KEA: 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.
KEA
Largest movements
- Cash -€85,310
down €85,310 (-81.4%), from €104,829 to €19,519
mainly Other debts (-€71,629) and Current investments (-€15,407)
- Current investments +€15,407
up €15,407 (+102.7%), from €15,000 to €30,407
- Receivables within one year +€14,059
up €14,059 (+33.5%), from €41,961 to €56,020
of which Other amounts receivable: +€29,132
- Deferred charges and accrued income +€4,564
up €4,564 (+44.9%), from €10,173 to €14,737
- Other debts -€71,629
no longer reported in 2025 (was €71,629)
- Reserves +€17,300
up €17,300 (+9.0%), from €193,119 to €210,419
of which Distributable reserves: +€17,300
- Trade debts +€6,799
new in 2025: €6,799
- Debts after one year -€3,593
down €3,593 (-11.0%), from €32,721 to €29,128
- Gross operating margin -€34,372
down €34,372 (-43.6%), from €78,768 to €44,397
- Taxes -€9,533
down €9,533 (-45.9%), from €20,752 to €11,219
- Financial charges +€6,103
up €6,103 (+132.3%), from €4,614 to €10,717
- Other operating charges +€863
up €863 (+56.5%), from €1,529 to €2,392
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 | €320,144 | €270,436 | -€49,708 | -15.5% |
| Fixed assets | 21/28 | €60,180 | €61,754 | +€1,573 | +2.6% |
| Tangible fixed assets | 22/27 | €59,240 | €60,814 | +€1,573 | +2.7% |
| Land and buildings | 22 | €56,590 | €57,352 | +€763 | +1.3% |
| Furniture and vehicles | 24 | €2,651 | €3,461 | +€811 | +30.6% |
| Financial fixed assets | 28 | €940 | €940 | = | 0.0% |
| Current assets | 29/58 | €259,964 | €208,683 | -€51,281 | -19.7% |
| Amounts receivable after more than one year | 29 | €88,000 | €88,000 | = | 0.0% |
| Other amounts receivable | 291 | €88,000 | €88,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,961 | €56,020 | +€14,059 | +33.5% |
| Trade receivables | 40 | €15,074 | - | -€15,074 | |
| Other amounts receivable | 41 | €26,888 | €56,020 | +€29,132 | +108.3% |
| Current investments | 50/53 | €15,000 | €30,407 | +€15,407 | +102.7% |
| Cash at bank and in hand | 54/58 | €104,829 | €19,519 | -€85,310 | -81.4% |
| Deferred charges and accrued income | 490/1 | €10,173 | €14,737 | +€4,564 | +44.9% |
| Total equity and liabilities | 10/49 | €320,144 | €270,436 | -€49,708 | -15.5% |
| Equity | 10/15 | €205,719 | €223,042 | +€17,324 | +8.4% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €193,119 | €210,419 | +€17,300 | +9.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €191,259 | €208,559 | +€17,300 | +9.0% |
| Profit (loss) carried forward | 14 | - | €24 | +€24 | |
| Amounts payable | 17/49 | €114,425 | €47,394 | -€67,031 | -58.6% |
| Amounts payable after more than one year | 17 | €32,721 | €29,128 | -€3,593 | -11.0% |
| Financial debts | 170/4 | €32,721 | €29,128 | -€3,593 | -11.0% |
| Amounts payable within one year | 42/48 | €81,704 | €18,266 | -€63,438 | -77.6% |
| Current portion of amounts payable after more than one year | 42 | €3,443 | €4,003 | +€560 | +16.3% |
| Trade debts | 44 | - | €6,799 | +€6,799 | |
| Suppliers | 440/4 | - | €6,799 | +€6,799 | |
| Taxes, remuneration and social security | 45 | €6,632 | €7,464 | +€832 | +12.5% |
| Taxes | 450/3 | €6,632 | €7,464 | +€832 | +12.5% |
| Other amounts payable | 47/48 | €71,629 | - | -€71,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,078 | €5,859 | +€781 | +15.4% |
| Other operating charges | 640/8 | €1,529 | €2,392 | +€863 | +56.5% |
| Gross operating margin | 9900 | €78,768 | €44,397 | -€34,372 | -43.6% |
| Operating profit (loss) | 9901 | €72,162 | €36,146 | -€36,016 | -49.9% |
| Financial income | 75/76B | €2,820 | €3,115 | +€295 | +10.5% |
| Recurring financial income | 75 | €2,820 | €3,115 | +€295 | +10.5% |
| Financial charges | 65/66B | €4,614 | €10,717 | +€6,103 | +132.3% |
| Recurring financial charges | 65 | €4,614 | €10,717 | +€6,103 | +132.3% |
| Profit (loss) for the period before taxes | 9903 | €70,368 | €28,543 | -€41,824 | -59.4% |
| Income taxes | 67/77 | €20,752 | €11,219 | -€9,533 | -45.9% |
| Profit (loss) for the period | 9904 | €49,616 | €17,324 | -€32,292 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,616 | €17,324 | -€32,292 | -65.1% |
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 2 October 2026 via checked.be.