Kepan: 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.
Kepan
Largest movements
- Cash +€39,953
up €39,953 (+108%), from €36,872 to €76,825
mainly Net result for the year (+€89,322) and Depreciation (+€14,007)
- Tangible fixed assets -€14,007
down €14,007 (-2.3%), from €615,681 to €601,674
of which Land and buildings: -€12,497
- Reserves +€41,551
up €41,551 (+14.9%), from €278,558 to €320,109
of which Distributable reserves: +€41,952
- Other debts -€29,262
down €29,262 (-78.4%), from €37,321 to €8,058
- Tax, wage and social debts +€8,972
up €8,972 (+174%), from €5,168 to €14,141
- Gross operating margin +€54,683
up €54,683 (+50.0%), from €109,465 to €164,148
- Taxes +€17,557
up €17,557 (+71.4%), from €24,582 to €42,140
- Financial charges -€3,282
down €3,282 (-58.4%), from €5,617 to €2,335
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 | €742,702 | €770,527 | +€27,825 | +3.7% |
| Fixed assets | 21/28 | €703,181 | €689,174 | -€14,007 | -2.0% |
| Tangible fixed assets | 22/27 | €615,681 | €601,674 | -€14,007 | -2.3% |
| Land and buildings | 22 | €539,495 | €526,999 | -€12,497 | -2.3% |
| Furniture and vehicles | 24 | €2,006 | €495 | -€1,511 | -75.3% |
| Other tangible fixed assets | 26 | €74,180 | €74,180 | = | 0.0% |
| Financial fixed assets | 28 | €87,500 | €87,500 | = | 0.0% |
| Current assets | 29/58 | €39,521 | €81,353 | +€41,832 | +106% |
| Amounts receivable within one year | 40/41 | €1,027 | €2,860 | +€1,833 | +178% |
| Other amounts receivable | 41 | €1,027 | €2,860 | +€1,833 | +178% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €36,872 | €76,825 | +€39,953 | +108% |
| Deferred charges and accrued income | 490/1 | €1,622 | €1,668 | +€47 | +2.9% |
| Total equity and liabilities | 10/49 | €742,702 | €770,527 | +€27,825 | +3.7% |
| Equity | 10/15 | €686,709 | €728,261 | +€41,551 | +6.1% |
| Contributions | 10/11 | €172,653 | €172,653 | = | 0.0% |
| Revaluation surpluses | 12 | €235,499 | €235,499 | = | 0.0% |
| Reserves | 13 | €278,558 | €320,109 | +€41,551 | +14.9% |
| Tax-exempt reserves | 132 | €783 | €382 | -€401 | -51.2% |
| Distributable reserves | 133 | €277,775 | €319,727 | +€41,952 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €178 | €45 | -€134 | -75.0% |
| Deferred taxes | 168 | €178 | €45 | -€134 | -75.0% |
| Amounts payable | 17/49 | €55,814 | €42,222 | -€13,593 | -24.4% |
| Amounts payable within one year | 42/48 | €42,489 | €22,219 | -€20,270 | -47.7% |
| Trade debts | 44 | €0 | €21 | +€21 | |
| Suppliers | 440/4 | €0 | €21 | +€21 | |
| Taxes, remuneration and social security | 45 | €5,168 | €14,141 | +€8,972 | +174% |
| Taxes | 450/3 | €5,168 | €14,141 | +€8,972 | +174% |
| Other amounts payable | 47/48 | €37,321 | €8,058 | -€29,262 | -78.4% |
| Accrued charges and deferred income | 492/3 | €13,325 | €20,002 | +€6,677 | +50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,007 | €14,007 | = | 0.0% |
| Other operating charges | 640/8 | €15,599 | €16,478 | +€878 | +5.6% |
| Gross operating margin | 9900 | €109,465 | €164,148 | +€54,683 | +50.0% |
| Operating profit (loss) | 9901 | €79,858 | €133,663 | +€53,805 | +67.4% |
| Financial income | 75/76B | €1,491 | €0 | -€1,491 | -100.0% |
| Recurring financial income | 75 | €1,491 | €0 | -€1,491 | -100.0% |
| Financial charges | 65/66B | €5,617 | €2,335 | -€3,282 | -58.4% |
| Recurring financial charges | 65 | €5,617 | €2,335 | -€3,282 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €75,732 | €131,328 | +€55,596 | +73.4% |
| Transfer from deferred taxes | 780 | €134 | €134 | = | 0.0% |
| Income taxes | 67/77 | €24,582 | €42,140 | +€17,557 | +71.4% |
| Profit (loss) for the period | 9904 | €51,284 | €89,322 | +€38,039 | +74.2% |
| Transfer from tax-exempt reserves | 789 | €401 | €401 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,685 | €89,723 | +€38,039 | +73.6% |
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.