KEPI: 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.
KEPI
Largest movements
- Tangible fixed assets +€86,958
up €86,958 (+75.5%), from €115,143 to €202,101
of which Land and buildings: +€135,423
- Receivables within one year -€72,727
down €72,727 (-72.2%), from €100,788 to €28,060
of which Trade receivables: -€96,494
- Cash +€51,827
up €51,827 (+547.2%), from €9,472 to €61,299
mainly Receivables within one year (+€72,727) and Debts after one year (+€50,753)
- Stocks and contracts +€8,452
up €8,452 (+167.7%), from €5,041 to €13,493
- Debts after one year +€50,753
up €50,753 (+61.9%), from €81,943 to €132,696
- Trade debts +€22,667
up €22,667 (+56.7%), from €39,997 to €62,664
- Tax, wage and social debts -€18,234
down €18,234 (-62.9%), from €28,990 to €10,756
- Profit (loss) carried forward +€15,507
up €15,507 (+44.3%), from €35,034 to €50,540
- Current portion of long-term debt +€9,838
up €9,838 (+28.4%), from €34,632 to €44,470
- Gross operating margin -€10,072
down €10,072 (-12.2%), from €82,550 to €72,478
- Depreciation +€6,872
up €6,872 (+17.6%), from €39,099 to €45,970
- Taxes -€4,869
down €4,869 (-62.3%), from €7,813 to €2,943
- Financial charges +€2,973
up €2,973 (+72.0%), from €4,128 to €7,101
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 | €235,404 | €311,126 | +€75,723 | +32.2% |
| Fixed assets | 21/28 | €115,143 | €202,101 | +€86,958 | +75.5% |
| Tangible fixed assets | 22/27 | €115,143 | €202,101 | +€86,958 | +75.5% |
| Land and buildings | 22 | - | €135,423 | +€135,423 | |
| Plant, machinery and equipment | 23 | €49,574 | €16,459 | -€33,115 | -66.8% |
| Furniture and vehicles | 24 | €31,005 | €26,656 | -€4,350 | -14.0% |
| Leasing and similar rights | 25 | €34,563 | €23,563 | -€11,000 | -31.8% |
| Current assets | 29/58 | €120,261 | €109,026 | -€11,235 | -9.3% |
| Stocks and contracts in progress | 3 | €5,041 | €13,493 | +€8,452 | +167.7% |
| Stocks | 30/36 | €5,041 | €13,493 | +€8,452 | +167.7% |
| Amounts receivable within one year | 40/41 | €100,788 | €28,060 | -€72,727 | -72.2% |
| Trade receivables | 40 | €97,244 | €750 | -€96,494 | -99.2% |
| Other amounts receivable | 41 | €3,544 | €27,311 | +€23,767 | +670.6% |
| Cash at bank and in hand | 54/58 | €9,472 | €61,299 | +€51,827 | +547.2% |
| Deferred charges and accrued income | 490/1 | €4,960 | €6,173 | +€1,213 | +24.5% |
| Total equity and liabilities | 10/49 | €235,404 | €311,126 | +€75,723 | +32.2% |
| Equity | 10/15 | €45,034 | €60,540 | +€15,507 | +34.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,034 | €50,540 | +€15,507 | +44.3% |
| Amounts payable | 17/49 | €190,370 | €250,586 | +€60,216 | +31.6% |
| Amounts payable after more than one year | 17 | €81,943 | €132,696 | +€50,753 | +61.9% |
| Financial debts | 170/4 | €81,943 | €132,696 | +€50,753 | +61.9% |
| Amounts payable within one year | 42/48 | €103,619 | €117,890 | +€14,271 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €34,632 | €44,470 | +€9,838 | +28.4% |
| Trade debts | 44 | €39,997 | €62,664 | +€22,667 | +56.7% |
| Suppliers | 440/4 | €39,997 | €62,664 | +€22,667 | +56.7% |
| Taxes, remuneration and social security | 45 | €28,990 | €10,756 | -€18,234 | -62.9% |
| Taxes | 450/3 | €28,990 | €10,756 | -€18,234 | -62.9% |
| Accrued charges and deferred income | 492/3 | €4,808 | - | -€4,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,099 | €45,970 | +€6,872 | +17.6% |
| Other operating charges | 640/8 | €1,440 | €1,712 | +€272 | +18.9% |
| Gross operating margin | 9900 | €82,550 | €72,478 | -€10,072 | -12.2% |
| Operating profit (loss) | 9901 | €42,012 | €24,796 | -€17,216 | -41.0% |
| Financial income | 75/76B | €178 | €755 | +€577 | +323.8% |
| Recurring financial income | 75 | €178 | €755 | +€577 | +323.8% |
| Financial charges | 65/66B | €4,128 | €7,101 | +€2,973 | +72.0% |
| Recurring financial charges | 65 | €4,128 | €7,101 | +€2,973 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €38,062 | €18,450 | -€19,612 | -51.5% |
| Income taxes | 67/77 | €7,813 | €2,943 | -€4,869 | -62.3% |
| Profit (loss) for the period | 9904 | €30,249 | €15,507 | -€14,743 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,249 | €15,507 | -€14,743 | -48.7% |
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 10 October 2026 via checked.be.