KEUM: 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.
KEUM
Largest movements
- Tangible fixed assets +€491,406
up €491,406 (+4027.4%), from €12,202 to €503,607
- Cash -€435,571
down €435,571 (-97.2%), from €448,308 to €12,737
mainly Investment in fixed assets (net) (-€506,771) and Tax, wage and social debts (-€11,199)
- Other debts +€37,500
up €37,500 (+23734.2%), from €158 to €37,658
- Debts after one year +€36,668
new in 2025: €36,668
- Tax, wage and social debts -€11,199
no longer reported in 2025 (was €11,199)
- Depreciation +€13,878
up €13,878 (+933.4%), from €1,487 to €15,365
- Taxes -€11,199
no longer reported in 2025 (was €11,199)
- Financial charges +€1,762
up €1,762 (+1385.9%), from €127 to €1,889
- Financial income +€1,578
up €1,578 (+25.3%), from €6,239 to €7,817
- Gross operating margin +€1,116
up €1,116, from -€617 to €499
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 | €460,509 | €519,439 | +€58,930 | +12.8% |
| Fixed assets | 21/28 | €12,202 | €503,607 | +€491,406 | +4027.4% |
| Tangible fixed assets | 22/27 | €12,202 | €503,607 | +€491,406 | +4027.4% |
| Land and buildings | 22 | €12,202 | €503,607 | +€491,406 | +4027.4% |
| Current assets | 29/58 | €448,308 | €15,832 | -€432,476 | -96.5% |
| Amounts receivable within one year | 40/41 | - | €2,345 | +€2,345 | |
| Other amounts receivable | 41 | - | €2,345 | +€2,345 | |
| Current investments | 50/53 | - | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €448,308 | €12,737 | -€435,571 | -97.2% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €460,509 | €519,439 | +€58,930 | +12.8% |
| Equity | 10/15 | €356,333 | €348,678 | -€7,655 | -2.1% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €278,349 | €273,918 | -€4,431 | -1.6% |
| Tax-exempt reserves | 132 | €278,349 | €273,918 | -€4,431 | -1.6% |
| Profit (loss) carried forward | 14 | €32,984 | €29,760 | -€3,224 | -9.8% |
| Provisions and deferred taxes | 16 | €92,819 | €91,342 | -€1,477 | -1.6% |
| Deferred taxes | 168 | €92,819 | €91,342 | -€1,477 | -1.6% |
| Amounts payable | 17/49 | €11,357 | €79,419 | +€68,062 | +599.3% |
| Amounts payable after more than one year | 17 | - | €36,668 | +€36,668 | |
| Other amounts payable | 178/9 | - | €36,668 | +€36,668 | |
| Amounts payable within one year | 42/48 | €11,357 | €40,990 | +€29,632 | +260.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,332 | +€3,332 | |
| Taxes, remuneration and social security | 45 | €11,199 | - | -€11,199 | |
| Taxes | 450/3 | €11,199 | - | -€11,199 | |
| Other amounts payable | 47/48 | €158 | €37,658 | +€37,500 | +23734.2% |
| Accrued charges and deferred income | 492/3 | - | €1,761 | +€1,761 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,487 | €15,365 | +€13,878 | +933.4% |
| Other operating charges | 640/8 | €141 | €194 | +€54 | +38.1% |
| Gross operating margin | 9900 | -€617 | €499 | +€1,116 | |
| Operating profit (loss) | 9901 | -€2,244 | -€15,060 | -€12,816 | -571.1% |
| Financial income | 75/76B | €6,239 | €7,817 | +€1,578 | +25.3% |
| Recurring financial income | 75 | €6,239 | €7,817 | +€1,578 | +25.3% |
| Financial charges | 65/66B | €127 | €1,889 | +€1,762 | +1385.9% |
| Recurring financial charges | 65 | €127 | €1,889 | +€1,762 | +1385.9% |
| Profit (loss) for the period before taxes | 9903 | €3,868 | -€9,132 | -€12,999 | |
| Transfer from deferred taxes | 780 | €11,711 | €1,477 | -€10,234 | -87.4% |
| Income taxes | 67/77 | €11,199 | - | -€11,199 | |
| Profit (loss) for the period | 9904 | €4,379 | -€7,655 | -€12,034 | |
| Transfer from tax-exempt reserves | 789 | €35,187 | €4,431 | -€30,756 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,567 | -€3,224 | -€42,790 |
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 6 October 2026 via checked.be.