K.E.Z.: what changed
Two fiscal 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.Z.
Largest movements
- Tangible fixed assets +€34,717
up €34,717 (+26.1%), from €133,219 to €167,936
of which Land and buildings: +€36,375
- Cash -€18,249
down €18,249 (-6.4%), from €284,269 to €266,020
mainly Contributions, distributions and other (-€93,200) and Investment in fixed assets (net) (-€42,620)
- Other debts +€90,922
up €90,922 (+146.7%), from €61,975 to €152,897
- Reserves -€70,727
down €70,727 (-29.0%), from €243,963 to €173,236
- Financial charges +€4,374
up €4,374 (+10051.9%), from €44 to €4,417
- Taxes -€2,223
down €2,223 (-16.8%), from €13,212 to €10,989
- Gross operating margin -€796
down €796 (-1.5%), from €52,338 to €51,542
- Other operating charges +€782
up €782 (+12.7%), from €6,139 to €6,922
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.
Cash bridge derived
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 | €438,859 | €453,774 | +€14,915 | +3.4% |
| Fixed assets | 21/28 | €133,219 | €167,936 | +€34,717 | +26.1% |
| Tangible fixed assets | 22/27 | €133,219 | €167,936 | +€34,717 | +26.1% |
| Land and buildings | 22 | €130,378 | €166,753 | +€36,375 | +27.9% |
| Plant, machinery and equipment | 23 | €1,474 | €1,183 | -€291 | -19.7% |
| Furniture and vehicles | 24 | €1,368 | - | -€1,368 | |
| Current assets | 29/58 | €305,640 | €285,838 | -€19,802 | -6.5% |
| Stocks and contracts in progress | 3 | €17,353 | €17,353 | = | 0.0% |
| Stocks | 30/36 | €17,353 | €17,353 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €992 | - | -€992 | |
| Trade receivables | 40 | €992 | - | -€992 | |
| Cash at bank and in hand | 54/58 | €284,269 | €266,020 | -€18,249 | -6.4% |
| Deferred charges and accrued income | 490/1 | €3,026 | €2,466 | -€560 | -18.5% |
| Total equity and liabilities | 10/49 | €438,859 | €453,774 | +€14,915 | +3.4% |
| Equity | 10/15 | €360,479 | €288,813 | -€71,666 | -19.9% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Revaluation surpluses | 12 | €96,827 | €96,827 | = | 0.0% |
| Reserves | 13 | €243,963 | €173,236 | -€70,727 | -29.0% |
| Distributable reserves | 133 | €243,963 | €173,236 | -€70,727 | -29.0% |
| Profit (loss) carried forward | 14 | €939 | - | -€939 | |
| Amounts payable | 17/49 | €78,380 | €164,961 | +€86,581 | +110.5% |
| Amounts payable within one year | 42/48 | €71,301 | €160,070 | +€88,768 | +124.5% |
| Trade debts | 44 | €6,178 | €1,791 | -€4,387 | -71.0% |
| Suppliers | 440/4 | €6,178 | €1,791 | -€4,387 | -71.0% |
| Taxes, remuneration and social security | 45 | €3,148 | €5,381 | +€2,234 | +71.0% |
| Taxes | 450/3 | €3,148 | €5,381 | +€2,234 | +71.0% |
| Other amounts payable | 47/48 | €61,975 | €152,897 | +€90,922 | +146.7% |
| Accrued charges and deferred income | 492/3 | €7,079 | €4,892 | -€2,188 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,098 | €7,904 | -€194 | -2.4% |
| Other operating charges | 640/8 | €6,139 | €6,922 | +€782 | +12.7% |
| Gross operating margin | 9900 | €52,338 | €51,542 | -€796 | -1.5% |
| Operating profit (loss) | 9901 | €38,101 | €36,717 | -€1,384 | -3.6% |
| Financial income | 75/76B | €213 | €223 | +€10 | +4.7% |
| Recurring financial income | 75 | €213 | €223 | +€10 | +4.7% |
| Financial charges | 65/66B | €44 | €4,417 | +€4,374 | +10051.9% |
| Recurring financial charges | 65 | €44 | €4,417 | +€4,374 | +10051.9% |
| Profit (loss) for the period before taxes | 9903 | €38,271 | €32,523 | -€5,748 | -15.0% |
| Income taxes | 67/77 | €13,212 | €10,989 | -€2,223 | -16.8% |
| Profit (loss) for the period | 9904 | €25,059 | €21,534 | -€3,525 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,059 | €21,534 | -€3,525 | -14.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.