KEGA: 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.
KEGA
Largest movements
- Current investments +€75,000
up €75,000 (+45.6%), from €164,367 to €239,367
- Tangible fixed assets +€59,963
up €59,963 (+393%), from €15,241 to €75,204
of which Furniture and vehicles: +€62,499
- Cash -€10,212
down €10,212 (-12.3%), from €82,976 to €72,763
mainly Contributions, distributions and other (-€159,745) and Current investments (-€75,000)
- Receivables within one year -€5,462
down €5,462 (-19.4%), from €28,096 to €22,634
of which Trade receivables: -€4,704
- Other debts +€151,518
new in 2025: €151,518
- Reserves -€70,250
down €70,250 (-27.4%), from €256,161 to €185,911
- Debts after one year +€33,467
new in 2025: €33,467
- Current portion of long-term debt +€9,569
new in 2025: €9,569
- Tax, wage and social debts -€7,640
down €7,640 (-49.5%), from €15,433 to €7,793
of which Taxes: -€6,277
- Gross operating margin +€62,178
up €62,178 (+84.2%), from €73,856 to €136,034
- Taxes +€12,289
up €12,289 (+58.0%), from €21,206 to €33,495
- Depreciation +€9,271
up €9,271 (+328%), from €2,831 to €12,102
- Financial charges +€2,482
up €2,482 (+434%), from €572 to €3,054
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.
Derived cash bridge
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 | €294,791 | €410,969 | +€116,178 | +39.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €16,741 | €76,204 | +€59,463 | +355% |
| Intangible fixed assets | 21 | €1,500 | €1,000 | -€500 | -33.3% |
| Tangible fixed assets | 22/27 | €15,241 | €75,204 | +€59,963 | +393% |
| Plant, machinery and equipment | 23 | €6,128 | €4,983 | -€1,146 | -18.7% |
| Furniture and vehicles | 24 | €0 | €62,499 | +€62,499 | |
| Other tangible fixed assets | 26 | €9,112 | €7,723 | -€1,390 | -15.3% |
| Current assets | 29/58 | €278,050 | €334,765 | +€56,715 | +20.4% |
| Amounts receivable after more than one year | 29 | €2,611 | - | -€2,611 | |
| Other amounts receivable | 291 | €2,611 | - | -€2,611 | |
| Amounts receivable within one year | 40/41 | €28,096 | €22,634 | -€5,462 | -19.4% |
| Trade receivables | 40 | €12,108 | €7,404 | -€4,704 | -38.9% |
| Other amounts receivable | 41 | €15,988 | €15,230 | -€758 | -4.7% |
| Current investments | 50/53 | €164,367 | €239,367 | +€75,000 | +45.6% |
| Cash at bank and in hand | 54/58 | €82,976 | €72,763 | -€10,212 | -12.3% |
| Total equity and liabilities | 10/49 | €294,791 | €410,969 | +€116,178 | +39.4% |
| Equity | 10/15 | €274,761 | €204,511 | -€70,250 | -25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,161 | €185,911 | -€70,250 | -27.4% |
| Distributable reserves | 133 | €256,161 | €185,911 | -€70,250 | -27.4% |
| Amounts payable | 17/49 | €20,030 | €206,458 | +€186,428 | +931% |
| Amounts payable after more than one year | 17 | - | €33,467 | +€33,467 | |
| Financial debts | 170/4 | - | €33,467 | +€33,467 | |
| Amounts payable within one year | 42/48 | €19,604 | €172,565 | +€152,961 | +780% |
| Current portion of amounts payable after more than one year | 42 | - | €9,569 | +€9,569 | |
| Financial debts | 43 | €3,381 | €3,378 | -€3 | -0.1% |
| Credit institutions | 430/8 | €3,381 | €3,378 | -€3 | -0.1% |
| Trade debts | 44 | €791 | €307 | -€483 | -61.1% |
| Suppliers | 440/4 | €791 | €307 | -€483 | -61.1% |
| Taxes, remuneration and social security | 45 | €15,433 | €7,793 | -€7,640 | -49.5% |
| Taxes | 450/3 | €13,732 | €7,455 | -€6,277 | -45.7% |
| Remuneration and social security | 454/9 | €1,701 | €338 | -€1,363 | -80.2% |
| Other amounts payable | 47/48 | - | €151,518 | +€151,518 | |
| Accrued charges and deferred income | 492/3 | €426 | €426 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,831 | €12,102 | +€9,271 | +328% |
| Other operating charges | 640/8 | €2,328 | €1,257 | -€1,071 | -46.0% |
| Gross operating margin | 9900 | €73,856 | €136,034 | +€62,178 | +84.2% |
| Operating profit (loss) | 9901 | €68,698 | €122,675 | +€53,978 | +78.6% |
| Financial income | 75/76B | €3,053 | €3,369 | +€317 | +10.4% |
| Recurring financial income | 75 | €3,053 | €3,369 | +€317 | +10.4% |
| Financial charges | 65/66B | €572 | €3,054 | +€2,482 | +434% |
| Recurring financial charges | 65 | €572 | €3,054 | +€2,482 | +434% |
| Profit (loss) for the period before taxes | 9903 | €71,178 | €122,991 | +€51,812 | +72.8% |
| Income taxes | 67/77 | €21,206 | €33,495 | +€12,289 | +58.0% |
| Profit (loss) for the period | 9904 | €49,972 | €89,495 | +€39,523 | +79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,972 | €89,495 | +€39,523 | +79.1% |
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 14 October 2026 via checked.be.