KEGON: 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.
KEGON
Largest movements
- Receivables within one year +€88,438
up €88,438 (+14.0%), from €629,853 to €718,291
of which Other amounts receivable: +€88,438
- Cash +€27,906
up €27,906 (+27.0%), from €103,466 to €131,373
mainly Net result for the year (+€90,945) and Debts after one year (+€35,000)
- Current investments +€17,750
new in 2025: €17,750
- Reserves +€90,945
up €90,945 (+20.7%), from €438,806 to €529,751
- Debts after one year +€35,000
up €35,000 (+12.5%), from €280,000 to €315,000
- Financial income +€19,037
up €19,037 (+56.2%), from €33,893 to €52,930
- Gross operating margin -€9,120
down €9,120 (-8.8%), from €103,800 to €94,680
- Taxes +€4,733
up €4,733 (+16.6%), from €28,521 to €33,254
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 | €753,673 | €885,472 | +€131,799 | +17.5% |
| Fixed assets | 21/28 | €20,354 | €17,697 | -€2,657 | -13.1% |
| Tangible fixed assets | 22/27 | €20,349 | €17,692 | -€2,657 | -13.1% |
| Land and buildings | 22 | €19,712 | €17,237 | -€2,475 | -12.6% |
| Furniture and vehicles | 24 | €637 | €456 | -€182 | -28.5% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €733,319 | €867,775 | +€134,456 | +18.3% |
| Amounts receivable after more than one year | 29 | - | €361 | +€361 | |
| Other amounts receivable | 291 | - | €361 | +€361 | |
| Amounts receivable within one year | 40/41 | €629,853 | €718,291 | +€88,438 | +14.0% |
| Trade receivables | 40 | €16,638 | €16,638 | = | 0.0% |
| Other amounts receivable | 41 | €613,215 | €701,654 | +€88,438 | +14.4% |
| Current investments | 50/53 | - | €17,750 | +€17,750 | |
| Cash at bank and in hand | 54/58 | €103,466 | €131,373 | +€27,906 | +27.0% |
| Total equity and liabilities | 10/49 | €753,673 | €885,472 | +€131,799 | +17.5% |
| Equity | 10/15 | €457,406 | €548,351 | +€90,945 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €438,806 | €529,751 | +€90,945 | +20.7% |
| Distributable reserves | 133 | €438,806 | €529,751 | +€90,945 | +20.7% |
| Amounts payable | 17/49 | €296,267 | €337,121 | +€40,855 | +13.8% |
| Amounts payable after more than one year | 17 | €280,000 | €315,000 | +€35,000 | +12.5% |
| Financial debts | 170/4 | €280,000 | €315,000 | +€35,000 | +12.5% |
| Amounts payable within one year | 42/48 | €16,267 | €22,121 | +€5,855 | +36.0% |
| Trade debts | 44 | €2,493 | €1,161 | -€1,332 | -53.4% |
| Suppliers | 440/4 | €2,493 | €1,161 | -€1,332 | -53.4% |
| Taxes, remuneration and social security | 45 | €6,898 | €8,041 | +€1,143 | +16.6% |
| Taxes | 450/3 | €6,898 | €8,041 | +€1,143 | +16.6% |
| Other amounts payable | 47/48 | €6,876 | €12,920 | +€6,044 | +87.9% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,564 | €2,657 | +€92 | +3.6% |
| Other operating charges | 640/8 | €2,836 | €2,352 | -€483 | -17.0% |
| Gross operating margin | 9900 | €103,800 | €94,680 | -€9,120 | -8.8% |
| Operating profit (loss) | 9901 | €98,400 | €89,671 | -€8,729 | -8.9% |
| Financial income | 75/76B | €33,893 | €52,930 | +€19,037 | +56.2% |
| Recurring financial income | 75 | €33,893 | €52,930 | +€19,037 | +56.2% |
| Financial charges | 65/66B | €18,998 | €18,402 | -€597 | -3.1% |
| Recurring financial charges | 65 | €18,998 | €18,402 | -€597 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €113,294 | €124,199 | +€10,905 | +9.6% |
| Income taxes | 67/77 | €28,521 | €33,254 | +€4,733 | +16.6% |
| Profit (loss) for the period | 9904 | €84,773 | €90,945 | +€6,172 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,773 | €90,945 | +€6,172 | +7.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.