Kepl: 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.
Kepl
Largest movements
- Tangible fixed assets +€534,547
up €534,547 (+25493.5%), from €2,097 to €536,644
of which Land and buildings: +€525,119
- Cash -€79,986
down €79,986 (-90.9%), from €87,950 to €7,964
mainly Investment in fixed assets (net) (-€538,516) and Tax, wage and social debts (-€14,896)
- Receivables within one year -€50,830
down €50,830 (-87.0%), from €58,438 to €7,609
- Debts after one year +€383,636
new in 2025: €383,636
- Other debts +€31,532
new in 2025: €31,532
- Current portion of long-term debt +€16,364
new in 2025: €16,364
- Tax, wage and social debts -€14,896
down €14,896 (-93.1%), from €16,000 to €1,104
- Profit (loss) carried forward -€14,184
down €14,184 (-79.6%), from -€17,825 to -€32,009
- Gross operating margin +€8,727
up €8,727 (+47.9%), from -€18,207 to -€9,479
- Depreciation +€3,058
up €3,058 (+335.8%), from €911 to €3,968
- Financial charges +€2,172
up €2,172 (+503.6%), from €431 to €2,603
- Taxes -€1,501
down €1,501 (-232.9%), from -€645 to -€2,146
- Other operating charges +€280
new in 2025: €280
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 | €149,663 | €553,419 | +€403,756 | +269.8% |
| Fixed assets | 21/28 | €2,097 | €536,644 | +€534,547 | +25493.5% |
| Tangible fixed assets | 22/27 | €2,097 | €536,644 | +€534,547 | +25493.5% |
| Land and buildings | 22 | - | €525,119 | +€525,119 | |
| Plant, machinery and equipment | 23 | €935 | €800 | -€135 | -14.4% |
| Furniture and vehicles | 24 | €1,161 | €10,724 | +€9,563 | +823.4% |
| Current assets | 29/58 | €147,566 | €16,775 | -€130,791 | -88.6% |
| Amounts receivable within one year | 40/41 | €58,438 | €7,609 | -€50,830 | -87.0% |
| Other amounts receivable | 41 | €58,438 | €7,609 | -€50,830 | -87.0% |
| Cash at bank and in hand | 54/58 | €87,950 | €7,964 | -€79,986 | -90.9% |
| Deferred charges and accrued income | 490/1 | €1,177 | €1,202 | +€25 | +2.1% |
| Total equity and liabilities | 10/49 | €149,663 | €553,419 | +€403,756 | +269.8% |
| Equity | 10/15 | €133,175 | €118,991 | -€14,184 | -10.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €148,000 | €148,000 | = | 0.0% |
| Distributable reserves | 133 | €148,000 | €148,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,825 | -€32,009 | -€14,184 | -79.6% |
| Amounts payable | 17/49 | €16,488 | €434,428 | +€417,940 | +2534.8% |
| Amounts payable after more than one year | 17 | - | €383,636 | +€383,636 | |
| Financial debts | 170/4 | - | €383,636 | +€383,636 | |
| Amounts payable within one year | 42/48 | €16,488 | €50,792 | +€34,304 | +208.1% |
| Current portion of amounts payable after more than one year | 42 | - | €16,364 | +€16,364 | |
| Trade debts | 44 | €488 | €1,792 | +€1,304 | +267.2% |
| Suppliers | 440/4 | €488 | €1,792 | +€1,304 | +267.2% |
| Taxes, remuneration and social security | 45 | €16,000 | €1,104 | -€14,896 | -93.1% |
| Taxes | 450/3 | €16,000 | €1,104 | -€14,896 | -93.1% |
| Other amounts payable | 47/48 | - | €31,532 | +€31,532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €911 | €3,968 | +€3,058 | +335.8% |
| Other operating charges | 640/8 | - | €280 | +€280 | |
| Gross operating margin | 9900 | -€18,207 | -€9,479 | +€8,727 | +47.9% |
| Operating profit (loss) | 9901 | -€19,117 | -€13,727 | +€5,390 | +28.2% |
| Financial charges | 65/66B | €431 | €2,603 | +€2,172 | +503.6% |
| Recurring financial charges | 65 | €431 | €2,603 | +€2,172 | +503.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,548 | -€16,330 | +€3,218 | +16.5% |
| Income taxes | 67/77 | -€645 | -€2,146 | -€1,501 | -232.9% |
| Profit (loss) for the period | 9904 | -€18,904 | -€14,184 | +€4,720 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,904 | -€14,184 | +€4,720 | +25.0% |
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 1 October 2026 via checked.be.