Kepd: 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.
Kepd
Largest movements
- Receivables within one year -€18,581
down €18,581 (-99.1%), from €18,755 to €174
of which Trade receivables: -€18,755
- Cash +€14,736
up €14,736 (+81.0%), from €18,195 to €32,931
mainly Net result for the year (+€20,347) and Receivables within one year (+€18,581)
- Reserves +€20,347
up €20,347 (+62.2%), from €32,693 to €53,040
- Other debts -€16,383
down €16,383 (-50.5%), from €32,451 to €16,068
- Debts after one year -€6,000
down €6,000 (-30.8%), from €19,500 to €13,500
- Trade debts -€1,513
down €1,513 (-57.2%), from €2,645 to €1,132
- Tax, wage and social debts -€1,387
down €1,387 (-11.8%), from €11,779 to €10,392
of which Remuneration and social security: -€3,101
- Gross operating margin -€9,504
down €9,504 (-21.2%), from €44,850 to €35,346
- Financial charges +€2,221
up €2,221 (+159.9%), from €1,389 to €3,610
- Taxes +€1,615
up €1,615 (+18.0%), from €8,959 to €10,574
- Depreciation -€980
down €980 (-69.0%), from €1,422 to €441
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 | €107,676 | €103,389 | -€4,287 | -4.0% |
| Formation expenses | 20 | €30 | €0 | -€30 | -100.0% |
| Fixed assets | 21/28 | €70,696 | €70,285 | -€412 | -0.6% |
| Tangible fixed assets | 22/27 | €1,954 | €1,542 | -€412 | -21.1% |
| Plant, machinery and equipment | 23 | €1,954 | €1,542 | -€412 | -21.1% |
| Financial fixed assets | 28 | €68,743 | €68,743 | = | 0.0% |
| Current assets | 29/58 | €36,950 | €33,105 | -€3,846 | -10.4% |
| Amounts receivable within one year | 40/41 | €18,755 | €174 | -€18,581 | -99.1% |
| Trade receivables | 40 | €18,755 | €0 | -€18,755 | -100.0% |
| Other amounts receivable | 41 | - | €174 | +€174 | |
| Cash at bank and in hand | 54/58 | €18,195 | €32,931 | +€14,736 | +81.0% |
| Total equity and liabilities | 10/49 | €107,676 | €103,389 | -€4,287 | -4.0% |
| Equity | 10/15 | €35,193 | €55,540 | +€20,347 | +57.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €32,693 | €53,040 | +€20,347 | +62.2% |
| Distributable reserves | 133 | €32,693 | €53,040 | +€20,347 | +62.2% |
| Amounts payable | 17/49 | €72,484 | €47,850 | -€24,634 | -34.0% |
| Amounts payable after more than one year | 17 | €19,500 | €13,500 | -€6,000 | -30.8% |
| Financial debts | 170/4 | €19,500 | €13,500 | -€6,000 | -30.8% |
| Amounts payable within one year | 42/48 | €52,876 | €33,592 | -€19,283 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €2,645 | €1,132 | -€1,513 | -57.2% |
| Suppliers | 440/4 | €2,645 | €1,132 | -€1,513 | -57.2% |
| Taxes, remuneration and social security | 45 | €11,779 | €10,392 | -€1,387 | -11.8% |
| Taxes | 450/3 | €8,678 | €10,392 | +€1,714 | +19.8% |
| Remuneration and social security | 454/9 | €3,101 | €0 | -€3,101 | -100.0% |
| Other amounts payable | 47/48 | €32,451 | €16,068 | -€16,383 | -50.5% |
| Accrued charges and deferred income | 492/3 | €108 | €757 | +€649 | +601.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,422 | €441 | -€980 | -69.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €44,850 | €35,346 | -€9,504 | -21.2% |
| Operating profit (loss) | 9901 | €43,041 | €34,505 | -€8,536 | -19.8% |
| Financial income | 75/76B | - | €26 | +€26 | |
| Recurring financial income | 75 | - | €26 | +€26 | |
| Financial charges | 65/66B | €1,389 | €3,610 | +€2,221 | +159.9% |
| Recurring financial charges | 65 | €1,389 | €3,610 | +€2,221 | +159.9% |
| Profit (loss) for the period before taxes | 9903 | €41,652 | €30,921 | -€10,731 | -25.8% |
| Income taxes | 67/77 | €8,959 | €10,574 | +€1,615 | +18.0% |
| Profit (loss) for the period | 9904 | €32,693 | €20,347 | -€12,346 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,693 | €20,347 | -€12,346 | -37.8% |
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 7 October 2026 via checked.be.