Kepler: 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.
Kepler
Largest movements
- Current investments -€63,383
no longer reported in 2025 (was €63,383)
- Receivables within one year +€24,929
up €24,929 (+112%), from €22,222 to €47,151
of which Trade receivables: +€12,498
- Stocks and contracts +€20,000
new in 2025: €20,000
- Deferred charges and accrued income -€8,362
no longer reported in 2025 (was €8,362)
- Tangible fixed assets -€5,558
down €5,558 (-38.2%), from €14,565 to €9,007
of which Furniture and vehicles: -€3,638
- Profit (loss) carried forward -€26,265
new in 2025: -€26,265
- Advances received -€9,385
no longer reported in 2025 (was €9,385)
- Trade debts +€5,609
up €5,609 (+70.0%), from €8,018 to €13,627
- Current portion of long-term debt -€3,170
down €3,170 (-57.5%), from €5,510 to €2,340
- Debts after one year -€2,340
no longer reported in 2025 (was €2,340)
- Gross operating margin -€52,108
down €52,108, from €33,259 to -€18,850
- Taxes -€8,258
down €8,258 (-98.4%), from €8,390 to €132
- Depreciation -€2,483
down €2,483 (-30.9%), from €8,040 to €5,558
- Financial income -€1,900
down €1,900 (-66.7%), from €2,847 to €947
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,545 | €79,994 | -€35,551 | -30.8% |
| Fixed assets | 21/28 | €14,565 | €9,007 | -€5,558 | -38.2% |
| Tangible fixed assets | 22/27 | €14,565 | €9,007 | -€5,558 | -38.2% |
| Plant, machinery and equipment | 23 | €8,819 | €6,899 | -€1,920 | -21.8% |
| Furniture and vehicles | 24 | €5,746 | €2,108 | -€3,638 | -63.3% |
| Current assets | 29/58 | €100,980 | €70,987 | -€29,994 | -29.7% |
| Stocks and contracts in progress | 3 | - | €20,000 | +€20,000 | |
| Stocks | 30/36 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €22,222 | €47,151 | +€24,929 | +112% |
| Trade receivables | 40 | €10,255 | €22,753 | +€12,498 | +122% |
| Other amounts receivable | 41 | €11,967 | €24,398 | +€12,431 | +104% |
| Current investments | 50/53 | €63,383 | - | -€63,383 | |
| Cash at bank and in hand | 54/58 | €7,012 | €3,835 | -€3,177 | -45.3% |
| Deferred charges and accrued income | 490/1 | €8,362 | - | -€8,362 | |
| Total equity and liabilities | 10/49 | €115,545 | €79,994 | -€35,551 | -30.8% |
| Equity | 10/15 | €90,292 | €64,027 | -€26,265 | -29.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €87,792 | €87,792 | = | 0.0% |
| Distributable reserves | 133 | €87,792 | €87,792 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€26,265 | -€26,265 | |
| Amounts payable | 17/49 | €25,254 | €15,967 | -€9,286 | -36.8% |
| Amounts payable after more than one year | 17 | €2,340 | - | -€2,340 | |
| Financial debts | 170/4 | €2,340 | - | -€2,340 | |
| Amounts payable within one year | 42/48 | €22,913 | €15,967 | -€6,946 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €5,510 | €2,340 | -€3,170 | -57.5% |
| Trade debts | 44 | €8,018 | €13,627 | +€5,609 | +70.0% |
| Suppliers | 440/4 | €8,018 | €13,627 | +€5,609 | +70.0% |
| Advances received on contracts in progress | 46 | €9,385 | - | -€9,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,040 | €5,558 | -€2,483 | -30.9% |
| Other operating charges | 640/8 | €1,217 | €941 | -€275 | -22.6% |
| Non-recurring operating charges | 66A | - | €985 | +€985 | |
| Gross operating margin | 9900 | €33,259 | -€18,850 | -€52,108 | |
| Operating profit (loss) | 9901 | €24,002 | -€26,333 | -€50,335 | |
| Financial income | 75/76B | €2,847 | €947 | -€1,900 | -66.7% |
| Recurring financial income | 75 | €2,847 | €947 | -€1,900 | -66.7% |
| Financial charges | 65/66B | €452 | €747 | +€295 | +65.2% |
| Recurring financial charges | 65 | €452 | €747 | +€295 | +65.2% |
| Profit (loss) for the period before taxes | 9903 | €26,397 | -€26,133 | -€52,530 | |
| Income taxes | 67/77 | €8,390 | €132 | -€8,258 | -98.4% |
| Profit (loss) for the period | 9904 | €18,006 | -€26,265 | -€44,271 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,006 | -€26,265 | -€44,271 |
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 13 October 2026 via checked.be.