KEBRO: 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.
KEBRO
Largest movements
- Stocks and contracts -€243,688
down €243,688 (-56.8%), from €429,102 to €185,415
of which Contracts in progress: -€228,371
- Cash -€129,218
down €129,218 (-23.4%), from €552,485 to €423,267
mainly Trade debts (-€292,944) and Receivables within one year (-€110,778)
- Receivables within one year +€110,778
up €110,778 (+5.9%), from €1.9m to €2.0m
of which Trade receivables: +€114,990
- Trade debts -€292,944
down €292,944 (-24.9%), from €1.2m to €885,723
- Reserves +€57,320
up €57,320 (+6.3%), from €912,448 to €969,769
of which Distributable reserves: +€57,320
- Tax, wage and social debts -€34,667
down €34,667 (-42.5%), from €81,601 to €46,933
of which Taxes: -€38,428
- Other debts -€29,685
down €29,685 (-94.1%), from €31,538 to €1,852
- Other operating charges +€83,133
up €83,133 (+775%), from €10,721 to €93,854
- Write-downs -€51,058
down €51,058 (-159%), from -€32,126 to -€83,184
- Staff costs +€47,674
up €47,674 (+12.3%), from €388,707 to €436,381
- Gross operating margin -€40,845
down €40,845 (-6.2%), from €655,257 to €614,411
- Taxes -€23,095
down €23,095 (-52.8%), from €43,725 to €20,630
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,951,642 | €2,708,693 | -€242,949 | -8.2% |
| Fixed assets | 21/28 | €83,408 | €99,539 | +€16,130 | +19.3% |
| Tangible fixed assets | 22/27 | €83,408 | €99,539 | +€16,130 | +19.3% |
| Plant, machinery and equipment | 23 | €17,110 | €16,804 | -€306 | -1.8% |
| Furniture and vehicles | 24 | €66,298 | €82,734 | +€16,436 | +24.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €2,868,234 | €2,609,154 | -€259,079 | -9.0% |
| Stocks and contracts in progress | 3 | €429,102 | €185,415 | -€243,688 | -56.8% |
| Stocks | 30/36 | €200,732 | €185,415 | -€15,317 | -7.6% |
| Contracts in progress | 37 | €228,371 | €0 | -€228,371 | -100% |
| Amounts receivable within one year | 40/41 | €1,873,828 | €1,984,606 | +€110,778 | +5.9% |
| Trade receivables | 40 | €1,374,556 | €1,489,546 | +€114,990 | +8.4% |
| Other amounts receivable | 41 | €499,272 | €495,060 | -€4,213 | -0.8% |
| Current investments | 50/53 | €6,525 | €6,525 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €552,485 | €423,267 | -€129,218 | -23.4% |
| Deferred charges and accrued income | 490/1 | €6,294 | €9,342 | +€3,049 | +48.4% |
| Total equity and liabilities | 10/49 | €2,951,642 | €2,708,693 | -€242,949 | -8.2% |
| Equity | 10/15 | €1,160,448 | €1,217,769 | +€57,320 | +4.9% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €912,448 | €969,769 | +€57,320 | +6.3% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €887,648 | €944,969 | +€57,320 | +6.5% |
| Provisions and deferred taxes | 16 | €167,971 | €196,770 | +€28,799 | +17.1% |
| Provisions for liabilities and charges | 160/5 | €167,971 | €196,770 | +€28,799 | +17.1% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €167,971 | €196,770 | +€28,799 | +17.1% |
| Amounts payable | 17/49 | €1,623,223 | €1,294,154 | -€329,068 | -20.3% |
| Amounts payable after more than one year | 17 | €62,830 | €77,839 | +€15,009 | +23.9% |
| Financial debts | 170/4 | €62,830 | €77,839 | +€15,009 | +23.9% |
| Amounts payable within one year | 42/48 | €1,559,255 | €1,214,890 | -€344,365 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €42,450 | €46,973 | +€4,523 | +10.7% |
| Financial debts | 43 | €225,000 | €233,408 | +€8,408 | +3.7% |
| Credit institutions | 430/8 | €225,000 | €233,408 | +€8,408 | +3.7% |
| Trade debts | 44 | €1,178,667 | €885,723 | -€292,944 | -24.9% |
| Suppliers | 440/4 | €1,178,667 | €885,723 | -€292,944 | -24.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €81,601 | €46,933 | -€34,667 | -42.5% |
| Taxes | 450/3 | €42,655 | €4,227 | -€38,428 | -90.1% |
| Remuneration and social security | 454/9 | €38,946 | €42,707 | +€3,761 | +9.7% |
| Other amounts payable | 47/48 | €31,538 | €1,852 | -€29,685 | -94.1% |
| Accrued charges and deferred income | 492/3 | €1,138 | €1,426 | +€288 | +25.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €388,707 | €436,381 | +€47,674 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,253 | €54,965 | -€1,289 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€32,126 | -€83,184 | -€51,058 | -159% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €36,770 | €28,799 | -€7,971 | -21.7% |
| Other operating charges | 640/8 | €10,721 | €93,854 | +€83,133 | +775% |
| Non-recurring operating charges | 66A | €18,209 | €0 | -€18,209 | -100% |
| Gross operating margin | 9900 | €655,257 | €614,411 | -€40,845 | -6.2% |
| Operating profit (loss) | 9901 | €176,722 | €83,597 | -€93,125 | -52.7% |
| Financial income | 75/76B | €12,486 | €15,357 | +€2,871 | +23.0% |
| Recurring financial income | 75 | €12,486 | €15,357 | +€2,871 | +23.0% |
| Financial charges | 65/66B | €26,304 | €21,003 | -€5,301 | -20.2% |
| Recurring financial charges | 65 | €26,304 | €21,003 | -€5,301 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €162,905 | €77,951 | -€84,954 | -52.1% |
| Income taxes | 67/77 | €43,725 | €20,630 | -€23,095 | -52.8% |
| Profit (loss) for the period | 9904 | €119,180 | €57,320 | -€61,859 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €119,180 | €57,320 | -€61,859 | -51.9% |
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 17 October 2026 via checked.be.