KEFAS: 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.
What changed
KEFAS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €338,677+€1.3m
Equity
€10.0m
2024 · €8.4m+€1.6m
Cash
€541,730
2024 · €462,913+€78,817
Balance sheet total
€12.0m
2024 · €10.4m+€1.6m
Largest movements
Assets
- Financial fixed assets +€1.6m
up €1.6m (+112.0%), from €1.4m to €3.0m
Equity and liabilities
- Debts after one year -€2.0m
down €2.0m (-100.0%), from €2.0m to €1
- Current portion of long-term debt +€2.0m
new in 2025: €2.0m
- Reserves +€1.6m
up €1.6m (+19.3%), from €8.4m to €10.0m
Income statement
- Financial income +€1.7m
up €1.7m (+9703.0%), from €17,044 to €1.7m
of which Non-recurring financial income: +€1.6m
- Other operating charges +€665,547
up €665,547 (+296.3%), from €224,656 to €890,202
- Gross operating margin +€179,704
up €179,704 (+10.0%), from €1.8m to €2.0m
- Financial charges -€47,675
down €47,675, from €45,961 to -€1,715
of which Non-recurring financial charges: -€50,000
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.
Result 2024
€338,677
Gross operating margin
+€179,704
Staff costs
-€4,071
Other operating charges
-€665,547
Other operating items
+€65,211
Financial income
+€1.7m
Financial charges
+€47,675
Result 2025
€1.6m
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.
From operations
+€1.7m
Investment
-€1.6m
Financing
+€4
Cash 2024
€462,913
From operations (derived)
+€1.7m
Net result for the year
+€1.6m
Depreciation
+€7,900
Receivables after one year
+€8,945
Smaller working-capital items
-€4,442
Deferred charges and accrued income
+€43,785
Accrued charges and deferred income
+€11,469
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Current investments
-€19,250
Financing
+€4
Debts after one year
-€2.0m
Current portion of long-term debt
+€2.0m
Contributions, distributions and other
+€4
Cash 2025
€541,730
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,373,897 | €12,000,938 | +€1.6m | +15.7% |
| Fixed assets | 21/28 | €4,217,256 | €5,794,360 | +€1.6m | +37.4% |
| Tangible fixed assets | 22/27 | €2,802,256 | €2,794,360 | -€7,896 | -0.3% |
| Land and buildings | 22 | €650,000 | €650,000 | = | 0.0% |
| Leasing and similar rights | 25 | €1 | €1 | = | 0.0% |
| Other tangible fixed assets | 26 | €2,152,255 | €2,144,359 | -€7,896 | -0.4% |
| Financial fixed assets | 28 | €1,415,000 | €3,000,000 | +€1.6m | +112.0% |
| Current assets | 29/58 | €6,156,641 | €6,206,578 | +€49,937 | +0.8% |
| Amounts receivable after more than one year | 29 | €922,685 | €913,740 | -€8,945 | -1.0% |
| Trade receivables | 290 | €922,685 | €913,740 | -€8,945 | -1.0% |
| Amounts receivable within one year | 40/41 | €39,194 | €43,795 | +€4,601 | +11.7% |
| Trade receivables | 40 | - | €3,851 | +€3,851 | |
| Other amounts receivable | 41 | €39,194 | €39,944 | +€750 | +1.9% |
| Current investments | 50/53 | €4,688,063 | €4,707,313 | +€19,250 | +0.4% |
| Cash at bank and in hand | 54/58 | €462,913 | €541,730 | +€78,817 | +17.0% |
| Deferred charges and accrued income | 490/1 | €43,785 | - | -€43,785 | |
| Total equity and liabilities | 10/49 | €10,373,897 | €12,000,938 | +€1.6m | +15.7% |
| Equity | 10/15 | €8,366,677 | €9,982,089 | +€1.6m | +19.3% |
| Contributions | 10/11 | €222 | €226 | +€4 | +1.8% |
| Capital | 10 | €222 | €226 | +€4 | +1.8% |
| Reserves | 13 | €8,366,455 | €9,981,863 | +€1.6m | +19.3% |
| Amounts payable | 17/49 | €2,007,220 | €2,018,849 | +€11,629 | +0.6% |
| Amounts payable after more than one year | 17 | €2,000,001 | €1 | -€2.0m | -100.0% |
| Financial debts | 170/4 | €2,000,001 | €1 | -€2.0m | -100.0% |
| Amounts payable within one year | 42/48 | €7,219 | €2,007,378 | +€2.0m | +27706.9% |
| Current portion of amounts payable after more than one year | 42 | - | €2,000,000 | +€2.0m | |
| Trade debts | 44 | €26 | €27 | +€1 | +2.6% |
| Suppliers | 440/4 | €26 | €27 | +€1 | +2.6% |
| Taxes, remuneration and social security | 45 | €7,193 | €7,351 | +€159 | +2.2% |
| Taxes | 450/3 | €4,920 | €5,068 | +€148 | +3.0% |
| Remuneration and social security | 454/9 | €2,273 | €2,283 | +€10 | +0.5% |
| Accrued charges and deferred income | 492/3 | - | €11,469 | +€11,469 | |
| Remuneration, social security and pensions | 62 | €120,029 | €124,100 | +€4,071 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,900 | €7,900 | = | 0.0% |
| Other operating charges | 640/8 | €224,656 | €890,202 | +€665,547 | +296.3% |
| Gross operating margin | 9900 | €1,800,802 | €1,980,506 | +€179,704 | +10.0% |
| Operating profit (loss) | 9901 | €367,594 | -€57,109 | -€424,703 | |
| Financial income | 75/76B | €17,044 | €1,670,803 | +€1.7m | +9703.0% |
| Recurring financial income | 75 | €17,044 | €85,803 | +€68,759 | +403.4% |
| Non-recurring financial income | 76B | - | €1,585,000 | +€1.6m | |
| Financial charges | 65/66B | €45,961 | -€1,715 | -€47,675 | |
| Recurring financial charges | 65 | -€4,039 | -€1,715 | +€2,325 | +57.6% |
| Non-recurring financial charges | 66B | €50,000 | - | -€50,000 | |
| Profit (loss) for the period before taxes | 9903 | €338,677 | €1,615,409 | +€1.3m | +377.0% |
| Profit (loss) for the period | 9904 | €338,677 | €1,615,409 | +€1.3m | +377.0% |
| Profit (loss) for the period to be appropriated | 9905 | €338,677 | €1,615,409 | +€1.3m | +377.0% |
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 6 October 2026 via checked.be.