Kepler Development: 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.
What changed
Kepler Development
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€182,412
2024 · -€67,671+€250,082
Equity
€583,136
2024 · -€151,133+€734,269
Cash
€166,525
2024 · €118,706+€47,819
Balance sheet total
€18.0m
2024 · €11.2m+€6.9m
Largest movements
Assets
- Receivables within one year +€8.8m
up €8.8m (+185.6%), from €4.7m to €13.5m
of which Trade receivables: +€8.8m
- Stocks and contracts -€2.1m
down €2.1m (-35.1%), from €5.9m to €3.8m
Equity and liabilities
- Short-term financial debts +€2.5m
up €2.5m (+40.8%), from €6.1m to €8.6m
- Trade debts +€2.3m
up €2.3m (+54.0%), from €4.2m to €6.4m
- Contributions +€1.4m
up €1.4m (+1400.0%), from €100,000 to €1.5m
- Debts after one year +€767,922
up €767,922 (+103.8%), from €740,134 to €1.5m
- Profit (loss) carried forward -€665,731
down €665,731 (-265.1%), from -€251,133 to -€916,865
Income statement
- Gross operating margin +€705,199
up €705,199 (+201.6%), from €349,757 to €1.1m
- Financial charges +€291,676
up €291,676 (+198.9%), from €146,662 to €438,338
of which Financial charges: +€283,751
- Staff costs +€149,903
up €149,903 (+66.6%), from €225,140 to €375,043
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.
Result 2024
-€67,671
Gross operating margin
+€705,199
Staff costs
-€149,903
Depreciation
-€8,965
Other operating charges
-€4,160
Financial income
-€149
Financial charges
-€291,676
Taxes
-€263
Result 2025
€182,412
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.
From operations
-€3.9m
Investment
-€49,477
Financing
+€4.0m
Cash 2024
€118,706
From operations (derived)
-€3.9m
Net result for the year
+€182,412
Depreciation
+€24,672
Receivables after one year
-€105,322
Stocks and contracts
+€2.1m
Receivables within one year
-€8.8m
Smaller working-capital items
-€17,469
Trade debts
+€2.3m
Tax, wage and social debts
-€168,383
Other debts
+€617,031
Investment (derived)
-€49,477
Investment in fixed assets (net)
-€49,477
Financing
+€4.0m
Debts after one year
+€767,922
Current portion of long-term debt
+€188,950
Short-term financial debts
+€2.5m
Contributions, distributions and other
+€551,857
Cash 2025
€166,525
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,164,449 | €18,040,249 | +€6.9m | +61.6% |
| Formation expenses | 20 | €1,632 | €978 | -€654 | -40.1% |
| Fixed assets | 21/28 | €96,031 | €121,490 | +€25,458 | +26.5% |
| Intangible fixed assets | 21 | €64,233 | €79,844 | +€15,611 | +24.3% |
| Tangible fixed assets | 22/27 | €28,198 | €38,045 | +€9,847 | +34.9% |
| Plant, machinery and equipment | 23 | €9,380 | €14,459 | +€5,079 | +54.1% |
| Furniture and vehicles | 24 | €14,315 | €15,705 | +€1,390 | +9.7% |
| Other tangible fixed assets | 26 | €4,503 | €7,881 | +€3,378 | +75.0% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €11,066,786 | €17,917,781 | +€6.9m | +61.9% |
| Amounts receivable after more than one year | 29 | €269,290 | €374,611 | +€105,322 | +39.1% |
| Trade receivables | 290 | €269,290 | €374,611 | +€105,322 | +39.1% |
| Stocks and contracts in progress | 3 | €5,916,842 | €3,841,536 | -€2.1m | -35.1% |
| Contracts in progress | 37 | €5,916,842 | €3,841,536 | -€2.1m | -35.1% |
| Amounts receivable within one year | 40/41 | €4,718,069 | €13,472,761 | +€8.8m | +185.6% |
| Trade receivables | 40 | €4,698,356 | €13,448,877 | +€8.8m | +186.2% |
| Other amounts receivable | 41 | €19,713 | €23,884 | +€4,171 | +21.2% |
| Cash at bank and in hand | 54/58 | €118,706 | €166,525 | +€47,819 | +40.3% |
| Deferred charges and accrued income | 490/1 | €43,879 | €62,348 | +€18,469 | +42.1% |
| Total equity and liabilities | 10/49 | €11,164,449 | €18,040,249 | +€6.9m | +61.6% |
| Equity | 10/15 | -€151,133 | €583,136 | +€734,269 | |
| Contributions | 10/11 | €100,000 | €1,500,000 | +€1.4m | +1400.0% |
| Profit (loss) carried forward | 14 | -€251,133 | -€916,865 | -€665,731 | -265.1% |
| Amounts payable | 17/49 | €11,315,582 | €17,457,113 | +€6.1m | +54.3% |
| Amounts payable after more than one year | 17 | €740,134 | €1,508,056 | +€767,922 | +103.8% |
| Financial debts | 170/4 | €740,134 | €1,508,056 | +€767,922 | +103.8% |
| Amounts payable within one year | 42/48 | €10,575,448 | €15,949,058 | +€5.4m | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €6,083 | €195,033 | +€188,950 | +3106.3% |
| Financial debts | 43 | €6,078,598 | €8,560,116 | +€2.5m | +40.8% |
| Credit institutions | 430/8 | €6,078,598 | €8,560,116 | +€2.5m | +40.8% |
| Trade debts | 44 | €4,174,653 | €6,428,147 | +€2.3m | +54.0% |
| Suppliers | 440/4 | €4,174,653 | €6,428,147 | +€2.3m | +54.0% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €232,724 | €64,340 | -€168,383 | -72.4% |
| Taxes | 450/3 | €189,455 | €11,550 | -€177,905 | -93.9% |
| Remuneration and social security | 454/9 | €43,269 | €52,790 | +€9,522 | +22.0% |
| Other amounts payable | 47/48 | €83,391 | €700,422 | +€617,031 | +739.9% |
| Non-recurring operating income | 76A | - | €130,000 | +€130,000 | |
| Remuneration, social security and pensions | 62 | €225,140 | €375,043 | +€149,903 | +66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,707 | €24,672 | +€8,965 | +57.1% |
| Other operating charges | 640/8 | €29,898 | €34,058 | +€4,160 | +13.9% |
| Gross operating margin | 9900 | €349,757 | €1,054,956 | +€705,199 | +201.6% |
| Operating profit (loss) | 9901 | €79,011 | €621,182 | +€542,171 | +686.2% |
| Financial income | 75/76B | €183 | €33 | -€149 | -81.9% |
| Recurring financial income | 75 | €183 | €33 | -€149 | -81.9% |
| Financial charges | 65/66B | €146,662 | €438,338 | +€291,676 | +198.9% |
| Recurring financial charges | 65 | €146,662 | €430,413 | +€283,751 | +193.5% |
| Non-recurring financial charges | 66B | - | €7,925 | +€7,925 | |
| Profit (loss) for the period before taxes | 9903 | -€67,469 | €182,877 | +€250,346 | |
| Income taxes | 67/77 | €202 | €465 | +€263 | +130.3% |
| Profit (loss) for the period | 9904 | -€67,671 | €182,412 | +€250,082 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,671 | €182,412 | +€250,082 |
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 29 September 2026 via checked.be.