Kepler Assembly: 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.
Kepler Assembly
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+29.4%), from €4.2m to €5.4m
of which Trade receivables: +€1.2m
- Stocks and contracts +€373,537
up €373,537 (+145.9%), from €255,982 to €629,519
- Intangible fixed assets +€127,887
up €127,887 (+24259.6%), from €527 to €128,414
- Tangible fixed assets +€115,726
up €115,726 (+14.2%), from €812,939 to €928,665
of which Furniture and vehicles: +€65,335
- Accrued charges and deferred income -€1.4m
down €1.4m (-93.4%), from €1.4m to €95,970
- Contributions +€1.4m
up €1.4m (+900.0%), from €150,000 to €1.5m
- Debts after one year +€1.2m
up €1.2m (+74.8%), from €1.6m to €2.8m
- Current portion of long-term debt -€763,269
down €763,269 (-75.3%), from €1.0m to €250,616
- Trade debts +€680,614
up €680,614 (+23.1%), from €2.9m to €3.6m
- Gross operating margin +€2.4m
up €2.4m, from -€1.2m to €1.2m
- Financial income +€695,789
up €695,789 (+6684.8%), from €10,409 to €706,198
of which Non-recurring financial income: +€706,198
- Staff costs +€472,460
up €472,460 (+107.8%), from €438,300 to €910,761
- Financial charges +€183,314
up €183,314 (+327.8%), from €55,930 to €239,244
of which Financial charges: +€182,750
- Other operating charges +€16,234
up €16,234 (+145.1%), from €11,186 to €27,420
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 | €5,361,206 | €7,169,230 | +€1.8m | +33.7% |
| Formation expenses | 20 | €2,306 | €1,609 | -€697 | -30.2% |
| Fixed assets | 21/28 | €813,466 | €1,057,079 | +€243,613 | +29.9% |
| Intangible fixed assets | 21 | €527 | €128,414 | +€127,887 | +24259.6% |
| Tangible fixed assets | 22/27 | €812,939 | €928,665 | +€115,726 | +14.2% |
| Plant, machinery and equipment | 23 | €280,538 | €285,976 | +€5,438 | +1.9% |
| Furniture and vehicles | 24 | €304,772 | €370,107 | +€65,335 | +21.4% |
| Leasing and similar rights | 25 | €86,423 | €111,065 | +€24,642 | +28.5% |
| Other tangible fixed assets | 26 | €141,206 | €161,517 | +€20,311 | +14.4% |
| Current assets | 29/58 | €4,545,434 | €6,110,542 | +€1.6m | +34.4% |
| Amounts receivable after more than one year | 29 | €44,601 | - | -€44,601 | |
| Trade receivables | 290 | €44,601 | - | -€44,601 | |
| Stocks and contracts in progress | 3 | €255,982 | €629,519 | +€373,537 | +145.9% |
| Stocks | 30/36 | €255,982 | €629,519 | +€373,537 | +145.9% |
| Amounts receivable within one year | 40/41 | €4,152,904 | €5,374,693 | +€1.2m | +29.4% |
| Trade receivables | 40 | €3,781,453 | €4,972,944 | +€1.2m | +31.5% |
| Other amounts receivable | 41 | €371,451 | €401,748 | +€30,298 | +8.2% |
| Cash at bank and in hand | 54/58 | €70,191 | €79,014 | +€8,823 | +12.6% |
| Deferred charges and accrued income | 490/1 | €21,757 | €27,317 | +€5,560 | +25.6% |
| Total equity and liabilities | 10/49 | €5,361,206 | €7,169,230 | +€1.8m | +33.7% |
| Equity | 10/15 | -€1,722,692 | €210,437 | +€1.9m | |
| Contributions | 10/11 | €150,000 | €1,500,000 | +€1.4m | +900.0% |
| Profit (loss) carried forward | 14 | -€1,872,692 | -€1,289,563 | +€583,129 | +31.1% |
| Amounts payable | 17/49 | €7,083,899 | €6,958,793 | -€125,106 | -1.8% |
| Amounts payable after more than one year | 17 | €1,623,734 | €2,838,499 | +€1.2m | +74.8% |
| Financial debts | 170/4 | €1,623,734 | €2,838,499 | +€1.2m | +74.8% |
| Amounts payable within one year | 42/48 | €4,011,094 | €4,024,324 | +€13,230 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €1,013,885 | €250,616 | -€763,269 | -75.3% |
| Financial debts | 43 | - | €36,531 | +€36,531 | |
| Credit institutions | 430/8 | - | €36,531 | +€36,531 | |
| Trade debts | 44 | €2,940,571 | €3,621,185 | +€680,614 | +23.1% |
| Suppliers | 440/4 | €2,940,571 | €3,621,185 | +€680,614 | +23.1% |
| Taxes, remuneration and social security | 45 | €56,233 | €115,991 | +€59,758 | +106.3% |
| Taxes | 450/3 | €15,098 | €13,097 | -€2,001 | -13.3% |
| Remuneration and social security | 454/9 | €41,135 | €102,894 | +€61,760 | +150.1% |
| Other amounts payable | 47/48 | €405 | - | -€405 | |
| Accrued charges and deferred income | 492/3 | €1,449,071 | €95,970 | -€1.4m | -93.4% |
| Remuneration, social security and pensions | 62 | €438,300 | €910,761 | +€472,460 | +107.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,697 | €173,990 | +€15,293 | +9.6% |
| Other operating charges | 640/8 | €11,186 | €27,420 | +€16,234 | +145.1% |
| Gross operating margin | 9900 | -€1,218,835 | €1,228,722 | +€2.4m | |
| Operating profit (loss) | 9901 | -€1,827,018 | €116,552 | +€1.9m | |
| Financial income | 75/76B | €10,409 | €706,198 | +€695,789 | +6684.8% |
| Recurring financial income | 75 | €10,409 | €0 | -€10,409 | -100.0% |
| Non-recurring financial income | 76B | - | €706,198 | +€706,198 | |
| Financial charges | 65/66B | €55,930 | €239,244 | +€183,314 | +327.8% |
| Recurring financial charges | 65 | €55,930 | €238,681 | +€182,750 | +326.7% |
| Non-recurring financial charges | 66B | - | €563 | +€563 | |
| Profit (loss) for the period before taxes | 9903 | -€1,872,540 | €583,506 | +€2.5m | |
| Income taxes | 67/77 | €152 | €377 | +€224 | +147.0% |
| Profit (loss) for the period | 9904 | -€1,872,692 | €583,129 | +€2.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,872,692 | €583,129 | +€2.5m |
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 7 October 2026 via checked.be.