KEIKO: 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.
KEIKO
Largest movements
- Tangible fixed assets +€144,147
up €144,147 (+1,808%), from €7,971 to €152,118
of which Furniture and vehicles: +€114,625
- Cash +€32,679
up €32,679 (+77,273%), from €42 to €32,721
mainly Debts after one year (+€86,113) and Other debts (+€71,027)
- Receivables within one year +€10,430
up €10,430 (+77.7%), from €13,431 to €23,861
of which Trade receivables: +€9,551
- Deferred charges and accrued income +€6,357
up €6,357 (+403%), from €1,579 to €7,935
- Debts after one year +€86,113
new in 2025: €86,113
- Other debts +€71,027
up €71,027 (+209%), from €33,933 to €104,959
- Current portion of long-term debt +€28,684
new in 2025: €28,684
- Trade debts +€5,630
up €5,630 (+158%), from €3,572 to €9,202
- Tax, wage and social debts +€5,309
up €5,309 (+248%), from €2,143 to €7,453
- Gross operating margin +€66,111
up €66,111, from -€24,156 to €41,955
- Depreciation +€30,145
up €30,145 (+753%), from €4,002 to €34,147
- Financial charges +€4,458
up €4,458 (+1,977%), from €225 to €4,684
- Other operating charges +€1,462
up €1,462, from €0 to €1,462
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 | €23,590 | €217,203 | +€193,613 | +821% |
| Fixed assets | 21/28 | €8,538 | €152,686 | +€144,147 | +1,688% |
| Tangible fixed assets | 22/27 | €7,971 | €152,118 | +€144,147 | +1,808% |
| Plant, machinery and equipment | 23 | €3,721 | €2,581 | -€1,140 | -30.6% |
| Furniture and vehicles | 24 | €3,084 | €117,709 | +€114,625 | +3,716% |
| Leasing and similar rights | 25 | - | €25,605 | +€25,605 | |
| Other tangible fixed assets | 26 | €1,166 | €6,224 | +€5,058 | +434% |
| Financial fixed assets | 28 | €567 | €567 | = | 0.0% |
| Current assets | 29/58 | €15,052 | €64,518 | +€49,466 | +329% |
| Amounts receivable within one year | 40/41 | €13,431 | €23,861 | +€10,430 | +77.7% |
| Trade receivables | 40 | €13,431 | €22,982 | +€9,551 | +71.1% |
| Other amounts receivable | 41 | €0 | €880 | +€880 | |
| Cash at bank and in hand | 54/58 | €42 | €32,721 | +€32,679 | +77,273% |
| Deferred charges and accrued income | 490/1 | €1,579 | €7,935 | +€6,357 | +403% |
| Total equity and liabilities | 10/49 | €23,590 | €217,203 | +€193,613 | +821% |
| Equity | 10/15 | -€20,289 | -€19,208 | +€1,081 | +5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,611 | €34,611 | = | 0.0% |
| Distributable reserves | 133 | €34,611 | €34,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,500 | -€72,419 | +€1,081 | +1.5% |
| Amounts payable | 17/49 | €43,879 | €236,411 | +€192,531 | +439% |
| Amounts payable after more than one year | 17 | - | €86,113 | +€86,113 | |
| Financial debts | 170/4 | - | €86,113 | +€86,113 | |
| Amounts payable within one year | 42/48 | €43,879 | €150,298 | +€106,419 | +243% |
| Current portion of amounts payable after more than one year | 42 | - | €28,684 | +€28,684 | |
| Financial debts | 43 | €4,231 | €0 | -€4,231 | -100% |
| Credit institutions | 430/8 | €4,231 | €0 | -€4,231 | -100% |
| Trade debts | 44 | €3,572 | €9,202 | +€5,630 | +158% |
| Suppliers | 440/4 | €3,572 | €9,202 | +€5,630 | +158% |
| Taxes, remuneration and social security | 45 | €2,143 | €7,453 | +€5,309 | +248% |
| Taxes | 450/3 | €2,143 | €7,453 | +€5,309 | +248% |
| Other amounts payable | 47/48 | €33,933 | €104,959 | +€71,027 | +209% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,002 | €34,147 | +€30,145 | +753% |
| Other operating charges | 640/8 | €0 | €1,462 | +€1,462 | |
| Gross operating margin | 9900 | -€24,156 | €41,955 | +€66,111 | |
| Operating profit (loss) | 9901 | -€28,158 | €6,346 | +€34,505 | |
| Financial income | 75/76B | €80 | €0 | -€80 | -99.8% |
| Recurring financial income | 75 | €80 | €0 | -€80 | -99.8% |
| Financial charges | 65/66B | €225 | €4,684 | +€4,458 | +1,977% |
| Recurring financial charges | 65 | €225 | €4,684 | +€4,458 | +1,977% |
| Profit (loss) for the period before taxes | 9903 | -€28,304 | €1,663 | +€29,967 | |
| Income taxes | 67/77 | €506 | €582 | +€75 | +14.9% |
| Profit (loss) for the period | 9904 | -€28,810 | €1,081 | +€29,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,810 | €1,081 | +€29,891 |
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 15 October 2026 via checked.be.