KESHER: 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.
KESHER
Largest movements
- Current investments +€755,959
up €755,959 (+65.9%), from €1.1m to €1.9m
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€46,238
up €46,238 (+669%), from €6,909 to €53,147
of which Trade receivables: +€44,716
- Reserves +€678,880
up €678,880 (+45.5%), from €1.5m to €2.2m
of which Distributable reserves: +€678,880
- Tax, wage and social debts +€71,929
up €71,929 (+73.5%), from €97,895 to €169,824
of which Taxes: +€71,093
- Gross operating margin +€326,264
up €326,264 (+33.8%), from €963,882 to €1.3m
- Taxes +€98,678
up €98,678 (+32.7%), from €301,678 to €400,357
- Staff costs +€38,408
up €38,408 (+252%), from €15,219 to €53,627
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.
Derived cash bridge
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 | €1,642,497 | €2,380,416 | +€737,918 | +44.9% |
| Fixed assets | 21/28 | €12,639 | €11,950 | -€690 | -5.5% |
| Intangible fixed assets | 21 | €1,826 | €3,134 | +€1,308 | +71.6% |
| Tangible fixed assets | 22/27 | €3,489 | €1,491 | -€1,998 | -57.3% |
| Furniture and vehicles | 24 | €3,489 | €1,491 | -€1,998 | -57.3% |
| Financial fixed assets | 28 | €7,325 | €7,325 | = | 0.0% |
| Current assets | 29/58 | €1,629,858 | €2,368,466 | +€738,608 | +45.3% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Trade receivables | 290 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €6,909 | €53,147 | +€46,238 | +669% |
| Trade receivables | 40 | €6,781 | €51,497 | +€44,716 | +659% |
| Other amounts receivable | 41 | €128 | €1,650 | +€1,522 | +1,188% |
| Current investments | 50/53 | €1,147,776 | €1,903,735 | +€755,959 | +65.9% |
| Cash at bank and in hand | 54/58 | €416,118 | €402,608 | -€13,510 | -3.2% |
| Deferred charges and accrued income | 490/1 | €9,055 | €8,976 | -€79 | -0.9% |
| Total equity and liabilities | 10/49 | €1,642,497 | €2,380,416 | +€737,918 | +44.9% |
| Equity | 10/15 | €1,510,732 | €2,187,314 | +€676,582 | +44.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,493,460 | €2,172,340 | +€678,880 | +45.5% |
| 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 | €1,491,600 | €2,170,480 | +€678,880 | +45.5% |
| Profit (loss) carried forward | 14 | €4,772 | €2,474 | -€2,298 | -48.2% |
| Amounts payable | 17/49 | €131,765 | €193,101 | +€61,336 | +46.5% |
| Amounts payable within one year | 42/48 | €131,765 | €193,101 | +€61,336 | +46.5% |
| Trade debts | 44 | €17,623 | €14,413 | -€3,210 | -18.2% |
| Suppliers | 440/4 | €17,623 | €14,413 | -€3,210 | -18.2% |
| Taxes, remuneration and social security | 45 | €97,895 | €169,824 | +€71,929 | +73.5% |
| Taxes | 450/3 | €93,300 | €164,393 | +€71,093 | +76.2% |
| Remuneration and social security | 454/9 | €4,595 | €5,431 | +€837 | +18.2% |
| Other amounts payable | 47/48 | €16,248 | €8,865 | -€7,383 | -45.4% |
| Remuneration, social security and pensions | 62 | €15,219 | €53,627 | +€38,408 | +252% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,252 | €2,720 | -€532 | -16.4% |
| Other operating charges | 640/8 | €630 | €1,137 | +€506 | +80.3% |
| Gross operating margin | 9900 | €963,882 | €1,290,146 | +€326,264 | +33.8% |
| Operating profit (loss) | 9901 | €944,781 | €1,232,662 | +€287,881 | +30.5% |
| Financial income | 75/76B | €8,270 | €10,389 | +€2,120 | +25.6% |
| Recurring financial income | 75 | €8,270 | €10,389 | +€2,120 | +25.6% |
| Financial charges | 65/66B | €3,406 | €13,110 | +€9,704 | +285% |
| Recurring financial charges | 65 | €3,406 | €13,110 | +€9,704 | +285% |
| Profit (loss) for the period before taxes | 9903 | €949,644 | €1,229,941 | +€280,297 | +29.5% |
| Income taxes | 67/77 | €301,678 | €400,357 | +€98,678 | +32.7% |
| Profit (loss) for the period | 9904 | €647,966 | €829,584 | +€181,618 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €647,966 | €829,584 | +€181,618 | +28.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.