Kepler & Barley: 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 & Barley
Largest movements
- Receivables within one year +€31,777
up €31,777 (+97.1%), from €32,718 to €64,495
of which Other amounts receivable: +€30,544
- Cash -€2,066
down €2,066 (-65.8%), from €3,139 to €1,073
mainly Receivables within one year (-€31,777)
- Reserves +€21,259
up €21,259 (+118%), from €18,000 to €39,259
- Tax, wage and social debts +€7,393
up €7,393 (+83.3%), from €8,876 to €16,270
- Trade debts +€678
new in 2025: €678
- Gross operating margin -€3,057
down €3,057 (-9.9%), from €30,743 to €27,686
- Financial income +€1,782
up €1,782 (+231%), from €772 to €2,553
- Taxes +€1,327
up €1,327 (+19.5%), from €6,803 to €8,130
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 | €36,802 | €66,133 | +€29,331 | +79.7% |
| Fixed assets | 21/28 | €945 | €565 | -€380 | -40.2% |
| Tangible fixed assets | 22/27 | €945 | €565 | -€380 | -40.2% |
| Furniture and vehicles | 24 | €945 | €565 | -€380 | -40.2% |
| Current assets | 29/58 | €35,857 | €65,568 | +€29,711 | +82.9% |
| Amounts receivable within one year | 40/41 | €32,718 | €64,495 | +€31,777 | +97.1% |
| Trade receivables | 40 | €3,835 | €5,068 | +€1,233 | +32.1% |
| Other amounts receivable | 41 | €28,883 | €59,427 | +€30,544 | +106% |
| Cash at bank and in hand | 54/58 | €3,139 | €1,073 | -€2,066 | -65.8% |
| Total equity and liabilities | 10/49 | €36,802 | €66,133 | +€29,331 | +79.7% |
| Equity | 10/15 | €27,925 | €49,185 | +€21,259 | +76.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €39,259 | +€21,259 | +118% |
| Distributable reserves | 133 | €18,000 | €39,259 | +€21,259 | +118% |
| Profit (loss) carried forward | 14 | -€75 | -€75 | = | 0.0% |
| Amounts payable | 17/49 | €8,876 | €16,948 | +€8,072 | +90.9% |
| Amounts payable within one year | 42/48 | €8,876 | €16,948 | +€8,072 | +90.9% |
| Trade debts | 44 | - | €678 | +€678 | |
| Suppliers | 440/4 | - | €678 | +€678 | |
| Taxes, remuneration and social security | 45 | €8,876 | €16,270 | +€7,393 | +83.3% |
| Taxes | 450/3 | €8,876 | €16,270 | +€7,393 | +83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195 | €380 | +€185 | +94.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €30,743 | €27,686 | -€3,057 | -9.9% |
| Operating profit (loss) | 9901 | €30,160 | €26,906 | -€3,254 | -10.8% |
| Financial income | 75/76B | €772 | €2,553 | +€1,782 | +231% |
| Recurring financial income | 75 | €772 | €2,553 | +€1,782 | +231% |
| Financial charges | 65/66B | €92 | €70 | -€22 | -23.7% |
| Recurring financial charges | 65 | €92 | €70 | -€22 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €30,839 | €29,389 | -€1,450 | -4.7% |
| Income taxes | 67/77 | €6,803 | €8,130 | +€1,327 | +19.5% |
| Profit (loss) for the period | 9904 | €24,037 | €21,259 | -€2,777 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,037 | €21,259 | -€2,777 | -11.6% |
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 18 October 2026 via checked.be.