KePa: 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.
KePa
Largest movements
- Cash +€65,764
up €65,764 (+25.2%), from €261,402 to €327,166
mainly Net result for the year (+€81,064) and Receivables within one year (+€34,607)
- Receivables within one year -€34,607
down €34,607 (-56.3%), from €61,431 to €26,824
of which Other amounts receivable: -€29,630
- Reserves +€50,790
up €50,790 (+17.4%), from €291,883 to €342,673
- Tax, wage and social debts -€18,660
down €18,660 (-50.1%), from €37,268 to €18,608
- Gross operating margin -€12,608
down €12,608 (-8.7%), from €144,504 to €131,895
- Taxes +€2,485
up €2,485 (+5.5%), from €45,481 to €47,966
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 | €335,351 | €367,481 | +€32,130 | +9.6% |
| Fixed assets | 21/28 | €10,771 | €11,686 | +€915 | +8.5% |
| Tangible fixed assets | 22/27 | €10,771 | €11,686 | +€915 | +8.5% |
| Land and buildings | 22 | €8,071 | €7,221 | -€850 | -10.5% |
| Furniture and vehicles | 24 | €2,700 | €4,465 | +€1,765 | +65.4% |
| Current assets | 29/58 | €324,580 | €355,795 | +€31,215 | +9.6% |
| Amounts receivable within one year | 40/41 | €61,431 | €26,824 | -€34,607 | -56.3% |
| Trade receivables | 40 | €20,815 | €15,838 | -€4,977 | -23.9% |
| Other amounts receivable | 41 | €40,615 | €10,986 | -€29,630 | -73.0% |
| Cash at bank and in hand | 54/58 | €261,402 | €327,166 | +€65,764 | +25.2% |
| Deferred charges and accrued income | 490/1 | €1,747 | €1,805 | +€58 | +3.3% |
| Total equity and liabilities | 10/49 | €335,351 | €367,481 | +€32,130 | +9.6% |
| Equity | 10/15 | €298,083 | €348,873 | +€50,790 | +17.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €291,883 | €342,673 | +€50,790 | +17.4% |
| Distributable reserves | 133 | €291,883 | €342,673 | +€50,790 | +17.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €37,268 | €18,608 | -€18,660 | -50.1% |
| Amounts payable within one year | 42/48 | €37,268 | €18,608 | -€18,660 | -50.1% |
| Taxes, remuneration and social security | 45 | €37,268 | €18,608 | -€18,660 | -50.1% |
| Taxes | 450/3 | €37,268 | €18,608 | -€18,660 | -50.1% |
| Non-recurring operating income | 76A | €4,211 | €0 | -€4,211 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,662 | €2,759 | +€97 | +3.6% |
| Other operating charges | 640/8 | €689 | €996 | +€308 | +44.7% |
| Gross operating margin | 9900 | €144,504 | €131,895 | -€12,608 | -8.7% |
| Operating profit (loss) | 9901 | €141,152 | €128,140 | -€13,013 | -9.2% |
| Financial income | 75/76B | - | €932 | +€932 | |
| Recurring financial income | 75 | - | €932 | +€932 | |
| Financial charges | 65/66B | €42 | €42 | +€0 | +0.1% |
| Recurring financial charges | 65 | €42 | €42 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €141,110 | €129,030 | -€12,081 | -8.6% |
| Income taxes | 67/77 | €45,481 | €47,966 | +€2,485 | +5.5% |
| Profit (loss) for the period | 9904 | €95,630 | €81,064 | -€14,566 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,630 | €81,064 | -€14,566 | -15.2% |
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 10 October 2026 via checked.be.