KEFI: 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.
KEFI
Largest movements
- Stocks and contracts -€3,302
down €3,302 (-16.2%), from €20,388 to €17,085
- Receivables within one year +€2,023
up €2,023 (+42.0%), from €4,820 to €6,843
of which Trade receivables: +€1,828
- Cash -€1,863
down €1,863 (-10.0%), from €18,666 to €16,803
mainly Tax, wage and social debts (-€2,983) and Receivables within one year (-€2,023)
- Tangible fixed assets -€589
down €589 (-13.9%), from €4,240 to €3,650
- Tax, wage and social debts -€2,983
down €2,983 (-37.8%), from €7,902 to €4,919
- Trade debts -€1,060
down €1,060 (-15.0%), from €7,042 to €5,982
- Gross operating margin -€2,561
down €2,561 (-60.8%), from €4,215 to €1,654
- Taxes -€469
down €469 (-77.3%), from €607 to €138
- Financial charges +€125
up €125 (+151.1%), from €83 to €207
- Financial income +€88
up €88 (+109387.5%), from €0 to €88
- Other operating charges +€60
up €60 (+7.2%), from €831 to €892
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 | €48,289 | €44,573 | -€3,717 | -7.7% |
| Fixed assets | 21/28 | €4,240 | €3,650 | -€589 | -13.9% |
| Tangible fixed assets | 22/27 | €4,240 | €3,650 | -€589 | -13.9% |
| Other tangible fixed assets | 26 | €4,240 | €3,650 | -€589 | -13.9% |
| Current assets | 29/58 | €44,050 | €40,922 | -€3,127 | -7.1% |
| Stocks and contracts in progress | 3 | €20,388 | €17,085 | -€3,302 | -16.2% |
| Stocks | 30/36 | €20,388 | €17,085 | -€3,302 | -16.2% |
| Amounts receivable within one year | 40/41 | €4,820 | €6,843 | +€2,023 | +42.0% |
| Trade receivables | 40 | €4,795 | €6,622 | +€1,828 | +38.1% |
| Other amounts receivable | 41 | €25 | €220 | +€195 | +780.9% |
| Cash at bank and in hand | 54/58 | €18,666 | €16,803 | -€1,863 | -10.0% |
| Deferred charges and accrued income | 490/1 | €177 | €192 | +€15 | +8.3% |
| Total equity and liabilities | 10/49 | €48,289 | €44,573 | -€3,717 | -7.7% |
| Equity | 10/15 | €29,346 | €29,199 | -€147 | -0.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,346 | €19,199 | -€147 | -0.8% |
| Amounts payable | 17/49 | €18,943 | €15,373 | -€3,570 | -18.8% |
| Amounts payable within one year | 42/48 | €18,943 | €15,373 | -€3,570 | -18.8% |
| Trade debts | 44 | €7,042 | €5,982 | -€1,060 | -15.0% |
| Suppliers | 440/4 | €7,042 | €5,982 | -€1,060 | -15.0% |
| Taxes, remuneration and social security | 45 | €7,902 | €4,919 | -€2,983 | -37.8% |
| Taxes | 450/3 | €7,902 | €4,919 | -€2,983 | -37.8% |
| Other amounts payable | 47/48 | €4,000 | €4,473 | +€473 | +11.8% |
| Non-recurring operating income | 76A | €292 | €4 | -€288 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €589 | €589 | = | 0.0% |
| Other operating charges | 640/8 | €831 | €892 | +€60 | +7.2% |
| Non-recurring operating charges | 66A | €182 | €62 | -€120 | -65.8% |
| Gross operating margin | 9900 | €4,215 | €1,654 | -€2,561 | -60.8% |
| Operating profit (loss) | 9901 | €2,612 | €111 | -€2,501 | -95.8% |
| Financial income | 75/76B | €0 | €88 | +€88 | +109387.5% |
| Recurring financial income | 75 | €0 | €88 | +€88 | +109387.5% |
| Financial charges | 65/66B | €83 | €207 | +€125 | +151.1% |
| Recurring financial charges | 65 | €83 | €207 | +€125 | +151.1% |
| Profit (loss) for the period before taxes | 9903 | €2,530 | -€9 | -€2,539 | |
| Income taxes | 67/77 | €607 | €138 | -€469 | -77.3% |
| Profit (loss) for the period | 9904 | €1,922 | -€147 | -€2,069 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,922 | -€147 | -€2,069 |
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.