K.E.P.: 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.
K.E.P.
Largest movements
- Cash +€30,913
up €30,913 (+299%), from €10,349 to €41,262
mainly Net result for the year (+€38,391) and Depreciation (+€8,173)
- Tangible fixed assets -€8,173
down €8,173 (-3.0%), from €273,055 to €264,882
of which Furniture and vehicles: -€7,929
- Profit (loss) carried forward +€38,391
up €38,391 (+30.2%), from -€127,040 to -€88,650
- Other debts -€19,709
down €19,709 (-12.7%), from €154,787 to €135,079
- Trade debts +€6,132
up €6,132, from €0 to €6,132
- Depreciation +€7,929
up €7,929 (+3,252%), from €244 to €8,173
- Gross operating margin -€4,110
down €4,110 (-7.0%), from €58,405 to €54,296
- Financial charges +€3,532
up €3,532 (+544%), from €650 to €4,182
of which Non-recurring financial charges: +€3,500
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 | €316,977 | €341,790 | +€24,814 | +7.8% |
| Fixed assets | 21/28 | €273,055 | €264,882 | -€8,173 | -3.0% |
| Tangible fixed assets | 22/27 | €273,055 | €264,882 | -€8,173 | -3.0% |
| Land and buildings | 22 | €248,536 | €248,536 | = | 0.0% |
| Plant, machinery and equipment | 23 | €731 | €488 | -€244 | -33.3% |
| Furniture and vehicles | 24 | €23,787 | €15,858 | -€7,929 | -33.3% |
| Current assets | 29/58 | €43,922 | €76,908 | +€32,987 | +75.1% |
| Stocks and contracts in progress | 3 | €6,181 | €6,609 | +€429 | +6.9% |
| Stocks | 30/36 | €6,181 | €6,609 | +€429 | +6.9% |
| Amounts receivable within one year | 40/41 | €27,200 | €28,740 | +€1,540 | +5.7% |
| Trade receivables | 40 | €27,059 | €27,716 | +€657 | +2.4% |
| Other amounts receivable | 41 | €142 | €1,025 | +€883 | +624% |
| Cash at bank and in hand | 54/58 | €10,349 | €41,262 | +€30,913 | +299% |
| Deferred charges and accrued income | 490/1 | €192 | €297 | +€105 | +54.6% |
| Total equity and liabilities | 10/49 | €316,977 | €341,790 | +€24,814 | +7.8% |
| Equity | 10/15 | €162,189 | €200,580 | +€38,391 | +23.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €27,230 | €27,230 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €21,030 | €21,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,040 | -€88,650 | +€38,391 | +30.2% |
| Amounts payable | 17/49 | €154,787 | €141,210 | -€13,577 | -8.8% |
| Amounts payable within one year | 42/48 | €154,787 | €141,210 | -€13,577 | -8.8% |
| Trade debts | 44 | €0 | €6,132 | +€6,132 | |
| Suppliers | 440/4 | €0 | €6,132 | +€6,132 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €154,787 | €135,079 | -€19,709 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €244 | €8,173 | +€7,929 | +3,252% |
| Other operating charges | 640/8 | €3,776 | €3,552 | -€224 | -5.9% |
| Gross operating margin | 9900 | €58,405 | €54,296 | -€4,110 | -7.0% |
| Operating profit (loss) | 9901 | €54,385 | €42,571 | -€11,814 | -21.7% |
| Financial income | 75/76B | €1 | €1 | +€1 | +131% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +131% |
| Financial charges | 65/66B | €650 | €4,182 | +€3,532 | +544% |
| Recurring financial charges | 65 | €650 | €682 | +€32 | +5.0% |
| Non-recurring financial charges | 66B | - | €3,500 | +€3,500 | |
| Profit (loss) for the period before taxes | 9903 | €53,736 | €38,391 | -€15,346 | -28.6% |
| Profit (loss) for the period | 9904 | €53,736 | €38,391 | -€15,346 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,736 | €38,391 | -€15,346 | -28.6% |
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 17 October 2026 via checked.be.