KEGO: 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.
KEGO
Largest movements
- Receivables within one year -€42,677
down €42,677 (-72.9%), from €58,579 to €15,902
of which Trade receivables: -€28,868
- Tangible fixed assets -€32,393
down €32,393 (-24.4%), from €132,928 to €100,535
of which Other tangible fixed assets: -€30,275
- Cash +€11,829
up €11,829 (+1158.6%), from €1,021 to €12,850
mainly Debts after one year (+€43,964) and Receivables within one year (+€42,677)
- Profit (loss) carried forward -€58,765
down €58,765, from €4,974 to -€53,791
- Trade debts -€57,410
down €57,410 (-34.8%), from €164,829 to €107,419
- Debts after one year +€43,964
new in 2025: €43,964
- Current portion of long-term debt +€5,596
new in 2025: €5,596
- Tax, wage and social debts +€4,700
up €4,700 (+14.4%), from €32,725 to €37,424
of which Taxes: +€5,914
- Gross operating margin -€239,006
down €239,006 (-59.3%), from €403,095 to €164,089
- Staff costs -€156,452
down €156,452 (-46.8%), from €334,532 to €178,081
- Financial charges -€14,758
down €14,758 (-61.8%), from €23,890 to €9,132
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 | €207,527 | €145,612 | -€61,915 | -29.8% |
| Fixed assets | 21/28 | €132,928 | €101,861 | -€31,067 | -23.4% |
| Tangible fixed assets | 22/27 | €132,928 | €100,535 | -€32,393 | -24.4% |
| Plant, machinery and equipment | 23 | €9,475 | €8,209 | -€1,266 | -13.4% |
| Furniture and vehicles | 24 | €1,292 | €440 | -€852 | -65.9% |
| Other tangible fixed assets | 26 | €122,161 | €91,886 | -€30,275 | -24.8% |
| Financial fixed assets | 28 | - | €1,326 | +€1,326 | |
| Current assets | 29/58 | €74,600 | €43,752 | -€30,848 | -41.4% |
| Stocks and contracts in progress | 3 | €15,000 | €15,000 | = | 0.0% |
| Stocks | 30/36 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €58,579 | €15,902 | -€42,677 | -72.9% |
| Trade receivables | 40 | €44,770 | €15,902 | -€28,868 | -64.5% |
| Other amounts receivable | 41 | €13,809 | - | -€13,809 | |
| Cash at bank and in hand | 54/58 | €1,021 | €12,850 | +€11,829 | +1158.6% |
| Total equity and liabilities | 10/49 | €207,527 | €145,612 | -€61,915 | -29.8% |
| Equity | 10/15 | €9,974 | -€48,791 | -€58,765 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Share premium | 1100/10 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,974 | -€53,791 | -€58,765 | |
| Amounts payable | 17/49 | €197,553 | €194,404 | -€3,150 | -1.6% |
| Amounts payable after more than one year | 17 | - | €43,964 | +€43,964 | |
| Financial debts | 170/4 | - | €43,964 | +€43,964 | |
| Amounts payable within one year | 42/48 | €197,553 | €150,440 | -€47,114 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,596 | +€5,596 | |
| Trade debts | 44 | €164,829 | €107,419 | -€57,410 | -34.8% |
| Suppliers | 440/4 | €164,829 | €107,419 | -€57,410 | -34.8% |
| Taxes, remuneration and social security | 45 | €32,725 | €37,424 | +€4,700 | +14.4% |
| Taxes | 450/3 | €17,553 | €23,467 | +€5,914 | +33.7% |
| Remuneration and social security | 454/9 | €15,171 | €13,957 | -€1,214 | -8.0% |
| Remuneration, social security and pensions | 62 | €334,532 | €178,081 | -€156,452 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,877 | €33,748 | +€871 | +2.7% |
| Other operating charges | 640/8 | €5,931 | €2,277 | -€3,654 | -61.6% |
| Gross operating margin | 9900 | €403,095 | €164,089 | -€239,006 | -59.3% |
| Operating profit (loss) | 9901 | €29,755 | -€50,017 | -€79,772 | |
| Financial income | 75/76B | €104 | €384 | +€280 | +269.3% |
| Recurring financial income | 75 | €104 | €384 | +€280 | +269.3% |
| Financial charges | 65/66B | €23,890 | €9,132 | -€14,758 | -61.8% |
| Recurring financial charges | 65 | €23,890 | €9,132 | -€14,758 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €5,968 | -€58,765 | -€64,733 | |
| Income taxes | 67/77 | €994 | €0 | -€994 | -100.0% |
| Profit (loss) for the period | 9904 | €4,974 | -€58,765 | -€63,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,974 | -€58,765 | -€63,739 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.