KEAS: 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.
KEAS
Largest movements
- Cash +€29,245
up €29,245 (+37.0%), from €79,082 to €108,327
mainly Net result for the year (+€49,952) and Depreciation (+€26,847)
- Tangible fixed assets -€15,567
down €15,567 (-5.8%), from €270,200 to €254,633
of which Other tangible fixed assets: -€14,762
- Reserves +€49,952
up €49,952 (+61.7%), from €81,000 to €130,952
- Debts after one year -€25,652
down €25,652 (-19.2%), from €133,469 to €107,817
- Trade debts -€12,576
down €12,576 (-46.0%), from €27,352 to €14,777
- Other debts +€5,311
up €5,311 (+52.4%), from €10,128 to €15,438
- Tax, wage and social debts -€5,030
down €5,030 (-14.1%), from €35,617 to €30,587
of which Taxes: -€5,062
- Depreciation +€26,299
up €26,299 (+4797.2%), from €548 to €26,847
- Gross operating margin +€12,107
up €12,107 (+11.0%), from €110,253 to €122,360
- Other operating charges -€3,198
down €3,198 (-86.2%), from €3,711 to €513
- Taxes -€2,786
down €2,786 (-11.5%), from €24,143 to €21,356
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 | €394,892 | €409,443 | +€14,551 | +3.7% |
| Fixed assets | 21/28 | €270,371 | €254,804 | -€15,567 | -5.8% |
| Tangible fixed assets | 22/27 | €270,200 | €254,633 | -€15,567 | -5.8% |
| Land and buildings | 22 | €233,522 | €224,037 | -€9,485 | -4.1% |
| Furniture and vehicles | 24 | €4,135 | €12,816 | +€8,681 | +209.9% |
| Other tangible fixed assets | 26 | €32,543 | €17,781 | -€14,762 | -45.4% |
| Financial fixed assets | 28 | €171 | €171 | = | 0.0% |
| Current assets | 29/58 | €124,521 | €154,638 | +€30,117 | +24.2% |
| Amounts receivable within one year | 40/41 | €42,407 | €43,049 | +€642 | +1.5% |
| Trade receivables | 40 | €42,407 | €43,049 | +€642 | +1.5% |
| Cash at bank and in hand | 54/58 | €79,082 | €108,327 | +€29,245 | +37.0% |
| Deferred charges and accrued income | 490/1 | €3,031 | €3,261 | +€230 | +7.6% |
| Total equity and liabilities | 10/49 | €394,892 | €409,443 | +€14,551 | +3.7% |
| Equity | 10/15 | €163,668 | €213,620 | +€49,952 | +30.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €81,000 | €130,952 | +€49,952 | +61.7% |
| Distributable reserves | 133 | €81,000 | €130,952 | +€49,952 | +61.7% |
| Profit (loss) carried forward | 14 | €62,208 | €62,208 | = | 0.0% |
| Amounts payable | 17/49 | €231,224 | €195,823 | -€35,401 | -15.3% |
| Amounts payable after more than one year | 17 | €133,469 | €107,817 | -€25,652 | -19.2% |
| Financial debts | 170/4 | €133,469 | €107,817 | -€25,652 | -19.2% |
| Amounts payable within one year | 42/48 | €97,755 | €86,454 | -€11,301 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €24,658 | €25,652 | +€994 | +4.0% |
| Trade debts | 44 | €27,352 | €14,777 | -€12,576 | -46.0% |
| Suppliers | 440/4 | €27,352 | €14,777 | -€12,576 | -46.0% |
| Taxes, remuneration and social security | 45 | €35,617 | €30,587 | -€5,030 | -14.1% |
| Taxes | 450/3 | €34,375 | €29,312 | -€5,062 | -14.7% |
| Remuneration and social security | 454/9 | €1,242 | €1,275 | +€32 | +2.6% |
| Other amounts payable | 47/48 | €10,128 | €15,438 | +€5,311 | +52.4% |
| Accrued charges and deferred income | 492/3 | - | €1,552 | +€1,552 | |
| Remuneration, social security and pensions | 62 | €15,390 | €15,819 | +€429 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | €26,847 | +€26,299 | +4797.2% |
| Other operating charges | 640/8 | €3,711 | €513 | -€3,198 | -86.2% |
| Gross operating margin | 9900 | €110,253 | €122,360 | +€12,107 | +11.0% |
| Operating profit (loss) | 9901 | €90,603 | €79,180 | -€11,423 | -12.6% |
| Financial income | 75/76B | €139 | €508 | +€369 | +266.6% |
| Recurring financial income | 75 | €139 | €508 | +€369 | +266.6% |
| Financial charges | 65/66B | €9,555 | €8,380 | -€1,175 | -12.3% |
| Recurring financial charges | 65 | €9,555 | €8,380 | -€1,175 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €81,187 | €71,308 | -€9,879 | -12.2% |
| Income taxes | 67/77 | €24,143 | €21,356 | -€2,786 | -11.5% |
| Profit (loss) for the period | 9904 | €57,045 | €49,952 | -€7,093 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,045 | €49,952 | -€7,093 | -12.4% |
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 8 October 2026 via checked.be.