KEBOU: 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.
KEBOU
Largest movements
- Tangible fixed assets -€32,071
down €32,071 (-17.2%), from €186,678 to €154,606
- Receivables within one year -€28,278
no longer reported in 2025 (was €28,278)
of which Trade receivables: -€25,200
- Cash +€21,877
up €21,877 (+540.6%), from €4,047 to €25,924
- Profit (loss) carried forward -€37,289
down €37,289 (-78.4%), from €47,590 to €10,300
- Reserves +€16,797
up €16,797 (+142.8%), from €11,763 to €28,559
of which Distributable reserves: +€16,797
- Debts after one year -€12,548
down €12,548 (-50.0%), from €25,111 to €12,563
- Other debts -€7,387
down €7,387 (-7.0%), from €105,616 to €98,229
- Gross operating margin -€17,116
down €17,116 (-40.8%), from €41,976 to €24,860
- Depreciation +€10,690
new in 2025: €10,690
- Taxes +€2,322
new in 2025: €2,322
- Other operating charges +€555
up €555 (+18.1%), from €3,059 to €3,614
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,002 | €180,530 | -€38,472 | -17.6% |
| Fixed assets | 21/28 | €186,678 | €154,606 | -€32,071 | -17.2% |
| Tangible fixed assets | 22/27 | €186,678 | €154,606 | -€32,071 | -17.2% |
| Land and buildings | 22 | €186,678 | €154,606 | -€32,071 | -17.2% |
| Current assets | 29/58 | €32,325 | €25,924 | -€6,401 | -19.8% |
| Amounts receivable within one year | 40/41 | €28,278 | - | -€28,278 | |
| Trade receivables | 40 | €25,200 | - | -€25,200 | |
| Other amounts receivable | 41 | €3,078 | - | -€3,078 | |
| Cash at bank and in hand | 54/58 | €4,047 | €25,924 | +€21,877 | +540.6% |
| Total equity and liabilities | 10/49 | €219,002 | €180,530 | -€38,472 | -17.6% |
| Equity | 10/15 | €78,352 | €57,860 | -€20,492 | -26.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €11,763 | €28,559 | +€16,797 | +142.8% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €9,863 | €26,659 | +€16,797 | +170.3% |
| Profit (loss) carried forward | 14 | €47,590 | €10,300 | -€37,289 | -78.4% |
| Amounts payable | 17/49 | €140,650 | €122,670 | -€17,980 | -12.8% |
| Amounts payable after more than one year | 17 | €25,111 | €12,563 | -€12,548 | -50.0% |
| Financial debts | 170/4 | €25,111 | €12,563 | -€12,548 | -50.0% |
| Amounts payable within one year | 42/48 | €115,539 | €110,107 | -€5,432 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €6,703 | €6,344 | -€359 | -5.4% |
| Trade debts | 44 | €3,220 | €3,400 | +€180 | +5.6% |
| Suppliers | 440/4 | €3,220 | €3,400 | +€180 | +5.6% |
| Taxes, remuneration and social security | 45 | - | €2,134 | +€2,134 | |
| Taxes | 450/3 | - | €2,134 | +€2,134 | |
| Other amounts payable | 47/48 | €105,616 | €98,229 | -€7,387 | -7.0% |
| Remuneration, social security and pensions | 62 | €324 | - | -€324 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10,690 | +€10,690 | |
| Other operating charges | 640/8 | €3,059 | €3,614 | +€555 | +18.1% |
| Non-recurring operating charges | 66A | - | €1,016 | +€1,016 | |
| Gross operating margin | 9900 | €41,976 | €24,860 | -€17,116 | -40.8% |
| Operating profit (loss) | 9901 | €38,594 | €9,540 | -€29,054 | -75.3% |
| Financial charges | 65/66B | €1,115 | €1,005 | -€110 | -9.8% |
| Recurring financial charges | 65 | €1,115 | €1,005 | -€110 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €37,479 | €8,535 | -€28,944 | -77.2% |
| Income taxes | 67/77 | - | €2,322 | +€2,322 | |
| Profit (loss) for the period | 9904 | €37,479 | €6,213 | -€31,266 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,479 | €6,213 | -€31,266 | -83.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 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.