KECHA: 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.
KECHA
Largest movements
- Current investments +€350,000
new in 2025: €350,000
- Cash +€346,603
up €346,603 (+3680.8%), from €9,417 to €356,020
mainly Debts after one year (+€1.6m) and Net result for the year (+€247,548)
- Tangible fixed assets -€219,282
down €219,282 (-28.9%), from €759,623 to €540,341
of which Land and buildings: -€228,282
- Receivables within one year +€83,991
up €83,991 (+100.6%), from €83,453 to €167,444
of which Other amounts receivable: +€81,439
- Receivables after one year -€76,135
down €76,135 (-2.7%), from €2.8m to €2.7m
- Debts after one year +€1.6m
up €1.6m (+530.9%), from €298,354 to €1.9m
- Other debts -€1.5m
down €1.5m (-87.9%), from €1.7m to €200,230
- Reserves +€166,742
up €166,742 (+18.9%), from €880,366 to €1.0m
of which Tax-exempt reserves: +€166,742
- Profit (loss) carried forward +€80,806
up €80,806 (+3.7%), from €2.2m to €2.3m
- Current portion of long-term debt +€77,252
up €77,252 (+146.0%), from €52,905 to €130,157
- Gross operating margin +€342,684
up €342,684, from -€14,474 to €328,210
- Taxes +€34,646
up €34,646 (+3464.6%), from €1,000 to €35,646
- Financial income +€33,668
up €33,668 (+28.5%), from €118,208 to €151,876
- Other operating charges +€33,453
up €33,453 (+508.6%), from €6,577 to €40,031
- Depreciation -€6,736
down €6,736 (-36.8%), from €18,309 to €11,573
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 | €6,889,158 | €7,386,478 | +€497,320 | +7.2% |
| Fixed assets | 21/28 | €760,538 | €541,256 | -€219,282 | -28.8% |
| Tangible fixed assets | 22/27 | €759,623 | €540,341 | -€219,282 | -28.9% |
| Land and buildings | 22 | €539,129 | €310,847 | -€228,282 | -42.3% |
| Furniture and vehicles | 24 | €220,494 | €229,494 | +€9,000 | +4.1% |
| Financial fixed assets | 28 | €915 | €915 | = | 0.0% |
| Current assets | 29/58 | €6,128,620 | €6,845,222 | +€716,602 | +11.7% |
| Amounts receivable after more than one year | 29 | €2,798,658 | €2,722,523 | -€76,135 | -2.7% |
| Other amounts receivable | 291 | €2,798,658 | €2,722,523 | -€76,135 | -2.7% |
| Stocks and contracts in progress | 3 | €3,230,634 | €3,248,576 | +€17,942 | +0.6% |
| Stocks | 30/36 | €3,230,634 | €3,248,576 | +€17,942 | +0.6% |
| Amounts receivable within one year | 40/41 | €83,453 | €167,444 | +€83,991 | +100.6% |
| Trade receivables | 40 | €8 | €2,560 | +€2,552 | +31814.5% |
| Other amounts receivable | 41 | €83,445 | €164,884 | +€81,439 | +97.6% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €9,417 | €356,020 | +€346,603 | +3680.8% |
| Deferred charges and accrued income | 490/1 | €6,459 | €660 | -€5,799 | -89.8% |
| Total equity and liabilities | 10/49 | €6,889,158 | €7,386,478 | +€497,320 | +7.2% |
| Equity | 10/15 | €4,830,846 | €5,078,394 | +€247,548 | +5.1% |
| Contributions | 10/11 | €1,754,568 | €1,754,568 | = | 0.0% |
| Reserves | 13 | €880,366 | €1,047,108 | +€166,742 | +18.9% |
| Non-distributable reserves | 130/1 | €196,655 | €196,655 | = | 0.0% |
| Reserves not available under the articles | 1311 | €196,655 | €196,655 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €166,742 | +€166,742 | |
| Distributable reserves | 133 | €683,711 | €683,711 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,195,912 | €2,276,718 | +€80,806 | +3.7% |
| Provisions and deferred taxes | 16 | - | €55,581 | +€55,581 | |
| Deferred taxes | 168 | - | €55,581 | +€55,581 | |
| Amounts payable | 17/49 | €2,058,312 | €2,252,504 | +€194,191 | +9.4% |
| Amounts payable after more than one year | 17 | €298,354 | €1,882,237 | +€1.6m | +530.9% |
| Financial debts | 170/4 | €298,354 | €1,882,237 | +€1.6m | +530.9% |
| Amounts payable within one year | 42/48 | €1,759,958 | €369,514 | -€1.4m | -79.0% |
| Current portion of amounts payable after more than one year | 42 | €52,905 | €130,157 | +€77,252 | +146.0% |
| Trade debts | 44 | €40,385 | €1,981 | -€38,404 | -95.1% |
| Suppliers | 440/4 | €40,385 | €1,981 | -€38,404 | -95.1% |
| Taxes, remuneration and social security | 45 | €12,821 | €37,146 | +€24,325 | +189.7% |
| Taxes | 450/3 | €12,821 | €37,146 | +€24,325 | +189.7% |
| Other amounts payable | 47/48 | €1,653,847 | €200,230 | -€1.5m | -87.9% |
| Accrued charges and deferred income | 492/3 | €0 | €752 | +€752 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,309 | €11,573 | -€6,736 | -36.8% |
| Other operating charges | 640/8 | €6,577 | €40,031 | +€33,453 | +508.6% |
| Non-recurring operating charges | 66A | €71,755 | €0 | -€71,755 | -100.0% |
| Gross operating margin | 9900 | -€14,474 | €328,210 | +€342,684 | |
| Operating profit (loss) | 9901 | -€111,115 | €276,606 | +€387,721 | |
| Financial income | 75/76B | €118,208 | €151,876 | +€33,668 | +28.5% |
| Recurring financial income | 75 | €118,208 | €151,876 | +€33,668 | +28.5% |
| Financial charges | 65/66B | €85,413 | €89,707 | +€4,295 | +5.0% |
| Recurring financial charges | 65 | €85,413 | €89,707 | +€4,295 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€78,320 | €338,775 | +€417,094 | |
| Transfer to deferred taxes | 680 | - | €55,581 | +€55,581 | |
| Income taxes | 67/77 | €1,000 | €35,646 | +€34,646 | +3464.6% |
| Profit (loss) for the period | 9904 | -€79,320 | €247,548 | +€326,868 | |
| Transfer to tax-exempt reserves | 689 | - | €166,742 | +€166,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€79,320 | €80,806 | +€160,125 |
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 1 October 2026 via checked.be.