Kepler Ground: 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 Ground
Largest movements
- Stocks and contracts -€2.1m
down €2.1m (-49.5%), from €4.3m to €2.2m
- Receivables after one year -€144,100
down €144,100 (-89.7%), from €160,636 to €16,536
- Receivables within one year -€90,007
down €90,007 (-98.9%), from €91,002 to €995
of which Trade receivables: -€71,707
- Deferred charges and accrued income -€54,960
no longer reported in 2025 (was €54,960)
- Short-term financial debts -€1.6m
down €1.6m (-49.3%), from €3.2m to €1.6m
- Profit (loss) carried forward -€566,601
down €566,601 (-948.7%), from -€59,722 to -€626,323
- Debts after one year -€263,084
down €263,084 (-18.4%), from €1.4m to €1.2m
- Other operating charges +€525,333
up €525,333 (+1026.5%), from €51,176 to €576,509
- Gross operating margin +€133,158
up €133,158 (+148.8%), from €89,518 to €222,676
- Financial charges +€123,962
up €123,962 (+140.4%), from €88,310 to €212,272
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 | €4,632,846 | €2,205,133 | -€2.4m | -52.4% |
| Formation expenses | 20 | €1,060 | €564 | -€496 | -46.8% |
| Current assets | 29/58 | €4,631,785 | €2,204,569 | -€2.4m | -52.4% |
| Amounts receivable after more than one year | 29 | €160,636 | €16,536 | -€144,100 | -89.7% |
| Trade receivables | 290 | €160,636 | €16,536 | -€144,100 | -89.7% |
| Stocks and contracts in progress | 3 | €4,323,909 | €2,185,031 | -€2.1m | -49.5% |
| Contracts in progress | 37 | €4,323,909 | €2,185,031 | -€2.1m | -49.5% |
| Amounts receivable within one year | 40/41 | €91,002 | €995 | -€90,007 | -98.9% |
| Trade receivables | 40 | €72,600 | €893 | -€71,707 | -98.8% |
| Other amounts receivable | 41 | €18,402 | €102 | -€18,300 | -99.4% |
| Cash at bank and in hand | 54/58 | €1,278 | €2,006 | +€728 | +57.0% |
| Deferred charges and accrued income | 490/1 | €54,960 | - | -€54,960 | |
| Total equity and liabilities | 10/49 | €4,632,846 | €2,205,133 | -€2.4m | -52.4% |
| Equity | 10/15 | -€9,722 | -€576,323 | -€566,601 | -5828.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,722 | -€626,323 | -€566,601 | -948.7% |
| Amounts payable | 17/49 | €4,642,568 | €2,781,456 | -€1.9m | -40.1% |
| Amounts payable after more than one year | 17 | €1,429,819 | €1,166,735 | -€263,084 | -18.4% |
| Financial debts | 170/4 | €1,429,819 | €1,166,735 | -€263,084 | -18.4% |
| Amounts payable within one year | 42/48 | €3,212,748 | €1,614,721 | -€1.6m | -49.7% |
| Financial debts | 43 | €3,151,806 | €1,599,482 | -€1.6m | -49.3% |
| Credit institutions | 430/8 | €3,151,806 | €1,599,482 | -€1.6m | -49.3% |
| Trade debts | 44 | €26,605 | €15,104 | -€11,502 | -43.2% |
| Suppliers | 440/4 | €26,605 | €15,104 | -€11,502 | -43.2% |
| Other amounts payable | 47/48 | €34,337 | €135 | -€34,202 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €496 | €496 | +€0 | 0.0% |
| Other operating charges | 640/8 | €51,176 | €576,509 | +€525,333 | +1026.5% |
| Gross operating margin | 9900 | €89,518 | €222,676 | +€133,158 | +148.8% |
| Operating profit (loss) | 9901 | €37,845 | -€354,329 | -€392,174 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €88,310 | €212,272 | +€123,962 | +140.4% |
| Recurring financial charges | 65 | €88,310 | €212,272 | +€123,962 | +140.4% |
| Profit (loss) for the period before taxes | 9903 | -€50,465 | -€566,601 | -€516,136 | -1022.8% |
| Profit (loss) for the period | 9904 | -€50,465 | -€566,601 | -€516,136 | -1022.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,465 | -€566,601 | -€516,136 | -1022.8% |
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 3 October 2026 via checked.be.