KES: 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.
KES
Largest movements
- Current investments +€259,386
up €259,386 (+126.8%), from €204,493 to €463,879
- Cash -€58,248
down €58,248 (-59.1%), from €98,606 to €40,357
mainly Current investments (-€259,386) and Contributions, distributions and other (-€99,662)
- Financial fixed assets -€40,200
no longer reported in 2025 (was €40,200)
- Tangible fixed assets -€10,579
down €10,579 (-15.4%), from €68,736 to €58,157
- Receivables within one year +€9,574
up €9,574 (+299.2%), from €3,199 to €12,774
- Reserves +€102,603
up €102,603 (+29.9%), from €343,531 to €446,134
- Other debts +€64,262
up €64,262 (+163.7%), from €39,261 to €103,522
- Tax, wage and social debts -€7,321
down €7,321 (-61.4%), from €11,922 to €4,600
- Financial income +€247,423
up €247,423 (+2628.1%), from €9,414 to €256,837
of which Non-recurring financial income: +€186,730
- Gross operating margin -€67,166
down €67,166, from €55,861 to -€11,305
- Taxes +€13,816
up €13,816 (+80.7%), from €17,126 to €30,942
- Depreciation +€5,261
up €5,261 (+98.9%), from €5,319 to €10,579
- Other operating charges -€2,405
down €2,405 (-65.8%), from €3,653 to €1,248
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 | €415,234 | €575,166 | +€159,933 | +38.5% |
| Fixed assets | 21/28 | €108,936 | €58,157 | -€50,779 | -46.6% |
| Tangible fixed assets | 22/27 | €68,736 | €58,157 | -€10,579 | -15.4% |
| Furniture and vehicles | 24 | €68,736 | €58,157 | -€10,579 | -15.4% |
| Financial fixed assets | 28 | €40,200 | - | -€40,200 | |
| Current assets | 29/58 | €306,298 | €517,010 | +€210,712 | +68.8% |
| Amounts receivable within one year | 40/41 | €3,199 | €12,774 | +€9,574 | +299.2% |
| Other amounts receivable | 41 | €3,199 | €12,774 | +€9,574 | +299.2% |
| Current investments | 50/53 | €204,493 | €463,879 | +€259,386 | +126.8% |
| Cash at bank and in hand | 54/58 | €98,606 | €40,357 | -€58,248 | -59.1% |
| Total equity and liabilities | 10/49 | €415,234 | €575,166 | +€159,933 | +38.5% |
| Equity | 10/15 | €362,131 | €464,734 | +€102,603 | +28.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,531 | €446,134 | +€102,603 | +29.9% |
| Distributable reserves | 133 | €343,531 | €446,134 | +€102,603 | +29.9% |
| Amounts payable | 17/49 | €53,102 | €110,432 | +€57,329 | +108.0% |
| Amounts payable within one year | 42/48 | €53,102 | €110,432 | +€57,329 | +108.0% |
| Trade debts | 44 | €1,920 | €2,310 | +€389 | +20.3% |
| Suppliers | 440/4 | €1,920 | €2,310 | +€389 | +20.3% |
| Taxes, remuneration and social security | 45 | €11,922 | €4,600 | -€7,321 | -61.4% |
| Taxes | 450/3 | €11,922 | €4,600 | -€7,321 | -61.4% |
| Other amounts payable | 47/48 | €39,261 | €103,522 | +€64,262 | +163.7% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,319 | €10,579 | +€5,261 | +98.9% |
| Other operating charges | 640/8 | €3,653 | €1,248 | -€2,405 | -65.8% |
| Gross operating margin | 9900 | €55,861 | -€11,305 | -€67,166 | |
| Operating profit (loss) | 9901 | €46,889 | -€23,133 | -€70,022 | |
| Financial income | 75/76B | €9,414 | €256,837 | +€247,423 | +2628.1% |
| Recurring financial income | 75 | €9,414 | €70,107 | +€60,693 | +644.7% |
| Non-recurring financial income | 76B | - | €186,730 | +€186,730 | |
| Financial charges | 65/66B | €446 | €496 | +€50 | +11.2% |
| Recurring financial charges | 65 | €446 | €496 | +€50 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €55,858 | €233,208 | +€177,350 | +317.5% |
| Income taxes | 67/77 | €17,126 | €30,942 | +€13,816 | +80.7% |
| Profit (loss) for the period | 9904 | €38,732 | €202,266 | +€163,534 | +422.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,732 | €202,266 | +€163,534 | +422.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.