KEHART: 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.
KEHART
Largest movements
- Tangible fixed assets +€7,844
new in 2025: €7,844
- Cash +€3,840
up €3,840 (+152.7%), from €2,515 to €6,355
mainly Other debts (+€21,782) and Trade debts (+€1,996)
- Receivables within one year +€1,712
up €1,712 (+27.1%), from €6,313 to €8,025
of which Trade receivables: +€1,566
- Formation expenses -€1,580
no longer reported in 2025 (was €1,580)
- Other debts +€21,782
new in 2025: €21,782
- Profit (loss) carried forward -€11,471
down €11,471, from €5,136 to -€6,334
- Trade debts +€1,996
up €1,996 (+494.4%), from €404 to €2,399
- Tax, wage and social debts -€493
down €493 (-27.3%), from €1,803 to €1,310
- Gross operating margin -€16,758
down €16,758, from €6,992 to -€9,766
- Taxes -€1,310
no longer reported in 2025 (was €1,310)
- Depreciation +€1,308
up €1,308 (+469.1%), from €279 to €1,587
- Other operating charges -€154
down €154 (-69.7%), from €221 to €67
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 | €10,409 | €22,224 | +€11,816 | +113.5% |
| Formation expenses | 20 | €1,580 | - | -€1,580 | |
| Fixed assets | 21/28 | - | €7,844 | +€7,844 | |
| Tangible fixed assets | 22/27 | - | €7,844 | +€7,844 | |
| Furniture and vehicles | 24 | - | €7,844 | +€7,844 | |
| Current assets | 29/58 | €8,829 | €14,380 | +€5,552 | +62.9% |
| Amounts receivable within one year | 40/41 | €6,313 | €8,025 | +€1,712 | +27.1% |
| Trade receivables | 40 | €2,697 | €4,263 | +€1,566 | +58.1% |
| Other amounts receivable | 41 | €3,616 | €3,762 | +€146 | +4.0% |
| Cash at bank and in hand | 54/58 | €2,515 | €6,355 | +€3,840 | +152.7% |
| Total equity and liabilities | 10/49 | €10,409 | €22,224 | +€11,816 | +113.5% |
| Equity | 10/15 | €8,136 | -€3,334 | -€11,471 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,136 | -€6,334 | -€11,471 | |
| Amounts payable | 17/49 | €2,272 | €25,558 | +€23,286 | +1024.8% |
| Amounts payable within one year | 42/48 | €2,207 | €25,491 | +€23,285 | +1055.3% |
| Trade debts | 44 | €404 | €2,399 | +€1,996 | +494.4% |
| Suppliers | 440/4 | €404 | €2,399 | +€1,996 | +494.4% |
| Taxes, remuneration and social security | 45 | €1,803 | €1,310 | -€493 | -27.3% |
| Taxes | 450/3 | €1,803 | €1,310 | -€493 | -27.3% |
| Other amounts payable | 47/48 | - | €21,782 | +€21,782 | |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279 | €1,587 | +€1,308 | +469.1% |
| Other operating charges | 640/8 | €221 | €67 | -€154 | -69.7% |
| Gross operating margin | 9900 | €6,992 | -€9,766 | -€16,758 | |
| Operating profit (loss) | 9901 | €6,492 | -€11,420 | -€17,912 | |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €64 | €51 | -€13 | -20.7% |
| Recurring financial charges | 65 | €64 | €51 | -€13 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €6,446 | -€11,471 | -€17,917 | |
| Income taxes | 67/77 | €1,310 | - | -€1,310 | |
| Profit (loss) for the period | 9904 | €5,136 | -€11,471 | -€16,607 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,136 | -€11,471 | -€16,607 |
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 5 October 2026 via checked.be.