KEBAN: 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.
What changed
KEBAN
NACE 10.712, Artisanal bread and fresh pastry making
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€48,212
2024 · €27,709+€20,503
Equity
€114,377
2024 · €66,165+€48,212
Cash
€22,742
2024 · €28,622-€5,881
Balance sheet total
€751,199
2024 · €461,246+€289,952
Largest movements
Assets
- Tangible fixed assets +€247,580
up €247,580 (+391.6%), from €63,222 to €310,802
of which Land and buildings: +€267,906
- Receivables after one year +€29,023
up €29,023 (+15.3%), from €189,500 to €218,523
- Receivables within one year +€20,090
up €20,090 (+5537.7%), from €363 to €20,453
Equity and liabilities
- Debts after one year +€185,157
up €185,157 (+314.6%), from €58,851 to €244,008
- Profit (loss) carried forward +€48,212
up €48,212 (+78.8%), from €61,165 to €109,377
- Provisions +€40,387
new in 2025: €40,387
- Other debts -€20,000
no longer reported in 2025 (was €20,000)
- Trade debts +€19,478
up €19,478 (+7.7%), from €253,256 to €272,734
Income statement
- Turnover -€2.0m
no longer reported in 2025 (was €2.0m)
- Purchases and services -€1.7m
no longer reported in 2025 (was €1.7m)
- Gross operating margin +€132,787
up €132,787 (+36.6%), from €362,965 to €495,752
- Provisions +€40,387
new in 2025: €40,387
- Staff costs +€40,320
up €40,320 (+13.8%), from €291,764 to €332,085
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
€27,709
Gross operating margin
+€132,787
Staff costs
-€40,320
Depreciation
+€4,295
Provisions
-€40,387
Other operating charges
+€951
Other operating items
-€8,661
Financial income
+€529
Financial charges
-€27,270
Taxes
-€1,421
Result 2025
€48,212
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.
From operations
+€57,813
Investment
-€255,475
Financing
+€191,781
Cash 2024
€28,622
From operations (derived)
+€57,813
Net result for the year
+€48,212
Depreciation
+€7,821
Receivables after one year
-€29,023
Stocks and contracts
+€1,380
Receivables within one year
-€20,090
Deferred charges and accrued income
-€445
Provisions
+€40,387
Trade debts
+€19,478
Tax, wage and social debts
+€10,093
Other debts
-€20,000
Investment (derived)
-€255,475
Investment in fixed assets (net)
-€255,475
Financing
+€191,781
Debts after one year
+€185,157
Current portion of long-term debt
+€6,624
Cash 2025
€22,742
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €461,246 | €751,199 | +€289,952 | +62.9% |
| Fixed assets | 21/28 | €65,862 | €313,517 | +€247,655 | +376.0% |
| Tangible fixed assets | 22/27 | €63,222 | €310,802 | +€247,580 | +391.6% |
| Land and buildings | 22 | - | €267,906 | +€267,906 | |
| Plant, machinery and equipment | 23 | €44,602 | €40,318 | -€4,284 | -9.6% |
| Furniture and vehicles | 24 | €18,620 | €2,578 | -€16,042 | -86.2% |
| Financial fixed assets | 28 | €2,640 | €2,715 | +€75 | +2.8% |
| Current assets | 29/58 | €395,384 | €437,682 | +€42,298 | +10.7% |
| Amounts receivable after more than one year | 29 | €189,500 | €218,523 | +€29,023 | +15.3% |
| Trade receivables | 290 | €189,500 | €218,523 | +€29,023 | +15.3% |
| Stocks and contracts in progress | 3 | €175,771 | €174,390 | -€1,380 | -0.8% |
| Stocks | 30/36 | €175,771 | €174,390 | -€1,380 | -0.8% |
| Amounts receivable within one year | 40/41 | €363 | €20,453 | +€20,090 | +5537.7% |
| Other amounts receivable | 41 | €363 | €20,453 | +€20,090 | +5537.7% |
| Cash at bank and in hand | 54/58 | €28,622 | €22,742 | -€5,881 | -20.5% |
| Deferred charges and accrued income | 490/1 | €1,128 | €1,574 | +€445 | +39.4% |
| Total equity and liabilities | 10/49 | €461,246 | €751,199 | +€289,952 | +62.9% |
| Equity | 10/15 | €66,165 | €114,377 | +€48,212 | +72.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,165 | €109,377 | +€48,212 | +78.8% |
| Provisions and deferred taxes | 16 | - | €40,387 | +€40,387 | |
| Provisions for liabilities and charges | 160/5 | - | €40,387 | +€40,387 | |
| Other liabilities and charges | 164/5 | - | €40,387 | +€40,387 | |
| Amounts payable | 17/49 | €395,081 | €596,434 | +€201,353 | +51.0% |
| Amounts payable after more than one year | 17 | €58,851 | €244,008 | +€185,157 | +314.6% |
| Financial debts | 170/4 | €58,851 | €244,008 | +€185,157 | +314.6% |
| Amounts payable within one year | 42/48 | €336,230 | €352,426 | +€16,196 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €18,685 | €25,309 | +€6,624 | +35.5% |
| Trade debts | 44 | €253,256 | €272,734 | +€19,478 | +7.7% |
| Suppliers | 440/4 | €253,256 | €272,734 | +€19,478 | +7.7% |
| Taxes, remuneration and social security | 45 | €44,290 | €54,383 | +€10,093 | +22.8% |
| Taxes | 450/3 | €10,197 | €22,508 | +€12,311 | +120.7% |
| Remuneration and social security | 454/9 | €34,093 | €31,875 | -€2,218 | -6.5% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Turnover | 70 | €2,028,717 | - | -€2.0m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,665,753 | - | -€1.7m | |
| Remuneration, social security and pensions | 62 | €291,764 | €332,085 | +€40,320 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,115 | €7,821 | -€4,295 | -35.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €40,387 | +€40,387 | |
| Other operating charges | 640/8 | €23,425 | €22,474 | -€951 | -4.1% |
| Non-recurring operating charges | 66A | - | €8,661 | +€8,661 | |
| Gross operating margin | 9900 | €362,965 | €495,752 | +€132,787 | +36.6% |
| Operating profit (loss) | 9901 | €35,660 | €84,325 | +€48,665 | +136.5% |
| Financial income | 75/76B | €2,294 | €2,823 | +€529 | +23.1% |
| Recurring financial income | 75 | €118 | €2,823 | +€2,705 | +2290.0% |
| Non-recurring financial income | 76B | €2,176 | - | -€2,176 | |
| Financial charges | 65/66B | €1,822 | €29,092 | +€27,270 | +1496.7% |
| Recurring financial charges | 65 | €1,822 | €29,092 | +€27,270 | +1496.7% |
| Profit (loss) for the period before taxes | 9903 | €36,132 | €58,056 | +€21,924 | +60.7% |
| Income taxes | 67/77 | €8,423 | €9,844 | +€1,421 | +16.9% |
| Profit (loss) for the period | 9904 | €27,709 | €48,212 | +€20,503 | +74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,709 | €48,212 | +€20,503 | +74.0% |
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 4 October 2026 via checked.be.