KEVA: 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.
What changed
KEVA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€93,119
2024 · €45,918+€47,201
Equity
€2.2m
2024 · €2.1m+€93,119
Cash
€73,650
2024 · €384,030-€310,380
Balance sheet total
€2.6m
2024 · €2.3m+€295,907
Largest movements
Assets
- Tangible fixed assets +€587,484
up €587,484 (+33.9%), from €1.7m to €2.3m
of which Other tangible fixed assets: +€403,714
- Cash -€310,380
down €310,380 (-80.8%), from €384,030 to €73,650
mainly Investment in fixed assets (net) (-€708,270) and Current portion of long-term debt (-€21,267)
Equity and liabilities
- Debts after one year +€248,054
up €248,054 (+12,744%), from €1,946 to €250,000
- Profit (loss) carried forward +€102,437
up €102,437 (+7.5%), from €1.4m to €1.5m
Income statement
- Taxes -€18,224
down €18,224 (-49.2%), from €37,028 to €18,805
- Gross operating margin +€13,891
up €13,891 (+6.1%), from €229,497 to €243,388
- Depreciation -€13,414
down €13,414 (-10.0%), from €134,200 to €120,786
- Other operating charges -€8,396
down €8,396 (-58.3%), from €14,403 to €6,007
- Staff costs -€7,341
down €7,341 (-96.4%), from €7,615 to €274
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.
Result 2024
€45,918
Gross operating margin
+€13,891
Staff costs
+€7,341
Depreciation
+€13,414
Other operating charges
+€8,396
Financial income
-€5,731
Financial charges
-€5,909
Taxes
+€18,224
Deferred taxes and other
-€2,425
Result 2025
€93,119
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€171,103
Investment
-€708,270
Financing
+€226,787
Cash 2024
€384,030
From operations (derived)
+€171,103
Net result for the year
+€93,119
Depreciation
+€120,786
Receivables within one year
-€18,017
Deferred charges and accrued income
-€786
Provisions
-€3,106
Trade debts
+€5,753
Tax, wage and social debts
-€15,265
Accrued charges and deferred income
-€11,381
Investment (derived)
-€708,270
Investment in fixed assets (net)
-€708,270
Financing
+€226,787
Debts after one year
+€248,054
Current portion of long-term debt
-€21,267
Cash 2025
€73,650
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,276,132 | €2,572,039 | +€295,907 | +13.0% |
| Fixed assets | 21/28 | €1,806,322 | €2,393,807 | +€587,484 | +32.5% |
| Tangible fixed assets | 22/27 | €1,731,322 | €2,318,807 | +€587,484 | +33.9% |
| Land and buildings | 22 | €1,502,976 | €1,690,372 | +€187,397 | +12.5% |
| Plant, machinery and equipment | 23 | €35,706 | €32,900 | -€2,806 | -7.9% |
| Furniture and vehicles | 24 | €111,075 | €110,255 | -€820 | -0.7% |
| Other tangible fixed assets | 26 | €81,566 | €485,279 | +€403,714 | +495% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €469,810 | €178,233 | -€291,577 | -62.1% |
| Amounts receivable within one year | 40/41 | €79,207 | €97,224 | +€18,017 | +22.7% |
| Trade receivables | 40 | €58,814 | €60,386 | +€1,571 | +2.7% |
| Other amounts receivable | 41 | €20,392 | €36,838 | +€16,446 | +80.6% |
| Cash at bank and in hand | 54/58 | €384,030 | €73,650 | -€310,380 | -80.8% |
| Deferred charges and accrued income | 490/1 | €6,573 | €7,359 | +€786 | +12.0% |
| Total equity and liabilities | 10/49 | €2,276,132 | €2,572,039 | +€295,907 | +13.0% |
| Equity | 10/15 | €2,147,601 | €2,240,719 | +€93,119 | +4.3% |
| Contributions | 10/11 | €563,840 | €563,840 | = | 0.0% |
| Capital | 10 | €563,840 | €563,840 | = | 0.0% |
| Issued capital | 100 | €563,840 | €563,840 | = | 0.0% |
| Reserves | 13 | €215,030 | €205,712 | -€9,318 | -4.3% |
| Non-distributable reserves | 130/1 | €56,384 | €56,384 | = | 0.0% |
| Legal reserve | 130 | €56,384 | €56,384 | = | 0.0% |
| Tax-exempt reserves | 132 | €158,646 | €149,328 | -€9,318 | -5.9% |
| Profit (loss) carried forward | 14 | €1,368,731 | €1,471,167 | +€102,437 | +7.5% |
| Provisions and deferred taxes | 16 | €45,914 | €42,808 | -€3,106 | -6.8% |
| Deferred taxes | 168 | €45,914 | €42,808 | -€3,106 | -6.8% |
| Amounts payable | 17/49 | €82,618 | €288,512 | +€205,894 | +249% |
| Amounts payable after more than one year | 17 | €1,946 | €250,000 | +€248,054 | +12,744% |
| Financial debts | 170/4 | €1,946 | €250,000 | +€248,054 | +12,744% |
| Amounts payable within one year | 42/48 | €69,291 | €38,512 | -€30,779 | -44.4% |
| Current portion of amounts payable after more than one year | 42 | €23,212 | €1,945 | -€21,267 | -91.6% |
| Trade debts | 44 | €10,011 | €15,764 | +€5,753 | +57.5% |
| Suppliers | 440/4 | €10,011 | €15,764 | +€5,753 | +57.5% |
| Taxes, remuneration and social security | 45 | €36,069 | €20,804 | -€15,265 | -42.3% |
| Taxes | 450/3 | €33,221 | €18,940 | -€14,281 | -43.0% |
| Remuneration and social security | 454/9 | €2,848 | €1,864 | -€984 | -34.5% |
| Accrued charges and deferred income | 492/3 | €11,381 | - | -€11,381 | |
| Remuneration, social security and pensions | 62 | €7,615 | €274 | -€7,341 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,200 | €120,786 | -€13,414 | -10.0% |
| Other operating charges | 640/8 | €14,403 | €6,007 | -€8,396 | -58.3% |
| Gross operating margin | 9900 | €229,497 | €243,388 | +€13,891 | +6.1% |
| Operating profit (loss) | 9901 | €73,279 | €116,322 | +€43,043 | +58.7% |
| Financial income | 75/76B | €7,536 | €1,805 | -€5,731 | -76.0% |
| Recurring financial income | 75 | €7,536 | €1,805 | -€5,731 | -76.0% |
| Financial charges | 65/66B | €3,400 | €9,309 | +€5,909 | +174% |
| Recurring financial charges | 65 | €3,400 | €9,309 | +€5,909 | +174% |
| Profit (loss) for the period before taxes | 9903 | €77,415 | €108,818 | +€31,402 | +40.6% |
| Transfer from deferred taxes | 780 | €5,531 | €3,106 | -€2,425 | -43.8% |
| Income taxes | 67/77 | €37,028 | €18,805 | -€18,224 | -49.2% |
| Profit (loss) for the period | 9904 | €45,918 | €93,119 | +€47,201 | +103% |
| Transfer from tax-exempt reserves | 789 | €16,593 | €9,318 | -€7,275 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,511 | €102,437 | +€39,926 | +63.9% |
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 19 October 2026 via checked.be.