading derivatives
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n | \n31-12-2025 | \n | \n | \n | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n | \nCarrying value | \nNotional amounts* | \nCarrying value | \nNotional amounts* | \n\n\n\n\n\n\n\n\n\n
\n\n | \nAssets | \nLiabilities | \nPurchased | \nSold | \nAssets | \nLiabilities | \nPurchased | \nSold | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n3 456 | \n4 425 | \n569 005 | \n570 857 | \n 4 584 | \n 4 679 | \n 616 452 | \n 615 520 | \n\n\n\n\n\n\n\n\n\n
\n\n| Interest rate contracts | \n1 298 | \n1 576 | \n379 430 | \n378 490 | \n 1 589 | \n 1 781 | \n 429 232 | \n 426 678 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which interest rate swaps and futures | \n1 255 | \n1 550 | \n373 782 | \n374 241 | \n 1 510 | \n 1 740 | \n 421 656 | \n 422 160 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n43 | \n26 | \n5 649 | \n4 248 | \n 80 | \n 41 | \n 7 576 | \n 4 518 | \n\n\n\n\n\n\n\n\n\n
\n\n| Foreign exchange contracts | \n1 096 | \n1 235 | \n174 685 | \n176 863 | \n 2 193 | \n 1 784 | \n 172 410 | \n 174 374 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which currency and interest rate swaps, forward | \n1 011 | \n1 144 | \n168 149 | \n168 385 | \n 2 101 | \n 1 720 | \n 167 819 | \n 167 306 | \n\n\n\n\n\n\n\n\n\n
\n\n| foreign exchange transactions and futures | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n84 | \n91 | \n6 536 | \n8 479 | \n 92 | \n 64 | \n 4 592 | \n 7 067 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity contracts | \n1 049 | \n1 602 | \n14 623 | \n15 247 | \n 799 | \n 1 110 | \n 14 530 | \n 14 191 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which equity swaps | \n941 | \n1 060 | \n11 533 | \n11 108 | \n 646 | \n 692 | \n 11 348 | \n 10 995 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which options | \n108 | \n542 | \n3 090 | \n4 139 | \n 153 | \n 418 | \n 3 181 | \n 3 196 | \n\n\n\n\n\n\n\n\n\n
\n\n| Credit contracts | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which credit default swaps | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Commodity and other contracts | \n13 | \n12 | \n267 | \n257 | \n 4 | \n 3 | \n 280 | \n 277 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
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* In this table, both legs of the derivatives are reported in the notional amounts.
\n
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Note 4.8.2: Hedging derivatives
\n
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interest rate swaps
\n
interest rate swaps
\n
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\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nDebt securities held at AC | \n12 911 | \n-446 | \n-161 | \n | \n | \n\n\n\n
\n\n| Currency and | \n0 | \n0 | \n0 | \n0 | \n0 | \nLoans and advances at AC | \n515 | \n27 | \n-5 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n11 660 | \n-189 | \n-243 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n19 214 | \n-175 | \n-60 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n599 | \n-2 | \n2 | \n | \n | \n\n\n\n
\n\n| Total | \n45 368 | \n45 378 | \n95 | \n49 | \n462 | \nTotal | \n | \n | \n-468 | \n-5 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n151 428 | \n151 428 | \n53 | \n78 | \n774 | \nDebt securities held at AC | \n905 | \n-17 | \n14 | \n | \n | \n\n\n\n
\n\n| Currency and | \n955 | \n0 | \n43 | \n0 | \n7 | \nLoans and advances at AC | \n129 131 | \n-2 687 | \n-706 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n166 | \n2 | \n2 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n0 | \n0 | \n0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n18 788 | \n-285 | \n-93 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n410 | \n-5 | \n11 | \n | \n | \n\n\n\n
\n\n| Total | \n152 383 | \n151 428 | \n96 | \n78 | \n781 | \nTotal | \n | \n | \n-772 | \n10 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n18 372 | \n18 372 | \n13 | \n82 | \n583 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n1 750 | \n1 793 | \n0 | \n56 | \n28 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n20 122 | \n20 165 | \n13 | \n138 | \n611 | \nTotal | \n | \n | \n-571 | \n41 | \n85 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n3 240 | \n3 189 | \n10 | \n511 | \n-74 | \nTotal | \n | \n | \n74 | \n0 | \n61 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
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\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
\n
interest rate swaps
\n
interest rate swaps
\n
\n
\n\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| (in millions of EUR) | \n | \n | \n | \n | \nHedging instrument | \n | \n | \n | \nHedged item | \nImpact on equity | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nChange in fair | \n | \n | \n | \nvalue of hedged | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nvalue of hedging | \n | \n | \n | \ninstruments used | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \ninstruments used | \n | \n | \n | \nas basis for | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \nas basis for | \n | \n | \n | \nrecognising | \nIneffective | \nEffective | \n\n\n\n
\n\n | \n | \n | \n | \n | \nrecognising hedge | \n | \n | \n | \nhedge | \nportion | \nportion | \n\n\n\n
\n\n | \n | \n | \n | \n | \nineffectiveness for | \n | \n | \n | \nineffectiveness | \nrecognised in | \nrecognised in | \n\n\n\n
\n\n | \nNotional amounts1 | \nCarrying value | \nthe period2 | \nType | \n | \n | \nfor the period2 | \nprofit or loss | \nOCI | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \nOf which | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTotal (including | \naccumulated | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nfair value | \nfair value | \n | \n | \n | \n\n\n\n
\n\n| Hedging strategy | \nPurchased | \nSold | \nAssets | \nLiabilities | \n | \n | \nchanges) | \nadjustments | \n | \n | \n | \n\n\n\n
\n\n| Fair value micro hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nDebt securities held at AC | \n 8 050 | \n-252 | \n 17 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \nLoans and advances at AC | \n 569 | \n 33 | \n-45 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 7 254 | \n 64 | \n 80 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 21 802 | \n-226 | \n-334 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 102 | \n-11 | \n 13 | \n | \n | \n\n\n\n
\n\n| Total | \n 37 727 | \n 37 727 | \n 96 | \n 63 | \n 281 | \nTotal | \n | \n | \n-269 | \n 11 | \n\u2013 | \n\n\n\n
\n\n| Portfolio hedge of interest rate risk | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 141 341 | \n 141 341 | \n 67 | \n 95 | \n-464 | \nDebt securities held at AC | \n 831 | \n-31 | \n-23 | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 214 | \n 0 | \n 48 | \n 0 | \n-3 | \nLoans and advances at AC | \n 121 621 | \n-1 988 | \n 622 | \n | \n | \n\n\n\n
\n\n| interest rate options | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities held at FVOCI | \n 76 | \n 0 | \n-3 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDebt securities issued at AC | \n 0 | \n 0 | \n 0 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nDeposits at AC | \n 17 471 | \n-379 | \n-121 | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \nInsurance contract liabilities, Life | \n 161 | \n 6 | \n-6 | \n | \n | \n\n\n\n
\n\n| Total | \n 142 555 | \n 141 341 | \n 115 | \n 95 | \n-467 | \nTotal | \n | \n | \n 469 | \n 2 | \n\u2013 | \n\n\n\n
\n\n| Cashflow hedge (micro hedge and portfolio hedge) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Interest rate swaps | \n 17 376 | \n 17 376 | \n 5 | \n 120 | \n 22 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Currency and | \n 1 830 | \n 1 790 | \n 19 | \n 17 | \n-30 | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n 19 206 | \n 19 166 | \n 24 | \n 137 | \n-8 | \nTotal | \n | \n | \n 8 | \n 0 | \n-486 | \n\n\n\n
\n\n| Hedge of net investments in foreign operations | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total3 | \n 2 826 | \n 2 806 | \n 35 | \n 518 | \n 54 | \nTotal | \n | \n | \n-54 | \n 0 | \n 147 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
1 In this table, both legs of the derivatives are reported in the notional amounts.
\n
2 Ineffectiveness is recognised in \u2018Net result from financial instruments at fair value through profit or loss\u2019 (also see Note 3.3).
\n
3 Carrying value liabilities: hedging instruments mostly in the form of foreign currency deposits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
\u2022 The Treasury departments of the various entities manage the interest rate risk. To prevent rate movements from having a
\n
negative impact, the maturities of assets and liabilities are adjusted on the balance sheet using interest rate swaps and
\n
other derivatives.
\n
\u2022 As regards the relationship between risk management and the hedge accounting policy, \u2018economic\u2019 management takes
\n
priority and risks are hedged in accordance with the general ALM framework. Only then is a decision made on which, if any,
\n
of these techniques will be used to limit any resulting accounting mismatch.
\n
\u2022 The balances remaining in the cashflow hedge reserve from any hedging relationships for which hedge accounting is no
\n
longer applied came to -95 million euros in 2025 (-187 million euros in 2024). The accumulated amount of fair value hedge
\n
adjustments remaining on the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and
\n
losses amounted to -35 million euros in 2025 (-99 million euros in 2024). These adjustments are amortised to profit or loss.
\n
\u2022 The difference between the \u2018Profit/loss on positions in portfolios hedged against interest rate risk\u2019 balance sheet item and
\n
accumulated fair value adjustments following portfolio hedges of interest rate risk as included in Note 4.8.2 is attributable to
\n
accumulated fair value adjustments regarding discontinued fair value hedges not included in Note 4.8.2 but included in the
\n
balance sheet.
\n
\u2022 Also see the paragraph on hedge accounting in the \u2018Risk management\u2019 section and Note 3.3.
\n
\n
\n
\n
\n\n\n| Estimated cashflows from cashflow hedging derivatives per time bucket (in millions of EUR) | \nInflow | \nOutflow | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Not more than three months | \n21 | \n-38 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than three but not more than six months | \n54 | \n-78 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than six months but not more than one year | \n196 | \n-205 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than one but not more than two years | \n387 | \n-476 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than two but not more than five years | \n1 122 | \n-1 172 | \n\n\n\n\n\n\n\n\n\n
\n\n| More than five years | \n2 277 | \n-2 106 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| \u2022 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nNet amounts of | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \nGross | \nGross amounts | \nfinancial | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n | \namounts of | \nof recognised | \ninstruments | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Financial instruments subject to offsetting, enforceable master | \nrecognised | \nfinancial | \npresented in | \nAmounts not set off in the balance sheet | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| netting agreements and similar arrangements | \nfinancial | \ninstruments set | \nthe balance | \nFinancial | \nCash | \nSecurities | \nNet | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \ninstruments | \noff | \nsheet | \ninstruments | \ncollateral | \ncollateral | \namount | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2025 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n19 005 | \n15 334 | \n3 671 | \n1 774 | \n1 490 | \n0 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n3 642 | \n0 | \n3 642 | \n1 774 | \n1 490 | \n0 | \n378 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n15 363 | \n15 334 | \n28 | \n0 | \n0 | \n0 | \n28 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n45 749 | \n12 659 | \n33 090 | \n1 506 | \n0 | \n31 584 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n64 754 | \n27 993 | \n36 761 | \n3 280 | \n1 490 | \n31 585 | \n407 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n16 797 | \n12 052 | \n4 745 | \n1 762 | \n492 | \n1 237 | \n1 254 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n4 707 | \n0 | \n4 707 | \n1 762 | \n492 | \n1 237 | \n1 216 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n12 090 | \n12 052 | \n38 | \n0 | \n0 | \n0 | \n38 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n34 823 | \n12 661 | \n22 161 | \n1 506 | \n0 | \n20 645 | \n10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n51 619 | \n24 713 | \n26 906 | \n3 268 | \n492 | \n21 882 | \n1 264 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 20 538 | \n 15 682 | \n 4 856 | \n 2 459 | \n 1 797 | \n 0 | \n 600 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 812 | \n 0 | \n 4 812 | \n 2 459 | \n 1 797 | \n 0 | \n 557 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 15 725 | \n 15 682 | \n 44 | \n 0 | \n 0 | \n 0 | \n 44 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos, securities borrowing and similar arrangements | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 29 933 | \n 8 850 | \n 21 083 | \n 14 | \n 0 | \n 21 067 | \n 3 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities borrowing | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 50 471 | \n 24 531 | \n 25 939 | \n 2 472 | \n 1 797 | \n 21 067 | \n 603 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 19 214 | \n 14 219 | \n 4 995 | \n 2 459 | \n 540 | \n 78 | \n 1 918 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives (excluding central clearing houses) | \n 4 943 | \n 0 | \n 4 943 | \n 2 459 | \n 540 | \n 78 | \n 1 865 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives with central clearing houses* | \n 14 271 | \n 14 219 | \n 52 | \n 0 | \n 0 | \n 0 | \n 52 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos, securities lending and similar arrangements | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Repos | \n 29 934 | \n 8 855 | \n 21 079 | \n 14 | \n 0 | \n 21 055 | \n 11 | \n\n\n\n\n\n\n\n\n\n
\n\n| Securities lending | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial instruments | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 49 148 | \n 23 074 | \n 26 074 | \n 2 473 | \n 540 | \n 21 133 | \n 1 928 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n* For central clearing houses, the offsetting procedure refers to the amount of offsetting between derivatives and related cash collateral. Cash collateral with central clearing houses
\namounted to 3 282 million euros at year-end 2025 and 1 462 million euros at year-end 2024.
\n
\n\u2022 The criteria for offsetting are met if, at that time, KBC has a legally enforceable right to set off the recognised financial
\nassets and financial liabilities and intends either to settle the transactions on a net basis, or to realise the financial asset
\nand settle the financial liability simultaneously. Financial assets and financial liabilities that are set off relate to financial
\ninstruments that were traded on (central) clearing houses.
\n\n
\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
\n
are for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
\n
not meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
\n
received as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
\n
under the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
\n
counterparties defaults, becomes insolvent or goes bankrupt.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag295": {
"value": "\nNote 4.3: Maximum credit exposure and offsetting
\n
\n\n
\n\n\n| (in millions of EUR) | \nMaximum credit exposure (A) | \nCollateral and other credit enhancements received (B) | \nNet (A-B) | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n390 294 | \n160 452 | \n229 842 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n1 969 | \n1 498 | \n471 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n78 611 | \n17 | \n78 594 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n210 303 | \n113 945 | \n96 358 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n33 083 | \n33 083 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n1 282 | \n0 | \n1 282 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n67 016 | \n13 408 | \n53 608 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n46 013 | \n7 650 | \n38 362 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n21 003 | \n5 757 | \n15 246 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n12 382 | \n2 708 | \n9 673 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n7 335 | \n0 | \n7 335 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n1 368 | \n1 116 | \n253 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n8 | \n8 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 671 | \n1 585 | \n2 085 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n402 676 | \n163 161 | \n239 515 | \n\n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Subject to impairment | \n 349 640 | \n 139 298 | \n 210 342 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which Stage 3 \u2018non-performing\u2019 (AC and FVOCI) | \n 1 981 | \n 1 467 | \n 514 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 72 615 | \n 32 | \n 72 583 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 193 562 | \n 106 128 | \n 87 434 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 21 083 | \n 21 054 | \n 29 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 1 154 | \n 0 | \n 1 154 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 61 226 | \n 12 085 | \n 49 142 | \n\n\n\n\n\n\n\n\n\n
\n\n| Irrevocable | \n 41 578 | \n 7 006 | \n 34 572 | \n\n\n\n\n\n\n\n\n\n
\n\n| Revocable | \n 19 648 | \n 5 078 | \n 14 570 | \n\n\n\n\n\n\n\n\n\n
\n\n| Not subject to impairment | \n 10 890 | \n 4 871 | \n 6 019 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n 5 090 | \n 0 | \n 5 090 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances (excl. reverse repos) | \n 943 | \n 840 | \n 103 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which designated upon initial recognition at fair value through profit or loss (FVO) | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Reverse repos | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n 4 856 | \n 4 031 | \n 825 | \n\n\n\n\n\n\n\n\n\n
\n\n| Other financial assets | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Off-balance-sheet commitments | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n 360 530 | \n 144 169 | \n 216 361 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\u2022 Maximum credit exposure for a financial asset is the net carrying value. Besides the amounts on the balance sheet,
\nmaximum credit exposure also includes the undrawn portion of credit lines, financial guarantees granted and other
\nirrevocable commitments.
\n\u2022 The main types of collateral and other credit enhancements on loans and advances received relate to mortgages on real
\nestate (mainly collateral for mortgage loans, 82 billion euros at year-end 2025), securities lent out (mainly as a collateral for
\nreverse repos, 35 billion euros), off-balance-sheet financial guarantees received (11 billion euros) and collateral of movable
\nproperty (16 billion euros). Mortgage loans with an LTV (loan-to-value) greater than 100% are limited to 0.5 billion euros or
\n0.6% of the entire mortgage loan portfolio at year-end 2025. The credit enhancements received for reverse repos are
\nsecurities collateral (mainly debt securities). KBC also used credit-linked notes to transfer credit losses to third parties (see
\nalso Note 4.1). Such potential transfer of credit losses is not recognised under \u2018Collateral and other credit enhancements
\nreceived\u2019 in the above table, but is part of the valuation of these debt instruments and the associated reimbursement
\nassets.
\n\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). All
\nparts of that particular section which have been audited by the statutory auditor are specified in that section.
\n\n
\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\n
relevant loans.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 6.1: Off-balance-sheet commitments and financial guarantees given and received
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n31-12-2025 | \n | \n | \n31-12-2024 | \n\n\n\n
\n\n | \nNominal | \nProvision | \nNet exposure | \nNominal | \nProvision | \nNet exposure | \n\n\n\n
\n\n | \namount | \n | \n | \namount | \n | \n | \n\n\n\n
\n\n| Undrawn portion of credit lines granted | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n50 373 | \n27 | \n50 346 | \n 45 481 | \n 18 | \n 45 463 | \n\n\n\n
\n\n| Stage 2 | \n3 346 | \n8 | \n3 338 | \n 3 314 | \n 9 | \n 3 305 | \n\n\n\n
\n\n| Stage 3 | \n68 | \n2 | \n66 | \n 52 | \n 2 | \n 50 | \n\n\n\n
\n\n| Total | \n53 787 | \n36 | \n53 751 | \n 48 848 | \n 30 | \n 48 818 | \n\n\n\n
\n\n| of which irrevocable credit lines | \n32 767 | \n19 | \n32 748 | \n 29 180 | \n 10 | \n 29 170 | \n\n\n\n
\n\n| Financial guarantees given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n11 064 | \n3 | \n11 061 | \n 10 245 | \n 3 | \n 10 242 | \n\n\n\n
\n\n| Stage 2 | \n923 | \n4 | \n920 | \n 992 | \n 5 | \n 987 | \n\n\n\n
\n\n| Stage 3 | \n84 | \n21 | \n62 | \n 113 | \n 32 | \n 80 | \n\n\n\n
\n\n| Total | \n12 072 | \n29 | \n12 043 | \n 11 350 | \n 41 | \n 11 309 | \n\n\n\n
\n\n| Other commitments given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n1 225 | \n3 | \n1 222 | \n 1 101 | \n 2 | \n 1 099 | \n\n\n\n
\n\n| Off-balance-sheet commitments and financial | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| guarantees | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n67 083 | \n68 | \n67 016 | \n 61 299 | \n 73 | \n 61 226 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 Fair value of financial guarantees: based on the available market value.
\n
\u2022 The carrying value of financial assets pledged by KBC as collateral came to 43 246 million euros for liabilities and
\n
1 849 million euros for contingent liabilities (40 924 million euros and 1 667 million euros, respectively, in 2024). At year-end
\n
2025, some 22.7 billion euros\u2019 worth of residential mortgage loans and cash collections were entered in the cover asset
\n
register for the special estate of the covered bond programme (21.8 billion euros at year-end 2024).
\n
\u2022 There is an obligation to return collateral received (which may be sold or repledged in the absence of default by the owner;
\n
see table) in its original form, or possibly in cash. Collateral can be called in if loans are terminated for various reasons such
\n
as default or bankruptcy. In the event of bankruptcy, the collateral will be sold by the receiver. In other cases, the bank will
\n
organise the foreclosure itself or take possession of the collateral. Collateral received that relates to OTC derivatives is
\n
primarily cash, which is recognised by KBC on the balance sheet (and is not included in the table). More details are provided
\n
in Note 4.3.
\n
\u2022 Collateral acquired through foreclosure came to 5 million euros in 2025 (3 million euros in 2024).
\n
\n
\n
\n
\n\n\n| Collateral received (which may be sold or repledged in the absence of default by the owner) (in millions of EUR) | \nFair value of collateral received | \nFair value of collateral sold or repledged | \n\n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial assets | \n49 438 | \n 32 091 | \n12 283 | \n 12 279 | \n\n\n\n
\n\n| Equity instruments | \n27 | \n 30 | \n3 | \n 2 | \n\n\n\n
\n\n| Debt securities | \n49 134 | \n 31 809 | \n12 280 | \n 12 277 | \n\n\n\n
\n\n| Loans and advances | \n277 | \n 252 | \n0 | \n 0 | \n\n\n\n
\n\n| Cash | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n| Other | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 In the years 2016-2022, KBC contributed to the Single Resolution Fund (SRF) by means of irrevocable payment commitments
\n
(IPCs) in the amount of 87 million euros, which are fully covered by cash collateral. In line with industry practice, the following
\n
accounting treatment is applied to IPCs: i) the amount of cash collateral is recognised as a financial asset and ii) the
\n
hypothetical fund call in case of a resolution is reported as a contingent liability. In its 2023 decision (and confirmed in
\n
appeal in 2025), the General Court of the EU ruled that in a scenario in which a bank loses its banking license, it has no
\n
claim on the cash collateral. The recognition of the cash collateral as a financial asset is nevertheless based on the fact
\n
that interest is received on the amount outstanding and the expectation that this amount will be claimed by the SRF in the
\n
foreseeable future if it is not deemed likely. The amount of 87 million euros is deducted in the calculation of the common
\n
equity capital.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag303": {
"value": "\n\u2022 Collateral and credit enhancements received are recognised at market value and limited to the outstanding amount of the
\nrelevant loans.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\u2022 The amounts presented in the \u2018Financial instruments\u2019 column under the \u2018Amounts not set off in the balance sheet\u2019 heading
\nare for financial instruments entered into under an enforceable master netting agreement or similar arrangement that does
\nnot meet the criteria defined in IAS 32. These amounts refer to situations in which offsetting can only be applied if one of the
\ncounterparties defaults, becomes insolvent or goes bankrupt. The same principle applies for financial instruments given or
\nreceived as collateral. The value given in the table for non-cash collateral received (in the \u2018Securities collateral\u2019 column
\nunder the \u2018Amounts not set off in the balance sheet\u2019 heading) is the market value. This is the value that is used if one of the
\ncounterparties defaults, becomes insolvent or goes bankrupt.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag336": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Note 4.5: Financial assets and liabilities measured at fair value \u2013 fair value hierarchy
\n
\n
\n
\n
\n
\n\n\n| Fair value hierarchy | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n\n
\n\n| (in millions of EUR) | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \nStage 1 | \nStage 2 | \nStage 3 | \nTotal | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| FINANCIAL ASSETS AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Mandatorily measured at fair value through profit or loss other than held for trading | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n1 368 | \n1 368 | \n 0 | \n 0 | \n 943 | \n 943 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n0 | \n0 | \n9 | \n9 | \n 0 | \n 0 | \n 10 | \n 10 | \n\n\n\n\n\n\n\n\n\n
\n\n| Investment contracts (insurance) | \n17 925 | \n80 | \n0 | \n18 005 | \n 16 527 | \n 75 | \n 0 | \n 16 602 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n13 | \n13 | \n97 | \n123 | \n 13 | \n 0 | \n 57 | \n 70 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to credit institutions (incl. reverse repos) | \n0 | \n8 | \n0 | \n8 | \n 0 | \n 1 | \n 0 | \n 1 | \n\n\n\n\n\n\n\n\n\n
\n\n| Loans and advances to customers (incl. reverse repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 155 | \n0 | \n0 | \n1 155 | \n 902 | \n 0 | \n 0 | \n 902 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n2 830 | \n3 781 | \n600 | \n7 212 | \n 2 451 | \n 2 570 | \n 0 | \n 5 021 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n2 792 | \n412 | \n600 | \n3 805 | \n 2 397 | \n 963 | \n 0 | \n 3 360 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 156 | \n1 297 | \n3 456 | \n 1 | \n 3 527 | \n 1 057 | \n 4 584 | \n\n\n\n\n\n\n\n\n\n
\n\n| At fair value through OCI | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Equity instruments | \n1 335 | \n1 | \n534 | \n1 869 | \n 1 219 | \n 1 | \n 501 | \n 1 722 | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt securities | \n24 770 | \n2 031 | \n59 | \n26 859 | \n 20 190 | \n 2 199 | \n 150 | \n 22 539 | \n\n\n\n\n\n\n\n\n\n
\n\n| of which sovereign bonds | \n21 307 | \n1 119 | \n0 | \n22 426 | \n 16 892 | \n 1 273 | \n 0 | \n 18 165 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n215 | \n0 | \n215 | \n 0 | \n 271 | \n 0 | \n 271 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial assets at fair value | \n48 030 | \n8 284 | \n3 965 | \n60 279 | \n 41 303 | \n 8 644 | \n 2 717 | \n 52 665 | \n\n\n\n\n\n\n\n\n\n
\n\n| FINANCIAL LIABILITIES AT FAIR VALUE | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Held for trading | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 94 | \n 0 | \n 94 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n131 | \n0 | \n131 | \n 0 | \n 22 | \n 0 | \n 22 | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n3 | \n2 538 | \n1 884 | \n4 425 | \n 1 | \n 3 271 | \n 1 406 | \n 4 679 | \n\n\n\n\n\n\n\n\n\n
\n\n| Short positions | \n1 219 | \n0 | \n0 | \n1 219 | \n 882 | \n 0 | \n 0 | \n 882 | \n\n\n\n\n\n\n\n\n\n
\n\n| Designated upon initial recognition at fair value through profit or loss (FVO) | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from credit institutions (incl. repos) | \n0 | \n0 | \n0 | \n0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n\n
\n\n| Deposits from customers and debt securities (incl. repos) | \n0 | \n213 | \n785 | \n997 | \n 0 | \n 186 | \n 850 | \n 1 035 | \n\n\n\n\n\n\n\n\n\n
\n\n| Liabilities under investment contracts | \n16 971 | \n0 | \n0 | \n16 971 | \n 15 644 | \n 0 | \n 0 | \n 15 644 | \n\n\n\n\n\n\n\n\n\n
\n\n| Hedging derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Derivatives | \n0 | \n279 | \n41 | \n320 | \n 0 | \n 265 | \n 51 | \n 316 | \n\n\n\n\n\n\n\n\n\n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n\n
\n\n| Total financial liabilities at fair value | \n18 192 | \n3 161 | \n2 710 | \n24 063 | \n 16 527 | \n 3 838 | \n 2 307 | \n 22 673 | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
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\u2022 The fair value hierarchy prioritises the valuation techniques and the respective inputs into three stages:
\n
- The fair value hierarchy gives the highest priority to \u2018Stage 1 inputs\u2019. This means that, when there is an active market,
\n
quoted prices have to be used to measure the financial assets or liabilities at fair value. Stage 1 inputs are prices that
\n
are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency
\n
(and that are quoted in active markets accessible to KBC). They represent actual and regularly occurring market
\n
transactions on an arm\u2019s length basis. The fair value is then based on a mark-to-market valuation derived from currently
\n
available transaction prices. No valuation technique (model) is involved.
\n
- If there are no price quotations available, the reporting entity establishes fair value using a model based on observable
\n
or unobservable inputs. The use of observable inputs must be maximised. Observable inputs are also referred to as
\n
\u2018Stage 2 inputs\u2019 and reflect the assumptions market participants would use in pricing the asset or liability based on
\n
market data obtained from sources independent of the reporting entity. Examples of observable inputs are the risk-free
\n
rate, exchange rates, stock prices and implied volatility. Valuation techniques based on observable inputs include
\n
discounted cashflow analysis, or reference to the current or recent fair value of a similar instrument.
\n
- Unobservable inputs are also referred to as \u2018Stage 3 inputs\u2019 and reflect the reporting entity\u2019s own assumptions about the
\n
assumptions that market participants would use in pricing the asset or liability (including assumptions regarding the risks
\n
involved). Unobservable inputs reflect a market that is not active. For example, proxies and correlation factors can be
\n
considered to be unobservable in the market.
\n
\u2022 When the inputs used to measure the fair value of an asset or a liability can be categorised into different stages of the fair
\n
value hierarchy, the fair value measurement is classified in its entirety into the same stage as the lowest stage input that is
\n
significant to the entire fair value measurement. For example, if a fair value measurement uses observable inputs that
\n
require significant adjustment based on unobservable inputs, that measurement is a Stage 3 measurement.
\n
\u2022 The valuation methodology and the corresponding classification in the fair value hierarchy of the most commonly used
\n
financial instruments are summarised in the table. Whereas the majority of instruments of a certain type are within the stage
\n
indicated in the table, a small portion may actually be classified in another stage.
\n
\u2022 KBC follows the principle that transfers into and out of stages of the fair value hierarchy are made at the end of the
\n
reporting period. Transfers between the various stages are dealt with in more detail in Note 4.6 and Note 4.7.
\n
\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
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\n\n\n | \nInstrument type | \nProducts | \nValuation technique | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n| Stage 1 | \nLiquid financial instruments for which quoted prices are regularly available | \nFX spots, exchange traded financial futures, exchange traded options, exchange traded stocks, exchange traded funds, liquid government bonds, other liquid bonds, liquid asset backed securities (ABS) in active markets | \nMark-to-market (quoted prices in active markets), for bonds: BVAL or vendor data | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 2 | \nPlain vanilla/liquid derivatives | \n(Cross-currency) interest rate swaps (IRS), FX swaps, FX forwards, forward rate agreements (FRA), inflation swaps, dividend swaps and futures, reverse floaters, bond future options, interest rate future options, overnight index swaps (OIS), FX resets | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Caps & floors, interest rate options, European stock options, European & American FX options, forward starting options, digital FX options, FX strips of simple options, European swaptions, European cancellable IRS | \nOption pricing model based on observable inputs (e.g., volatilities) | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial liabilities (without optional features) \u2013 cash instruments | \nDeposits, simple cashflows, repo transactions | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Semi-liquid bonds/asset backed securities | \nSemi-liquid bonds/asset backed securities | \nBVAL, prices corroborated by alternative observable market data, or using comparable spread method | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC IFIMA own issues (liabilities) | \nDiscounted cashflow analysis and valuation of related derivatives based on observable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n| Linear financial assets (cash instruments) | \nLoans, commercial paper | \nDiscounted cashflow analysis based on discount and estimation curves (derived from quoted deposit rates, FX swaps and (CC)IRS) | \n\n\n\n\n\n\n\n\n\n
\n\n| Stage 3 | \nExotic derivatives | \nTarget profit forwards, flexible forwards, American & Asian stock options, Bermudan swaptions, digital interest rate options, quanto interest rate ioptions, digital stock options, composite stock options, barrier stock options, quanto digital FX options, FX Asian options, FX European barrier options, FX simple digital barrier options, FX touch rebates, inflation options, Bermudan cancellable IRS, constant maturity swaps (CMS), CMS spread swaps, CMS spread options, CMS interest rate caps/floors, (callable) range accruals, auto-callable options, lookback options, commodity swaps and forwards | \nOption pricing model based unobservable nputs (e.g., correlation) | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid credit-linked instruments | \nCollateralised debt obligations (notes) | \nValuation model based on correlation of probability of default of underlying assets | \n\n\n\n\n\n\n\n\n\n
\n\n| Private equity investments | \nPrivate equity and non-quoted participations | \nBased on the valuation guidelines of the European Private Equity & Venture Capital Association | \n\n\n\n\n\n\n\n\n\n
\n\n| Illiquid bonds/asset backed securities | \nIlliquid (mortgage) bonds/asset backed securities that are indicatively priced by a single pricing provider in an inactive market | \nBVAL, third-party pricing (e.g., lead manager), where prices cannot be corroborated due to a lack of available/reliable alternative market data | \n\n\n\n\n\n\n\n\n\n
\n\n| Debt instruments | \nKBC own issues (KBC IFIMA ), mortgage bonds held by \u010cSOB | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs (indicative pricing by third parties for derivatives) | \n\n\n\n\n\n\n\n\n\n
\n\n| Structured loans | \nGovernment-regulated loans with leveraged interest rates and exotic early repayment options (K&H) | \nDiscounted cashflow analysis and valuation of related derivatives based on unobservable inputs | \n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n
\n\n
\n
\n
\n\n
\n
\n
\n
Note 4.6: Financial assets and liabilities measured at fair value \u2013 transfers between Stage 1 and Stage 2
\n
\n
\u2022 In 2025, KBC transferred 292 million euros\u2019 worth of financial assets and liabilities out of Stage 1 and into Stage 2, and
\n
532 million euros\u2019 worth of financial assets and liabilities out of Stage 2 and into Stage 1 (201 million euros and 445 million
\n
euros, respectively, in 2024). Most of these reclassifications were carried out due to a change in the liquidity of government
\n
bonds and corporate bonds.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Note 4.7: Financial assets and liabilities measured at fair value \u2013 focus on Stage 3
\n
\n
\u2022 In 2025, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 425 million euros, primarily on account of new transactions. The fair value of debt instruments rose by
\n
40 million euros, due primarily to new purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 91 million euros, primarily on
\n
account of debt instruments that had reached maturity. The fair value of the equity instruments rose by 33 million euros,
\n
due mainly to new purchases, partly offset by the sale of existing positions and changes in market inputs.
\n
- Financial assets held for trading: the fair value of derivatives increased by 240 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions. The fair value of debt instruments rose
\n
by 600 million euros, due to new purchases.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 478 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
65 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions, partly
\n
offset by new transactions.
\n
\u2022 In 2024, significant movements in financial assets and liabilities classified in Stage 3 of the fair value hierarchy included the
\n
following:
\n
- Financial assets measured at fair value through profit or loss (not held for trading): the fair value of loans and advances
\n
increased by 107 million euros, primarily on account of new transactions and changes in market inputs, partly offset by
\n
instruments that had reached maturity. The fair value of debt instruments rose by 55 million euros, due primarily to new
\n
purchases.
\n
- Financial assets at fair value through OCI: the fair value of debt instruments decreased by 36 million euros, primarily on
\n
account of shifts from Stage 3, partly offset by new purchases. The fair value of the equity instruments rose by 19 million
\n
euros, due mainly to new purchases, partly offset by the sale of existing positions.
\n
- Financial assets held for trading: the fair value of derivatives increased by 349 million euros, due mainly to changes in
\n
market inputs and new purchases, partly offset by the sale of existing positions.
\n
- Financial liabilities held for trading: the fair value of derivatives rose by 367 million euros, mainly on account of changes in
\n
market inputs and new transactions, partly offset by the settlement of existing positions.
\n
- Financial liabilities measured at fair value through profit or loss: the fair value of issued debt instruments decreased by
\n
307 million euros, primarily on account of transactions that had reached maturity and the sale of existing positions,
\n
partly offset by new transactions and changes in market inputs.
\n
- Financial liabilities relating to hedging derivatives: the fair value of derivatives decreased by 43 million euros due to
\n
changes in market inputs.
\n
\u2022 Some Stage 3 assets are associated or economically hedged with identical Stage 3 liabilities, which means that KBC\u2019s
\n
exposure to unobservable inputs is lower than would appear from the gross figures. Most of the Stage 3 instruments are also
\n
valued using third-party pricing sources, with KBC not developing any unobservable inputs itself. The main unobservable
\n
inputs applied by KBC to the valuation of exotic derivatives include: the mean reversion parameter on Bermudan swaptions,
\n
equity cross-correlations and volatilities for certain stock options, interest-rate correlations for CMS spread options, and the
\n
funding costs used to determine the forward equity prices as part of the valuation of certain equity derivatives. The change
\n
in fair value resulting from a change in these inputs to reflect reasonably possible alternative assumptions is insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag399": {
"value": "\n
\n\n
\n
\n
\n
\n
Note 5.1: Other assets
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n1 604 | \n1 911 | \n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n294 | \n293 | \n\n\n
\n\n| Prepaid charges and accrued income | \n624 | \n592 | \n\n\n
\n\n| Other | \n686 | \n1 027 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The \u2018Retirement benefit obligations or other employee benefits\u2019 category mainly comprises the prepaid pension cost, see
\n
Note 5.9 for more information on retirement benefit obligations.
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term receivables of non-banking entities, payments in transit,
\n
insurance-related receivables outside the IFRS 17 contract boundaries and VAT and other non-income tax receivables.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag400": {
"value": "\n
\n\n
\n
\n
Note 5.1: Other assets
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n1 604 | \n1 911 | \n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n294 | \n293 | \n\n\n
\n\n| Prepaid charges and accrued income | \n624 | \n592 | \n\n\n
\n\n| Other | \n686 | \n1 027 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The \u2018Retirement benefit obligations or other employee benefits\u2019 category mainly comprises the prepaid pension cost, see
\n
Note 5.9 for more information on retirement benefit obligations.
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term receivables of non-banking entities, payments in transit,
\n
insurance-related receivables outside the IFRS 17 contract boundaries and VAT and other non-income tax receivables.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag401": {
"value": "\n
\n\n
Note 5.1: Other assets
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n1 604 | \n1 911 | \n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n294 | \n293 | \n\n\n
\n\n| Prepaid charges and accrued income | \n624 | \n592 | \n\n\n
\n\n| Other | \n686 | \n1 027 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The \u2018Retirement benefit obligations or other employee benefits\u2019 category mainly comprises the prepaid pension cost, see
\n
Note 5.9 for more information on retirement benefit obligations.
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term receivables of non-banking entities, payments in transit,
\n
insurance-related receivables outside the IFRS 17 contract boundaries and VAT and other non-income tax receivables.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag402": {
"value": "\nNote 5.1: Other assets
\n
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Total | \n1 604 | \n1 911 | \n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n294 | \n293 | \n\n\n
\n\n| Prepaid charges and accrued income | \n624 | \n592 | \n\n\n
\n\n| Other | \n686 | \n1 027 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\u2022 The \u2018Retirement benefit obligations or other employee benefits\u2019 category mainly comprises the prepaid pension cost, see
\nNote 5.9 for more information on retirement benefit obligations.
\n\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term receivables of non-banking entities, payments in transit,
\ninsurance-related receivables outside the IFRS 17 contract boundaries and VAT and other non-income tax receivables.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag403": {
"value": "\n
\n\n
\n\n
\n
\n
Note 5.2: Tax assets and tax liabilities
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| CURRENT TAXES | \n | \n | \n\n\n
\n\n| Current tax assets | \n68 | \n 59 | \n\n\n
\n\n| Current tax liabilities | \n113 | \n 121 | \n\n\n
\n\n| DEFERRED TAXES | \n6 | \n 593 | \n\n\n
\n\n| Deferred tax assets by type of temporary difference | \n1 211 | \n1 382 | \n\n\n
\n\n| Employee benefits | \n81 | \n 80 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n122 | \n 366 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n100 | \n 98 | \n\n\n
\n\n| Provisions for risks and charges | \n17 | \n 18 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n220 | \n 212 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n94 | \n 86 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n468 | \n 426 | \n\n\n
\n\n| Insurance contract liabilities | \n44 | \n 33 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n64 | \n 64 | \n\n\n
\n\n| Deferred tax liabilities by type of temporary difference | \n1 204 | \n 789 | \n\n\n
\n\n| Employee benefits | \n111 | \n 113 | \n\n\n
\n\n| Losses carried forward (including DTI carried forward) | \n0 | \n 0 | \n\n\n
\n\n| Tangible and intangible fixed assets | \n54 | \n 57 | \n\n\n
\n\n| Provisions for risks and charges | \n10 | \n 9 | \n\n\n
\n\n| Impairment for losses on loans and advances | \n1 | \n 3 | \n\n\n
\n\n| Financial instruments at fair value through profit or loss and fair value hedges | \n81 | \n 85 | \n\n\n
\n\n| Fair value changes, financial instruments at FVOCI, cashflow hedges and hedges of net investments in foreign operations | \n211 | \n 21 | \n\n\n
\n\n| Insurance contract liabilities | \n663 | \n 452 | \n\n\n
\n\n| Other, incl. reinsurance contracts | \n74 | \n 50 | \n\n\n
\n\n| Recognised as a net amount in the balance sheet as follows: | \n | \n | \n\n\n
\n\n| Deferred tax assets | \n530 | \n 942 | \n\n\n
\n\n| Deferred tax liabilities | \n524 | \n 349 | \n\n\n
\n\n| Unused tax losses and unused tax credits | \n93 | \n 95 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\u2022 Deferred tax assets are recognised to the extent that it is probable that, on the basis of realistic financial projections,
\n
taxable profit will be available against which the deductible temporary differences can be utilised in the foreseeable future
\n
(limited to a period of eight to ten years). The current deferred tax assets on tax losses carried forward on the balance
\n
sheet are expected to be used largely within 1 year.
\n
\u2022 Unused tax losses and unused tax credits concern tax losses of group companies which are not capitalised due to
\n
insufficient proof of future taxable profit. Most tax losses and tax credits can be carried forward for 20 years or more.
\n
\u2022 The net change in deferred taxes (-587 million euros in 2025) breaks down as follows:
\n
- The change in deferred tax assets of -172 million euros was primarily due to:
\n
\u25e6 A decrease in deferred tax assets, mainly attributable to tax losses carried forward (-244 million euros), primarily due
\n
to utilisation owing to taxable profits
\n
\u25e6 An increase in deferred tax assets on account of changes in the fair value reserve for financial instruments measured
\n
at fair value through OCI, cashflow hedges and hedges of net investments in foreign operations (+42 million euros)
\n
- The change in deferred tax liabilities of +415 million euros was accounted for chiefly by:
\n
\u25e6 An increase in deferred tax liabilities on account of changes in the fair value reserve for financial instruments
\n
measured at fair value through OCI, cashflow hedges and hedges of net investments in foreign operations
\n
(+190 million euros)
\n
\u25e6 An increase in deferred tax liabilities for insurance contract liabilities (+210 million euros), with an amount of +141
\n
million euros being recorded through OCI and +70 million euros being recorded via the income statement
\n
\u2022 The deferred tax assets presented in the balance sheet are primarily attributable to KBC Bank and \u010cSOB in the Czech
\n
Republic.
\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag415": {
"value": "\n
\n\n
\n
\n
\n
Note 5.4: Property and equipment and investment property
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n\n\n\n\n| Property and equipment | \n3 578 | \n3 396 | \n\n\n
\n\n| Investment property | \n363 | \n 585 | \n\n\n
\n\n| Rental income | \n49 | \n 55 | \n\n\n
\n\n| Direct operating expenses from investments generating rental income | \n14 | \n 16 | \n\n\n
\n\n| Direct operating expenses from investments not generating rental income | \n0 | \n 1 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n| MOVEMENTS TABLE | \nLand and buildings | \nIT equipment | \nOther equipment | \nTotal property and equipment | \nInvestment property | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 271 | \n135 | \n1 990 | \n3 396 | \n585 | \n\n\n
\n\n| Acquisitions | \n160 | \n72 | \n714 | \n945 | \n141 | \n\n\n
\n\n| Disposals | \n-31 | \n-3 | \n-237 | \n-272 | \n-23 | \n\n\n
\n\n| Depreciation | \n-103 | \n-59 | \n-28 | \n-190 | \n-31 | \n\n\n
\n\n| Other movements | \n21 | \n4 | \n-327 | \n-303 | \n-308 | \n\n\n
\n\n| Closing balance | \n1 317 | \n148 | \n2 112 | \n3 578 | \n363 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 678 | \n472 | \n963 | \n3 113 | \n293 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 596 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 306 | \n122 | \n1 789 | \n3 216 | \n485 | \n\n\n
\n\n| Acquisitions | \n 109 | \n 83 | \n 803 | \n 995 | \n 149 | \n\n\n
\n\n| Disposals | \n-44 | \n-2 | \n-271 | \n-317 | \n-13 | \n\n\n
\n\n| Depreciation | \n-102 | \n-62 | \n-30 | \n-194 | \n-33 | \n\n\n
\n\n| Other movements | \n 3 | \n-6 | \n-300 | \n-304 | \n-2 | \n\n\n
\n\n| Closing balance | \n1 271 | \n 135 | \n1 990 | \n3 396 | \n 585 | \n\n\n
\n\n| Accumulated depreciation and impairment | \n1 609 | \n 484 | \n 882 | \n2 975 | \n 324 | \n\n\n
\n\n| Fair value | \n | \n | \n | \n | \n 839 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\u2022 Annual rates of depreciation: mainly 3% for buildings (including investment property), 33% for IT equipment, between 5% and
\n
33% for other equipment. No depreciation is charged for land.
\n
\n\n\n\n
\n
\u2022 There was a small amount (around 0.2 billion euros) for commitments for the acquisition of property and equipment. There
\n
are no material restrictions on title, or on property and equipment pledged as security for liabilities.
\n
\u2022 Most investment property is valued by an independent expert on a regular basis and by in-house specialists on an annual
\n
basis, based primarily on the capitalisation of the estimated rental value and on unit prices of similar real property. Account
\n
is taken of all the market inputs available on the date of the assessment (including location and market situation, type of
\n
building and construction, state of repair, use, etc.).
\n
\u2022 Certain other investment property is valued annually by in-house specialists based on the current annual rental per building
\n
and expected rental movements and on an individual capitalisation rate per building.
\n
\u2022 The impact of the heavy flooding and other extreme weather conditions in 2025 and 2024 on property and equipment and
\n
investment property (in this case, our branch network) and on the associated impairment was insignificant. For information
\n
regarding climate-related and other ESG risks, see the \u2018Sustainability statement\u2019 section.
\n
\u2022 The impact of our own activities as a bank-insurer on the environment is very limited, especially when compared to
\n
industrial companies and our indirect impact through lending and other activities, and stems mainly from our buildings and
\n
vehicles (commuting). We nevertheless also calculate our own direct greenhouse gas impact and apply certain targets in
\n
that regard. See \u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\n
More details can also be found in our Climate Report and our Sustainability Report at www.kbc.com.
\n
\u2022 \u2018Other equipment\u2019 mostly comprises full service vehicle leases (mainly cars and bicycles) under operating leases. The other
\n
movements in \u2018Other equipment\u2019 mainly concern depreciation of these assets, recognised under \u2018Net other income\u2019 in
\n
the income statement.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag420": {
"value": "\n
\n\n
\n
\n
\n
\n
\n\n
\n
\n
Note 5.5: Goodwill and other intangible assets
\n
\n
\n
\n
\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\n
activities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\n
shown on the balance sheet.
\n
\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\n
and Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\n
quarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\n
generating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\n
entity.
\n
\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\n
carrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\n
cashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n
\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\n
the discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\n
the present value of all future free cashflows of the business. This method is based on long-term projections about the
\n
company\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\n
business at the end of the specific projection period). These long-term projections are the result of an assessment of past
\n
and present performances combined with external sources of information on future performances in the respective markets
\n
and the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\n
have been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\n
determined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\n
a compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\n
a market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\n
discounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\n
that can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\nNote 6.6: Main changes in the scope of consolidation
\n
\nPurchase of 365.bank in Slovakia
\n
\n\u2022 On 14 May 2025, J&T Finance Group SE, based in the Czech Republic and the majority shareholder of 365.bank a.s., and
\nKBC Bank reached an agreement under which KBC acquires a 98.45% stake in 365.bank (in cash).
\n\u2022 The transaction price was subject to limited adjustments on completion and finals at 708 million euros for 98.45% of the
\nshares.
\n\u2022 KBC will recognise goodwill in the first quarter of 2026, taking into account fair value adjustments. This is justified by the
\nquality of the acquired entity reflected in its qualitative loan portfolio and profitability (based on the results of recent years
\nand the business plan for the coming years) and the professionalism of its employees. This allows KBC to expand its client
\nbase and thus benefit from economies of scale (through significant cost synergies related to the branch network and head
\noffice in Slovakia and revenue synergies including through increased sales of insurance products from \u010cSOB Poist'ov\u0148a a.s.)
\nand greater visibility. The purchase price accounting is currently still ongoing, given that the closing only took place on 15
\nJanuary 2026. The disclosures required by IFRS 3 will therefore be provided in the quarterly report for the first quarter of
\n2026. Goodwill is not deductible for tax purposes.
\n\u2022 365.bank, a commercial bank in Slovakia, holds a 3.7% market share by assets as of December 2024 with a notable strength
\nin retail banking. The combination of \u010cSOB and 365.bank will establish a strong banking group in Slovakia, whereby
\n365.bank\u2019s unique distribution model, supported by its long-standing partnership with Slovak Post, will allow KBC to
\nsignificantly expand \u010cSOB\u2019s customer reach across Slovakia. The acquisition of 365.bank will boost the scale of mainly
\nretail operations, commanding (as of December 2024) a market share of approximately 20% in retail mortgages and other
\ncustomer loans. Based on the group\u2019s bank-insurance model, other entities of \u010cSOB will also benefit from the acquisition
\nthrough the cross-selling of products and services to 365.bank\u2019s retail customers.
\n\u2022 The agreement was still subject to regulatory approval and was finalised on 15 January 2026.
\n\u2022 The results of 365.bank will be fully consolidated in the income statement as from the first quarter of 2026.
\n
\nAcquisition of Business Lease in the Czech Republic and Slovakia
\n
\n\u2022 In October 2025, KBC reached an agreement to acquire Business Lease in the Czech Republic and Slovakia, for a total
\nconsideration of 72 million euros. This transaction will enable KBC to significantly expand its leasing activities in Central
\nEurope and strengthen its market position in both countries.
\n\u2022 By integrating Business Lease with \u010cSOB Leasing, we are creating a powerful fleet in both markets: around 15.000
\noperating leasing vehicles in the Czech Republic, making us a top 5 player and around 10.000 operating leasing vehicles in
\nSlovakia, making us a top 3 reference player. The combined entity will be able to further increase operational efficiency,
\noptimise the client experience and unlock substantial synergy benefits, including cross-selling opportunities.
\n\u2022 The agreement was finalised on 10 February 2026.
\n
\nThe acquisitions of 365.bank and Business Lease combined will only have a limited impact of around -50 basis points on the
\nunfloored fully loaded common equity ratio in the first quarter of 2026. For more information, we refer to the separate press
\nreleases and the General Investor Presentation, which can be found at www.kbc.com.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag425": {
"value": "\n
\n\n
\n
\n\n\n| (in millions of EUR) | \nGoodwill | \nSoftware developed in-house | \nSoftware developed externally | \nOther | \nTotal | \n\n\n
\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 221 | \n972 | \n266 | \n15 | \n2 475 | \n\n\n
\n\n| Acquisitions | \n2 | \n362 | \n64 | \n4 | \n433 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n-2 | \n-8 | \n-10 | \n\n\n
\n\n| Amortisation | \n0 | \n-153 | \n-58 | \n-1 | \n-212 | \n\n\n
\n\n| Other movements | \n16 | \n14 | \n-16 | \n0 | \n14 | \n\n\n
\n\n| Closing balance | \n1 239 | \n1 195 | \n255 | \n11 | \n2 699 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n376 | \n1 161 | \n919 | \n24 | \n2 480 | \n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Opening balance | \n1 240 | \n829 | \n266 | \n20 | \n2 355 | \n\n\n
\n\n| Acquisitions | \n 0 | \n 311 | \n 69 | \n 7 | \n 387 | \n\n\n
\n\n| Disposals | \n 0 | \n 0 | \n-7 | \n-6 | \n-14 | \n\n\n
\n\n| Amortisation | \n \u2013 | \n-124 | \n-63 | \n-2 | \n-188 | \n\n\n
\n\n| Other movements | \n-18 | \n-44 | \n 2 | \n-4 | \n-65 | \n\n\n
\n\n| Closing balance | \n 1 221 | \n 972 | \n 266 | \n 15 | \n 2 475 | \n\n\n
\n\n| Accumulated amortisation and impairment | \n 369 | \n 1 006 | \n 886 | \n 24 | \n 2 286 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\u2022 Goodwill: includes the goodwill paid on companies included in the scope of consolidation and relating to the acquisition of
\nactivities. Goodwill paid on associated companies: included in the book value of \u2018Investments in associated companies\u2019
\nshown on the balance sheet.
\n\u2022 Impairment testing: a test was carried out to establish whether impairment on goodwill had to be recognised (see table
\nand Note 3.9). This impairment test is performed at least once a year. We also carry out a high level assessment on a
\nquarterly basis to see whether there is an indication of impairment. In the test, each entity is regarded as a separate cash-
\ngenerating unit. This is because each entity has a specific risk profile and it is rare to have different profiles within a single
\nentity.
\n\u2022 Impairment on goodwill under IAS 36: recognised in profit or loss if the recoverable amount of an investment is lower than its
\ncarrying value. The recoverable amount is defined as the higher of the value in use (calculated based on discounted
\ncashflow analysis) and the fair value (calculated based on multiple analysis, etc.) less costs to sell.
\n\u2022 The main group companies to which goodwill relates are listed in the table. All of these companies have been valued using
\nthe discounted cashflow method. The discounted cashflow method calculates the recoverable amount of an investment as
\nthe present value of all future free cashflows of the business. This method is based on long-term projections about the
\ncompany\u2019s business and the resulting cashflows (i.e. projections for a number of years ahead and the residual value of the
\nbusiness at the end of the specific projection period). These long-term projections are the result of an assessment of past
\nand present performances combined with external sources of information on future performances in the respective markets
\nand the global macroeconomic environment. Consequently, in cases where sustainability aspects and products/projects
\nhave been factored into the underlying financial projections, this will also affect the valuation. The ultimate growth rate is
\ndetermined using a long-term average market growth rate. The present value of these future cashflows is calculated using
\na compound discount rate which is based on the capital asset pricing model (CAPM). A country-specific risk-free rate and
\na market-risk premium (multiplied by an activity beta) are also used in the calculation. KBC has developed two distinct
\ndiscounted cashflow models, viz. a bank model and an insurance model. Free cashflows in both cases are the dividends
\nthat can be paid out to the company\u2019s shareholders, account taken of the minimum capital requirements.
\n
\n\n\n\n\n
\n\n
\n\n
\n
\n
\n
\n\n\n | \n | \n | \nDiscount rates throughout the specific period | \n\n\n
\n\n| Goodwill outstanding | \n | \n | \n | \nof cashflow projections | \n\n\n
\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| K&H Bank | \n180 | \n169 | \n14.8% \u2013 12.9% | \n14.7% \u2013 13.5% | \n\n\n
\n\n| \u010cSOB (Czech Republic) | \n257 | \n248 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| \u010cSOB Stavebn\u00ed sporitelna | \n67 | \n65 | \n12.1% \u2013 12.0% | \n12.7% \u2013 12.6% | \n\n\n
\n\n| United Bulgarian Bank | \n546 | \n546 | \n11.1% \u2013 11.7% | \n12.4% \u2013 12.3% | \n\n\n
\n\n| DZI Insurance | \n75 | \n75 | \n10.4% - 10.9% | \n10.1% | \n\n\n
\n\n| KBC Commercial Finance | \n21 | \n21 | \n11.0% \u2013 11.7% | \n11.6% \u2013 12.2% | \n\n\n
\n\n| Pension Insurance Company UBB | \n56 | \n56 | \n7.1% \u20137.4% | \n7.3% \u2013 7.8% | \n\n\n
\n\n| Rest | \n37 | \n42 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Total | \n1 239 | \n1 221 | \n\u2013 | \n\u2013 | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\u2022 The period to which the cashflow budgets and projections relate is 10 years in most cases. This longer period is used to take
\n
account of current strong growth in the Central and Eastern European countries, where the growth rate is expected to
\n
develop towards a more moderate level in the longer term.
\n
\u2022 The growth rate used to extrapolate the cashflow projections after that period is equal to the expected long-term growth
\n
rate of the gross domestic product. This rate depends on the country and varied between 3.3% and 4.9% in 2025 (between
\n
3.2% and 4.7% in 2024).
\n
\u2022 No sensitivity analysis was carried out for entities where the recoverable amount exceeded the carrying value to such a
\n
large extent that no reasonably possible change in the key assumptions would result in the recoverable amount being less
\n
than or equal to the carrying value. The table gives an indication for the other entities (one in 2025) of the impact of
\n
reasonable changes in key assumptions on impairment on goodwill.
\n
\n
\n
\n\n\n| Sensitivity to reasonable changes (in millions of EUR)* | \n1.0% increase in discount rate | \n1.0% increase in targeted solvency ratio | \n5% decrease in annual net profit | \n\n\n
\n\n\n\n\n\n| \u010cSOB Stavebn\u00ed spo\u0159itelna | \n-12 | \n-8 | \n-10 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag446": {
"value": "\n
\n\n
\n\n
Note 5.6.2: Movements in Life insurance contract liabilities
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \n | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nunder PAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \n | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nRisk adjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 686 | \n32 | \n152 | \n52 | \n4 | \n13 925 | \n\n
\n\n| Insurance service result | \n-455 | \n17 | \n207 | \n16 | \n-1 | \n-216 | \n\n
\n\n| Insurance revenues | \n-492 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-492 | \n\n
\n\n| BBA + VFA by transition method | \n-460 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-460 | \n\n
\n\n| Modified retrospective approach | \n-10 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-10 | \n\n
\n\n| Fair value approach | \n-261 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-261 | \n\n
\n\n| Other | \n-189 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-189 | \n\n
\n\n| PAA | \n-33 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-33 | \n\n
\n\n| Insurance service expenses | \n38 | \n17 | \n207 | \n16 | \n-1 | \n276 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-3 | \n149 | \n12 | \n1 | \n159 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-3 | \n98 | \n4 | \n0 | \n98 | \n\n
\n\n| Amortised acquisition expenses | \n 38 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n38 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 23 | \n\u2014 | \n\u2014 | \n\u2014 | \n23 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-40 | \n0 | \n-2 | \n-42 | \n\n
\n\n| Investment components | \n-1 238 | \n\u2014 | \n1 238 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Investment result | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| Insurance finance income and expense | \n-175 | \n0 | \n0 | \n0 | \n0 | \n-175 | \n\n
\n\n| In P&L | \n282 | \n1 | \n1 | \n1 | \n0 | \n285 | \n\n
\n\n| In OCI | \n-457 | \n-1 | \n-1 | \n-1 | \n0 | \n-460 | \n\n
\n\n| Total changes in comprehensive income | \n-1 878 | \n17 | \n1 445 | \n15 | \n-1 | \n-402 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-1 439 | \n-20 | \n\u2014 | \n532 | \n\n
\n\n| Premiums received | \n2 138 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 138 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-1 341 | \n-16 | \n\u2014 | \n-1 357 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-98 | \n-4 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-148 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-148 | \n\n
\n\n| Other | \n52 | \n0 | \n3 | \n0 | \n0 | \n54 | \n\n
\n\n| Closing balance | \n13 850 | \n49 | \n160 | \n48 | \n3 | \n14 109 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n13 667 | \n7 | \n134 | \n50 | \n3 | \n13 862 | \n\n
\n\n| Insurance service result | \n-435 | \n 24 | \n 225 | \n 19 | \n 0 | \n-168 | \n\n
\n\n| Insurance revenues | \n-463 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-463 | \n\n
\n\n| BBA + VFA by transition method | \n-432 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-432 | \n\n
\n\n| Modified retrospective approach | \n-9 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-9 | \n\n
\n\n| Fair value approach | \n-280 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-280 | \n\n
\n\n| Other | \n-143 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-143 | \n\n
\n\n| PAA | \n-31 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-31 | \n\n
\n\n| Insurance service expenses | \n 28 | \n 24 | \n 225 | \n 19 | \n 0 | \n 296 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-2 | \n 156 | \n 14 | \n 1 | \n 169 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n-2 | \n 99 | \n 3 | \n 0 | \n 100 | \n\n
\n\n| Amortised acquisition expenses | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss on and reversal of | \n\u2014 | \n 28 | \n\u2014 | \n\u2014 | \n\u2014 | \n 28 | \n\n
\n\n| loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-29 | \n 1 | \n-1 | \n-29 | \n\n
\n\n| Investment components | \n-2 591 | \n\u2014 | \n2 591 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Investment result | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n 6 | \n\n
\n\n| Insurance finance income and expense | \n 490 | \n 1 | \n 2 | \n 2 | \n 0 | \n 495 | \n\n
\n\n| In P&L | \n 292 | \n 1 | \n 2 | \n 1 | \n 0 | \n 296 | \n\n
\n\n| In OCI | \n 198 | \n 0 | \n 0 | \n 1 | \n 0 | \n 199 | \n\n
\n\n| Total changes in comprehensive income | \n-2 529 | \n 25 | \n2 818 | \n 20 | \n 0 | \n 334 | \n\n
\n\n| Total cashflows | \n2 585 | \n\u2014 | \n-2 798 | \n-19 | \n\u2014 | \n-232 | \n\n
\n\n| Premiums received | \n2 712 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 712 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-2 699 | \n-16 | \n\u2014 | \n-2 715 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-99 | \n-3 | \n\u2014 | \n-102 | \n\n
\n\n| Acquisition costs paid | \n-127 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-127 | \n\n
\n\n| Other | \n-37 | \n 0 | \n-2 | \n 0 | \n 0 | \n-39 | \n\n
\n\n| Closing balance | \n13 686 | \n 32 | \n 152 | \n 52 | \n 4 | \n13 925 | \n\n
\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\u2022 In the transition from IFRS 4 to IFRS 17 on 1 January 2022, KBC applied the Full Retrospective Approach (FRA) for recent
\n
years. Applying the FRA for non-recent years was impracticable due to either a lack of historical data (data and
\n
hypotheses) or high costs associated with making information from the past available for FRA transition calculations. Where
\n
the FRA was impracticable, the Fair Value Approach (FVA) was predominantly used to determine the CSM on the transition
\n
date. The Modified Retrospective Approach (MRA) was rarely applied as this transition approach was overly complex and
\n
the costs did not outweigh the benefits. KBC calculated a fair value according to IFRS 13 based on the IFRS 17 cashflows
\n
and subsequently adjusted a few assumptions or parameters. The adjustments related to the inclusion in the IFRS 13 fair
\n
value of total expenses, i.e. including non-directly attributable expenses, and to the inclusion of a risk premium that covers
\n
not only non-financial risk, but also system and integration expenses and capital funding costs. All past years were
\n
combined into a single cohort for the FVA transition calculations. The FVA CSM ensued from cost and risk margin differences
\n
under IFRS 17 and IFRS 13 measurement approaches. Due to the application of the FVA on the transition date in accordance
\n
with the transition exemptions provided in IFRS 17, the OCI amount was set at nil. The locked-in rate for FVA business is the
\n
interest rate as determined at 31 December 2021, being the date of first-time application.
\n
\u2022 Movement in insurance liabilities in 2025:
\n
- Due to the increase in market interest rates during 2025, a gain in OCI of 460 million euros before tax is recognised as
\n
KBC made the accounting policy choice for all portfolios within the group to split insurance finance income and expense
\n
between P&L and OCI.
\n
\u2022 Movement in insurance liabilities in 2024:
\n
- Due to the decrease in market interest rates during 2024, an expense in OCI of 199 million euros before tax is recognised.
\n
- The movement in the investment component of 2 591 million euros from LRC to LIC indicates the amounts of contracts
\n
coming at maturity or lapsed and includes 866 million euros resulting from the surrender in 2024 of individual pension
\n
agreements from the \u2018Risk and Savings\u2019 portfolio in order to migrate them to the \u2018Hybrid products\u2019 portfolio as the
\n
policyholders of the relevant contracts were given the opportunity to invest in unit-linked products.
\n
\u2022 On transitioning to IFRS 17, KBC applied mainly the fair value approach. Therefore, the amortised acquisition costs are low
\n
as they are not estimated under the fair value approach (i.e. the prospective approach).
\n
\u2022 The Life insurance contracts are typically long-term contracts and are therefore measured according to the BBA or VFA.
\n
The latter is only applied within Central and Eastern European entities for unit-linked contracts or hybrid products as these
\n
sold contracts mandatorily contain insurance risk cover.
\n
\u2022 Some insurance contracts may specify amounts that are payable when no insured event occurs, and are repayable under
\n
all circumstances and as such include an investment component. For defining the investment component, an investigation
\n
based on the contract\u2019s characteristics needs to be conducted. Within KBC, only investment components are identified
\n
within Life insurance, such as life-long death cover. When an insurance contract allows surrender, the gross surrender value
\n
is considered an investment component. Any associated surrender fees resulting from surrender are considered insurance
\n
components.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
Note 5.6.3: Movements in Non-life insurance contract liabilities
\n
\n
\n
\n\n\n| (in millions of EUR) | \nLiabilities for remaining coverage | \nLiabilities for incurred claims | \nTotal | \n\n
\n\n | \nExcl. loss | \n | \nContracts not | \nContracts measured under | \n | \n\n
\n\n | \ncomponent | \nLoss component | \nmeasured under | \n | \nPAA | \n | \n\n
\n\n | \n | \n | \nPAA | \n | \n | \n | \n\n
\n\n | \n | \n | \nPresent value | \nRisk | \n | \n\n
\n\n | \n | \n | \n | \nof future | \nadjustment | \n | \n\n
\n\n | \n | \n | \n | \ncashflows | \n | \n | \n\n
\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n740 | \n4 | \n18 | \n2 168 | \n256 | \n3 186 | \n\n
\n\n| Insurance service result | \n-2 125 | \n0 | \n30 | \n1 605 | \n17 | \n-474 | \n\n
\n\n| Insurance revenues | \n-2 709 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 709 | \n\n
\n\n| BBA by transition method | \n-49 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-49 | \n\n
\n\n| Modified retrospective approach | \n0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Fair value approach | \n-35 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-35 | \n\n
\n\n| Other | \n-14 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-14 | \n\n
\n\n| PAA | \n-2 660 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 660 | \n\n
\n\n| Insurance service expenses | \n584 | \n0 | \n30 | \n1 605 | \n17 | \n2 235 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-4 | \n29 | \n1 301 | \n77 | \n1 403 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n0 | \n3 | \n244 | \n0 | \n248 | \n\n
\n\n| Amortised acquisition expenses | \n 583 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n583 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n4 | \n\u2014 | \n\u2014 | \n\u2014 | \n4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n-2 | \n60 | \n-60 | \n-2 | \n\n
\n\n| Investment components | \n0 | \n\u2014 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n
\n\n| Insurance finance income and expense | \n-36 | \n0 | \n0 | \n-23 | \n0 | \n-59 | \n\n
\n\n| In P&L | \n1 | \n0 | \n0 | \n41 | \n5 | \n48 | \n\n
\n\n| In OCI | \n-37 | \n0 | \n0 | \n-65 | \n-5 | \n-107 | \n\n
\n\n| Total changes in comprehensive income | \n-2 161 | \n0 | \n30 | \n1 582 | \n17 | \n-533 | \n\n
\n\n| Total cashflows | \n2 167 | \n\u2014 | \n-31 | \n-1 509 | \n\u2014 | \n627 | \n\n
\n\n| Premiums received | \n2 762 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 762 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-28 | \n-1 266 | \n\u2014 | \n-1 294 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-243 | \n\u2014 | \n-246 | \n\n
\n\n| Acquisition costs paid | \n-594 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-594 | \n\n
\n\n| Other | \n14 | \n0 | \n0 | \n18 | \n2 | \n34 | \n\n
\n\n| Closing balance | \n760 | \n4 | \n17 | \n2 259 | \n275 | \n3 314 | \n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Opening balance | \n 700 | \n 1 | \n 16 | \n1 964 | \n 240 | \n2 922 | \n\n
\n\n| Insurance service result | \n-1 952 | \n 3 | \n 31 | \n1 606 | \n 10 | \n-303 | \n\n
\n\n| Insurance revenues | \n-2 482 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 482 | \n\n
\n\n| BBA by transition method | \n-39 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-39 | \n\n
\n\n| Modified retrospective approach | \n 0 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Fair value approach | \n-29 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-29 | \n\n
\n\n| Other | \n-11 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-11 | \n\n
\n\n| PAA | \n-2 443 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 443 | \n\n
\n\n| Insurance service expenses | \n 530 | \n 3 | \n 31 | \n1 606 | \n 10 | \n2 179 | \n\n
\n\n| Incurred claims (excl. repayments of investment components) | \n\u2014 | \n-1 | \n 28 | \n1 251 | \n 65 | \n1 343 | \n\n
\n\n| Incurred costs other than claims | \n 0 | \n 0 | \n 3 | \n 232 | \n 0 | \n 236 | \n\n
\n\n| Amortised acquisition expenses | \n 529 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n 529 | \n\n
\n\n| Changes in fulfilment cashflows that relate to future service \u2013 loss | \n\u2014 | \n 4 | \n\u2014 | \n\u2014 | \n\u2014 | \n 4 | \n\n
\n\n| on and reversal of loss on onerous contracts | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in fulfilment cashflows that relate to past service | \n\u2014 | \n\u2014 | \n 0 | \n 122 | \n-55 | \n 66 | \n\n
\n\n| Investment components | \n 0 | \n\u2014 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n
\n\n| Insurance finance income and expense | \n 7 | \n 0 | \n 0 | \n 58 | \n 7 | \n 72 | \n\n
\n\n| In P&L | \n 1 | \n 0 | \n 0 | \n 39 | \n 5 | \n 45 | \n\n
\n\n| In OCI | \n 6 | \n 0 | \n 0 | \n 18 | \n 2 | \n 26 | \n\n
\n\n| Total changes in comprehensive income | \n-1 945 | \n 3 | \n 31 | \n1 664 | \n 17 | \n-231 | \n\n
\n\n| Total cashflows | \n1 991 | \n\u2014 | \n-29 | \n-1 453 | \n\u2014 | \n 509 | \n\n
\n\n| Premiums received | \n2 532 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n2 532 | \n\n
\n\n| Claims paid | \n\u2014 | \n\u2014 | \n-26 | \n-1 222 | \n\u2014 | \n-1 248 | \n\n
\n\n| Costs other than claims paid | \n\u2014 | \n\u2014 | \n-3 | \n-231 | \n\u2014 | \n-234 | \n\n
\n\n| Acquisition costs paid | \n-540 | \n\u2014 | \n\u2014 | \n\u2014 | \n\u2014 | \n-540 | \n\n
\n\n| Other | \n-6 | \n 0 | \n 0 | \n-6 | \n-1 | \n-14 | \n\n
\n\n| Closing balance | \n 740 | \n 4 | \n 18 | \n2 168 | \n 256 | \n3 186 | \n\n
\n\n\n
\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\u2022 The amount recognised in P&L as release of the CSM is determined by:
\n
\n
- Identifying the coverage units in the group. The number of coverage units in a group is the quantity of service provided
\n
by the insurer under the contracts in that Group of Contracts (GoC), determined by considering for each contract the
\n
quantity of the benefits provided to the policyholder under a contract and its expected coverage period.
\n
- Allocating the CSM at the end of the period equally to each coverage unit provided in the current period and expected
\n
to be provided in the future, and recognising in P&L the amount allocated to coverage units allocated to the current
\n
period.
\n
\u2022 Main movements in 2025: the positive cashflow of 523 million euros is primarily attributable to the increase in the insurance
\n
investment portfolio, supported in part by higher interest rates.
\n
\u2022 Main movements in 2024: the 43-million-euro increase in the risk adjustment in 2024 is mostly related to a model change to
\n
take into account the risk that clients stop paying premiums for long-term life insurance contracts. The movement of the
\n
contractual service margin in 2024, under \u2018New business\u2019, includes a 96-million-euro increase related to the migration of
\n
individual pension agreements from the \u2018Risk and Savings\u2019 portfolio to the \u2018Hybrid products\u2019 portfolio (see also Note 5.6.2).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.6.5: Movements in Non-life insurance contract liability components (BBA)
\n
\n
\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n-40 | \n122 | \n31 | \n101 | \n214 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-35 | \n-47 | \n69 | \n-4 | \n-18 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-33 | \n-45 | \n75 | \n3 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-22 | \n8 | \n\u2014 | \n14 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-11 | \n-52 | \n75 | \n-12 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n0 | \n0 | \n\u2014 | \n\u2014 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-2 | \n-2 | \n-6 | \n-7 | \n-16 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-6 | \n-7 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-2 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-2 | \n\u2014 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-1 | \n-1 | \n\u2014 | \n\u2014 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-33 | \n0 | \n0 | \n2 | \n-31 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-2 | \n1 | \n0 | \n2 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-31 | \n-1 | \n\u2014 | \n\u2014 | \n-33 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-68 | \n-48 | \n69 | \n-3 | \n-49 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n10 | \n\u2014 | \n\u2014 | \n\u2014 | \n10 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n50 | \n\u2014 | \n\u2014 | \n\u2014 | \n50 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-28 | \n\u2014 | \n\u2014 | \n\u2014 | \n-28 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n0 | \n 0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-98 | \n74 | \n100 | \n99 | \n175 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 8 | \n 71 | \n 52 | \n 74 | \n 206 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-72 | \n 60 | \n-21 | \n 26 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-74 | \n 62 | \n-19 | \n 31 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-21 | \n 3 | \n\u2014 | \n 18 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-52 | \n 58 | \n-19 | \n 13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 1 | \n-1 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2014 | \n\u2014 | \n-2 | \n-5 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2014 | \n-1 | \n\u2014 | \n\u2014 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 1 | \n\u2014 | \n\u2014 | \n\u2014 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n 0 | \n 0 | \n\u2014 | \n\u2014 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 15 | \n-9 | \n 0 | \n 1 | \n 7 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n-1 | \n 1 | \n 0 | \n 1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 16 | \n-10 | \n\u2014 | \n\u2014 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-57 | \n 51 | \n-21 | \n 27 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n 9 | \n\u2014 | \n\u2014 | \n\u2014 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n 46 | \n\u2014 | \n\u2014 | \n\u2014 | \n 46 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-26 | \n\u2014 | \n\u2014 | \n\u2014 | \n-26 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-3 | \n\u2014 | \n\u2014 | \n\u2014 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-8 | \n\u2014 | \n\u2014 | \n\u2014 | \n-8 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n-40 | \n 122 | \n 31 | \n 101 | \n 214 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\u2022 In Non-life, the BBA is applied to \u2018individual health insurance\u2019.
\n\u2022 The 33-million-euro financial gain in OCI is attributable to the increase in the yield curve. The 6-million-euro increase in
\n2024 is attributable to a slight decline in the yield curve. A typical feature of the hospitalisation portfolio is that interest rate
\nmovements have a greater impact on the cash outflows than on the cash inflows. Hospitalisation premiums are levelled
\n(constant \u2018cash in\u2019 during the lifetime of the contract) and claims increase as the insured person ages (\u2018cash out\u2019 more
\ntowards the end of the contract).
\n\u2022 The 63-million-euro increase in the CSM for changes in estimates reflected in the CSM in 2025 is attributable to an update
\nof the model parameters. The same parameter changes led to a 52-million-euro decrease in the risk adjustment. The 52-
\nmillion-euro drop in 2024 is due to a model update in which expected higher claims result in higher premiums. A higher
\npremium volume generates more future profit and, as a result, lower fulfilment cashflows. The 58-million-euro increase in
\nchanges in estimates reflected in the CSM in the risk adjustment in 2024 was accounted for by a model change involving a
\nmore conservative estimate of the uncertainty of claim costs related to hospitalisation.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\u2022 In Non-life, KBC applies mostly the PAA, as the coverage period is 1 year or less.
\n
\u2022 The cost of outstanding claims is based on the past claims development experience to project future claims development.
\n
These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims
\n
handling costs) and claim numbers based on the observed claim development of earlier years and expected loss ratio.
\n
Historical claims are mainly analysed per accident year. Large claims are separately addressed.
\n
\u2022 Estimates of salvage recoveries and subrogation reimbursement are considered in the measurement of the ultimate claim
\n
costs.
\n
\u2022 No asset for insurance acquisition cashflows is currently recognised.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.6.4: Movements in Life insurance contract liability components (BBA, VFA)
\n
\n
\n\n\n| (in millions of EUR) | \nPresent value of future cashflows (incl. LIC) | \nRisk adjustment (incl. LIC) | \nContractual service margin | \nTotal insurance contract liabilities | \n\n\n\n\n\n\n\n\n
\n\n | \n | \n | \nInsurance contracts that existed at the transition date, modified retrospective approach | \nInsurance contracts that existed at the transition date, fair value approach | \nOther insurance contracts | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 529 | \n195 | \n43 | \n1 268 | \n832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-281 | \n5 | \n-3 | \n-126 | \n203 | \n-202 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-227 | \n20 | \n2 | \n-28 | \n257 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-222 | \n32 | \n\u2013 | \n\u2013 | \n213 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n-4 | \n-14 | \n2 | \n-28 | \n44 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n-2 | \n2 | \n\u2013 | \n\u2013 | \n\u2013 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n-17 | \n-12 | \n-5 | \n-98 | \n-54 | \n-185 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n\u2013 | \n\u2013 | \n-5 | \n-98 | \n-54 | \n-156 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n\u2013 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-12 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-17 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-17 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-38 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-40 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n-11 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-11 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n-192 | \n-8 | \n0 | \n11 | \n16 | \n-173 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n254 | \n3 | \n0 | \n11 | \n16 | \n284 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n-446 | \n-12 | \n\u2013 | \n\u2013 | \n\u2013 | \n-458 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n-485 | \n-3 | \n-2 | \n-116 | \n219 | \n-387 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n523 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n523 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 106 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 106 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-1 341 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-1 341 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-98 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-98 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-144 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-144 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n35 | \n1 | \n2 | \n9 | \n6 | \n53 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 602 | \n193 | \n43 | \n1 161 | \n1 056 | \n14 057 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n11 538 | \n152 | \n47 | \n1 387 | \n683 | \n13 807 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance service result | \n-212 | \n 41 | \n-2 | \n-125 | \n 138 | \n-159 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to future service | \n-201 | \n 53 | \n 4 | \n-11 | \n 182 | \n 28 | \n\n\n\n\n\n\n\n\n
\n\n| New business | \n-245 | \n 29 | \n\u2013 | \n\u2013 | \n 230 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates reflected in the CSM | \n 32 | \n 23 | \n 4 | \n-11 | \n-48 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in estimates that result in onerous contract losses and reversals | \n 13 | \n 1 | \n\u2013 | \n\u2013 | \n\u2013 | \n 14 | \n\n\n\n\n\n\n\n\n
\n\n| Changes that relate to current service | \n 16 | \n-9 | \n-5 | \n-114 | \n-44 | \n-157 | \n\n\n\n\n\n\n\n\n
\n\n| CSM recognised in P&L | \n0 | \n- | \n-5 | \n-114 | \n-44 | \n-163 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the risk adjustment (expected) | \n0 | \n-9 | \n\u2013 | \n\u2013 | \n\u2013 | \n-9 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n 16 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 16 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to liabilities for incurred claims related to past service | \n-27 | \n-3 | \n\u2013 | \n\u2013 | \n\u2013 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Investment result | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Net result from financial instruments at fair value through profit or loss | \n 6 | \n- | \n\u2013 | \n\u2013 | \n\u2013 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Insurance finance income and expense | \n 466 | \n 4 | \n 1 | \n 10 | \n 13 | \n 493 | \n\n\n\n\n\n\n\n\n
\n\n| In P&L | \n 269 | \n 3 | \n 1 | \n 10 | \n 13 | \n 295 | \n\n\n\n\n\n\n\n\n
\n\n| In OCI | \n 197 | \n 1 | \n- | \n- | \n- | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Total changes in comprehensive income | \n 260 | \n 44 | \n-1 | \n-115 | \n 151 | \n 341 | \n\n\n\n\n\n\n\n\n
\n\n| Total cashflows | \n-241 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-241 | \n\n\n\n\n\n\n\n\n
\n\n| Premiums received | \n2 681 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 681 | \n\n\n\n\n\n\n\n\n
\n\n| Claims paid | \n-2 699 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-2 699 | \n\n\n\n\n\n\n\n\n
\n\n| Costs other than claims paid | \n-99 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-99 | \n\n\n\n\n\n\n\n\n
\n\n| Acquisition costs paid | \n-124 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n-124 | \n\n\n\n\n\n\n\n\n
\n\n| Other changes | \n-28 | \n-1 | \n-3 | \n-4 | \n-3 | \n-39 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n11 529 | \n 195 | \n 43 | \n1 268 | \n 832 | \n13 868 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag493": {
"value": "\n
\n\n
\n\n
\n
Note 5.7: Provisions for risks and charges
\n
\n
\n
Note 5.7.1: Overview
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total provisions for risks and charges | \n138 | \n141 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for off-balance-sheet commitments and financial guarantees | \n68 | \n73 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for other risks and charges | \n70 | \n69 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for restructuring | \n17 | \n22 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for taxes and pending legal disputes | \n32 | \n31 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n21 | \n17 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
Note 5.7.2: Details of off-balance-sheet commitments and financial guarantees
\n
\n
\n\n\n| (in millions of EUR) | \nSubject to 12-month ECL | \nSubject to lifetime ECL | \nSubject to lifetime ECL \u2013 non-performing | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 31-12-2025 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 1 January | \n22 | \n15 | \n36 | \n73 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-1 | \n3 | \n2 | \n4 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n1 | \n-5 | \n4 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n0 | \n0 | \n-4 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| New financial assets | \n23 | \n2 | \n0 | \n25 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-13 | \n-3 | \n-11 | \n-27 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n-1 | \n0 | \n-1 | \n-3 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n0 | \n-1 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n0 | \n1 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 31 December | \n31 | \n12 | \n25 | \n68 | \n\n\n\n\n\n\n\n\n
\n\n| 31-12-2024 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 1 January | \n 22 | \n 20 | \n 49 | \n 91 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Transfer of financial assets | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Stage 1 (12-month ECL) | \n-1 | \n 5 | \n 2 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 2 (lifetime ECL) | \n 1 | \n-9 | \n 3 | \n-5 | \n\n\n\n\n\n\n\n\n
\n\n| Stage 3 \u2018non-performing\u2019 (lifetime ECL) | \n 0 | \n 1 | \n-5 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| New financial assets | \n 5 | \n 1 | \n 1 | \n 8 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in risk parameters during the reporting period | \n-6 | \n-1 | \n-13 | \n-21 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the model or methodology | \n 2 | \n 0 | \n-1 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n-3 | \n-1 | \n-2 | \n-6 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Movements without an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Derecognised financial assets | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 0 | \n-1 | \n 0 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 2 | \n 0 | \n 1 | \n 3 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions on 31 December | \n 22 | \n 15 | \n 36 | \n 73 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\u2022 Also see Note 6.1.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
Note 5.7.3: Details of provisions for other risks and charges
\n
\n
\n\n\n| (in millions of EUR) | \nProvisions for restructuring | \nProvisions for taxes and pending legal disputes | \nOther | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n22 | \n31 | \n17 | \n69 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Amounts allocated | \n8 | \n7 | \n8 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts used | \n-7 | \n-3 | \n-3 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Unused amounts reversed | \n-3 | \n-3 | \n-1 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Transfers out of/into liabilities associated with disposal groups | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n1 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-2 | \n0 | \n1 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n17 | \n32 | \n21 | \n70 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 37 | \n 37 | \n 18 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Amounts allocated | \n 3 | \n 2 | \n 4 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts used | \n-20 | \n-5 | \n-3 | \n-27 | \n\n\n\n\n\n\n\n\n
\n\n| Unused amounts reversed | \n 0 | \n-1 | \n-2 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| Transfers out of/into liabilities associated with disposal groups | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 2 | \n-2 | \n-1 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n 22 | \n 31 | \n 17 | \n 69 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 For most of the provisions recorded, no reasonable estimate can be made of when they will be used.
\n
\u2022 Other provisions include those set aside for miscellaneous risks.
\n\n
\n
\n
\n
\u2022 Information relating to the main legal disputes pending: claims filed against KBC group companies are \u2013 in keeping with
\n
IFRS rules \u2013 treated on the basis of an assessment of whether they will lead to an outflow of resources (i.e. \u2018probable
\n
outflow\u2019, \u2018possible outflow\u2019 or \u2018remotely probable outflow\u2019). Provisions are set aside for \u2018probable outflow\u2019 cases (see \u2018Notes
\n
on the accounting policies\u2019). No provisions are constituted for \u2018possible outflow\u2019 cases, but information is provided in the
\n
financial statements if such cases might have a material impact on the balance sheet (i.e. when the claim could lead to a
\n
possible outflow of more than 50 million euros). All other claims (\u2018remotely probable outflow\u2019), of whatever magnitude, that
\n
represent a minor or no risk at all do not have to be reported. The most important cases are listed below. The information
\n
provided is limited in order not to prejudice the position of the group in ongoing litigation.
\n
\n
\n
\n
- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff
\n
Investments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the
\n
bankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities
\n
by Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made
\n
by the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation
\n
process was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s
\n
\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to
\n
subsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the
\n
Trustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.
\n
A court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate
\n
court (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on
\n
30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are
\n
handled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals
\n
for the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the
\n
defendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy
\n
Court issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee
\n
amended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and
\n
costs and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of
\n
specific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The
\n
proceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An
\n
investigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30
\n
June 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including
\n
demonstrating its good faith. The procedure may still take several years.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Note 5.9: Retirement benefit obligations
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| DEFINED BENEFIT PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of defined benefit obligations | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the beginning of the period | \n 2 684 | \n 2 724 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n104 | \n 105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n86 | \n 89 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n-152 | \n-76 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n1 | \n 29 | \n\n\n\n\n\n\n\n\n
\n\n| Past-service cost | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-9 | \n 3 | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the end of the period | \n2 579 | \n 2 684 | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of the fair value of plan assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the beginning of the period | \n 3 070 | \n 2 936 | \n\n\n\n\n\n\n\n\n
\n\n| Actual return on plan assets | \n-18 | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Expected interest income on plan assets, calculated based on market yields on high quality corporate bonds | \n99 | \n 96 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-4 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the end of the period | \n3 005 | \n 3 070 | \n\n\n\n\n\n\n\n\n
\n\n| of which financial instruments issued by the group | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| of which property occupied by KBC | \n2 | \n 2 | \n\n\n\n\n\n\n\n\n
\n\n| Funded status | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Plan assets in excess of defined benefit obligations | \n426 | \n 386 | \n\n\n\n\n\n\n\n\n
\n\n| Reimbursement rights | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Asset ceiling limit | \n-166 | \n-131 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Movement in net liabilities or net assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the beginning of the period | \n255 | \n 142 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the end of the period | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n-104 | \n-105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n10 | \n 5 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to the amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n-13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n152 | \n 76 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial result on plan assets | \n-117 | \n 102 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-1 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Adjustments to asset ceiling limits | \n-32 | \n-59 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n4 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| DEFINED CONTRIBUTION PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Expenses for defined contribution plans | \n-14 | \n-14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag496": {
"value": "\nNote 5.7.1: Overview
\n
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total provisions for risks and charges | \n138 | \n141 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for off-balance-sheet commitments and financial guarantees | \n68 | \n73 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for other risks and charges | \n70 | \n69 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for restructuring | \n17 | \n22 | \n\n\n\n\n\n\n\n\n
\n\n| Provisions for taxes and pending legal disputes | \n32 | \n31 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n21 | \n17 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\nNote 5.7.3: Details of provisions for other risks and charges
\n\n
\n\n\n| (in millions of EUR) | \nProvisions for restructuring | \nProvisions for taxes and pending legal disputes | \nOther | \nTotal | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| 2025 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n22 | \n31 | \n17 | \n69 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Amounts allocated | \n8 | \n7 | \n8 | \n23 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts used | \n-7 | \n-3 | \n-3 | \n-13 | \n\n\n\n\n\n\n\n\n
\n\n| Unused amounts reversed | \n-3 | \n-3 | \n-1 | \n-7 | \n\n\n\n\n\n\n\n\n
\n\n| Transfers out of/into liabilities associated with disposal groups | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n0 | \n0 | \n1 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-2 | \n0 | \n1 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n17 | \n32 | \n21 | \n70 | \n\n\n\n\n\n\n\n\n
\n\n| 2024 | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Opening balance | \n 37 | \n 37 | \n 18 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Movements with an impact on results | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Amounts allocated | \n 3 | \n 2 | \n 4 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts used | \n-20 | \n-5 | \n-3 | \n-27 | \n\n\n\n\n\n\n\n\n
\n\n| Unused amounts reversed | \n 0 | \n-1 | \n-2 | \n-4 | \n\n\n\n\n\n\n\n\n
\n\n| Transfers out of/into liabilities associated with disposal groups | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Changes in the scope of consolidation | \n 0 | \n 0 | \n 0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n 2 | \n-2 | \n-1 | \n-1 | \n\n\n\n\n\n\n\n\n
\n\n| Closing balance | \n 22 | \n 31 | \n 17 | \n 69 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\u2022 For most of the provisions recorded, no reasonable estimate can be made of when they will be used.
\n\u2022 Other provisions include those set aside for miscellaneous risks.
\n\n
\n\n
\n
\u2022 Information relating to the main legal disputes pending: claims filed against KBC group companies are \u2013 in keeping with
\n
IFRS rules \u2013 treated on the basis of an assessment of whether they will lead to an outflow of resources (i.e. \u2018probable
\n
outflow\u2019, \u2018possible outflow\u2019 or \u2018remotely probable outflow\u2019). Provisions are set aside for \u2018probable outflow\u2019 cases (see \u2018Notes
\n
on the accounting policies\u2019). No provisions are constituted for \u2018possible outflow\u2019 cases, but information is provided in the
\n
financial statements if such cases might have a material impact on the balance sheet (i.e. when the claim could lead to a
\n
possible outflow of more than 50 million euros). All other claims (\u2018remotely probable outflow\u2019), of whatever magnitude, that
\n
represent a minor or no risk at all do not have to be reported. The most important cases are listed below. The information
\n
provided is limited in order not to prejudice the position of the group in ongoing litigation.
\n
\n
\n
\n
- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff
\n
Investments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the
\n
bankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities
\n
by Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made
\n
by the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation
\n
process was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s
\n
\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to
\n
subsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the
\n
Trustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.
\n
A court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate
\n
court (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on
\n
30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are
\n
handled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals
\n
for the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the
\n
defendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy
\n
Court issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee
\n
amended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and
\n
costs and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of
\n
specific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The
\n
proceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An
\n
investigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30
\n
June 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including
\n
demonstrating its good faith. The procedure may still take several years.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag501": {
"value": "\n
\n\n
- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff
\n
Investments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the
\n
bankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities
\n
by Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made
\n
by the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation
\n
process was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s
\n
\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to
\n
subsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the
\n
Trustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.
\n
A court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate
\n
court (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on
\n
30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are
\n
handled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals
\n
for the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the
\n
defendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy
\n
Court issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee
\n
amended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and
\n
costs and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of
\n
specific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The
\n
proceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An
\n
investigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30
\n
June 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including
\n
demonstrating its good faith. The procedure may still take several years.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n\n
\n
\n
Note 6.1: Off-balance-sheet commitments and financial guarantees given and received
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n31-12-2025 | \n | \n | \n31-12-2024 | \n\n\n\n
\n\n | \nNominal | \nProvision | \nNet exposure | \nNominal | \nProvision | \nNet exposure | \n\n\n\n
\n\n | \namount | \n | \n | \namount | \n | \n | \n\n\n\n
\n\n| Undrawn portion of credit lines granted | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n50 373 | \n27 | \n50 346 | \n 45 481 | \n 18 | \n 45 463 | \n\n\n\n
\n\n| Stage 2 | \n3 346 | \n8 | \n3 338 | \n 3 314 | \n 9 | \n 3 305 | \n\n\n\n
\n\n| Stage 3 | \n68 | \n2 | \n66 | \n 52 | \n 2 | \n 50 | \n\n\n\n
\n\n| Total | \n53 787 | \n36 | \n53 751 | \n 48 848 | \n 30 | \n 48 818 | \n\n\n\n
\n\n| of which irrevocable credit lines | \n32 767 | \n19 | \n32 748 | \n 29 180 | \n 10 | \n 29 170 | \n\n\n\n
\n\n| Financial guarantees given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n11 064 | \n3 | \n11 061 | \n 10 245 | \n 3 | \n 10 242 | \n\n\n\n
\n\n| Stage 2 | \n923 | \n4 | \n920 | \n 992 | \n 5 | \n 987 | \n\n\n\n
\n\n| Stage 3 | \n84 | \n21 | \n62 | \n 113 | \n 32 | \n 80 | \n\n\n\n
\n\n| Total | \n12 072 | \n29 | \n12 043 | \n 11 350 | \n 41 | \n 11 309 | \n\n\n\n
\n\n| Other commitments given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n1 225 | \n3 | \n1 222 | \n 1 101 | \n 2 | \n 1 099 | \n\n\n\n
\n\n| Off-balance-sheet commitments and financial | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| guarantees | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n67 083 | \n68 | \n67 016 | \n 61 299 | \n 73 | \n 61 226 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 Fair value of financial guarantees: based on the available market value.
\n
\u2022 The carrying value of financial assets pledged by KBC as collateral came to 43 246 million euros for liabilities and
\n
1 849 million euros for contingent liabilities (40 924 million euros and 1 667 million euros, respectively, in 2024). At year-end
\n
2025, some 22.7 billion euros\u2019 worth of residential mortgage loans and cash collections were entered in the cover asset
\n
register for the special estate of the covered bond programme (21.8 billion euros at year-end 2024).
\n
\u2022 There is an obligation to return collateral received (which may be sold or repledged in the absence of default by the owner;
\n
see table) in its original form, or possibly in cash. Collateral can be called in if loans are terminated for various reasons such
\n
as default or bankruptcy. In the event of bankruptcy, the collateral will be sold by the receiver. In other cases, the bank will
\n
organise the foreclosure itself or take possession of the collateral. Collateral received that relates to OTC derivatives is
\n
primarily cash, which is recognised by KBC on the balance sheet (and is not included in the table). More details are provided
\n
in Note 4.3.
\n
\u2022 Collateral acquired through foreclosure came to 5 million euros in 2025 (3 million euros in 2024).
\n
\n
\n
\n
\n\n\n| Collateral received (which may be sold or repledged in the absence of default by the owner) (in millions of EUR) | \nFair value of collateral received | \nFair value of collateral sold or repledged | \n\n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial assets | \n49 438 | \n 32 091 | \n12 283 | \n 12 279 | \n\n\n\n
\n\n| Equity instruments | \n27 | \n 30 | \n3 | \n 2 | \n\n\n\n
\n\n| Debt securities | \n49 134 | \n 31 809 | \n12 280 | \n 12 277 | \n\n\n\n
\n\n| Loans and advances | \n277 | \n 252 | \n0 | \n 0 | \n\n\n\n
\n\n| Cash | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n| Other | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 In the years 2016-2022, KBC contributed to the Single Resolution Fund (SRF) by means of irrevocable payment commitments
\n
(IPCs) in the amount of 87 million euros, which are fully covered by cash collateral. In line with industry practice, the following
\n
accounting treatment is applied to IPCs: i) the amount of cash collateral is recognised as a financial asset and ii) the
\n
hypothetical fund call in case of a resolution is reported as a contingent liability. In its 2023 decision (and confirmed in
\n
appeal in 2025), the General Court of the EU ruled that in a scenario in which a bank loses its banking license, it has no
\n
claim on the cash collateral. The recognition of the cash collateral as a financial asset is nevertheless based on the fact
\n
that interest is received on the amount outstanding and the expectation that this amount will be claimed by the SRF in the
\n
foreseeable future if it is not deemed likely. The amount of 87 million euros is deducted in the calculation of the common
\n
equity capital.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag502": {
"value": "\n- Possible outflow: on 6 October 2011, Irving H. Picard, trustee (the \u2018trustee\u2019) for the liquidation of Bernard L. Madoff
\nInvestments Securities LLC (& Bernard L. Madoff), sued KBC Investments Ltd (a full subsidiary of KBC Bank) before the
\nbankruptcy court in New York to claw back approximately 110 million US dollars\u2019 worth of transfers made to KBC entities
\nby Madoff (through a feeder fund that KBC had lent to Harley International). This claim is just one of a whole set made
\nby the trustee against several banks, hedge funds, feeder funds and investors (\u2018joint defense group\u2019). A lengthy litigation
\nprocess was conducted on the basis of preliminary objections in respect of the applicability of the Bankruptcy Code\u2019s
\n\u2018safe harbor\u2019 and \u2018good defenses\u2019 rules, as well as prudential limitations on U.S. courts\u2019 powers in international cases, to
\nsubsequent transferees (as is the case for KBC Investments Ltd), as detailed in previous disclosures. In June 2015, the
\nTrustee stated his intention to amend the original claim which led to increase the amount claimed to USD 196 000 000.
\nA court ruling dismissing the claim of the Trustee was issued on 3 March 2017. The Trustee appealed and the appellate
\ncourt (Court of Appeals for the Second Circuit) reversed the dismissal on 28 February 2019. A certiorari petition filed on
\n30 August 2019 was dismissed by the US Supreme Court on 2 June 2020. As a consequence the merits of the case are
\nhandled by the Bankruptcy Court. On 30 August 2021, in two other appeals by other defendants, the Court of Appeals
\nfor the Second Circuit reversed the burden of proof from an initial burden on the Trustee to adequately demonstrate the
\ndefendant\u2019s lack of good faith to a burden on the defendant to prove its good faith. On 1 August 2022, the Bankruptcy
\nCourt issued a decision determining the structure of the proceedings. In this context, on 5 August 2022 the Trustee
\namended his complaint by reducing his claim to a principal of USD 86 million (excluding the prejudgment interest, and
\ncosts and expenses). On 18 November 2022, KBC submitted a motion to dismiss the amended complaint for lack of
\nspecific jurisdiction of the US court. On 26 April 2023, the court dismissed this motion contesting jurisdiction. The
\nproceedings on the merits will therefore continue. On 28 June 2023, KBC filed an answer to the amended complaint. An
\ninvestigation of the facts is ongoing. The initial end date for this investigation (22 September 2025) was postponed to 30
\nJune 2026. Despite the increased burden of proof, KBC still believes it has good and credible defenses, including
\ndemonstrating its good faith. The procedure may still take several years.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag503": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Note 5.8: Other liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\n
insurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n
\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\n
benefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n
5.9).
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag504": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
Note 5.8: Other liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\n
insurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n
\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\n
benefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n
5.9).
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag505": {
"value": "\n
\n\n
\n
\n
\n
\n
Note 5.8: Other liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\n
insurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n
\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\n
benefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n
5.9).
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
Note 5.9: Retirement benefit obligations
\n
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| DEFINED BENEFIT PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of defined benefit obligations | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the beginning of the period | \n 2 684 | \n 2 724 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n104 | \n 105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n86 | \n 89 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n-152 | \n-76 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n1 | \n 29 | \n\n\n\n\n\n\n\n\n
\n\n| Past-service cost | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-9 | \n 3 | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations at the end of the period | \n2 579 | \n 2 684 | \n\n\n\n\n\n\n\n\n
\n\n| Reconciliation of the fair value of plan assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the beginning of the period | \n 3 070 | \n 2 936 | \n\n\n\n\n\n\n\n\n
\n\n| Actual return on plan assets | \n-18 | \n 198 | \n\n\n\n\n\n\n\n\n
\n\n| Expected interest income on plan assets, calculated based on market yields on high quality corporate bonds | \n99 | \n 96 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Benefits paid | \n-150 | \n-190 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n-4 | \n 9 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets at the end of the period | \n3 005 | \n 3 070 | \n\n\n\n\n\n\n\n\n
\n\n| of which financial instruments issued by the group | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| of which property occupied by KBC | \n2 | \n 2 | \n\n\n\n\n\n\n\n\n
\n\n| Funded status | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Plan assets in excess of defined benefit obligations | \n426 | \n 386 | \n\n\n\n\n\n\n\n\n
\n\n| Reimbursement rights | \n0 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Asset ceiling limit | \n-166 | \n-131 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Movement in net liabilities or net assets | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the beginning of the period | \n255 | \n 142 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Employer contributions | \n87 | \n 97 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n2 | \n 6 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost at the end of the period | \n260 | \n 255 | \n\n\n\n\n\n\n\n\n
\n\n| Amounts recognised in the income statement | \n-76 | \n-82 | \n\n\n\n\n\n\n\n\n
\n\n| Current service cost | \n-104 | \n-105 | \n\n\n\n\n\n\n\n\n
\n\n| Interest cost | \n10 | \n 5 | \n\n\n\n\n\n\n\n\n
\n\n| Plan participant contributions | \n20 | \n 20 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n0 | \n-2 | \n\n\n\n\n\n\n\n\n
\n\n| Changes to the amounts recognised in other comprehensive income | \n-8 | \n 92 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in demographic assumptions | \n-13 | \n 0 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial gain or loss resulting from changes in financial assumptions | \n152 | \n 76 | \n\n\n\n\n\n\n\n\n
\n\n| Actuarial result on plan assets | \n-117 | \n 102 | \n\n\n\n\n\n\n\n\n
\n\n| Experience adjustments | \n-1 | \n-29 | \n\n\n\n\n\n\n\n\n
\n\n| Adjustments to asset ceiling limits | \n-32 | \n-59 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n4 | \n 1 | \n\n\n\n\n\n\n\n\n
\n\n| DEFINED CONTRIBUTION PLANS | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Expenses for defined contribution plans | \n-14 | \n-14 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\u2022 Retirement benefits that are actively accrued for the Belgium-based staff of KBC Bank, KBC Insurance and most of their
\n
Belgian subsidiaries are accrued exclusively through the KBC pension fund. Up until year-end 2018, employer-funded
\n
retirement benefits had accrued primarily through a defined benefit plan, where the benefit is calculated based on the final
\n
salary of employees before they retire, the number of years they had been in the plan and a formula that applies a
\n
progressive rate scale. A defined contribution plan was introduced on 1 January 2014 for all new employees and any
\n
employees who had chosen to switch to it. In this plan, a contribution is deposited based on the current monthly salary and
\n
the amounts deposited are paid out together with the (guaranteed) return on retirement. Both types of pension plan are
\n
managed by the KBC pension fund, which uses the services of KBC Asset Management for the investment strategy. In
\n
addition, there are a number of smaller, closed group insurance schemes from the past that will continue to be funded and
\n
are managed by the KBC pension fund. On 1 January 2019, a new defined contribution plan was introduced to replace the
\n
one introduced in 2014. All employees were again given the one-time option of switching from the defined benefit plan to
\n
the new defined contribution plan. At year-end 2025, 45% of employees were active participants in the defined benefit plan
\n
and 55% in the defined contribution plan (the corresponding figures at year-end 2024 were 48% and 52%).
\n
\u2022 The expected age of retirement of each employee and the expected wage inflation based on an inflation curve derived
\n
from the market value of inflation-linked bonds are taken into account in the calculation of the gross defined benefit
\n
obligations.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\u2022 Since 1 January 2020, the insurance risks related to death and disability are fully reinsured through an external reinsurance
\nprogramme.
\n\u2022 The KBC Pension Fund believes in a balanced ESG approach that allows improvement of the greenhouse gas intensity but
\nalso considers other environmental themes such as biodiversity and social and governance-related issues. As regards the
\nmanagement of the assets, the share of responsible investments came to around 92% at year-end 2025 (89% at year-end
\n2024). The aim is for the KBC Pension Fund investment portfolio to be carbon-neutral by 2050.
\nAt the end of December 2025, the greenhouse gas intensity of the shares held in portfolio was roughly 53% of the MSCI
\nWorld AC benchmark, for the corporate bonds held in portfolio it was roughly 58% of the Iboxx Euro Corporates benchmark
\nand for the government bonds held in portfolio it was roughly 115% of the JPM EMU Government Bond benchmark, a
\ndecrease from 2019 of 55%, 25% and 35%, respectively.
\n\u2022 As a result of the higher average interest rates, the pension reserves of participants are often higher than the retirement
\nbenefit obligations calculated as the present value of the guaranteed minimum pension capital under the defined
\ncontribution plan. In 2023, the net asset was therefore reduced by the difference between the retirement benefit
\nobligations calculated in this way and the higher guaranteed minimum reserves and/or the pension reserves calculated
\nusing the assi gned fund return . The diff erence at the end of 2025 was 108 million euros and has been added to
\n\u2018Adjustments to asset ceiling limits\u2019, resulting in the net asset being reduced by this amount.
\n\u2022 There are no significant defined benefit plans in the group\u2019s other core countries.
\n
\n
\n\n
\n
\n
\n
\n\n\n| Additional information on retirement benefit obligations (in millions of EUR) | \n2025 | \n2024 | \n2023 | \n2022 | \n2021 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Changes in main headings in the main table | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Defined benefit obligations | \n2 579 | \n2 684 | \n2 724 | \n2 580 | \n3 335 | \n\n\n\n\n\n\n\n\n
\n\n| Fair value of plan assets | \n3 005 | \n3 070 | \n2 936 | \n2 746 | \n3 244 | \n\n\n\n\n\n\n\n\n
\n\n| Unfunded accrued/prepaid pension cost | \n260 | \n255 | \n142 | \n153 | \n-128 | \n\n\n\n\n\n\n\n\n
\n\n| Impact of changes in the assumptions used in the actuarial calculation of plan assets and retirement benefit obligations | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Impact on plan assets | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n| Impact on retirement benefit obligations* | \n-138 | \n-77 | \n149 | \n-825 | \n-35 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
* Arising from defined benefit plans. A plus sign indicates an increase in the (absolute value of) the obligation, a minus sign a decrease.
\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
Additional information on retirement benefit obligations: DEFINED BENEFIT PLANS, KBC pension fund
\n
\n
\n\n\n| Composition | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n
\n\n| Equity instruments (including equity funds) | \n29% | \n33% | \n\n\n\n\n\n\n
\n\n| Bonds (including bond funds) | \n58% | \n53% | \n\n\n\n\n\n\n
\n\n| Real estate (including real estate funds) | \n13% | \n13% | \n\n\n\n\n\n\n
\n\n| Cash | \n0% | \n0% | \n\n\n\n\n\n\n
\n\n| of which illiquid assets | \n17% | \n17% | \n\n\n\n\n\n\n
\n\n| Contributions expected in 2026 (in millions of EUR) | \n32 | \n | \n\n\n\n\n\n\n
\n\n| Regulatory framework (2025 and 2024) | \nPension plans are registered in collective labour agreements and incorporated into a set of | \n\n\n\n\n\n\n
\n\n | \nregulations. Annual reporting of funding levels to supervisory authorities (FSMA/NBB). | \n\n\n\n\n\n\n
\n\n | \nAny underfunding must be reported immediately to the supervisory authorities. | \n\n\n\n\n\n\n
\n\n| Risks for KBC (2025 and 2024) | \nInvestment risk and inflation risk. | \n\n\n\n\n\n\n
\n\n| ALM (2025 and 2024) | \nThe hedging portfolio hedges against interest rate risk and inflation risk using interest rate swaps. | \n\n\n\n\n\n\n
\n\n | \nThe return portfolio aims to generate an extra return. | \n\n\n\n\n\n\n
\n\n| Plan amendments (2025 and 2024) | \nA new version of the employer-funded defined contribution plan was introduced on 1 January | \n\n\n\n\n\n\n
\n\n | \n2019. All employees who had been signed up to the defined benefit plan were given the one -time | \n\n\n\n\n\n\n
\n\n | \noption of switching to this new plan. New employees are signed up to the employer-funded | \n\n\n\n\n\n\n
\n\n | \ndefined contribution plan. | \n\n\n\n\n\n\n
\n\n| Curtailments and settlements (2025 and 2024) | \nNot applicable. | \n\n\n\n\n\n\n
\n\n| Discounting method (2025 and 2024) | \nBased on quotes for various time buckets of AA-rated corporate bonds. | \n\n\n\n\n\n\n
\n\n | \nThe derived bond yields are converted into a zero coupon curve. | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n\n| Key actuarial assumptions | \n2025 | \n2024 | \n\n\n
\n\n| \u2022Average discount rate | \n3.39% | \n3.10% | \n\n\n
\n\n| \u2022Expected rate of salary increase | \n2.45% | \n2.47% | \n\n\n
\n\n| \u2022Expected inflation rate | \n2.12% | \n2.16% | \n\n\n
\n\n| \u2022Expected rate of increase in pensions | \n\u2013 | \n- | \n\n\n
\n\n| \u2022Weighted average duration of the obligations | \n9 years | \n10 years | \n\n\n
\n\n\n\n\n
\n\n\n
\n
\n
\n\n\n| Impact of changes in the assumptions used in the actuarial | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n
\n\n| calculation of the retirement benefit obligations | \n | \n | \n\n\n\n\n
\n\n| Increase in the retirement benefit obligations consequent on: | \n | \n | \n\n\n\n\n
\n\n| \u2022a decrease of 1% in the discount rate | \n10.01% | \n10.98% | \n\n\n\n\n
\n\n| \u2022an increase of 1% in the expected inflation rate | \n8.12% | \n8.69% | \n\n\n\n\n
\n\n| \u2022an increase that is 1% higher than the expected real | \n10.80% | \n11.54% | \n\n\n\n\n
\n\n| increase in salary | \n | \n | \n\n\n\n\n
\n\n| \u2022an increase of one year in life expectancy | \n\u2013 | \n- | \n\n\n\n\n
\n\n| The impact of the following assumptions has not been | \nDecreasing mortality rates. Pension benefits are paid out in capital, so longevity risk is immaterial. | \n\n\n\n\n
\n\n| calculated: (2025 and 2024) | \nStaff turnover rates: the impact of the changes remains limited. | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n\n| Additional information on retirement benefit obligations: DEFINED CONTRIBUTION PLANS, KBC pension fund | \n\n\n\n\n
\n\n| Contributions expected in 2026 (in millions of EUR) | \n52 | \n\n\n\n\n
\n\n| Regulatory framework (2025 and 2024) | \nPursuant to the Belgian Supplementary Pensions Act, the employer must guarantee a minimum | \n\n\n\n\n
\n\n | \nreturn of 2.50% on employee and employer contributions. | \n\n\n\n\n
\n\n| Risks for KBC (2025 and 2024) | \nInvestment risk. | \n\n\n\n\n
\n\n| Valuation (2025 and 2024) | \nRetirement benefit obligations are measured on the basis of the accrued benefits on the | \n\n\n\n\n
\n\n | \nreporting date, making a projection of these benefits (at the rate of interest guaranteed by law) | \n\n\n\n\n
\n\n | \nuntil the expected age of retirement, and discounting the resulting benefits. KBC offers two types | \n\n\n\n\n
\n\n | \nof defined contribution plan: one that is financed through employee contributions and one | \n\n\n\n\n
\n\n | \nthrough employer contributions. The valuation of retirement benefit obligations for the employer- | \n\n\n\n\n
\n\n | \nfunded defined contribution plan takes account of future contributions. However, it is not taken | \n\n\n\n\n
\n\n | \ninto account for the valuation of the employee-funded defined contribution plan, because the | \n\n\n\n\n
\n\n | \nemployer\u2019s obligation for that plan only relates to the guaranteed minimum interest rate. | \n\n\n\n\n
\n\n| Discounting method (2025 and 2024) | \nBased on quotes for various time buckets of AA-rated corporate bonds. | \n\n\n\n\n
\n\n | \nThe derived bond yields are converted into a zero coupon curve. | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n\n| Key actuarial assumptions | \n2025 | \n2024 | \n\n\n\n\n\n\n\n\n
\n\n| \u2022Average discount rate | \n3.78% | \n3.30% | \n\n\n\n\n\n\n\n\n
\n\n| \u2022Weighted average duration of the obligations | \n14 years | \n15 years | \n\n\n\n\n\n\n\n\n
\n\n| Impact of changes in the assumptions used in the actuarial | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n| calculation of the retirement benefit obligations | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Increase in the retirement benefit obligations consequent on: | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| \u2022a decrease of 1% in the discount rate | \n16.42% | \n17.99% | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag506": {
"value": "\n
\n\n
\n
\n
Note 5.8: Other liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\n
insurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n
\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\n
benefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n
5.9).
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag507": {
"value": "\n
\n\n
Note 5.8: Other liabilities
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\n
insurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n
\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\n
benefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n
5.9).
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
Note 6.2: Leasing
\n
\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Finance lease receivables | \n | \n | \n\n\n\n
\n\n| Gross investment in finance leases, receivable | \n9 230 | \n 8 607 | \n\n\n\n
\n\n| At not more than one year | \n2 198 | \n 2 132 | \n\n\n\n
\n\n| At more than one but not more than five years | \n5 398 | \n 5 001 | \n\n\n\n
\n\n| At more than five years | \n1 634 | \n 1 475 | \n\n\n\n
\n\n| Unearned future finance income on finance leases | \n763 | \n 689 | \n\n\n\n
\n\n| Net investment in finance leases | \n8 467 | \n 7 919 | \n\n\n\n
\n\n| At not more than one year | \n2 003 | \n 1 948 | \n\n\n\n
\n\n| At more than one but not more than five years | \n4 947 | \n 4 596 | \n\n\n\n
\n\n| At more than five years | \n1 517 | \n 1 375 | \n\n\n\n
\n\n| Of which unguaranteed residual values accruing to the benefit of the lessor | \n49 | \n 43 | \n\n\n\n
\n\n| Accumulated impairment for uncollectable lease payments receivable | \n39 | \n 40 | \n\n\n\n
\n\n| Contingent rents recognised in the income statement | \n110 | \n 107 | \n\n\n\n
\n\n| Operating lease receivables | \n | \n | \n\n\n\n
\n\n| Future aggregate minimum rentals receivable under non-cancellable operating leases | \n787 | \n 773 | \n\n\n\n
\n\n| Contingent rents recognised in the income statement | \n0 | \n 1 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\u2022 KBC acts only to a limited extent as a lessee in operational and financial leasing.
\n
\u2022 Finance leases: KBC offers finance lease products ranging from equipment and vehicle leasing to real estate leasing. In
\n
Belgium, finance leases are typically sold through KBC group\u2019s branch network, and that channel is becoming increasingly
\n
important in Central Europe, too.
\n
\u2022 Operating leases: involve primarily full service vehicle leases (mainly cars and bicycles). These are sold through the KBC
\n
Bank and CBC Banque branch network and through an internal sales team. Full service car leasing activities are being
\n
further developed in Central Europe, too. The increased importance of leasing hybrid and all-electric vehicles supports the
\n
transition to green mobility, and the segment of electric company bicycles also continued to grow.
\n
\u2022 We report on estimated greenhouse gas emissions associated with lending, leasing and other activities and, in that
\n
context, have defined objectives for reducing the greenhouse gas intensity of our financial and operational car leasing. See
\n
\u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
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}
},
"Tag508": {
"value": "\nNote 5.8: Other liabilities
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Total | \n2 585 | \n2 678 | \n\n\n\n\n\n\n\n\n
\n\n| Retirement benefit obligations or other employee benefits | \n61 | \n41 | \n\n\n\n\n\n\n\n\n
\n\n| Accrued charges and deferred income | \n484 | \n437 | \n\n\n\n\n\n\n\n\n
\n\n| Salaries and social security charges | \n553 | \n540 | \n\n\n\n\n\n\n\n\n
\n\n| Lease liabilities | \n4 | \n5 | \n\n\n\n\n\n\n\n\n
\n\n| Other | \n1 482 | \n1 656 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\u2022 The \u2018Other\u2019 category comprises, amongst others, short-term payables of non-banking entities, payments in transit,
\ninsurance-related payables outside the IFRS 17 contract boundaries and VAT and other non-income tax payables.
\n\u2022 For more information on retirement benefit obligations, see Note 5.9 (note that the amount recognised under \u2018Retirement
\nbenefit obligations or other employee benefits\u2019 in Note 5.8 relates to a broader scope than the amounts presented in Note
\n5.9).
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag519": {
"value": "\n
\n
\nNote 5.10: Parent shareholders\u2019 equity and additional tier-1 instruments
\n
\n\n
\n
\n\n\n| Quantities | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Ordinary shares | \n417 662 783 | \n417 544 151 | \n\n\n\n\n\n\n\n\n
\n\n| of which ordinary shares that entitle the holder to a dividend payment | \n396 681 960 | \n396 563 328 | \n\n\n\n\n\n\n\n\n
\n\n| of which treasury shares | \n20 980 864 | \n20 980 825 | \n\n\n\n\n\n\n\n\n
\n\n| Additional information | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Par value per share (in EUR) | \n3.51 | \n3.51 | \n\n\n\n\n\n\n\n\n
\n\n| Number of shares issued but not fully paid up | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n
\u2022 Ordinary shares: ordinary shares of no nominal value. All ordinary shares carry voting rights and each share represents one
\nvote. No participation certificates or non-voting shares have been issued. The shares are listed on Euronext Brussels.
\n\u2022 Capital increases: the number of KBC Group NV shares went up by 118 632 in 2025 and by 238 275 in 2024, due to new
\nshares being issued following the capital increases reserved for staff. For more information, see the \u2018Company annual
\naccounts and additional information\u2019 section.
\n\n
\u2022 Treasury shares:
\n
- On 10 August 2023, KBC Group NV announced a treasury share buyback programme with a view to dividing excess
\n
capital, for which it obtained the required permission from the ECB. An agent was mandated to repurchase KBC shares
\n
on the regulated market of NYSE Euronext Brussels on behalf of KBC Group NV until 31 July 2024, for a maximum of 1.3
\n
billion euros. The shares were repurchased subject to the conditions stated in the authorisation granted by the General
\n
Meeting of 5 May 2022. Under this authorisation, the Board of Directors is authorised to repurchase a maximum of 10% of
\n
the treasury shares under specific conditions and at a price that may not be lower than 1 euro or higher than 110% of the
\n
last closing price on Euronext Brussels preceding the date of acquisition. Up to and including 31 July 2024, a total of
\n
20 980 823 treasury shares were repurchased in several transactions for a total amount of 1 299 999 960 euros. The
\n
voting rights attached to these shares are suspended.
\n
- On 31 December 2025, KBC group companies also held 41 KBC shares in portfolio (2 in 2024).
\n
\n\n\n\n\n\n\n\n\n\n
\u2022 Additional tier-1 (AT1) instruments (these securities are classified as equity instruments under IAS 32 and the coupon is
\ntreated as a dividend): 2 500 million euros at year-end 2025, comprised of:
\n- 750 million euros, issued in September 2023 (a perpetual AT1 instrument with a five-year first-call date, a temporary
\nwrite-down trigger should the common equity ratio fall below 5.125% and an initial coupon of 8.00% per annum, which is
\npayable every six months);
\n- 750 million euros, issued in September 2024 (a perpetual AT1 instrument with a seven-year first-call date, a temporary
\nwrite-down trigger should the common equity ratio fall below 5.125% and an initial coupon of 6.25% per annum, which is
\npayable every six months);
\n- 1 billion euros, issued in May 2025 (a perpetual AT1 instrument with a five-and-a-half-year first-call date, a temporary
\nwrite-down trigger should the common equity ratio fall below 5.125% and an initial coupon of 6.0% per annum, which is
\npayable every six months).
\n
\nThe remaining amount of 364 million euros of the 1 billion euros issued in April 2018 (a perpetual AT1 instrument with a seven-
\nand-a-half-year first-call date and a temporary write-down trigger should the common equity ratio fall below 5.125% and
\nan initial coupon of 4.25% per annum, which is payable every six months) was called on 24 October 2025.
\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag520": {
"value": "\n\n
\n\n\n| Quantities | \n31-12-2025 | \n31-12-2024 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n| Ordinary shares | \n417 662 783 | \n417 544 151 | \n\n\n\n\n\n\n\n\n
\n\n| of which ordinary shares that entitle the holder to a dividend payment | \n396 681 960 | \n396 563 328 | \n\n\n\n\n\n\n\n\n
\n\n| of which treasury shares | \n20 980 864 | \n20 980 825 | \n\n\n\n\n\n\n\n\n
\n\n| Additional information | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Par value per share (in EUR) | \n3.51 | \n3.51 | \n\n\n\n\n\n\n\n\n
\n\n| Number of shares issued but not fully paid up | \n0 | \n0 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\u2022 Treasury shares:
\n- On 10 August 2023, KBC Group NV announced a treasury share buyback programme with a view to dividing excess
\ncapital, for which it obtained the required permission from the ECB. An agent was mandated to repurchase KBC shares
\non the regulated market of NYSE Euronext Brussels on behalf of KBC Group NV until 31 July 2024, for a maximum of 1.3
\nbillion euros. The shares were repurchased subject to the conditions stated in the authorisation granted by the General
\nMeeting of 5 May 2022. Under this authorisation, the Board of Directors is authorised to repurchase a maximum of 10% of
\nthe treasury shares under specific conditions and at a price that may not be lower than 1 euro or higher than 110% of the
\nlast closing price on Euronext Brussels preceding the date of acquisition. Up to and including 31 July 2024, a total of
\n20 980 823 treasury shares were repurchased in several transactions for a total amount of 1 299 999 960 euros. The
\nvoting rights attached to these shares are suspended.
\n- On 31 December 2025, KBC group companies also held 41 KBC shares in portfolio (2 in 2024).
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
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},
"Tag523": {
"value": "\n
\n\n
\n\n
\n
\n
Note 6.1: Off-balance-sheet commitments and financial guarantees given and received
\n
\n
\n
\n\n\n| (in millions of EUR) | \n | \n | \n31-12-2025 | \n | \n | \n31-12-2024 | \n\n\n\n
\n\n | \nNominal | \nProvision | \nNet exposure | \nNominal | \nProvision | \nNet exposure | \n\n\n\n
\n\n | \namount | \n | \n | \namount | \n | \n | \n\n\n\n
\n\n| Undrawn portion of credit lines granted | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n50 373 | \n27 | \n50 346 | \n 45 481 | \n 18 | \n 45 463 | \n\n\n\n
\n\n| Stage 2 | \n3 346 | \n8 | \n3 338 | \n 3 314 | \n 9 | \n 3 305 | \n\n\n\n
\n\n| Stage 3 | \n68 | \n2 | \n66 | \n 52 | \n 2 | \n 50 | \n\n\n\n
\n\n| Total | \n53 787 | \n36 | \n53 751 | \n 48 848 | \n 30 | \n 48 818 | \n\n\n\n
\n\n| of which irrevocable credit lines | \n32 767 | \n19 | \n32 748 | \n 29 180 | \n 10 | \n 29 170 | \n\n\n\n
\n\n| Financial guarantees given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Stage 1 | \n11 064 | \n3 | \n11 061 | \n 10 245 | \n 3 | \n 10 242 | \n\n\n\n
\n\n| Stage 2 | \n923 | \n4 | \n920 | \n 992 | \n 5 | \n 987 | \n\n\n\n
\n\n| Stage 3 | \n84 | \n21 | \n62 | \n 113 | \n 32 | \n 80 | \n\n\n\n
\n\n| Total | \n12 072 | \n29 | \n12 043 | \n 11 350 | \n 41 | \n 11 309 | \n\n\n\n
\n\n| Other commitments given | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n1 225 | \n3 | \n1 222 | \n 1 101 | \n 2 | \n 1 099 | \n\n\n\n
\n\n| Off-balance-sheet commitments and financial | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| guarantees | \n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Total | \n67 083 | \n68 | \n67 016 | \n 61 299 | \n 73 | \n 61 226 | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 Fair value of financial guarantees: based on the available market value.
\n
\u2022 The carrying value of financial assets pledged by KBC as collateral came to 43 246 million euros for liabilities and
\n
1 849 million euros for contingent liabilities (40 924 million euros and 1 667 million euros, respectively, in 2024). At year-end
\n
2025, some 22.7 billion euros\u2019 worth of residential mortgage loans and cash collections were entered in the cover asset
\n
register for the special estate of the covered bond programme (21.8 billion euros at year-end 2024).
\n
\u2022 There is an obligation to return collateral received (which may be sold or repledged in the absence of default by the owner;
\n
see table) in its original form, or possibly in cash. Collateral can be called in if loans are terminated for various reasons such
\n
as default or bankruptcy. In the event of bankruptcy, the collateral will be sold by the receiver. In other cases, the bank will
\n
organise the foreclosure itself or take possession of the collateral. Collateral received that relates to OTC derivatives is
\n
primarily cash, which is recognised by KBC on the balance sheet (and is not included in the table). More details are provided
\n
in Note 4.3.
\n
\u2022 Collateral acquired through foreclosure came to 5 million euros in 2025 (3 million euros in 2024).
\n
\n
\n
\n
\n\n\n| Collateral received (which may be sold or repledged in the absence of default by the owner) (in millions of EUR) | \nFair value of collateral received | \nFair value of collateral sold or repledged | \n\n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial assets | \n49 438 | \n 32 091 | \n12 283 | \n 12 279 | \n\n\n\n
\n\n| Equity instruments | \n27 | \n 30 | \n3 | \n 2 | \n\n\n\n
\n\n| Debt securities | \n49 134 | \n 31 809 | \n12 280 | \n 12 277 | \n\n\n\n
\n\n| Loans and advances | \n277 | \n 252 | \n0 | \n 0 | \n\n\n\n
\n\n| Cash | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n| Other | \n0 | \n 0 | \n0 | \n 0 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\u2022 In the years 2016-2022, KBC contributed to the Single Resolution Fund (SRF) by means of irrevocable payment commitments
\n
(IPCs) in the amount of 87 million euros, which are fully covered by cash collateral. In line with industry practice, the following
\n
accounting treatment is applied to IPCs: i) the amount of cash collateral is recognised as a financial asset and ii) the
\n
hypothetical fund call in case of a resolution is reported as a contingent liability. In its 2023 decision (and confirmed in
\n
appeal in 2025), the General Court of the EU ruled that in a scenario in which a bank loses its banking license, it has no
\n
claim on the cash collateral. The recognition of the cash collateral as a financial asset is nevertheless based on the fact
\n
that interest is received on the amount outstanding and the expectation that this amount will be claimed by the SRF in the
\n
foreseeable future if it is not deemed likely. The amount of 87 million euros is deducted in the calculation of the common
\n
equity capital.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
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"Tag528": {
"value": "\nNote 6.2: Leasing
\n\n
\n\n\n| (in millions of EUR) | \n31-12-2025 | \n31-12-2024 | \n\n\n\n
\n\n\n\n\n\n\n| Finance lease receivables | \n | \n | \n\n\n\n
\n\n| Gross investment in finance leases, receivable | \n9 230 | \n 8 607 | \n\n\n\n
\n\n| At not more than one year | \n2 198 | \n 2 132 | \n\n\n\n
\n\n| At more than one but not more than five years | \n5 398 | \n 5 001 | \n\n\n\n
\n\n| At more than five years | \n1 634 | \n 1 475 | \n\n\n\n
\n\n| Unearned future finance income on finance leases | \n763 | \n 689 | \n\n\n\n
\n\n| Net investment in finance leases | \n8 467 | \n 7 919 | \n\n\n\n
\n\n| At not more than one year | \n2 003 | \n 1 948 | \n\n\n\n
\n\n| At more than one but not more than five years | \n4 947 | \n 4 596 | \n\n\n\n
\n\n| At more than five years | \n1 517 | \n 1 375 | \n\n\n\n
\n\n| Of which unguaranteed residual values accruing to the benefit of the lessor | \n49 | \n 43 | \n\n\n\n
\n\n| Accumulated impairment for uncollectable lease payments receivable | \n39 | \n 40 | \n\n\n\n
\n\n| Contingent rents recognised in the income statement | \n110 | \n 107 | \n\n\n\n
\n\n| Operating lease receivables | \n | \n | \n\n\n\n
\n\n| Future aggregate minimum rentals receivable under non-cancellable operating leases | \n787 | \n 773 | \n\n\n\n
\n\n| Contingent rents recognised in the income statement | \n0 | \n 1 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\u2022 KBC acts only to a limited extent as a lessee in operational and financial leasing.
\n\u2022 Finance leases: KBC offers finance lease products ranging from equipment and vehicle leasing to real estate leasing. In
\nBelgium, finance leases are typically sold through KBC group\u2019s branch network, and that channel is becoming increasingly
\nimportant in Central Europe, too.
\n\u2022 Operating leases: involve primarily full service vehicle leases (mainly cars and bicycles). These are sold through the KBC
\nBank and CBC Banque branch network and through an internal sales team. Full service car leasing activities are being
\nfurther developed in Central Europe, too. The increased importance of leasing hybrid and all-electric vehicles supports the
\ntransition to green mobility, and the segment of electric company bicycles also continued to grow.
\n\u2022 We report on estimated greenhouse gas emissions associated with lending, leasing and other activities and, in that
\ncontext, have defined objectives for reducing the greenhouse gas intensity of our financial and operational car leasing. See
\n\u2018Sustainability statement\u2019 in the \u2018Report of the Board of Directors\u2019 section for a more detailed explanation.
\n
\n\n\n\n\n\n\n",
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"Tag529": {
"value": "\n
\n
\nNote 6.3: Related-party transactions
\n\n
\n
\n
\n
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n| Transactions with related parties, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| excluding key management | \nSubsi- | \nAssociated | \nJoint | \n | \n | \nSubsi- | \nAssociated | \nJoint | \n | \n | \n\n
\n\n| (in millions of EUR) | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \ndiaries | \ncompanies | \nventures | \nOther | \nTotal | \n\n
\n\n| Assets | \n133 | \n156 | \n6 | \n298 | \n593 | \n125 | \n202 | \n9 | \n0 | \n337 | \n\n
\n\n| Loans and advances | \n8 | \n64 | \n0 | \n298 | \n370 | \n8 | \n72 | \n0 | \n0 | \n80 | \n\n
\n\n| Equity instruments (including investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in associated companies and joint | \n123 | \n93 | \n5 | \n0 | \n221 | \n117 | \n130 | \n9 | \n0 | \n256 | \n\n
\n\n| ventures) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other | \n1 | \n0 | \n0 | \n0 | \n2 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Liabilities | \n85 | \n92 | \n1 | \n828 | \n1 006 | \n66 | \n92 | \n1 | \n716 | \n875 | \n\n
\n\n| Deposits | \n82 | \n45 | \n1 | \n824 | \n952 | \n63 | \n40 | \n1 | \n713 | \n817 | \n\n
\n\n| Other financial liabilities | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Other | \n3 | \n47 | \n0 | \n4 | \n54 | \n3 | \n52 | \n0 | \n3 | \n58 | \n\n
\n\n| Income statement | \n-42 | \n-2 | \n0 | \n-28 | \n-72 | \n-38 | \n2 | \n0 | \n-21 | \n-56 | \n\n
\n\n| Net interest income | \n-1 | \n1 | \n0 | \n-26 | \n-26 | \n-1 | \n2 | \n0 | \n-22 | \n-21 | \n\n
\n\n| Interest income | \n1 | \n3 | \n0 | \n0 | \n4 | \n0 | \n3 | \n0 | \n0 | \n4 | \n\n
\n\n| Interest expense | \n-2 | \n-3 | \n0 | \n-26 | \n-30 | \n-1 | \n-2 | \n0 | \n-22 | \n-25 | \n\n
\n\n| Insurance revenues before reinsurance | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Insurance service expenses before | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| reinsurance | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Dividend income | \n4 | \n1 | \n0 | \n0 | \n5 | \n4 | \n3 | \n0 | \n4 | \n11 | \n\n
\n\n| Net fee and commission income | \n0 | \n0 | \n0 | \n2 | \n2 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission income | \n1 | \n0 | \n0 | \n2 | \n3 | \n0 | \n0 | \n0 | \n3 | \n3 | \n\n
\n\n| Fee and commission expense | \n-1 | \n0 | \n0 | \n0 | \n-1 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n| Net other income | \n1 | \n0 | \n0 | \n0 | \n1 | \n1 | \n0 | \n0 | \n0 | \n1 | \n\n
\n\n| Total operating expenses excluding bank | \n-46 | \n-3 | \n0 | \n-5 | \n-54 | \n-42 | \n-3 | \n0 | \n-5 | \n-50 | \n\n
\n\n| and insurance tax | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Undrawn portion of loan commitments, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| financial guarantees and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| commitments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Given by the group | \n0 | \n0 | \n0 | \n50 | \n50 | \n0 | \n1 | \n0 | \n50 | \n51 | \n\n
\n\n| Received by the group | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\n| Transactions with key management (members of the Board of Directors and Executive Committee of | \n\n\n\n
\n\n| KBC Group NV) (in millions of EUR)* | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Total* | \n15 | \n 16 | \n\n\n\n
\n\n| Breakdown by type of remuneration | \n | \n | \n\n\n\n
\n\n| Short-term employee benefits | \n12 | \n 13 | \n\n\n\n
\n\n| Post-employment benefits | \n3 | \n 3 | \n\n\n\n
\n\n| Defined benefit plans | \n0 | \n 0 | \n\n\n\n
\n\n| Defined contribution plans | \n3 | \n 3 | \n\n\n\n
\n\n| Other long-term employee benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Termination benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Share-based payments | \n1 | \n 0 | \n\n\n\n
\n\n| Stock options (units) | \n | \n | \n\n\n\n
\n\n| At the beginning of the period | \n0 | \n0 | \n\n\n\n
\n\n| Granted | \n0 | \n0 | \n\n\n\n
\n\n| Exercised | \n0 | \n0 | \n\n\n\n
\n\n| Composition-related changes | \n0 | \n0 | \n\n\n\n
\n\n| At the end of the period | \n0 | \n0 | \n\n\n\n
\n\n| Advances and loans granted to key management and partners | \n5 | \n 3 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
*
\n
Remuneration to key management of the consolidating company on the basis of their activity in that company, its subsidiaries and associated companies, including the amount of
\n
retirement pensions granted to former key management staff on that basis.
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\u2022 The \u2018Subsidiaries\u2019 heading in the first table includes transactions with unconsolidated subsidiaries (transactions with
\nconsolidated subsidiaries have already been eliminated from the consolidated financial statements).
\n\u2022 The \u2018Other\u2019 heading in the first table includes KBC Ancora, Cera and MRBB. As from 2025, this column also contains
\ntransactions with companies in which members of the Board of Directors also serve as directors.
\n\u2022 All related-party transactions occur at arm\u2019s length.
\n\u2022 There were no significant impairment charges vis-\u00e0-vis related parties.
\n\n
\u2022 Key management comprises the members of the Board of Directors and Executive Committee of KBC Group NV, and their
\n
close relatives. More detailed information on remuneration paid to key management staff is provided in the \u2018Corporate
\n
Governance Statement\u2019 section.
\n
\n\n\n\n\n\n\n
\u2022 Phantom stocks are also awarded to the Executive Committee as variable remuneration (see Note 3.7).
\n\u2022 In addition to the advances and loans granted to key management and partners included in the second table, as an
\nintegrated bank-insurer we also provide these parties with banking, insurance and investment products and services, as
\nwe do for all our other clients (not included in the table).
\n
\n\n\n\n\n\n\n",
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"value": "\n
\n\n
\n
\n\n\n| Transactions with key management (members of the Board of Directors and Executive Committee of | \n\n\n\n
\n\n| KBC Group NV) (in millions of EUR)* | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Total* | \n15 | \n 16 | \n\n\n\n
\n\n| Breakdown by type of remuneration | \n | \n | \n\n\n\n
\n\n| Short-term employee benefits | \n12 | \n 13 | \n\n\n\n
\n\n| Post-employment benefits | \n3 | \n 3 | \n\n\n\n
\n\n| Defined benefit plans | \n0 | \n 0 | \n\n\n\n
\n\n| Defined contribution plans | \n3 | \n 3 | \n\n\n\n
\n\n| Other long-term employee benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Termination benefits | \n0 | \n 0 | \n\n\n\n
\n\n| Share-based payments | \n1 | \n 0 | \n\n\n\n
\n\n| Stock options (units) | \n | \n | \n\n\n\n
\n\n| At the beginning of the period | \n0 | \n0 | \n\n\n\n
\n\n| Granted | \n0 | \n0 | \n\n\n\n
\n\n| Exercised | \n0 | \n0 | \n\n\n\n
\n\n| Composition-related changes | \n0 | \n0 | \n\n\n\n
\n\n| At the end of the period | \n0 | \n0 | \n\n\n\n
\n\n| Advances and loans granted to key management and partners | \n5 | \n 3 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
*
\n
Remuneration to key management of the consolidating company on the basis of their activity in that company, its subsidiaries and associated companies, including the amount of
\n
retirement pensions granted to former key management staff on that basis.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\u2022 Key management comprises the members of the Board of Directors and Executive Committee of KBC Group NV, and their
\nclose relatives. More detailed information on remuneration paid to key management staff is provided in the \u2018Corporate
\nGovernance Statement\u2019 section.
\n
\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
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"Tag537": {
"value": "KBC Group NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
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"Tag538": {
"value": "NV",
"dimensions": {
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"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag539": {
"value": "\nNote 6.4: Statutory auditor\u2019s remuneration
\n\n
\n\n\n| Statutory auditor\u2019s remuneration (in EUR) | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Statutory auditor | \nKPMG | \nPWC | \n\n\n\n
\n\n| KBC Group NV and its subsidiaries | \n | \n | \n\n\n\n
\n\n| Standard audit services | \n8 355 116 | \n8 425 513 | \n\n\n\n
\n\n| Other services | \n | \n | \n\n\n\n
\n\n| Other certifications | \n856 786 | \n1 116 295 | \n\n\n\n
\n\n| Tax advice | \n0 | \n 0 | \n\n\n\n
\n\n| Other non-audit assignments | \n0 | \n 5 279 | \n\n\n\n
\n\n| KBC Group NV (alone) | \n | \n | \n\n\n\n
\n\n| Standard audit services | \n302 350 | \n 218 335 | \n\n\n\n
\n\n| Other services | \n592 882 | \n 403 751 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\u2022 After nine years with PwC, KPMG was appointed as statutory auditor in 2025. KPMG\u2019s remuneration in 2025 also included
\nthe limited assurance review of the Sustainability statement.
\n
\n\n\n\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag541": {
"value": "\nNote 6.5: Group structure
\n
\n
\nKBC Group: main subsidiaries included in the scope of consolidation at year
\n-end 2025
\n\n
\n\n\n| Company | \nRegistered office | \nCompany number | \nShare of capital held at group level (in %) | \nBusiness unit* | \nActivity | \n\n\n\n
\n\n\n\n\n\n\n| KBC Bank (group) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| KBC Bank NV | \nBrussels \u2013 BE | \n0462.920.226 | \n100.00 | \nBEL/GRP | \ncredit institution | \n\n\n\n
\n\n| CBC BANQUE SA | \nNamur \u2013 BE | \n0403.211.380 | \n100.00 | \nBEL | \ncredit institution | \n\n\n\n
\n\n| \u010ceskoslovensk\u00e1 Obchodn\u00e1 Banka a.s. | \nBratislava \u2013 SK | \n\u2013\u2013 | \n100.00 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| \u010ceskoslovensk\u00e1 Obchodn\u00ed Banka a.s. | \nPrague \u2013 CZ | \n\u2013\u2013 | \n100.00 | \nCZR | \ncredit institution | \n\n\n\n
\n\n| KBC Asset Management NV | \nBrussels \u2013 BE | \n0469.444.267 | \n100.00 | \nBEL | \nasset management | \n\n\n\n
\n\n| KBC Autolease NV | \nLeuven \u2013 BE | \n0422.562.385 | \n100.00 | \nBEL | \nleasing | \n\n\n\n
\n\n| KBC Commercial Finance NV | \nBrussels \u2013 BE | \n0403.278.488 | \n100.00 | \nBEL | \nfactoring | \n\n\n\n
\n\n| KBC IFIMA SA | \nLuxembourg \u2013 LU | \n\u2013\u2013 | \n100.00 | \nGRP | \nfinance | \n\n\n\n
\n\n| KBC Securities NV | \nBrussels \u2013 BE | \n0437.060.521 | \n100.00 | \nBEL | \nstockbroker | \n\n\n\n
\n\n| K&H Bank Zrt. | \nBudapest \u2013 HU | \n\u2013\u2013 | \n100.00 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| Loan Invest NV | \nBrussels \u2013 BE | \n0889.054.884 | \n100.00 | \nBEL | \nsecuritisation | \n\n\n\n
\n\n| United Bulgarian Bank AD | \nSofia \u2013 BG | \n\u2013\u2013 | \n99.96 | \nIMA | \ncredit institution | \n\n\n\n
\n\n| KBC Insurance (group) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| KBC Insurance NV | \nLeuven \u2013 BE | \n0403.552.563 | \n100.00 | \nBEL/GRP | \ninsurance company | \n\n\n\n
\n\n| ADD NV | \nHeverlee \u2013 BE | \n0406.080.305 | \n100.00 | \nBEL | \ninsurance broker | \n\n\n\n
\n\n| KBC Group Re SA | \nLuxembourg \u2013 LU | \n\u2013\u2013 | \n100.00 | \nGRP | \nreinsurance company | \n\n\n\n
\n\n| \u010cSOB Poji\u0161t\u2019ovna a.s. | \nPardubice \u2013 CZ | \n\u2013\u2013 | \n100.00 | \nCZR | \ninsurance company | \n\n\n\n
\n\n| \u010cSOB Poist\u2019ov\u0148a a.s. | \nBratislava \u2013 SK | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| DZI (group) | \nSofia \u2013 BG | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| Groep VAB NV | \nZwijndrecht \u2013 BE | \n0456.920.676 | \n100.00 | \nBEL | \ndriving school/roadside assistance | \n\n\n\n
\n\n| K&H Biztos\u00edt\u00f3 Zrt. | \nBudapest \u2013 HU | \n\u2013\u2013 | \n100.00 | \nIMA | \ninsurance company | \n\n\n\n
\n\n| KBC group | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| DISCAI NV | \nBrussels \u2013 BE | \n0773.435.537 | \n100.00 | \nGRP | \nsoftware company | \n\n\n\n
\n\n| KBC Group NV | \nBrussels \u2013 BE | \n0403.227.515 | \n100.00 | \nGRP | \nbank-insurance holding company | \n\n\n\n
\n\n| KBC Bank (group) | \nVarious locations | \n\u2013\u2013 | \n100.00 | \nvarious | \ncredit institution | \n\n\n\n
\n\n| KBC Global Services NV | \nBrussels \u2013 BE | \n0772.332.707 | \n100.00 | \nGRP | \ncost-sharing structure | \n\n\n\n
\n\n| KBC Insurance (group) | \nVarious locations | \n\u2013\u2013 | \n100.00 | \nvarious | \ninsurance company | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n* BEL: Belgium Business Unit; CZR: Czech Republic Business Unit; IMA: International Markets Business Unit; GRP: Group Centre.
\n
\n\n\n\n\n\n\n\n
\n\u2022 The KBC group\u2019s legal structure has one single entity \u2013 KBC Group NV \u2013 in control of two underlying companies, viz. KBC
\nBank NV and KBC Insurance NV, as well as companies such as DISCAI NV and KBC Global Services NV. KBC Bank and KBC
\nInsurance have several subsidiaries and sub-subsidiaries. A complete list of group companies (included in or excluded from
\nthe scope of consolidation) is provided at www.kbc.com > About us > Our structure.
\n\n
\u2022 All (material) entities (including structured entities (SPVs)) over which the consolidating entity exercises, directly or indirectly,
\n
exclusive control are consolidated according the method of full consolidation. To assess whether or not structured entities
\n
have to be consolidated, KBC uses the principles set out in IFRS 10, as well as thresholds for inclusion in consolidation.
\n
\n\n\n\n\n\n\n
\u2022 Disclosures of interests in other entities (IFRS 12)
\n- Significant judgements and assumptions:
\n\u25e6 In general, funds managed by KBC are not included in the scope of consolidation, as they do not meet the three
\ncriteria of control (power, exposure to a variable return and ability to use such power to affect those returns).
\n\u25e6 Joint entities in which KBC does not hold 50% of the share capital are classified as joint ventures, since it has joint
\ncontrol over these entities based on shareholder agreements. Based on the Articles of Association and/or
\nshareholder agreements, voting rights in (and therefore the control of) the joint venture are spread evenly across the
\ndifferent shareholders and decisions may only be taken by unanimity.
\n- Interests in subsidiaries:
\n\u25e6 For the vast majority of the entities, the voting rights are materially equal to the ownership rights.
\n\u25e6 Pursuant to the joint capital decision, specific Pillar-II levels have been set to ensure that certain minimum capital
\nratios are respected, which impose certain restrictions on the repatriation of capital and distribution of dividends.
\nKBC does not have any significant restrictions on its ability to access or use the assets and settle the liabilities of the
\ngroup, except for those resulting from the supervisory frameworks within which banking and insurance subsidiaries
\noperate. The banking and insurance supervisory frameworks require, among other things, that these subsidiaries
\nkeep certain levels of regulatory capital.
\n\u25e6 The structured entity Loan Invest is the consolidated securitisation vehicle of KBC, whereby KBC has set up an
\nautopilot mechanism and remains exposed to loan losses on the securitised loan portfolio and, therefore, recognises
\nimpairment losses on them when necessary.
\n- Interests in unconsolidated structured entities:
\n\u25e6 KBC Bank NV is arranger and dealer of a number of 40-billion-euro medium term notes programmes issued by 19
\nunconsolidated structured entities established for that purpose. These entities were established between 2006 and
\n2016 under the Irish Companies Act 2014 as an Irish public limited company or an Irish private limited company. Their
\nprimary business is to raise money by issuing notes in order to buy financial assets (such as securities, bonds and
\ndeposits) and to enter into related derivative and other contracts. They provide investment opportunities for clients
\nby providing economies of scale, a diversification of credit risk and a high level of granularity. Each structured entity
\nhas a prospectus that was approved by the Central Bank of Ireland (available at www.kbc.be/prospectus/spv).
\nHowever, the structured entities are not consolidated because they fail to meet the three criteria for consolidation
\n(power, exposure to a variable return and ability to use such power to affect those returns). At year-end 2025, the
\nassets under management at these entities amounted to 3.5 billion euros.
\n\u25e6 Sponsored unconsolidated structured entities are defined as structured entities where KBC or one of its subsidiaries
\nacts as arranger of the issuance programme, but where the decision-making power of the entities does not reside
\nwith KBC or one of its subsidiaries. As a result, these entities are not consolidated.
\n\u25e6 In 2025, KBC had received income from unconsolidated structured entities in the form of management fees (6 million
\neuros) and accounting fees (1 million euros).
\n\u25e6 At year-end 2025, KBC held 1.2 billion euros\u2019 worth of notes issued by the unconsolidated structured entities. Its
\nliabilities towards the unconsolidated structured entities amounted to 0.2 billion euros and comprised mainly time
\ndeposits (0.1 billion euros).
\n\u25e6 Any potential decrease in the value of the notes is passed on to the end-client, which means it will have no impact
\non KBC.
\n\u2022 At year-end 2025, no group companies were active in the extractive industry. As a result, no consolidated report on
\npayments to governments has been prepared (see Art.3:8 \u00a7 1 of the Companies and Associations Code).
\n
\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
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"Tag544": {
"value": "KBC Group NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
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"Tag545": {
"value": "\n\u2022 All (material) entities (including structured entities (SPVs)) over which the consolidating entity exercises, directly or indirectly,
\nexclusive control are consolidated according the method of full consolidation. To assess whether or not structured entities
\nhave to be consolidated, KBC uses the principles set out in IFRS 10, as well as thresholds for inclusion in consolidation.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
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"Tag548": {
"value": "\nNote 6.7: Risk management and capital adequacy
\n
\nCapital management is a key management process relating to all decisions on the level and composition of our capital, both
\nfor banking and for insurance. It covers all instruments that are positioned to absorb losses in going concern and/or gone
\nconcern situations. Capital management aims to achieve the best possible balance between regulatory requirements, investor
\nexpectations, rating agencies\u2019 views and management ambitions. Ultimate accountability for capital management lies with
\nthe Board of Directors. Capital management entails a broad scope of activities covering strategic topics (such as defining
\npolicies, targets, etc.), frameworks and models (e.g., for regulatory capital, internal capital, cost of equity, measuring
\nperformance, etc.), planning and allocation (e.g., allocating capital to business, planning capital instrument issuances,
\nforecasting capital ratios, etc.), implementation (e.g., dividends, capital transactions) and monitoring (including current
\nsolvency positions at various levels, compliance with group policies and regulatory requirements). ICAAP (Internal Capital
\nAdequacy Assessment Process) consists of numerous business and risk processes that together contribute to the aim of being
\nadequately capitalised at all times in view of our risk profile and the quality of our risk management and control environment. In
\naddition to the integrated approach at group level, KBC Insurance and its insurance and reinsurance subsidiaries conduct an
\nOwn Risk and Solvency Assessment (ORSA) on a regular basis, in accordance with Solvency II requirements.
\n
\nWe report the solvency based on IFRS data and according to the rules imposed by the regulator.
\n\u2022 For the KBC group and KBC Bank, this implies that we calculate the solvency ratios based on CRR/CRD. KBC applies the
\ntransitional provisions for Basel IV. KBC has received authorisation from the regulator to apply a risk weighting to the
\nparticipation in KBC Insurance (Danish compromise method) at the level of KBC Group. KBC Group and KBC Bank are
\nsubject to minimum solvency ratios.
\n\u2022 In accordance with the regulatory requirement, the common equity ratio of the KBC group must be 10.87% (fully loaded) at
\nyear-end 2025. This includes the Pillar 1 minimum requirement (4.5%), the Pillar 2 requirement (1.10% set by the ECB following
\nits supervisory review and evaluation process) and the buffer requirements (5.28% set by the local competent authorities in
\nKBC\u2019s core markets). The unfloored fully loaded (i.e. fully loaded but excluding the output floor impact under Basel IV)
\ncommon equity ratio at year-end 2025 came to 14.85% (see the \u2018Capital management\u2019 section). At year-end 2025, the
\ntransitional common equity ratio came to 14.73%, which represented a capital buffer of 3.99% relative to the minimum
\nrequirement of 10.74%.
\n\u2022 In accordance with the regulatory requirement, the common equity ratio of KBC Bank must be 10.76% (transitional) at year-
\nend 2025. At year-end 2025, the transitional common equity ratio was 13.89%.
\n\u2022 The solvency of KBC Insurance is calculated on the basis of Solvency II. At year-end 2025, the Solvency II ratio came to
\n227% relative to the minimum requirement of 100%.
\n
\n\n
\n\n\n | \nKBC group | \n | \n | \n | \n | \n\n\n
\n\n | \n(consolidated) | \nKBC Bank | \nKBC Insurance | \n | \n\n\n
\n\n| Key solvency figures for the KBC group, | \nCRR/CRD transitional, | \n(consolidated) | \n(consolidated) | \n\n\n
\n\n| KBC Bank and KBC Insurance (in millions of EUR) | \nDanish compromise method | \nCRR/CRD transitional | \nSolvency II | \n\n\n
\n\n | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n31-12-2025 | \n31-12-2024 | \n\n\n
\n\n| Total regulatory capital, after profit appropriation | \n24 381 | \n21 048 | \n22 341 | \n18 981 | \n5 154 | \n4 392 | \n\n\n
\n\n| Tier-1 capital | \n21 295 | \n18 485 | \n19 273 | \n16 440 | \n4 630 | \n3 873 | \n\n\n
\n\n| Common equity | \n18 795 | \n16 621 | \n16 773 | \n14 576 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Parent shareholders\u2019 equity (after deconsolidating KBC | \n23 813 | \n18 932 | \n21 593 | \n16 665 | \n4 064 | \n3 331 | \n\n\n
\n\n| Insurance for the KBC group) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Solvency adjustments | \n-5 018 | \n-2 311 | \n-4 820 | \n-2 088 | \n566 | \n542 | \n\n\n
\n\n| Additional going concern capital1 | \n2 500 | \n1 864 | \n2 500 | \n1 864 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Tier-2 capital2 | \n3 086 | \n2 563 | \n3 068 | \n2 541 | \n501 | \n501 | \n\n\n
\n\n| Tier-3 capital | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n23 | \n18 | \n\n\n
\n\n| Total weighted risk volume (RWA)3 | \n127 588 | \n119 950 | \n120 797 | \n110 087 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Credit risks | \n100 541 | \n94 218 | \n100 541 | \n94 218 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Market risks | \n2 919 | \n2 026 | \n2 919 | \n2 026 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Operational risks | \n17 337 | \n13 843 | \n17 337 | \n13 843 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Insurance risks | \n6 171 | \n9 133 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Holding-company activities and elimination of intragroup | \n620 | \n729 | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n\n\n
\n\n| transactions | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Solvency capital requirement (insurance) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n2 268 | \n2 196 | \n\n\n
\n\n| Common equity ratio (group, bank) | \n14.7% | \n13.9% | \n13.9% | \n13.2% | \n\u2013 | \n\u2013 | \n\n\n
\n\n| Solvency II ratio (insurance) | \n\u2013 | \n\u2013 | \n\u2013 | \n\u2013 | \n227% | \n200% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n1 Includes perpetual subordinated loans with fully discretionary, non-cumulative interest payments (included in \u2018Total equity\u2019 under IFRS). The securities also have a loss absorption
\nmechanism (i.e. a temporary write-down trigger should the common equity tier-1 ratio fall below 5.125%). Also see Note 5.10.
\n2 Includes subordinated loans with a fixed maturity date where principal and interest payments cannot be cancelled in a going concern.
\n3 Supervision of the RWA internal models\u2019 compliance with the approval criteria as provided for in the standards imposed by the regulator does not come under the responsibility of the
\nstatutory auditor.
\n
\n\n\n\n\n\n\n\u2022 More detailed information is provided in the \u2018Capital management\u2019 section of this report and in KBC\u2019s Risk Report. These
\nreports also provide further information on the Significant Risk Transfer (SRT) that was completed in 2025.
\n\u2022 The loan portfolio accounts for the largest share of the financial assets. Based on internal management reports, the
\ncomposition and quality of the loan portfolio is set out in detail in the \u2018Risk management\u2019 section (under \u2018Credit risk\u2019). The
\ninformation required in relation to risks is provided in those parts of the \u2018Risk management\u2019 section which have been
\naudited by the statutory auditor and which constitute part of the financial statements.
\n
\n\n\n\n\n\n",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag551": {
"value": "\nNote 6.8: Post-balance-sheet events
\n
\nSignificant non-adjusting events between balance sheet date and the date on which the financial statements were approved
\nfor publication by the Board of Directors (12 March 2026):
\n\u2022 On 15 January 2026, the acquisition of 365.bank was finalised (see Note 6.6).
\n\u2022 On 10 February 2026, the acquisition of Business Lease in the Czech Republic and Slovakia was finalised (see Note 6.6).
\n
\n\n\n\n\n\n",
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"entity": "scheme:213800X3Q9LSAKRUWY91",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag552": {
"value": "\nNote 6.9: General information on the company
\n
\n\u2022 Name KBC Group.
\n\u2022 Incorporated: 9 February 1935 as the Kredietbank; the present name dates from 2 March 2005.
\n\u2022 Country of incorporation: Belgium.
\n\u2022 Registered office: Havenlaan 2, 1080 Brussels, Belgium.
\n\u2022 VAT: BE 0403.227.515.
\n\u2022 RLP: Brussels.
\n\u2022 Website: https://www.kbc.com
\n\u2022 E-mail address reserved for shareholders and bondholders: IR4U@kbc.be
\n\u2022 Legal form:
\ngenoteerde naamloze vennootschap
\n (listed company with limited liability) under Belgian law. The company is a
\nmixed financial holding company that is subject to the prudential supervision of the National Bank of Belgium and the
\nEuropean Central Bank.
\n\u2022 Life: undefined.
\n\u2022 Object (Article 2 of the Articles of Association, which are available at www.kbc.com):
\nThe company has as its object the direct or indirect ownership and management of shareholdings in other companies,
\nincluding but not restricted to credit institutions, insurance companies and other financial institutions.
\nThe company also has as object to provide services to third parties, either for its own account or for the account of others,
\nincluding to companies in which the company has an interest \u2013 either directly or indirectly \u2013 and to (potential) clients of
\nthose companies.
\nThe object of the company is also to acquire in the broadest sense of the word (including by means of purchase, hire and
\nlease), to maintain and to operate resources, and to make these resources available in the broadest sense of the word
\n(including through letting and granting rights of use) to the beneficiaries referred to in the second paragraph.
\nIn addition, the company may function as an intellectual property company responsible for, among other things, the
\ndevelopment, acquisition, management, protection and maintenance of intellectual property rights, as well as for making
\nthese rights available, granting rights of use in respect of these rights and/or transferring these rights.
\nThe company may also perform all commercial, financial and industrial transactions that may be useful or expedient for
\nachieving the object of the company and that are directly or indirectly related to this object. The company may also by
\nmeans of subscription, contribution, participation or in any other form whatsoever participate in all companies, businesses
\nor institutions that have a similar, related or complementary activity.
\nIn general, the company may, both in Belgium and abroad, perform all acts which may contribute to the achievement of its
\nobject.
\n\u2022 Documents open to public inspection: the Articles of Association of the company can be found at the Registry of the
\nDutch-speaking division of the Brussels Business Court and at www.kbc.com and www.notaris.be/statuten. The financial
\nstatements, the annual report and the statutory auditor\u2019s reports regarding the financial statements are filed with the
\nNational Bank of Belgium and are available at www.kbc.com. The annual report can also be obtained from the company\u2019s
\nregistered office and will be sent to those requesting it. Extracts of minutes concerning decisions on the appointment and
\nthe termination of the offices of members of the Executive Committee and the Board of Directors are published in the
\nappendices to the Belgian Official Gazette. Financial reports about the company are published in the financial press
\nand/or on www.kbc.com. Convening notices of general meetings of shareholders are published in the Belgian Official
\nGazette, in at least one national newspaper, in the media and on www.kbc.com.
\n\u2022 For information on the general meeting of shareholders and the right of shareholders to take part in such meetings, see
\nArticle 23 et seq. of the Articles of Association, which are available at www.kbc.com.
\n
\n\n\n\n\n\n",
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"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
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"Tag554": {
"value": "Havenlaan 2, 1080 Brussels, Belgium",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800X3Q9LSAKRUWY91",
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},
"footnote0": {
"value": " \u2018Interest paid\u2019 and \u2018Interest received\u2019 in this overview are the equivalent of the \u2018Interest expense\u2019 and \u2018Interest income\u2019 items in the consolidated income statement. Given the large
\nnumber of underlying contracts that generate interest expense and interest income, it would take an exceptional administrative effort to establish actual cashflows. Moreover, it is
\nreasonable to assume that actual cashflows for a bank-insurance company do not differ much from the accrued interest expense and accrued interest income, as most rate products
\npay interest regularly within the year.
",
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}
}