KEFO: what changed
Two financial 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.
KEFO
Largest movements
- Cash -€35,556
down €35,556 (-61.4%), from €57,953 to €22,397
mainly Trade debts (-€28,614) and Tax, wage and social debts (-€25,627)
- Tangible fixed assets -€24,061
down €24,061 (-4.3%), from €556,542 to €532,481
of which Land and buildings: -€23,891
- Receivables within one year -€19,240
down €19,240 (-56.8%), from €33,861 to €14,621
of which Trade receivables: -€21,631
- Trade debts -€28,614
down €28,614 (-68.6%), from €41,705 to €13,091
- Tax, wage and social debts -€25,627
down €25,627 (-23.0%), from €111,340 to €85,714
of which Remuneration and social security: -€24,093
- Debts after one year -€20,594
down €20,594 (-4.8%), from €428,841 to €408,247
- Gross operating margin -€42,599
down €42,599 (-42.6%), from €100,075 to €57,476
- Taxes -€7,809
down €7,809 (-100.0%), from €7,809 to €0
- Other operating charges -€2,988
down €2,988 (-38.6%), from €7,736 to €4,747
- Financial charges +€2,268
up €2,268 (+6.5%), from €34,742 to €37,009
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 | €1,516,488 | €1,442,631 | -€73,857 | -4.9% |
| Fixed assets | 21/28 | €556,542 | €532,481 | -€24,061 | -4.3% |
| Tangible fixed assets | 22/27 | €556,542 | €532,481 | -€24,061 | -4.3% |
| Land and buildings | 22 | €556,372 | €532,481 | -€23,891 | -4.3% |
| Furniture and vehicles | 24 | €170 | - | -€170 | |
| Current assets | 29/58 | €959,946 | €910,150 | -€49,795 | -5.2% |
| Stocks and contracts in progress | 3 | €865,447 | €869,524 | +€4,077 | +0.5% |
| Stocks | 30/36 | €865,447 | €869,524 | +€4,077 | +0.5% |
| Amounts receivable within one year | 40/41 | €33,861 | €14,621 | -€19,240 | -56.8% |
| Trade receivables | 40 | €23,238 | €1,607 | -€21,631 | -93.1% |
| Other amounts receivable | 41 | €10,622 | €13,014 | +€2,391 | +22.5% |
| Cash at bank and in hand | 54/58 | €57,953 | €22,397 | -€35,556 | -61.4% |
| Deferred charges and accrued income | 490/1 | €2,685 | €3,609 | +€924 | +34.4% |
| Total equity and liabilities | 10/49 | €1,516,488 | €1,442,631 | -€73,857 | -4.9% |
| Equity | 10/15 | €87,555 | €79,068 | -€8,487 | -9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,203 | €11,203 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,343 | €9,343 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,752 | €49,265 | -€8,487 | -14.7% |
| Amounts payable | 17/49 | €1,428,933 | €1,363,563 | -€65,370 | -4.6% |
| Amounts payable after more than one year | 17 | €428,841 | €408,247 | -€20,594 | -4.8% |
| Financial debts | 170/4 | €428,841 | €408,247 | -€20,594 | -4.8% |
| Amounts payable within one year | 42/48 | €1,000,092 | €955,316 | -€44,775 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €343,008 | €343,578 | +€570 | +0.2% |
| Trade debts | 44 | €41,705 | €13,091 | -€28,614 | -68.6% |
| Suppliers | 440/4 | €41,705 | €13,091 | -€28,614 | -68.6% |
| Advances received on contracts in progress | 46 | - | €9,075 | +€9,075 | |
| Taxes, remuneration and social security | 45 | €111,340 | €85,714 | -€25,627 | -23.0% |
| Taxes | 450/3 | €10,814 | €9,281 | -€1,534 | -14.2% |
| Remuneration and social security | 454/9 | €100,526 | €76,433 | -€24,093 | -24.0% |
| Other amounts payable | 47/48 | €504,038 | €503,858 | -€180 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,391 | €24,061 | -€330 | -1.4% |
| Other operating charges | 640/8 | €7,736 | €4,747 | -€2,988 | -38.6% |
| Gross operating margin | 9900 | €100,075 | €57,476 | -€42,599 | -42.6% |
| Operating profit (loss) | 9901 | €67,948 | €28,667 | -€39,281 | -57.8% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €34,742 | €37,009 | +€2,268 | +6.5% |
| Recurring financial charges | 65 | €34,742 | €37,009 | +€2,268 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €33,206 | -€8,307 | -€41,513 | |
| Income taxes | 67/77 | €7,809 | €0 | -€7,809 | -100.0% |
| Profit (loss) for the period | 9904 | €25,397 | -€8,307 | -€33,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,397 | -€8,307 | -€33,704 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.