KEGECO: 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.
What changed
KEGECO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2,369
2024 · -€63,456+€65,825
Equity
€898,941
2024 · €896,573+€2,369
Cash
€9,338
2024 · €9,566-€228
Balance sheet total
€1.6m
2024 · €1.5m+€100,913
Largest movements
Assets
- Tangible fixed assets +€85,207
up €85,207 (+6.0%), from €1.4m to €1.5m
of which Furniture and vehicles: +€62,847
Equity and liabilities
- Other debts +€104,274
up €104,274 (+89.3%), from €116,805 to €221,079
- Tax, wage and social debts -€24,899
down €24,899 (-72.5%), from €34,353 to €9,454
Income statement
- Gross operating margin +€80,721
up €80,721 (+433.3%), from €18,629 to €99,350
- Financial charges +€6,803
up €6,803 (+109.2%), from €6,229 to €13,032
- Taxes -€4,941
down €4,941 (-98.8%), from €5,000 to €59
- Depreciation +€3,894
up €3,894 (+6.6%), from €58,763 to €62,658
- Other operating charges +€1,083
up €1,083 (+8.9%), from €12,107 to €13,190
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
-€63,456
Gross operating margin
+€80,721
Depreciation
-€3,894
Other operating charges
-€1,083
Other operating items
-€8,226
Financial income
+€170
Financial charges
-€6,803
Taxes
+€4,941
Result 2025
€2,369
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
+€124,233
Investment
-€147,865
Financing
+€23,404
Cash 2024
€9,566
From operations (derived)
+€124,233
Net result for the year
+€2,369
Depreciation
+€62,658
Stocks and contracts
-€2,343
Receivables within one year
-€9,762
Deferred charges and accrued income
-€3,828
Trade debts
-€4,235
Tax, wage and social debts
-€24,899
Other debts
+€104,274
Investment (derived)
-€147,865
Investment in fixed assets (net)
-€147,865
Financing
+€23,404
Debts after one year
+€7,792
Current portion of long-term debt
+€15,611
Cash 2025
€9,338
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,471,992 | €1,572,905 | +€100,913 | +6.9% |
| Fixed assets | 21/28 | €1,417,221 | €1,502,428 | +€85,207 | +6.0% |
| Tangible fixed assets | 22/27 | €1,417,221 | €1,502,428 | +€85,207 | +6.0% |
| Land and buildings | 22 | €1,381,291 | €1,396,549 | +€15,258 | +1.1% |
| Plant, machinery and equipment | 23 | €33,809 | €40,911 | +€7,102 | +21.0% |
| Furniture and vehicles | 24 | €2,121 | €64,969 | +€62,847 | +2962.5% |
| Current assets | 29/58 | €54,771 | €70,477 | +€15,706 | +28.7% |
| Stocks and contracts in progress | 3 | €10,000 | €12,343 | +€2,343 | +23.4% |
| Stocks | 30/36 | €10,000 | €12,343 | +€2,343 | +23.4% |
| Amounts receivable within one year | 40/41 | €34,495 | €44,257 | +€9,762 | +28.3% |
| Trade receivables | 40 | €16,614 | €16,758 | +€144 | +0.9% |
| Other amounts receivable | 41 | €17,881 | €27,499 | +€9,618 | +53.8% |
| Cash at bank and in hand | 54/58 | €9,566 | €9,338 | -€228 | -2.4% |
| Deferred charges and accrued income | 490/1 | €710 | €4,538 | +€3,828 | +539.1% |
| Total equity and liabilities | 10/49 | €1,471,992 | €1,572,905 | +€100,913 | +6.9% |
| Equity | 10/15 | €896,573 | €898,941 | +€2,369 | +0.3% |
| Contributions | 10/11 | €159,336 | €159,336 | = | 0.0% |
| Capital | 10 | €159,336 | €159,336 | = | 0.0% |
| Issued capital | 100 | €159,336 | €159,336 | = | 0.0% |
| Revaluation surpluses | 12 | €382,885 | €382,885 | = | 0.0% |
| Reserves | 13 | €521,938 | €521,938 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,054 | €4,054 | = | 0.0% |
| Legal reserve | 130 | €4,054 | €4,054 | = | 0.0% |
| Distributable reserves | 133 | €517,885 | €517,885 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,587 | -€165,218 | +€2,369 | +1.4% |
| Amounts payable | 17/49 | €575,419 | €673,963 | +€98,544 | +17.1% |
| Amounts payable after more than one year | 17 | €380,131 | €387,924 | +€7,792 | +2.0% |
| Financial debts | 170/4 | €380,131 | €345,591 | -€34,540 | -9.1% |
| Trade debts | 175 | - | €42,333 | +€42,333 | |
| Amounts payable within one year | 42/48 | €195,288 | €286,039 | +€90,752 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €33,933 | €49,544 | +€15,611 | +46.0% |
| Financial debts | 43 | €1,223 | €1,223 | = | 0.0% |
| Credit institutions | 430/8 | €1,223 | €1,223 | = | 0.0% |
| Trade debts | 44 | €8,975 | €4,740 | -€4,235 | -47.2% |
| Suppliers | 440/4 | €8,975 | €4,740 | -€4,235 | -47.2% |
| Taxes, remuneration and social security | 45 | €34,353 | €9,454 | -€24,899 | -72.5% |
| Taxes | 450/3 | €34,353 | €9,454 | -€24,899 | -72.5% |
| Other amounts payable | 47/48 | €116,805 | €221,079 | +€104,274 | +89.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,763 | €62,658 | +€3,894 | +6.6% |
| Other operating charges | 640/8 | €12,107 | €13,190 | +€1,083 | +8.9% |
| Non-recurring operating charges | 66A | - | €8,226 | +€8,226 | |
| Gross operating margin | 9900 | €18,629 | €99,350 | +€80,721 | +433.3% |
| Operating profit (loss) | 9901 | -€52,241 | €15,276 | +€67,517 | |
| Financial income | 75/76B | €14 | €184 | +€170 | +1185.5% |
| Recurring financial income | 75 | €14 | €184 | +€170 | +1185.5% |
| Financial charges | 65/66B | €6,229 | €13,032 | +€6,803 | +109.2% |
| Recurring financial charges | 65 | €6,229 | €13,032 | +€6,803 | +109.2% |
| Profit (loss) for the period before taxes | 9903 | -€58,456 | €2,428 | +€60,884 | |
| Income taxes | 67/77 | €5,000 | €59 | -€4,941 | -98.8% |
| Profit (loss) for the period | 9904 | -€63,456 | €2,369 | +€65,825 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,456 | €2,369 | +€65,825 |
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.