KEHA: 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.
KEHA
Largest movements
- Tangible fixed assets -€108,135
down €108,135 (-7.5%), from €1.4m to €1.3m
- Other debts -€722,713
down €722,713 (-98.2%), from €736,269 to €13,556
- Reserves +€633,379
up €633,379 (+771.8%), from €82,060 to €715,439
of which Distributable reserves: +€636,270
- Tax, wage and social debts +€70,683
up €70,683 (+1537.2%), from €4,598 to €75,281
- Accrued charges and deferred income -€56,681
down €56,681 (-96.1%), from €58,961 to €2,279
- Debts after one year -€19,778
down €19,778 (-8.4%), from €234,630 to €214,851
- Gross operating margin +€918,098
up €918,098 (+744.7%), from €123,290 to €1.0m
- Taxes +€307,369
up €307,369 (+6272.8%), from €4,900 to €312,269
- Financial charges -€23,846
down €23,846 (-66.7%), from €35,758 to €11,912
- Depreciation -€15,818
down €15,818 (-27.0%), from €58,534 to €42,715
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 | €1,563,537 | €1,467,249 | -€96,288 | -6.2% |
| Fixed assets | 21/28 | €1,438,870 | €1,330,734 | -€108,135 | -7.5% |
| Tangible fixed assets | 22/27 | €1,438,870 | €1,330,734 | -€108,135 | -7.5% |
| Land and buildings | 22 | €1,438,870 | €1,330,734 | -€108,135 | -7.5% |
| Current assets | 29/58 | €124,667 | €136,514 | +€11,847 | +9.5% |
| Cash at bank and in hand | 54/58 | €123,496 | €135,388 | +€11,892 | +9.6% |
| Deferred charges and accrued income | 490/1 | €1,171 | €1,126 | -€44 | -3.8% |
| Total equity and liabilities | 10/49 | €1,563,537 | €1,467,249 | -€96,288 | -6.2% |
| Equity | 10/15 | €498,509 | €1,131,888 | +€633,379 | +127.1% |
| Contributions | 10/11 | €416,000 | €416,000 | = | 0.0% |
| Capital | 10 | €416,000 | €416,000 | = | 0.0% |
| Issued capital | 100 | €416,000 | €416,000 | = | 0.0% |
| Reserves | 13 | €82,060 | €715,439 | +€633,379 | +771.8% |
| Non-distributable reserves | 130/1 | €23,102 | €23,102 | = | 0.0% |
| Legal reserve | 130 | €23,102 | €23,102 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,921 | €34,029 | -€2,891 | -7.8% |
| Distributable reserves | 133 | €22,038 | €658,308 | +€636,270 | +2887.2% |
| Profit (loss) carried forward | 14 | €449 | €449 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,230 | €8,507 | -€723 | -7.8% |
| Deferred taxes | 168 | €9,230 | €8,507 | -€723 | -7.8% |
| Amounts payable | 17/49 | €1,055,797 | €326,853 | -€728,944 | -69.0% |
| Amounts payable after more than one year | 17 | €234,630 | €214,851 | -€19,778 | -8.4% |
| Financial debts | 170/4 | €234,630 | €214,851 | -€19,778 | -8.4% |
| Amounts payable within one year | 42/48 | €762,206 | €109,722 | -€652,484 | -85.6% |
| Current portion of amounts payable after more than one year | 42 | €18,899 | €19,778 | +€879 | +4.7% |
| Trade debts | 44 | €2,440 | €1,107 | -€1,333 | -54.6% |
| Suppliers | 440/4 | €2,440 | €1,107 | -€1,333 | -54.6% |
| Taxes, remuneration and social security | 45 | €4,598 | €75,281 | +€70,683 | +1537.2% |
| Taxes | 450/3 | €4,598 | €75,281 | +€70,683 | +1537.2% |
| Other amounts payable | 47/48 | €736,269 | €13,556 | -€722,713 | -98.2% |
| Accrued charges and deferred income | 492/3 | €58,961 | €2,279 | -€56,681 | -96.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,534 | €42,715 | -€15,818 | -27.0% |
| Other operating charges | 640/8 | €27,816 | €28,657 | +€841 | +3.0% |
| Gross operating margin | 9900 | €123,290 | €1,041,388 | +€918,098 | +744.7% |
| Operating profit (loss) | 9901 | €36,941 | €970,016 | +€933,075 | +2525.9% |
| Financial income | 75/76B | €1,258 | €378 | -€880 | -70.0% |
| Recurring financial income | 75 | €1,258 | €378 | -€880 | -70.0% |
| Financial charges | 65/66B | €35,758 | €11,912 | -€23,846 | -66.7% |
| Recurring financial charges | 65 | €35,758 | €11,912 | -€23,846 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €2,441 | €958,481 | +€956,040 | +39168.3% |
| Transfer from deferred taxes | 780 | €2,188 | €723 | -€1,465 | -67.0% |
| Income taxes | 67/77 | €4,900 | €312,269 | +€307,369 | +6272.8% |
| Profit (loss) for the period | 9904 | -€271 | €646,934 | +€647,205 | |
| Transfer from tax-exempt reserves | 789 | €8,753 | €2,891 | -€5,861 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,482 | €649,826 | +€641,344 | +7561.3% |
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 7 October 2026 via checked.be.