KEVALIE: 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.
KEVALIE
Largest movements
- Tangible fixed assets +€157,500
new in 2025: €157,500
- Cash -€41,209
no longer reported in 2025 (was €41,209)
mainly Investment in fixed assets (net) (-€202,500) and Net result for the year (-€34,469)
- Receivables within one year +€19,060
up €19,060 (+1971.0%), from €967 to €20,027
- Intangible fixed assets -€6,000
down €6,000 (-22.5%), from €26,672 to €20,672
- Deferred charges and accrued income +€5,793
new in 2025: €5,793
- Other debts +€117,135
up €117,135 (+16285.5%), from €719 to €117,854
- Short-term financial debts +€49,218
new in 2025: €49,218
- Profit (loss) carried forward -€34,469
down €34,469 (-76.7%), from €44,929 to €10,460
- Tax, wage and social debts +€2,686
up €2,686 (+28.2%), from €9,520 to €12,206
of which Taxes: +€5,211
- Financial charges +€48,565
up €48,565 (+65477.6%), from €74 to €48,639
- Depreciation +€47,672
up €47,672 (+1432.5%), from €3,328 to €51,000
- Taxes -€11,493
no longer reported in 2025 (was €11,493)
- Gross operating margin +€6,545
up €6,545 (+10.9%), from €59,862 to €66,407
- Other operating charges +€1,199
up €1,199 (+3154.9%), from €38 to €1,237
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 | €68,848 | €203,992 | +€135,144 | +196.3% |
| Fixed assets | 21/28 | €26,672 | €178,172 | +€151,500 | +568.0% |
| Intangible fixed assets | 21 | €26,672 | €20,672 | -€6,000 | -22.5% |
| Tangible fixed assets | 22/27 | - | €157,500 | +€157,500 | |
| Other tangible fixed assets | 26 | - | €157,500 | +€157,500 | |
| Current assets | 29/58 | €42,176 | €25,820 | -€16,356 | -38.8% |
| Amounts receivable within one year | 40/41 | €967 | €20,027 | +€19,060 | +1971.0% |
| Trade receivables | 40 | €967 | €20,027 | +€19,060 | +1971.0% |
| Cash at bank and in hand | 54/58 | €41,209 | - | -€41,209 | |
| Deferred charges and accrued income | 490/1 | - | €5,793 | +€5,793 | |
| Total equity and liabilities | 10/49 | €68,848 | €203,992 | +€135,144 | +196.3% |
| Equity | 10/15 | €58,609 | €24,140 | -€34,469 | -58.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €9,680 | €9,680 | = | 0.0% |
| Distributable reserves | 133 | €9,680 | €9,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,929 | €10,460 | -€34,469 | -76.7% |
| Amounts payable | 17/49 | €10,239 | €179,852 | +€169,613 | +1656.5% |
| Amounts payable within one year | 42/48 | €10,239 | €179,852 | +€169,613 | +1656.5% |
| Financial debts | 43 | - | €49,218 | +€49,218 | |
| Credit institutions | 430/8 | - | €49,218 | +€49,218 | |
| Trade debts | 44 | - | €574 | +€574 | |
| Suppliers | 440/4 | - | €574 | +€574 | |
| Taxes, remuneration and social security | 45 | €9,520 | €12,206 | +€2,686 | +28.2% |
| Taxes | 450/3 | €6,995 | €12,206 | +€5,211 | +74.5% |
| Remuneration and social security | 454/9 | €2,525 | - | -€2,525 | |
| Other amounts payable | 47/48 | €719 | €117,854 | +€117,135 | +16285.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,328 | €51,000 | +€47,672 | +1432.5% |
| Other operating charges | 640/8 | €38 | €1,237 | +€1,199 | +3154.9% |
| Gross operating margin | 9900 | €59,862 | €66,407 | +€6,545 | +10.9% |
| Operating profit (loss) | 9901 | €56,496 | €14,170 | -€42,326 | -74.9% |
| Financial charges | 65/66B | €74 | €48,639 | +€48,565 | +65477.6% |
| Recurring financial charges | 65 | €74 | €48,639 | +€48,565 | +65477.6% |
| Profit (loss) for the period before taxes | 9903 | €56,422 | -€34,469 | -€90,891 | |
| Income taxes | 67/77 | €11,493 | - | -€11,493 | |
| Profit (loss) for the period | 9904 | €44,929 | -€34,469 | -€79,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,929 | -€34,469 | -€79,397 |
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 5 October 2026 via checked.be.