KEA: 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.
What changed
KEA
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€285,076
2024 · €225,959+€59,116
Equity
€6.0m
2024 · €1.7m+€4.3m
Cash
€517
2024 · €1,920-€1,403
Balance sheet total
€8.6m
2024 · €4.8m+€3.9m
Largest movements
Assets
- Tangible fixed assets +€3.7m
up €3.7m (+107%), from €3.5m to €7.2m
of which Land and buildings: +€3.7m
- Receivables within one year +€129,398
up €129,398 (+66.4%), from €194,816 to €324,214
of which Other amounts receivable: +€85,722
Equity and liabilities
- Revaluation surpluses +€4.0m
new in 2025: €4.0m
- Debts after one year -€314,457
down €314,457 (-13.6%), from €2.3m to €2.0m
- Reserves +€285,076
up €285,076 (+23.2%), from €1.2m to €1.5m
Income statement
- Gross operating margin -€55,480
down €55,480 (-5.8%), from €959,755 to €904,274
- Financial income +€41,507
up €41,507 (+350%), from €11,853 to €53,360
- Write-downs -€35,300
down €35,300, from €17,650 to -€17,650
- Depreciation -€25,876
down €25,876 (-8.1%), from €319,695 to €293,819
- Taxes -€23,053
down €23,053 (-17.1%), from €134,496 to €111,443
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.
Result 2024
€225,959
Gross operating margin
-€55,480
Staff costs
-€17,948
Depreciation
+€25,876
Write-downs
+€35,300
Other operating charges
-€370
Financial income
+€41,507
Financial charges
+€7,178
Taxes
+€23,053
Result 2025
€285,076
raises the resultlowers the result
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.
From operations
+€349,776
Investment
-€4.0m
Financing
+€3.7m
Cash 2024
€1,920
From operations (derived)
+€349,776
Net result for the year
+€285,076
Depreciation
+€293,819
Receivables within one year
-€129,398
Deferred charges and accrued income
-€22,178
Trade debts
+€20,835
Tax, wage and social debts
-€48,850
Other debts
-€47,916
Accrued charges and deferred income
-€1,612
Investment (derived)
-€4.0m
Investment in fixed assets (net)
-€4.0m
Financing
+€3.7m
Debts after one year
-€314,457
Current portion of long-term debt
+€715
Contributions, distributions and other
+€4.0m
Cash 2025
€517
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,763,083 | €8,644,381 | +€3.9m | +81.5% |
| Fixed assets | 21/28 | €4,559,759 | €8,290,883 | +€3.7m | +81.8% |
| Intangible fixed assets | 21 | €0 | €26,128 | +€26,128 | |
| Tangible fixed assets | 22/27 | €3,475,667 | €7,180,888 | +€3.7m | +107% |
| Land and buildings | 22 | €3,421,799 | €7,120,000 | +€3.7m | +108% |
| Furniture and vehicles | 24 | €23,193 | €5,354 | -€17,839 | -76.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €30,675 | €55,534 | +€24,859 | +81.0% |
| Financial fixed assets | 28 | €1,084,091 | €1,083,867 | -€225 | 0.0% |
| Current assets | 29/58 | €203,325 | €353,498 | +€150,173 | +73.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €194,816 | €324,214 | +€129,398 | +66.4% |
| Trade receivables | 40 | €28,487 | €72,163 | +€43,677 | +153% |
| Other amounts receivable | 41 | €166,329 | €252,051 | +€85,722 | +51.5% |
| Cash at bank and in hand | 54/58 | €1,920 | €517 | -€1,403 | -73.1% |
| Deferred charges and accrued income | 490/1 | €6,589 | €28,767 | +€22,178 | +337% |
| Total equity and liabilities | 10/49 | €4,763,083 | €8,644,381 | +€3.9m | +81.5% |
| Equity | 10/15 | €1,719,380 | €5,991,962 | +€4.3m | +248% |
| Contributions | 10/11 | €490,000 | €490,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,987,506 | +€4.0m | |
| Reserves | 13 | €1,229,380 | €1,514,456 | +€285,076 | +23.2% |
| Distributable reserves | 133 | €1,229,380 | €1,514,456 | +€285,076 | +23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,043,703 | €2,652,419 | -€391,284 | -12.9% |
| Amounts payable after more than one year | 17 | €2,313,814 | €1,999,358 | -€314,457 | -13.6% |
| Financial debts | 170/4 | €2,313,814 | €1,999,358 | -€314,457 | -13.6% |
| Amounts payable within one year | 42/48 | €728,243 | €653,027 | -€75,216 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €312,452 | €313,167 | +€715 | +0.2% |
| Trade debts | 44 | €36,950 | €57,786 | +€20,835 | +56.4% |
| Suppliers | 440/4 | €36,950 | €57,786 | +€20,835 | +56.4% |
| Taxes, remuneration and social security | 45 | €169,420 | €120,570 | -€48,850 | -28.8% |
| Taxes | 450/3 | €143,647 | €85,964 | -€57,684 | -40.2% |
| Remuneration and social security | 454/9 | €25,772 | €34,606 | +€8,834 | +34.3% |
| Other amounts payable | 47/48 | €209,420 | €161,504 | -€47,916 | -22.9% |
| Accrued charges and deferred income | 492/3 | €1,646 | €34 | -€1,612 | -97.9% |
| Non-recurring operating income | 76A | €0 | €58,044 | +€58,044 | |
| Remuneration, social security and pensions | 62 | €170,374 | €188,322 | +€17,948 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,695 | €293,819 | -€25,876 | -8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,650 | -€17,650 | -€35,300 | |
| Other operating charges | 640/8 | €49,534 | €49,904 | +€370 | +0.7% |
| Gross operating margin | 9900 | €959,755 | €904,274 | -€55,480 | -5.8% |
| Operating profit (loss) | 9901 | €402,501 | €389,879 | -€12,622 | -3.1% |
| Financial income | 75/76B | €11,853 | €53,360 | +€41,507 | +350% |
| Recurring financial income | 75 | €11,853 | €53,360 | +€41,507 | +350% |
| Financial charges | 65/66B | €53,899 | €46,721 | -€7,178 | -13.3% |
| Recurring financial charges | 65 | €53,899 | €46,721 | -€7,178 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €360,455 | €396,519 | +€36,063 | +10.0% |
| Income taxes | 67/77 | €134,496 | €111,443 | -€23,053 | -17.1% |
| Profit (loss) for the period | 9904 | €225,959 | €285,076 | +€59,116 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €225,959 | €285,076 | +€59,116 | +26.2% |
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 15 October 2026 via checked.be.