KESPAR: 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.
KESPAR
Largest movements
- Tangible fixed assets -€52,718
down €52,718 (-11.8%), from €448,407 to €395,689
of which Land and buildings: -€34,619
- Cash -€11,721
down €11,721 (-18.9%), from €61,939 to €50,218
mainly Debts after one year (-€64,456) and Investment in fixed assets (net) (-€47,591)
- Receivables within one year +€9,465
up €9,465 (+3.6%), from €264,471 to €273,936
of which Trade receivables: +€19,961
- Debts after one year -€64,456
down €64,456 (-21.2%), from €303,394 to €238,938
- Current portion of long-term debt +€25,200
up €25,200 (+34.8%), from €72,515 to €97,715
- Trade debts -€24,588
down €24,588 (-21.1%), from €116,411 to €91,823
- Gross operating margin +€32,452
up €32,452 (+8.2%), from €394,858 to €427,310
- Staff costs +€10,591
up €10,591 (+3.6%), from €295,646 to €306,237
- Depreciation -€8,405
down €8,405 (-7.5%), from €111,513 to €103,109
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 | €908,519 | €846,960 | -€61,559 | -6.8% |
| Fixed assets | 21/28 | €455,091 | €399,573 | -€55,518 | -12.2% |
| Intangible fixed assets | 21 | €5,600 | €2,800 | -€2,800 | -50.0% |
| Tangible fixed assets | 22/27 | €448,407 | €395,689 | -€52,718 | -11.8% |
| Land and buildings | 22 | €256,787 | €222,168 | -€34,619 | -13.5% |
| Plant, machinery and equipment | 23 | €191,620 | €173,521 | -€18,098 | -9.4% |
| Financial fixed assets | 28 | €1,084 | €1,084 | = | 0.0% |
| Current assets | 29/58 | €453,428 | €447,387 | -€6,042 | -1.3% |
| Stocks and contracts in progress | 3 | €121,554 | €119,379 | -€2,174 | -1.8% |
| Stocks | 30/36 | €121,554 | €119,379 | -€2,174 | -1.8% |
| Amounts receivable within one year | 40/41 | €264,471 | €273,936 | +€9,465 | +3.6% |
| Trade receivables | 40 | €136,102 | €156,063 | +€19,961 | +14.7% |
| Other amounts receivable | 41 | €128,369 | €117,873 | -€10,497 | -8.2% |
| Cash at bank and in hand | 54/58 | €61,939 | €50,218 | -€11,721 | -18.9% |
| Deferred charges and accrued income | 490/1 | €5,465 | €3,854 | -€1,611 | -29.5% |
| Total equity and liabilities | 10/49 | €908,519 | €846,960 | -€61,559 | -6.8% |
| Equity | 10/15 | €362,544 | €360,955 | -€1,590 | -0.4% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €455,677 | €455,677 | = | 0.0% |
| Distributable reserves | 133 | €455,677 | €455,677 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,882 | -€113,472 | -€1,590 | -1.4% |
| Amounts payable | 17/49 | €545,975 | €486,005 | -€59,970 | -11.0% |
| Amounts payable after more than one year | 17 | €303,394 | €238,938 | -€64,456 | -21.2% |
| Financial debts | 170/4 | €303,394 | €238,938 | -€64,456 | -21.2% |
| Amounts payable within one year | 42/48 | €241,293 | €245,349 | +€4,056 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €72,515 | €97,715 | +€25,200 | +34.8% |
| Trade debts | 44 | €116,411 | €91,823 | -€24,588 | -21.1% |
| Suppliers | 440/4 | €116,411 | €91,823 | -€24,588 | -21.1% |
| Taxes, remuneration and social security | 45 | €50,895 | €54,339 | +€3,444 | +6.8% |
| Taxes | 450/3 | €291 | €2,555 | +€2,264 | +777% |
| Remuneration and social security | 454/9 | €50,604 | €51,784 | +€1,181 | +2.3% |
| Other amounts payable | 47/48 | €1,472 | €1,472 | +€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,287 | €1,717 | +€430 | +33.4% |
| Remuneration, social security and pensions | 62 | €295,646 | €306,237 | +€10,591 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,513 | €103,109 | -€8,405 | -7.5% |
| Other operating charges | 640/8 | €5,802 | €6,263 | +€460 | +7.9% |
| Gross operating margin | 9900 | €394,858 | €427,310 | +€32,452 | +8.2% |
| Operating profit (loss) | 9901 | -€18,105 | €11,701 | +€29,806 | |
| Financial income | 75/76B | €5,459 | €2,768 | -€2,691 | -49.3% |
| Recurring financial income | 75 | €5,459 | €2,768 | -€2,691 | -49.3% |
| Financial charges | 65/66B | €15,153 | €15,810 | +€657 | +4.3% |
| Recurring financial charges | 65 | €15,153 | €15,810 | +€657 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,799 | -€1,342 | +€26,458 | +95.2% |
| Income taxes | 67/77 | €270 | €248 | -€22 | -8.2% |
| Profit (loss) for the period | 9904 | -€28,070 | -€1,590 | +€26,480 | +94.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,070 | -€1,590 | +€26,480 | +94.3% |
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 28 October 2026 via checked.be.