KAREN KEPPENS: 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.
KAREN KEPPENS
Largest movements
- Cash +€46,892
up €46,892 (+130%), from €36,075 to €82,967
mainly Current investments (+€35,000) and Net result for the year (+€18,964)
- Current investments -€35,000
no longer reported in 2025 (was €35,000)
- Tangible fixed assets -€6,318
down €6,318 (-5.0%), from €127,369 to €121,051
of which Land and buildings: -€6,104
- Reserves +€18,964
up €18,964 (+21.2%), from €89,391 to €108,355
- Debts after one year -€10,452
down €10,452 (-18.0%), from €57,944 to €47,492
- Tax, wage and social debts -€3,489
down €3,489 (-65.8%), from €5,304 to €1,815
- Gross operating margin -€3,013
down €3,013 (-7.2%), from €41,674 to €38,661
- Taxes -€921
down €921 (-9.1%), from €10,146 to €9,225
- Financial income +€894
up €894 (+189%), from €473 to €1,367
- Depreciation +€540
up €540 (+6.8%), from €7,891 to €8,431
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 | €198,784 | €204,371 | +€5,587 | +2.8% |
| Fixed assets | 21/28 | €127,369 | €121,051 | -€6,318 | -5.0% |
| Tangible fixed assets | 22/27 | €127,369 | €121,051 | -€6,318 | -5.0% |
| Land and buildings | 22 | €118,365 | €112,261 | -€6,104 | -5.2% |
| Plant, machinery and equipment | 23 | €8,085 | €8,324 | +€239 | +3.0% |
| Furniture and vehicles | 24 | €919 | €466 | -€453 | -49.3% |
| Current assets | 29/58 | €71,415 | €83,320 | +€11,905 | +16.7% |
| Current investments | 50/53 | €35,000 | - | -€35,000 | |
| Cash at bank and in hand | 54/58 | €36,075 | €82,967 | +€46,892 | +130% |
| Deferred charges and accrued income | 490/1 | €341 | €353 | +€13 | +3.7% |
| Total equity and liabilities | 10/49 | €198,784 | €204,371 | +€5,587 | +2.8% |
| Equity | 10/15 | €101,791 | €120,755 | +€18,964 | +18.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,391 | €108,355 | +€18,964 | +21.2% |
| Distributable reserves | 133 | €89,391 | €108,355 | +€18,964 | +21.2% |
| Amounts payable | 17/49 | €96,993 | €83,617 | -€13,377 | -13.8% |
| Amounts payable after more than one year | 17 | €57,944 | €47,492 | -€10,452 | -18.0% |
| Financial debts | 170/4 | €57,944 | €47,492 | -€10,452 | -18.0% |
| Amounts payable within one year | 42/48 | €39,049 | €36,125 | -€2,924 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €10,269 | €10,452 | +€183 | +1.8% |
| Trade debts | 44 | €1,476 | €1,857 | +€381 | +25.8% |
| Suppliers | 440/4 | €1,476 | €1,857 | +€381 | +25.8% |
| Taxes, remuneration and social security | 45 | €5,304 | €1,815 | -€3,489 | -65.8% |
| Taxes | 450/3 | €5,304 | €1,815 | -€3,489 | -65.8% |
| Other amounts payable | 47/48 | €22,000 | €22,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,891 | €8,431 | +€540 | +6.8% |
| Other operating charges | 640/8 | €1,260 | €1,295 | +€35 | +2.8% |
| Gross operating margin | 9900 | €41,674 | €38,661 | -€3,013 | -7.2% |
| Operating profit (loss) | 9901 | €32,523 | €28,936 | -€3,587 | -11.0% |
| Financial income | 75/76B | €473 | €1,367 | +€894 | +189% |
| Recurring financial income | 75 | €473 | €1,367 | +€894 | +189% |
| Financial charges | 65/66B | €2,297 | €2,114 | -€183 | -7.9% |
| Recurring financial charges | 65 | €2,297 | €2,114 | -€183 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €30,700 | €28,189 | -€2,511 | -8.2% |
| Income taxes | 67/77 | €10,146 | €9,225 | -€921 | -9.1% |
| Profit (loss) for the period | 9904 | €20,554 | €18,964 | -€1,590 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,554 | €18,964 | -€1,590 | -7.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.