H. KEGELS CONSULTANCY: what changed
H. KEGELS CONSULTANCY
Largest movements
- Cash +€1.6m
up €1.6m (+662%), from €236,976 to €1.8m
mainly Current investments (+€1.0m) and Investment in fixed assets (net) (+€554,605)
- Current investments -€1.0m
no longer reported in 2026 (was €1.0m)
- Tangible fixed assets -€554,605
no longer reported in 2026 (was €554,605)
of which Land and buildings: -€550,990
- Receivables within one year +€111,754
up €111,754 (+2,309%), from €4,839 to €116,593
of which Other amounts receivable: +€111,966
- Reserves +€383,999
up €383,999 (+26.5%), from €1.5m to €1.8m
of which Distributable reserves: +€437,085
- Contributions -€160,000
down €160,000 (-90.8%), from €176,250 to €16,250
- Debts after one year -€67,986
no longer reported in 2026 (was €67,986)
- Gross operating margin -€238,149
down €238,149 (-29.8%), from €798,782 to €560,633
- Taxes -€135,111
down €135,111 (-39.6%), from €340,995 to €205,884
- Depreciation -€34,329
no longer reported in 2026 (was €34,329)
- Financial income +€14,793
up €14,793 (+644%), from €2,298 to €17,091
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,801,607 | €1,921,790 | +€120,183 | +6.7% |
| Fixed assets | 21/28 | €554,605 | - | -€554,605 | |
| Tangible fixed assets | 22/27 | €554,605 | - | -€554,605 | |
| Land and buildings | 22 | €550,990 | - | -€550,990 | |
| Furniture and vehicles | 24 | €3,615 | - | -€3,615 | |
| Current assets | 29/58 | €1,247,002 | €1,921,790 | +€674,788 | +54.1% |
| Amounts receivable within one year | 40/41 | €4,839 | €116,593 | +€111,754 | +2,309% |
| Trade receivables | 40 | €212 | - | -€212 | |
| Other amounts receivable | 41 | €4,627 | €116,593 | +€111,966 | +2,420% |
| Current investments | 50/53 | €1,001,026 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €236,976 | €1,805,197 | +€1.6m | +662% |
| Deferred charges and accrued income | 490/1 | €4,161 | - | -€4,161 | |
| Total equity and liabilities | 10/49 | €1,801,607 | €1,921,790 | +€120,183 | +6.7% |
| Equity | 10/15 | €1,626,693 | €1,850,692 | +€223,999 | +13.8% |
| Contributions | 10/11 | €176,250 | €16,250 | -€160,000 | -90.8% |
| Contributions outside capital | 11 | €176,250 | €16,250 | -€160,000 | -90.8% |
| Other | 1109/19 | €176,250 | €16,250 | -€160,000 | -90.8% |
| Reserves | 13 | €1,450,443 | €1,834,442 | +€383,999 | +26.5% |
| Tax-exempt reserves | 132 | €53,086 | - | -€53,086 | |
| Distributable reserves | 133 | €1,397,357 | €1,834,442 | +€437,085 | +31.3% |
| Provisions and deferred taxes | 16 | €17,695 | - | -€17,695 | |
| Deferred taxes | 168 | €17,695 | - | -€17,695 | |
| Amounts payable | 17/49 | €157,219 | €71,098 | -€86,121 | -54.8% |
| Amounts payable after more than one year | 17 | €67,986 | - | -€67,986 | |
| Financial debts | 170/4 | €67,986 | - | -€67,986 | |
| Amounts payable within one year | 42/48 | €88,984 | €71,098 | -€17,886 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €13,568 | - | -€13,568 | |
| Trade debts | 44 | €583 | €793 | +€210 | +35.9% |
| Suppliers | 440/4 | €583 | €793 | +€210 | +35.9% |
| Taxes, remuneration and social security | 45 | €74,833 | €70,305 | -€4,528 | -6.1% |
| Taxes | 450/3 | €74,833 | €70,305 | -€4,528 | -6.1% |
| Accrued charges and deferred income | 492/3 | €250 | - | -€250 | |
| Non-recurring operating income | 76A | €795,414 | €576,655 | -€218,759 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,329 | - | -€34,329 | |
| Other operating charges | 640/8 | €8,280 | €5,026 | -€3,254 | -39.3% |
| Gross operating margin | 9900 | €798,782 | €560,633 | -€238,149 | -29.8% |
| Operating profit (loss) | 9901 | €756,173 | €555,607 | -€200,566 | -26.5% |
| Financial income | 75/76B | €2,298 | €17,091 | +€14,793 | +644% |
| Recurring financial income | 75 | €2,298 | €17,091 | +€14,793 | +644% |
| Financial charges | 65/66B | €4,682 | €511 | -€4,171 | -89.1% |
| Recurring financial charges | 65 | €4,682 | €511 | -€4,171 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | €753,790 | €572,187 | -€181,602 | -24.1% |
| Transfer from deferred taxes | 780 | €81,846 | €17,695 | -€64,151 | -78.4% |
| Income taxes | 67/77 | €340,995 | €205,884 | -€135,111 | -39.6% |
| Profit (loss) for the period | 9904 | €494,641 | €383,999 | -€110,642 | -22.4% |
| Transfer from tax-exempt reserves | 789 | €245,538 | €53,086 | -€192,452 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €740,179 | €437,085 | -€303,094 | -40.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2025 and 8 October 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.