Kef: 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.
Kef
Largest movements
- Tangible fixed assets -€151,662
down €151,662 (-6.1%), from €2.5m to €2.3m
of which Land and buildings: -€150,220
- Cash -€30,274
down €30,274 (-56.7%), from €53,438 to €23,163
mainly Trade debts (-€110,688) and Investment in fixed assets (net) (-€101,993)
- Trade debts -€110,688
down €110,688 (-88.9%), from €124,475 to €13,786
- Profit (loss) carried forward -€52,857
down €52,857 (-12.9%), from -€410,928 to -€463,785
- Debts after one year -€42,674
down €42,674 (-5.5%), from €778,939 to €736,265
- Depreciation +€26,380
up €26,380 (+11.6%), from €227,275 to €253,655
- Gross operating margin +€12,142
up €12,142 (+5.1%), from €236,301 to €248,443
- Financial charges +€3,169
up €3,169 (+28.6%), from €11,072 to €14,242
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 | €2,546,109 | €2,358,210 | -€187,900 | -7.4% |
| Fixed assets | 21/28 | €2,480,080 | €2,328,418 | -€151,662 | -6.1% |
| Tangible fixed assets | 22/27 | €2,480,080 | €2,328,418 | -€151,662 | -6.1% |
| Land and buildings | 22 | €2,477,042 | €2,326,822 | -€150,220 | -6.1% |
| Furniture and vehicles | 24 | €3,038 | €1,596 | -€1,443 | -47.5% |
| Current assets | 29/58 | €66,030 | €29,792 | -€36,238 | -54.9% |
| Amounts receivable within one year | 40/41 | €7,558 | €2,530 | -€5,028 | -66.5% |
| Trade receivables | 40 | €7,558 | €560 | -€6,999 | -92.6% |
| Other amounts receivable | 41 | €0 | €1,970 | +€1,970 | |
| Cash at bank and in hand | 54/58 | €53,438 | €23,163 | -€30,274 | -56.7% |
| Deferred charges and accrued income | 490/1 | €5,034 | €4,099 | -€935 | -18.6% |
| Total equity and liabilities | 10/49 | €2,546,109 | €2,358,210 | -€187,900 | -7.4% |
| Equity | 10/15 | €1,596,610 | €1,543,753 | -€52,857 | -3.3% |
| Contributions | 10/11 | €1,675,758 | €1,675,758 | = | 0.0% |
| Capital | 10 | €1,675,758 | €1,675,758 | = | 0.0% |
| Issued capital | 100 | €1,675,758 | €1,675,758 | = | 0.0% |
| Reserves | 13 | €331,780 | €331,780 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,069 | €16,069 | = | 0.0% |
| Legal reserve | 130 | €16,069 | €16,069 | = | 0.0% |
| Tax-exempt reserves | 132 | €113,257 | €113,257 | = | 0.0% |
| Distributable reserves | 133 | €202,455 | €202,455 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€410,928 | -€463,785 | -€52,857 | -12.9% |
| Amounts payable | 17/49 | €949,499 | €814,456 | -€135,043 | -14.2% |
| Amounts payable after more than one year | 17 | €778,939 | €736,265 | -€42,674 | -5.5% |
| Financial debts | 170/4 | €778,939 | €736,265 | -€42,674 | -5.5% |
| Amounts payable within one year | 42/48 | €170,560 | €78,191 | -€92,369 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €45,585 | €58,905 | +€13,320 | +29.2% |
| Trade debts | 44 | €124,475 | €13,786 | -€110,688 | -88.9% |
| Suppliers | 440/4 | €124,475 | €13,786 | -€110,688 | -88.9% |
| Other amounts payable | 47/48 | €500 | €5,500 | +€5,000 | +1000.0% |
| Non-recurring operating income | 76A | €1,168 | €6,076 | +€4,908 | +420.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,275 | €253,655 | +€26,380 | +11.6% |
| Other operating charges | 640/8 | €35,615 | €33,408 | -€2,207 | -6.2% |
| Gross operating margin | 9900 | €236,301 | €248,443 | +€12,142 | +5.1% |
| Operating profit (loss) | 9901 | -€26,589 | -€38,620 | -€12,031 | -45.3% |
| Financial income | 75/76B | €881 | €5 | -€876 | -99.5% |
| Recurring financial income | 75 | €881 | €5 | -€876 | -99.5% |
| Financial charges | 65/66B | €11,072 | €14,242 | +€3,169 | +28.6% |
| Recurring financial charges | 65 | €11,072 | €14,242 | +€3,169 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | -€36,780 | -€52,857 | -€16,077 | -43.7% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€36,780 | -€52,857 | -€16,077 | -43.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,780 | -€52,857 | -€16,077 | -43.7% |
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 30 September 2026 via checked.be.