KEPPEK: 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.
KEPPEK
Largest movements
- Stocks and contracts +€624,643
new in 2025: €624,643
- Receivables within one year +€85,071
up €85,071 (+55.4%), from €153,467 to €238,539
of which Other amounts receivable: +€91,400
- Receivables after one year +€59,951
new in 2025: €59,951
- Cash +€42,591
up €42,591 (+122.0%), from €34,922 to €77,513
mainly Debts after one year (+€816,697) and Net result for the year (+€43,119)
- Tangible fixed assets +€17,934
up €17,934 (+8.1%), from €220,610 to €238,543
- Debts after one year +€816,697
up €816,697 (+349.2%), from €233,855 to €1.1m
- Reserves +€19,737
up €19,737 (+18.6%), from €106,296 to €126,033
of which Distributable reserves: +€19,737
- Gross operating margin +€47,984
up €47,984 (+37.0%), from €129,828 to €177,812
- Financial charges +€33,854
up €33,854 (+451.6%), from €7,497 to €41,350
- Other operating charges +€24,088
up €24,088 (+297.5%), from €8,098 to €32,186
- Taxes -€7,598
down €7,598 (-25.6%), from €29,637 to €22,040
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 | €413,854 | €1,239,189 | +€825,335 | +199.4% |
| Fixed assets | 21/28 | €220,610 | €238,543 | +€17,934 | +8.1% |
| Tangible fixed assets | 22/27 | €220,610 | €238,543 | +€17,934 | +8.1% |
| Land and buildings | 22 | €220,610 | €238,543 | +€17,934 | +8.1% |
| Current assets | 29/58 | €193,244 | €1,000,646 | +€807,402 | +417.8% |
| Amounts receivable after more than one year | 29 | - | €59,951 | +€59,951 | |
| Other amounts receivable | 291 | - | €59,951 | +€59,951 | |
| Stocks and contracts in progress | 3 | - | €624,643 | +€624,643 | |
| Stocks | 30/36 | - | €624,643 | +€624,643 | |
| Amounts receivable within one year | 40/41 | €153,467 | €238,539 | +€85,071 | +55.4% |
| Trade receivables | 40 | €13,848 | €7,520 | -€6,329 | -45.7% |
| Other amounts receivable | 41 | €139,619 | €231,019 | +€91,400 | +65.5% |
| Cash at bank and in hand | 54/58 | €34,922 | €77,513 | +€42,591 | +122.0% |
| Deferred charges and accrued income | 490/1 | €4,855 | - | -€4,855 | |
| Total equity and liabilities | 10/49 | €413,854 | €1,239,189 | +€825,335 | +199.4% |
| Equity | 10/15 | €124,896 | €144,633 | +€19,737 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,296 | €126,033 | +€19,737 | +18.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €104,436 | €124,173 | +€19,737 | +18.9% |
| Amounts payable | 17/49 | €288,958 | €1,094,556 | +€805,598 | +278.8% |
| Amounts payable after more than one year | 17 | €233,855 | €1,050,552 | +€816,697 | +349.2% |
| Financial debts | 170/4 | €233,855 | €1,050,552 | +€816,697 | +349.2% |
| Amounts payable within one year | 42/48 | €53,168 | €44,004 | -€9,164 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €20,770 | €21,266 | +€496 | +2.4% |
| Trade debts | 44 | €6,928 | €983 | -€5,945 | -85.8% |
| Suppliers | 440/4 | €6,928 | €983 | -€5,945 | -85.8% |
| Taxes, remuneration and social security | 45 | €25,461 | €21,755 | -€3,706 | -14.6% |
| Taxes | 450/3 | €25,461 | €21,755 | -€3,706 | -14.6% |
| Other amounts payable | 47/48 | €9 | - | -€9 | |
| Accrued charges and deferred income | 492/3 | €1,935 | - | -€1,935 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,576 | €22,066 | -€509 | -2.3% |
| Other operating charges | 640/8 | €8,098 | €32,186 | +€24,088 | +297.5% |
| Non-recurring operating charges | 66A | €18,000 | €18,000 | = | 0.0% |
| Gross operating margin | 9900 | €129,828 | €177,812 | +€47,984 | +37.0% |
| Operating profit (loss) | 9901 | €81,154 | €105,559 | +€24,405 | +30.1% |
| Financial income | 75/76B | €2,350 | €950 | -€1,400 | -59.6% |
| Recurring financial income | 75 | €2,350 | €950 | -€1,400 | -59.6% |
| Financial charges | 65/66B | €7,497 | €41,350 | +€33,854 | +451.6% |
| Recurring financial charges | 65 | €7,497 | €41,350 | +€33,854 | +451.6% |
| Profit (loss) for the period before taxes | 9903 | €76,007 | €65,159 | -€10,849 | -14.3% |
| Income taxes | 67/77 | €29,637 | €22,040 | -€7,598 | -25.6% |
| Profit (loss) for the period | 9904 | €46,370 | €43,119 | -€3,251 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,370 | €43,119 | -€3,251 | -7.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.