KEEN: 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.
KEEN
Largest movements
- Tangible fixed assets +€21,200
up €21,200 (+189.0%), from €11,214 to €32,415
of which Furniture and vehicles: +€20,563
- Cash -€14,393
down €14,393 (-35.0%), from €41,082 to €26,690
mainly Investment in fixed assets (net) (-€27,241) and Contributions, distributions and other (-€25,815)
- Current investments +€9,000
up €9,000 (+44.1%), from €20,401 to €29,401
- Receivables after one year +€8,614
up €8,614 (+10.6%), from €80,883 to €89,497
- Reserves +€24,916
up €24,916 (+16.7%), from €149,036 to €173,952
of which Distributable reserves: +€24,916
- Tax, wage and social debts +€11,507
up €11,507 (+150.4%), from €7,651 to €19,159
- Trade debts -€9,166
down €9,166 (-80.9%), from €11,329 to €2,162
- Gross operating margin +€30,792
up €30,792 (+68.8%), from €44,776 to €75,568
- Financial income -€8,001
down €8,001 (-70.5%), from €11,354 to €3,353
- Taxes +€6,768
up €6,768 (+47.2%), from €14,326 to €21,094
- Depreciation +€2,878
up €2,878 (+91.0%), from €3,163 to €6,041
- Financial charges -€2,737
down €2,737 (-75.0%), from €3,647 to €911
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 | €180,576 | €207,833 | +€27,257 | +15.1% |
| Fixed assets | 21/28 | €11,214 | €32,415 | +€21,200 | +189.0% |
| Tangible fixed assets | 22/27 | €11,214 | €32,415 | +€21,200 | +189.0% |
| Land and buildings | 22 | €5,528 | €7,159 | +€1,631 | +29.5% |
| Plant, machinery and equipment | 23 | €1,238 | €245 | -€993 | -80.2% |
| Furniture and vehicles | 24 | €4,448 | €25,011 | +€20,563 | +462.3% |
| Current assets | 29/58 | €169,362 | €175,418 | +€6,056 | +3.6% |
| Amounts receivable after more than one year | 29 | €80,883 | €89,497 | +€8,614 | +10.6% |
| Other amounts receivable | 291 | €80,883 | €89,497 | +€8,614 | +10.6% |
| Amounts receivable within one year | 40/41 | €22,949 | €24,791 | +€1,842 | +8.0% |
| Trade receivables | 40 | €14,840 | €15,224 | +€384 | +2.6% |
| Other amounts receivable | 41 | €8,109 | €9,567 | +€1,458 | +18.0% |
| Current investments | 50/53 | €20,401 | €29,401 | +€9,000 | +44.1% |
| Cash at bank and in hand | 54/58 | €41,082 | €26,690 | -€14,393 | -35.0% |
| Deferred charges and accrued income | 490/1 | €4,046 | €5,040 | +€994 | +24.6% |
| Total equity and liabilities | 10/49 | €180,576 | €207,833 | +€27,257 | +15.1% |
| Equity | 10/15 | €161,436 | €186,352 | +€24,916 | +15.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €149,036 | €173,952 | +€24,916 | +16.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €147,176 | €172,092 | +€24,916 | +16.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €19,140 | €21,481 | +€2,341 | +12.2% |
| Amounts payable within one year | 42/48 | €19,140 | €21,481 | +€2,341 | +12.2% |
| Trade debts | 44 | €11,329 | €2,162 | -€9,166 | -80.9% |
| Suppliers | 440/4 | €11,329 | €2,162 | -€9,166 | -80.9% |
| Advances received on contracts in progress | 46 | €160 | €160 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,651 | €19,159 | +€11,507 | +150.4% |
| Taxes | 450/3 | €7,651 | €19,159 | +€11,507 | +150.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,163 | €6,041 | +€2,878 | +91.0% |
| Other operating charges | 640/8 | €118 | €145 | +€27 | +22.5% |
| Gross operating margin | 9900 | €44,776 | €75,568 | +€30,792 | +68.8% |
| Operating profit (loss) | 9901 | €41,495 | €69,382 | +€27,887 | +67.2% |
| Financial income | 75/76B | €11,354 | €3,353 | -€8,001 | -70.5% |
| Recurring financial income | 75 | €11,354 | €3,353 | -€8,001 | -70.5% |
| Financial charges | 65/66B | €3,647 | €911 | -€2,737 | -75.0% |
| Recurring financial charges | 65 | €3,647 | €911 | -€2,737 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €49,202 | €71,825 | +€22,622 | +46.0% |
| Income taxes | 67/77 | €14,326 | €21,094 | +€6,768 | +47.2% |
| Profit (loss) for the period | 9904 | €34,876 | €50,731 | +€15,855 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,876 | €50,731 | +€15,855 | +45.5% |
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 5 October 2026 via checked.be.