KeDo: 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.
KeDo
Largest movements
- Cash +€70,668
up €70,668 (+36.7%), from €192,722 to €263,390
mainly Investment in fixed assets (net) (+€55,570) and Net result for the year (+€47,335)
- Financial fixed assets -€57,700
down €57,700 (-32.8%), from €175,982 to €118,282
- Receivables within one year -€39,222
down €39,222 (-30.0%), from €130,588 to €91,366
of which Other amounts receivable: -€35,361
- Receivables after one year +€11,643
up €11,643 (+17.9%), from €65,000 to €76,643
- Provisions -€49,306
no longer reported in 2025 (was €49,306)
- Reserves +€45,000
up €45,000 (+50.4%), from €89,360 to €134,360
of which Distributable reserves: +€45,000
- Tax, wage and social debts -€11,325
down €11,325 (-29.9%), from €37,816 to €26,490
of which Taxes: -€11,325
- Other operating charges +€41,674
up €41,674 (+10840.1%), from €384 to €42,058
- Gross operating margin +€36,097
up €36,097 (+66.7%), from €54,082 to €90,179
- Taxes -€30,822
down €30,822 (-97.3%), from €31,680 to €858
- Financial income -€20,895
down €20,895 (-90.1%), from €23,193 to €2,298
- Depreciation -€2,243
down €2,243 (-55.2%), from €4,066 to €1,823
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 | €567,771 | €553,117 | -€14,654 | -2.6% |
| Fixed assets | 21/28 | €179,111 | €121,718 | -€57,393 | -32.0% |
| Tangible fixed assets | 22/27 | €3,129 | €3,435 | +€307 | +9.8% |
| Furniture and vehicles | 24 | €1,504 | €2,552 | +€1,048 | +69.7% |
| Other tangible fixed assets | 26 | €1,624 | €883 | -€741 | -45.6% |
| Financial fixed assets | 28 | €175,982 | €118,282 | -€57,700 | -32.8% |
| Current assets | 29/58 | €388,660 | €431,399 | +€42,739 | +11.0% |
| Amounts receivable after more than one year | 29 | €65,000 | €76,643 | +€11,643 | +17.9% |
| Trade receivables | 290 | €65,000 | €76,643 | +€11,643 | +17.9% |
| Amounts receivable within one year | 40/41 | €130,588 | €91,366 | -€39,222 | -30.0% |
| Trade receivables | 40 | €19,554 | €15,694 | -€3,861 | -19.7% |
| Other amounts receivable | 41 | €111,034 | €75,673 | -€35,361 | -31.8% |
| Cash at bank and in hand | 54/58 | €192,722 | €263,390 | +€70,668 | +36.7% |
| Deferred charges and accrued income | 490/1 | €350 | - | -€350 | |
| Total equity and liabilities | 10/49 | €567,771 | €553,117 | -€14,654 | -2.6% |
| Equity | 10/15 | €480,650 | €526,321 | +€45,672 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89,360 | €134,360 | +€45,000 | +50.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €95,000 | +€45,000 | +90.0% |
| Profit (loss) carried forward | 14 | €385,090 | €385,761 | +€672 | +0.2% |
| Provisions and deferred taxes | 16 | €49,306 | - | -€49,306 | |
| Provisions for liabilities and charges | 160/5 | €49,306 | - | -€49,306 | |
| Environmental obligations | 163 | €49,306 | - | -€49,306 | |
| Amounts payable | 17/49 | €37,816 | €26,796 | -€11,020 | -29.1% |
| Amounts payable within one year | 42/48 | €37,816 | €26,796 | -€11,020 | -29.1% |
| Trade debts | 44 | - | €305 | +€305 | |
| Suppliers | 440/4 | - | €305 | +€305 | |
| Taxes, remuneration and social security | 45 | €37,816 | €26,490 | -€11,325 | -29.9% |
| Taxes | 450/3 | €34,820 | €23,494 | -€11,325 | -32.5% |
| Remuneration and social security | 454/9 | €2,996 | €2,996 | = | 0.0% |
| Non-recurring operating income | 76A | - | €49,306 | +€49,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,066 | €1,823 | -€2,243 | -55.2% |
| Other operating charges | 640/8 | €384 | €42,058 | +€41,674 | +10840.1% |
| Gross operating margin | 9900 | €54,082 | €90,179 | +€36,097 | +66.7% |
| Operating profit (loss) | 9901 | €49,631 | €46,298 | -€3,334 | -6.7% |
| Financial income | 75/76B | €23,193 | €2,298 | -€20,895 | -90.1% |
| Recurring financial income | 75 | €23,193 | €2,298 | -€20,895 | -90.1% |
| Financial charges | 65/66B | €465 | €403 | -€62 | -13.4% |
| Recurring financial charges | 65 | €465 | €403 | -€62 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €72,359 | €48,193 | -€24,166 | -33.4% |
| Income taxes | 67/77 | €31,680 | €858 | -€30,822 | -97.3% |
| Profit (loss) for the period | 9904 | €40,679 | €47,335 | +€6,656 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,679 | €47,335 | +€6,656 | +16.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.