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 -€24,581
down €24,581 (-34.2%), from €71,817 to €47,236
mainly Contributions, distributions and other (-€59,400) and Tax, wage and social debts (-€4,225)
- Reserves -€15,800
down €15,800 (-4.5%), from €354,319 to €338,519
- Gross operating margin -€22,065
down €22,065 (-49.9%), from €44,242 to €22,177
- Financial income -€19,990
down €19,990 (-25.0%), from €79,960 to €59,970
- Taxes -€6,405
down €6,405 (-59.5%), from €10,765 to €4,360
- Staff costs +€1,620
up €1,620 (+5.1%), from €31,563 to €33,183
- Financial charges -€460
no longer reported in 2025 (was €460)
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 | €780,412 | €759,640 | -€20,773 | -2.7% |
| Fixed assets | 21/28 | €699,650 | €699,650 | = | 0.0% |
| Financial fixed assets | 28 | €699,650 | €699,650 | = | 0.0% |
| Current assets | 29/58 | €80,762 | €59,990 | -€20,773 | -25.7% |
| Amounts receivable within one year | 40/41 | €8,297 | €11,253 | +€2,956 | +35.6% |
| Trade receivables | 40 | €7,183 | €11,253 | +€4,070 | +56.7% |
| Other amounts receivable | 41 | €1,114 | - | -€1,114 | |
| Cash at bank and in hand | 54/58 | €71,817 | €47,236 | -€24,581 | -34.2% |
| Deferred charges and accrued income | 490/1 | €649 | €1,501 | +€852 | +131% |
| Total equity and liabilities | 10/49 | €780,412 | €759,640 | -€20,773 | -2.7% |
| Equity | 10/15 | €706,322 | €690,528 | -€15,794 | -2.2% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €354,319 | €338,519 | -€15,800 | -4.5% |
| Distributable reserves | 133 | €354,319 | €338,519 | -€15,800 | -4.5% |
| Profit (loss) carried forward | 14 | €2,003 | €2,009 | +€6 | +0.3% |
| Amounts payable | 17/49 | €74,090 | €69,112 | -€4,978 | -6.7% |
| Amounts payable within one year | 42/48 | €74,090 | €69,112 | -€4,978 | -6.7% |
| Trade debts | 44 | €339 | €1,086 | +€746 | +220% |
| Suppliers | 440/4 | €339 | €1,086 | +€746 | +220% |
| Taxes, remuneration and social security | 45 | €12,851 | €8,626 | -€4,225 | -32.9% |
| Taxes | 450/3 | €7,765 | €2,350 | -€5,414 | -69.7% |
| Remuneration and social security | 454/9 | €5,086 | €6,276 | +€1,190 | +23.4% |
| Other amounts payable | 47/48 | €60,900 | €59,400 | -€1,500 | -2.5% |
| Remuneration, social security and pensions | 62 | €31,563 | €33,183 | +€1,620 | +5.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €44,242 | €22,177 | -€22,065 | -49.9% |
| Operating profit (loss) | 9901 | €11,711 | -€12,004 | -€23,716 | |
| Financial income | 75/76B | €79,960 | €59,970 | -€19,990 | -25.0% |
| Recurring financial income | 75 | €79,960 | €59,970 | -€19,990 | -25.0% |
| Financial charges | 65/66B | €460 | - | -€460 | |
| Recurring financial charges | 65 | €460 | - | -€460 | |
| Profit (loss) for the period before taxes | 9903 | €91,212 | €47,966 | -€43,246 | -47.4% |
| Income taxes | 67/77 | €10,765 | €4,360 | -€6,405 | -59.5% |
| Profit (loss) for the period | 9904 | €80,447 | €43,606 | -€36,841 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,447 | €43,606 | -€36,841 | -45.8% |
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 30 October 2026 via checked.be.