KEOL: 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.
KEOL
Largest movements
- Cash -€47,276
down €47,276 (-38.1%), from €124,167 to €76,890
mainly Contributions, distributions and other (-€189,181) and Investment in fixed assets (net) (-€21,605)
- Tangible fixed assets +€10,545
up €10,545 (+20.8%), from €50,610 to €61,155
of which Furniture and vehicles: +€16,313
- Reserves -€75,110
down €75,110 (-100.0%), from €75,110 to €0
- Other debts +€34,980
up €34,980 (+39.3%), from €89,045 to €124,025
- Trade debts +€2,252
up €2,252 (+46.5%), from €4,847 to €7,098
- Gross operating margin +€53,435
up €53,435 (+49.9%), from €107,128 to €160,564
- Taxes +€12,258
up €12,258 (+59.4%), from €20,623 to €32,881
- Depreciation +€3,918
up €3,918 (+54.9%), from €7,142 to €11,060
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 | €194,620 | €156,037 | -€38,583 | -19.8% |
| Fixed assets | 21/28 | €50,610 | €61,155 | +€10,545 | +20.8% |
| Tangible fixed assets | 22/27 | €50,610 | €61,155 | +€10,545 | +20.8% |
| Furniture and vehicles | 24 | €2,014 | €18,328 | +€16,313 | +809.9% |
| Other tangible fixed assets | 26 | €48,596 | €42,827 | -€5,769 | -11.9% |
| Current assets | 29/58 | €144,010 | €94,882 | -€49,128 | -34.1% |
| Amounts receivable within one year | 40/41 | €16,930 | €16,374 | -€555 | -3.3% |
| Trade receivables | 40 | €13,010 | €9,556 | -€3,455 | -26.6% |
| Other amounts receivable | 41 | €3,919 | €6,819 | +€2,900 | +74.0% |
| Cash at bank and in hand | 54/58 | €124,167 | €76,890 | -€47,276 | -38.1% |
| Deferred charges and accrued income | 490/1 | €2,914 | €1,617 | -€1,296 | -44.5% |
| Total equity and liabilities | 10/49 | €194,620 | €156,037 | -€38,583 | -19.8% |
| Equity | 10/15 | €93,733 | €18,600 | -€75,133 | -80.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,110 | €0 | -€75,110 | -100.0% |
| Distributable reserves | 133 | €75,110 | €0 | -€75,110 | -100.0% |
| Profit (loss) carried forward | 14 | €23 | €0 | -€23 | -100.0% |
| Amounts payable | 17/49 | €100,887 | €137,437 | +€36,550 | +36.2% |
| Amounts payable within one year | 42/48 | €97,635 | €133,917 | +€36,281 | +37.2% |
| Trade debts | 44 | €4,847 | €7,098 | +€2,252 | +46.5% |
| Suppliers | 440/4 | €4,847 | €7,098 | +€2,252 | +46.5% |
| Taxes, remuneration and social security | 45 | €3,743 | €2,793 | -€950 | -25.4% |
| Taxes | 450/3 | €3,743 | €2,793 | -€950 | -25.4% |
| Other amounts payable | 47/48 | €89,045 | €124,025 | +€34,980 | +39.3% |
| Accrued charges and deferred income | 492/3 | €3,251 | €3,520 | +€269 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,142 | €11,060 | +€3,918 | +54.9% |
| Other operating charges | 640/8 | €2,194 | €1,934 | -€260 | -11.9% |
| Gross operating margin | 9900 | €107,128 | €160,564 | +€53,435 | +49.9% |
| Operating profit (loss) | 9901 | €97,792 | €147,569 | +€49,777 | +50.9% |
| Financial income | 75/76B | €21 | €240 | +€219 | +1041.7% |
| Recurring financial income | 75 | €21 | €240 | +€219 | +1041.7% |
| Financial charges | 65/66B | €1,124 | €881 | -€243 | -21.7% |
| Recurring financial charges | 65 | €1,124 | €881 | -€243 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €96,689 | €146,929 | +€50,240 | +52.0% |
| Income taxes | 67/77 | €20,623 | €32,881 | +€12,258 | +59.4% |
| Profit (loss) for the period | 9904 | €76,066 | €114,048 | +€37,982 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,066 | €114,048 | +€37,982 | +49.9% |
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 2 October 2026 via checked.be.