KES-Projects: 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-Projects
Largest movements
- Stocks and contracts -€767,064
down €767,064 (-22.3%), from €3.4m to €2.7m
- Tangible fixed assets -€308,754
down €308,754 (-21.7%), from €1.4m to €1.1m
of which Land and buildings: -€287,442
- Receivables within one year -€61,678
down €61,678 (-74.7%), from €82,603 to €20,924
of which Other amounts receivable: -€51,448
- Short-term financial debts -€975,497
down €975,497 (-38.2%), from €2.6m to €1.6m
- Debts after one year +€193,232
up €193,232 (+33.7%), from €574,053 to €767,285
- Other debts -€166,098
down €166,098 (-19.0%), from €872,164 to €706,066
- Tax, wage and social debts -€91,229
down €91,229 (-90.4%), from €100,936 to €9,707
- Advances received -€75,150
down €75,150 (-87.4%), from €86,000 to €10,850
- Financial charges -€64,224
down €64,224 (-31.4%), from €204,649 to €140,425
- Gross operating margin -€18,861
down €18,861 (-7.6%), from €248,374 to €229,513
- Depreciation -€7,644
down €7,644 (-10.0%), from €76,673 to €69,029
- Other operating charges -€2,510
down €2,510 (-29.2%), from €8,607 to €6,097
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 | €5,037,585 | €3,951,161 | -€1.1m | -21.6% |
| Fixed assets | 21/28 | €1,421,892 | €1,113,138 | -€308,754 | -21.7% |
| Tangible fixed assets | 22/27 | €1,421,892 | €1,113,138 | -€308,754 | -21.7% |
| Land and buildings | 22 | €1,350,909 | €1,063,467 | -€287,442 | -21.3% |
| Plant, machinery and equipment | 23 | €5,585 | €3,743 | -€1,842 | -33.0% |
| Furniture and vehicles | 24 | €65,398 | €45,928 | -€19,470 | -29.8% |
| Current assets | 29/58 | €3,615,693 | €2,838,023 | -€777,670 | -21.5% |
| Stocks and contracts in progress | 3 | €3,436,689 | €2,669,625 | -€767,064 | -22.3% |
| Stocks | 30/36 | €3,436,689 | €2,669,625 | -€767,064 | -22.3% |
| Amounts receivable within one year | 40/41 | €82,603 | €20,924 | -€61,678 | -74.7% |
| Trade receivables | 40 | €10,231 | €0 | -€10,231 | -100.0% |
| Other amounts receivable | 41 | €72,372 | €20,924 | -€51,448 | -71.1% |
| Cash at bank and in hand | 54/58 | €88,831 | €132,206 | +€43,375 | +48.8% |
| Deferred charges and accrued income | 490/1 | €7,570 | €15,268 | +€7,697 | +101.7% |
| Total equity and liabilities | 10/49 | €5,037,585 | €3,951,161 | -€1.1m | -21.6% |
| Equity | 10/15 | €799,132 | €813,426 | +€14,294 | +1.8% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €799,747 | €799,747 | = | 0.0% |
| Distributable reserves | 133 | €799,747 | €799,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,415 | -€11,121 | +€14,294 | +56.2% |
| Amounts payable | 17/49 | €4,238,453 | €3,137,735 | -€1.1m | -26.0% |
| Amounts payable after more than one year | 17 | €574,053 | €767,285 | +€193,232 | +33.7% |
| Financial debts | 170/4 | €574,053 | €767,285 | +€193,232 | +33.7% |
| Amounts payable within one year | 42/48 | €3,664,400 | €2,363,831 | -€1.3m | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €47,429 | €54,903 | +€7,474 | +15.8% |
| Financial debts | 43 | €2,555,010 | €1,579,514 | -€975,497 | -38.2% |
| Credit institutions | 430/8 | €2,555,010 | €1,579,514 | -€975,497 | -38.2% |
| Trade debts | 44 | €2,861 | €2,791 | -€70 | -2.4% |
| Suppliers | 440/4 | €2,861 | €2,791 | -€70 | -2.4% |
| Advances received on contracts in progress | 46 | €86,000 | €10,850 | -€75,150 | -87.4% |
| Taxes, remuneration and social security | 45 | €100,936 | €9,707 | -€91,229 | -90.4% |
| Taxes | 450/3 | €100,936 | €9,707 | -€91,229 | -90.4% |
| Other amounts payable | 47/48 | €872,164 | €706,066 | -€166,098 | -19.0% |
| Accrued charges and deferred income | 492/3 | €0 | €6,618 | +€6,618 | |
| Non-recurring operating income | 76A | €0 | €12,808 | +€12,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,673 | €69,029 | -€7,644 | -10.0% |
| Other operating charges | 640/8 | €8,607 | €6,097 | -€2,510 | -29.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €248,374 | €229,513 | -€18,861 | -7.6% |
| Operating profit (loss) | 9901 | €163,093 | €154,387 | -€8,706 | -5.3% |
| Financial income | 75/76B | €158 | €766 | +€608 | +383.8% |
| Recurring financial income | 75 | €158 | €766 | +€608 | +383.8% |
| Financial charges | 65/66B | €204,649 | €140,425 | -€64,224 | -31.4% |
| Recurring financial charges | 65 | €204,649 | €140,425 | -€64,224 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€41,397 | €14,728 | +€56,125 | |
| Income taxes | 67/77 | €615 | €435 | -€181 | -29.4% |
| Profit (loss) for the period | 9904 | -€42,012 | €14,294 | +€56,306 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,012 | €14,294 | +€56,306 |
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 2 October 2026 via checked.be.