KEIBOS: 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.
KEIBOS
Largest movements
- Cash +€72,776
up €72,776 (+907%), from €8,021 to €80,797
mainly Net result for the year (+€41,402) and Depreciation (+€36,507)
- Tangible fixed assets -€36,507
down €36,507 (-2.7%), from €1.3m to €1.3m
of which Land and buildings: -€22,410
- Receivables within one year -€20,981
down €20,981 (-8.2%), from €254,988 to €234,007
of which Trade receivables: -€20,981
- Profit (loss) carried forward +€41,402
up €41,402, from -€24,553 to €16,849
- Debts after one year -€39,804
down €39,804 (-5.2%), from €765,249 to €725,444
- Financial charges +€13,236
up €13,236 (+76.0%), from €17,416 to €30,651
- Other operating charges -€5,024
down €5,024 (-24.3%), from €20,665 to €15,641
- Gross operating margin -€1,553
down €1,553 (-1.2%), from €126,867 to €125,314
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 | €1,741,630 | €1,754,534 | +€12,904 | +0.7% |
| Fixed assets | 21/28 | €1,474,977 | €1,438,470 | -€36,507 | -2.5% |
| Tangible fixed assets | 22/27 | €1,336,580 | €1,300,074 | -€36,507 | -2.7% |
| Land and buildings | 22 | €1,264,685 | €1,242,276 | -€22,410 | -1.8% |
| Other tangible fixed assets | 26 | €71,895 | €57,798 | -€14,097 | -19.6% |
| Financial fixed assets | 28 | €138,397 | €138,397 | = | 0.0% |
| Current assets | 29/58 | €266,653 | €316,064 | +€49,411 | +18.5% |
| Amounts receivable within one year | 40/41 | €254,988 | €234,007 | -€20,981 | -8.2% |
| Trade receivables | 40 | €60,597 | €39,615 | -€20,981 | -34.6% |
| Other amounts receivable | 41 | €194,391 | €194,391 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,021 | €80,797 | +€72,776 | +907% |
| Deferred charges and accrued income | 490/1 | €3,644 | €1,260 | -€2,384 | -65.4% |
| Total equity and liabilities | 10/49 | €1,741,630 | €1,754,534 | +€12,904 | +0.7% |
| Equity | 10/15 | €564,724 | €606,126 | +€41,402 | +7.3% |
| Contributions | 10/11 | €589,277 | €589,277 | = | 0.0% |
| Capital | 10 | €589,277 | €589,277 | = | 0.0% |
| Issued capital | 100 | €589,277 | €589,277 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,553 | €16,849 | +€41,402 | |
| Amounts payable | 17/49 | €1,176,906 | €1,148,408 | -€28,498 | -2.4% |
| Amounts payable after more than one year | 17 | €765,249 | €725,444 | -€39,804 | -5.2% |
| Financial debts | 170/4 | €765,249 | €725,444 | -€39,804 | -5.2% |
| Amounts payable within one year | 42/48 | €411,658 | €407,365 | -€4,293 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €39,993 | €40,369 | +€376 | +0.9% |
| Trade debts | 44 | - | €731 | +€731 | |
| Suppliers | 440/4 | - | €731 | +€731 | |
| Taxes, remuneration and social security | 45 | €3,285 | €4,416 | +€1,131 | +34.4% |
| Taxes | 450/3 | €3,285 | €4,416 | +€1,131 | +34.4% |
| Other amounts payable | 47/48 | €368,380 | €361,849 | -€6,531 | -1.8% |
| Accrued charges and deferred income | 492/3 | - | €15,599 | +€15,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,507 | €36,507 | = | 0.0% |
| Other operating charges | 640/8 | €20,665 | €15,641 | -€5,024 | -24.3% |
| Gross operating margin | 9900 | €126,867 | €125,314 | -€1,553 | -1.2% |
| Operating profit (loss) | 9901 | €69,695 | €73,167 | +€3,472 | +5.0% |
| Financial income | 75/76B | €0 | €86 | +€86 | +861,700% |
| Recurring financial income | 75 | €0 | €86 | +€86 | +861,700% |
| Financial charges | 65/66B | €17,416 | €30,651 | +€13,236 | +76.0% |
| Recurring financial charges | 65 | €17,416 | €30,651 | +€13,236 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | €52,280 | €42,601 | -€9,678 | -18.5% |
| Income taxes | 67/77 | - | €1,199 | +€1,199 | |
| Profit (loss) for the period | 9904 | €52,280 | €41,402 | -€10,878 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,280 | €41,402 | -€10,878 | -20.8% |
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 13 October 2026 via checked.be.