KEPE: 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.
KEPE
Largest movements
- Tangible fixed assets +€164,865
up €164,865 (+7.4%), from €2.2m to €2.4m
of which Land and buildings: +€165,632
- Cash -€62,586
down €62,586 (-81.4%), from €76,910 to €14,324
mainly Investment in fixed assets (net) (-€346,259) and Provisions (-€40,326)
- Debts after one year +€188,652
up €188,652 (+44.9%), from €420,439 to €609,090
- Provisions -€40,326
down €40,326 (-9.3%), from €431,729 to €391,403
- Reserves -€37,932
down €37,932 (-4.0%), from €948,924 to €910,992
of which Tax-exempt reserves: -€80,195
- Other debts -€25,457
down €25,457 (-10.3%), from €247,519 to €222,062
- Financial charges +€14,837
up €14,837 (+184.7%), from €8,031 to €22,867
- Taxes +€12,017
up €12,017 (+122.0%), from €9,847 to €21,864
- Gross operating margin +€9,096
up €9,096 (+5.7%), from €159,929 to €169,025
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 | €2,294,795 | €2,397,074 | +€102,279 | +4.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,217,884 | €2,382,749 | +€164,865 | +7.4% |
| Tangible fixed assets | 22/27 | €2,217,884 | €2,382,749 | +€164,865 | +7.4% |
| Land and buildings | 22 | €2,217,073 | €2,382,705 | +€165,632 | +7.5% |
| Furniture and vehicles | 24 | €811 | €44 | -€767 | -94.5% |
| Current assets | 29/58 | €76,910 | €14,324 | -€62,586 | -81.4% |
| Cash at bank and in hand | 54/58 | €76,910 | €14,324 | -€62,586 | -81.4% |
| Total equity and liabilities | 10/49 | €2,294,795 | €2,397,074 | +€102,279 | +4.5% |
| Equity | 10/15 | €1,148,279 | €1,110,348 | -€37,932 | -3.3% |
| Contributions | 10/11 | €184,285 | €184,285 | = | 0.0% |
| Capital | 10 | €184,285 | €184,285 | = | 0.0% |
| Issued capital | 100 | €184,285 | €184,285 | = | 0.0% |
| Reserves | 13 | €948,924 | €910,992 | -€37,932 | -4.0% |
| Non-distributable reserves | 130/1 | €18,429 | €18,429 | = | 0.0% |
| Legal reserve | 130 | €18,429 | €18,429 | = | 0.0% |
| Tax-exempt reserves | 132 | €872,285 | €792,090 | -€80,195 | -9.2% |
| Distributable reserves | 133 | €58,211 | €100,474 | +€42,263 | +72.6% |
| Profit (loss) carried forward | 14 | €15,070 | €15,070 | = | 0.0% |
| Provisions and deferred taxes | 16 | €431,729 | €391,403 | -€40,326 | -9.3% |
| Deferred taxes | 168 | €431,729 | €391,403 | -€40,326 | -9.3% |
| Amounts payable | 17/49 | €714,786 | €895,323 | +€180,537 | +25.3% |
| Amounts payable after more than one year | 17 | €420,439 | €609,090 | +€188,652 | +44.9% |
| Financial debts | 170/4 | €420,439 | €609,090 | +€188,652 | +44.9% |
| Amounts payable within one year | 42/48 | €294,348 | €286,233 | -€8,115 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €22,607 | €35,300 | +€12,694 | +56.1% |
| Trade debts | 44 | €14,382 | €2,775 | -€11,606 | -80.7% |
| Suppliers | 440/4 | €14,382 | €2,775 | -€11,606 | -80.7% |
| Taxes, remuneration and social security | 45 | €9,840 | €26,094 | +€16,254 | +165.2% |
| Taxes | 450/3 | €9,840 | €26,094 | +€16,254 | +165.2% |
| Other amounts payable | 47/48 | €247,519 | €222,062 | -€25,457 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,665 | €181,394 | -€1,271 | -0.7% |
| Other operating charges | 640/8 | €21,755 | €21,894 | +€139 | +0.6% |
| Gross operating margin | 9900 | €159,929 | €169,025 | +€9,096 | +5.7% |
| Operating profit (loss) | 9901 | -€44,490 | -€34,262 | +€10,228 | +23.0% |
| Financial income | 75/76B | €24 | €737 | +€712 | +2943.6% |
| Recurring financial income | 75 | €24 | €737 | +€712 | +2943.6% |
| Financial charges | 65/66B | €8,031 | €22,867 | +€14,837 | +184.7% |
| Recurring financial charges | 65 | €8,031 | €22,867 | +€14,837 | +184.7% |
| Profit (loss) for the period before taxes | 9903 | -€52,497 | -€56,393 | -€3,897 | -7.4% |
| Transfer from deferred taxes | 780 | €40,337 | €40,326 | -€11 | 0.0% |
| Income taxes | 67/77 | €9,847 | €21,864 | +€12,017 | +122.0% |
| Profit (loss) for the period | 9904 | -€22,007 | -€37,932 | -€15,925 | -72.4% |
| Transfer from tax-exempt reserves | 789 | €80,217 | €80,195 | -€22 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,211 | €42,263 | -€15,947 | -27.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.