DE KEGEL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DE KEGEL
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+43.5%), from €4.0m to €5.7m
of which Plant, machinery and equipment: +€933,528
- Receivables within one year +€108,945
up €108,945 (+813%), from €13,401 to €122,346
of which Trade receivables: +€121,047
- Cash -€75,754
down €75,754 (-56.3%), from €134,508 to €58,754
mainly Investment in fixed assets (net) (-€2.2m) and Receivables within one year (-€108,945)
- Debts after one year +€1.5m
up €1.5m (+72.6%), from €2.0m to €3.5m
- Trade debts +€158,994
up €158,994 (+628%), from €25,310 to €184,304
- Short-term financial debts +€80,000
new in 2025: €80,000
- Current portion of long-term debt +€70,747
up €70,747 (+18.5%), from €382,545 to €453,292
- Depreciation +€83,554
up €83,554 (+24.3%), from €344,053 to €427,607
- Gross operating margin -€42,035
down €42,035 (-7.1%), from €592,642 to €550,607
- Financial charges +€40,251
up €40,251 (+51.5%), from €78,199 to €118,450
- Taxes -€28,648
down €28,648 (-98.0%), from €29,227 to €579
- Financial income +€6,270
up €6,270 (+2,591%), from €242 to €6,512
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,161,293 | €5,942,388 | +€1.8m | +42.8% |
| Fixed assets | 21/28 | €3,979,930 | €5,709,585 | +€1.7m | +43.5% |
| Tangible fixed assets | 22/27 | €3,979,430 | €5,709,085 | +€1.7m | +43.5% |
| Land and buildings | 22 | €3,410,972 | €4,218,061 | +€807,089 | +23.7% |
| Plant, machinery and equipment | 23 | €379,591 | €1,313,119 | +€933,528 | +246% |
| Furniture and vehicles | 24 | €163,688 | €164,889 | +€1,201 | +0.7% |
| Leasing and similar rights | 25 | €22,679 | €13,016 | -€9,663 | -42.6% |
| Assets under construction and advance payments | 27 | €2,500 | - | -€2,500 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €181,363 | €232,803 | +€51,440 | +28.4% |
| Stocks and contracts in progress | 3 | €14,008 | €27,646 | +€13,638 | +97.4% |
| Stocks | 30/36 | €14,008 | €27,646 | +€13,638 | +97.4% |
| Amounts receivable within one year | 40/41 | €13,401 | €122,346 | +€108,945 | +813% |
| Trade receivables | 40 | €8 | €121,055 | +€121,047 | +1,513,088% |
| Other amounts receivable | 41 | €13,393 | €1,291 | -€12,102 | -90.4% |
| Cash at bank and in hand | 54/58 | €134,508 | €58,754 | -€75,754 | -56.3% |
| Deferred charges and accrued income | 490/1 | €19,446 | €24,057 | +€4,611 | +23.7% |
| Total equity and liabilities | 10/49 | €4,161,293 | €5,942,388 | +€1.8m | +42.8% |
| Equity | 10/15 | €1,133,501 | €1,122,194 | -€11,307 | -1.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €883,450 | €866,667 | -€16,783 | -1.9% |
| Tax-exempt reserves | 132 | €166,969 | €150,186 | -€16,783 | -10.1% |
| Distributable reserves | 133 | €716,481 | €716,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51 | €5,527 | +€5,476 | +10,737% |
| Provisions and deferred taxes | 16 | €63,219 | €56,026 | -€7,193 | -11.4% |
| Deferred taxes | 168 | €63,219 | €56,026 | -€7,193 | -11.4% |
| Amounts payable | 17/49 | €2,964,573 | €4,764,168 | +€1.8m | +60.7% |
| Amounts payable after more than one year | 17 | €2,006,847 | €3,464,123 | +€1.5m | +72.6% |
| Financial debts | 170/4 | €2,006,847 | €3,464,123 | +€1.5m | +72.6% |
| Amounts payable within one year | 42/48 | €943,511 | €1,300,045 | +€356,534 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €382,545 | €453,292 | +€70,747 | +18.5% |
| Financial debts | 43 | - | €80,000 | +€80,000 | |
| Credit institutions | 430/8 | - | €80,000 | +€80,000 | |
| Trade debts | 44 | €25,310 | €184,304 | +€158,994 | +628% |
| Suppliers | 440/4 | €25,310 | €184,304 | +€158,994 | +628% |
| Taxes, remuneration and social security | 45 | €13,692 | €8,250 | -€5,442 | -39.7% |
| Taxes | 450/3 | €13,692 | €8,250 | -€5,442 | -39.7% |
| Other amounts payable | 47/48 | €521,964 | €574,199 | +€52,235 | +10.0% |
| Accrued charges and deferred income | 492/3 | €14,215 | - | -€14,215 | |
| Non-recurring operating income | 76A | €45,958 | - | -€45,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344,053 | €427,607 | +€83,554 | +24.3% |
| Other operating charges | 640/8 | €27,132 | €27,733 | +€601 | +2.2% |
| Gross operating margin | 9900 | €592,642 | €550,607 | -€42,035 | -7.1% |
| Operating profit (loss) | 9901 | €221,457 | €95,267 | -€126,190 | -57.0% |
| Financial income | 75/76B | €242 | €6,512 | +€6,270 | +2,591% |
| Recurring financial income | 75 | €242 | €6,512 | +€6,270 | +2,591% |
| Financial charges | 65/66B | €78,199 | €118,450 | +€40,251 | +51.5% |
| Recurring financial charges | 65 | €78,199 | €118,450 | +€40,251 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €143,500 | -€16,671 | -€160,171 | |
| Transfer from deferred taxes | 780 | €7,193 | €7,193 | = | 0.0% |
| Income taxes | 67/77 | €29,227 | €579 | -€28,648 | -98.0% |
| Profit (loss) for the period | 9904 | €121,466 | -€10,057 | -€131,523 | |
| Transfer from tax-exempt reserves | 789 | €16,783 | €16,783 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,249 | €6,726 | -€131,523 | -95.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.