KEGELS: 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.
KEGELS
Largest movements
- Stocks and contracts +€117,334
up €117,334 (+16.6%), from €705,115 to €822,449
- Cash +€30,738
up €30,738 (+52.9%), from €58,150 to €88,888
mainly Net result for the year (+€121,465) and Tax, wage and social debts (+€15,199)
- Reserves +€119,799
up €119,799 (+28.7%), from €417,446 to €537,245
of which Distributable reserves: +€119,799
- Tax, wage and social debts +€15,199
up €15,199 (+46.9%), from €32,410 to €47,609
of which Taxes: +€13,524
- Current portion of long-term debt +€15,177
up €15,177 (+92.4%), from €16,430 to €31,607
- Staff costs -€25,770
down €25,770 (-53.9%), from €47,792 to €22,022
- Taxes +€15,353
up €15,353 (+37.2%), from €41,240 to €56,593
- Gross operating margin +€9,856
up €9,856 (+4.7%), from €210,288 to €220,144
- Financial income +€4,566
new in 2025: €4,566
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 | €878,579 | €1,025,589 | +€147,010 | +16.7% |
| Fixed assets | 21/28 | €111,788 | €106,543 | -€5,245 | -4.7% |
| Tangible fixed assets | 22/27 | €111,723 | €106,478 | -€5,245 | -4.7% |
| Land and buildings | 22 | €95,491 | €87,090 | -€8,401 | -8.8% |
| Plant, machinery and equipment | 23 | €11,728 | €12,736 | +€1,008 | +8.6% |
| Furniture and vehicles | 24 | €4,504 | €6,652 | +€2,148 | +47.7% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €766,791 | €919,046 | +€152,255 | +19.9% |
| Stocks and contracts in progress | 3 | €705,115 | €822,449 | +€117,334 | +16.6% |
| Stocks | 30/36 | €705,115 | €822,449 | +€117,334 | +16.6% |
| Amounts receivable within one year | 40/41 | €763 | €4,445 | +€3,682 | +483% |
| Trade receivables | 40 | €93 | €3,968 | +€3,875 | +4,167% |
| Other amounts receivable | 41 | €670 | €477 | -€193 | -28.8% |
| Cash at bank and in hand | 54/58 | €58,150 | €88,888 | +€30,738 | +52.9% |
| Deferred charges and accrued income | 490/1 | €2,763 | €3,264 | +€501 | +18.1% |
| Total equity and liabilities | 10/49 | €878,579 | €1,025,589 | +€147,010 | +16.7% |
| Equity | 10/15 | €479,419 | €599,218 | +€119,799 | +25.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €417,446 | €537,245 | +€119,799 | +28.7% |
| Non-distributable reserves | 130/1 | €25,997 | €25,997 | = | 0.0% |
| Legal reserve | 130 | €25,997 | €25,997 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,169 | €1,169 | = | 0.0% |
| Distributable reserves | 133 | €390,280 | €510,079 | +€119,799 | +30.7% |
| Amounts payable | 17/49 | €399,160 | €426,371 | +€27,211 | +6.8% |
| Amounts payable after more than one year | 17 | €101,994 | €97,497 | -€4,497 | -4.4% |
| Financial debts | 170/4 | €11,994 | €7,497 | -€4,497 | -37.5% |
| Other amounts payable | 178/9 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €293,828 | €325,170 | +€31,342 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €16,430 | €31,607 | +€15,177 | +92.4% |
| Trade debts | 44 | €22,312 | €31,371 | +€9,059 | +40.6% |
| Suppliers | 440/4 | €22,312 | €31,371 | +€9,059 | +40.6% |
| Advances received on contracts in progress | 46 | €4,921 | €958 | -€3,963 | -80.5% |
| Taxes, remuneration and social security | 45 | €32,410 | €47,609 | +€15,199 | +46.9% |
| Taxes | 450/3 | €29,108 | €42,632 | +€13,524 | +46.5% |
| Remuneration and social security | 454/9 | €3,302 | €4,977 | +€1,675 | +50.7% |
| Other amounts payable | 47/48 | €217,755 | €213,625 | -€4,130 | -1.9% |
| Accrued charges and deferred income | 492/3 | €3,338 | €3,704 | +€366 | +11.0% |
| Remuneration, social security and pensions | 62 | €47,792 | €22,022 | -€25,770 | -53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,820 | €13,742 | +€1,922 | +16.3% |
| Other operating charges | 640/8 | €3,061 | €3,146 | +€85 | +2.8% |
| Gross operating margin | 9900 | €210,288 | €220,144 | +€9,856 | +4.7% |
| Operating profit (loss) | 9901 | €147,615 | €181,234 | +€33,619 | +22.8% |
| Financial income | 75/76B | - | €4,566 | +€4,566 | |
| Recurring financial income | 75 | - | €4,566 | +€4,566 | |
| Financial charges | 65/66B | €7,860 | €7,742 | -€118 | -1.5% |
| Recurring financial charges | 65 | €7,860 | €7,742 | -€118 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €139,755 | €178,058 | +€38,303 | +27.4% |
| Income taxes | 67/77 | €41,240 | €56,593 | +€15,353 | +37.2% |
| Profit (loss) for the period | 9904 | €98,515 | €121,465 | +€22,950 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €98,515 | €121,465 | +€22,950 | +23.3% |
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 19 October 2026 via checked.be.