Kepco: 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.
What changed
Kepco
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,731
2024 · -€89,576+€134,307
Equity
€144,313
2024 · €99,582+€44,731
Cash
€9,650
2024 · €14,188-€4,537
Balance sheet total
€1.4m
2024 · €1.4m-€11,799
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Short-term financial debts +€54,936
up €54,936 (+275%), from €20,000 to €74,936
- Debts after one year -€50,647
down €50,647 (-5.4%), from €938,528 to €887,881
- Other debts -€50,288
down €50,288 (-15.7%), from €320,677 to €270,389
- Reserves +€44,731
up €44,731 (+55.2%), from €80,982 to €125,713
Income statement
- Gross operating margin +€72,513
up €72,513 (+99.4%), from €72,939 to €145,452
- Other operating charges -€62,827
down €62,827 (-91.5%), from €68,660 to €5,833
- Financial charges +€27,635
up €27,635 (+169%), from €16,359 to €43,995
- Write-downs +€18,604
up €18,604, from -€18,604 to €0
- Depreciation +€7,860
up €7,860 (+18.5%), from €42,491 to €50,351
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.
Result 2024
-€89,576
Gross operating margin
+€72,513
Depreciation
-€7,860
Write-downs
-€18,604
Other operating charges
+€62,827
Other operating items
+€55,728
Financial income
-€2,776
Financial charges
-€27,635
Taxes
+€114
Result 2025
€44,731
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€32,218
Investment
-€41,639
Financing
+€4,884
Cash 2024
€14,188
From operations (derived)
+€32,218
Net result for the year
+€44,731
Depreciation
+€50,351
Receivables within one year
-€857
Deferred charges and accrued income
-€593
Trade debts
-€1,822
Tax, wage and social debts
-€11,058
Other debts
-€50,288
Accrued charges and deferred income
+€1,754
Investment (derived)
-€41,639
Investment in fixed assets (net)
-€41,639
Financing
+€4,884
Debts after one year
-€50,647
Current portion of long-term debt
+€596
Short-term financial debts
+€54,936
Cash 2025
€9,650
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,437,705 | €1,425,906 | -€11,799 | -0.8% |
| Fixed assets | 21/28 | €1,406,624 | €1,397,912 | -€8,712 | -0.6% |
| Intangible fixed assets | 21 | €2,794 | €1,854 | -€940 | -33.6% |
| Tangible fixed assets | 22/27 | €1,403,829 | €1,396,057 | -€7,772 | -0.6% |
| Land and buildings | 22 | €1,381,496 | €1,378,098 | -€3,398 | -0.2% |
| Plant, machinery and equipment | 23 | €15,119 | €10,994 | -€4,126 | -27.3% |
| Furniture and vehicles | 24 | €7,214 | €6,966 | -€248 | -3.4% |
| Current assets | 29/58 | €31,081 | €27,994 | -€3,087 | -9.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €13,709 | €14,566 | +€857 | +6.2% |
| Trade receivables | 40 | €13,709 | €14,520 | +€811 | +5.9% |
| Other amounts receivable | 41 | €0 | €46 | +€46 | |
| Cash at bank and in hand | 54/58 | €14,188 | €9,650 | -€4,537 | -32.0% |
| Deferred charges and accrued income | 490/1 | €3,185 | €3,778 | +€593 | +18.6% |
| Total equity and liabilities | 10/49 | €1,437,705 | €1,425,906 | -€11,799 | -0.8% |
| Equity | 10/15 | €99,582 | €144,313 | +€44,731 | +44.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,982 | €125,713 | +€44,731 | +55.2% |
| Distributable reserves | 133 | €80,982 | €125,713 | +€44,731 | +55.2% |
| Amounts payable | 17/49 | €1,338,123 | €1,281,593 | -€56,530 | -4.2% |
| Amounts payable after more than one year | 17 | €938,528 | €887,881 | -€50,647 | -5.4% |
| Financial debts | 170/4 | €938,528 | €887,881 | -€50,647 | -5.4% |
| Amounts payable within one year | 42/48 | €393,795 | €386,158 | -€7,637 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €26,129 | €26,724 | +€596 | +2.3% |
| Financial debts | 43 | €20,000 | €74,936 | +€54,936 | +275% |
| Credit institutions | 430/8 | €20,000 | €74,936 | +€54,936 | +275% |
| Trade debts | 44 | €3,443 | €1,621 | -€1,822 | -52.9% |
| Suppliers | 440/4 | €3,443 | €1,621 | -€1,822 | -52.9% |
| Taxes, remuneration and social security | 45 | €23,546 | €12,488 | -€11,058 | -47.0% |
| Taxes | 450/3 | €23,546 | €11,488 | -€12,058 | -51.2% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €320,677 | €270,389 | -€50,288 | -15.7% |
| Accrued charges and deferred income | 492/3 | €5,800 | €7,554 | +€1,754 | +30.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,491 | €50,351 | +€7,860 | +18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,604 | €0 | +€18,604 | |
| Other operating charges | 640/8 | €68,660 | €5,833 | -€62,827 | -91.5% |
| Non-recurring operating charges | 66A | €55,728 | €0 | -€55,728 | -100% |
| Gross operating margin | 9900 | €72,939 | €145,452 | +€72,513 | +99.4% |
| Operating profit (loss) | 9901 | -€75,336 | €89,268 | +€164,604 | |
| Financial income | 75/76B | €2,776 | €0 | -€2,776 | -100.0% |
| Recurring financial income | 75 | €2,776 | €0 | -€2,776 | -100.0% |
| Financial charges | 65/66B | €16,359 | €43,995 | +€27,635 | +169% |
| Recurring financial charges | 65 | €16,359 | €43,995 | +€27,635 | +169% |
| Profit (loss) for the period before taxes | 9903 | -€88,919 | €45,274 | +€134,193 | |
| Income taxes | 67/77 | €657 | €542 | -€114 | -17.4% |
| Profit (loss) for the period | 9904 | -€89,576 | €44,731 | +€134,307 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,576 | €44,731 | +€134,307 |
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 19 October 2026 via checked.be.