KEVAN: 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.
KEVAN
Largest movements
- Tangible fixed assets -€221,660
down €221,660 (-4.7%), from €4.7m to €4.4m
of which Land and buildings: -€164,821
- Debts after one year -€239,996
down €239,996 (-13.2%), from €1.8m to €1.6m
- Reserves +€138,178
up €138,178 (+8.2%), from €1.7m to €1.8m
of which Distributable reserves: +€168,670
- Accrued charges and deferred income -€60,424
down €60,424 (-97.9%), from €61,733 to €1,309
- Other debts -€50,000
down €50,000 (-10.0%), from €500,000 to €450,000
- Gross operating margin +€35,579
up €35,579 (+8.1%), from €440,348 to €475,927
- Taxes +€10,311
up €10,311 (+17.5%), from €58,997 to €69,308
- Financial charges -€6,317
down €6,317 (-10.6%), from €59,634 to €53,317
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 | €4,760,339 | €4,523,446 | -€236,893 | -5.0% |
| Fixed assets | 21/28 | €4,668,094 | €4,446,434 | -€221,660 | -4.7% |
| Tangible fixed assets | 22/27 | €4,668,094 | €4,446,434 | -€221,660 | -4.7% |
| Land and buildings | 22 | €4,455,065 | €4,290,245 | -€164,821 | -3.7% |
| Plant, machinery and equipment | 23 | €213,028 | €156,190 | -€56,839 | -26.7% |
| Current assets | 29/58 | €92,245 | €77,011 | -€15,233 | -16.5% |
| Amounts receivable within one year | 40/41 | €49,582 | €50,800 | +€1,218 | +2.5% |
| Trade receivables | 40 | €49,577 | €50,747 | +€1,170 | +2.4% |
| Other amounts receivable | 41 | €5 | €53 | +€48 | +1024.7% |
| Cash at bank and in hand | 54/58 | €42,663 | €26,211 | -€16,451 | -38.6% |
| Total equity and liabilities | 10/49 | €4,760,339 | €4,523,446 | -€236,893 | -5.0% |
| Equity | 10/15 | €1,783,429 | €1,921,607 | +€138,178 | +7.7% |
| Contributions | 10/11 | €101,090 | €101,090 | = | 0.0% |
| Capital | 10 | €101,090 | €101,090 | = | 0.0% |
| Issued capital | 100 | €101,090 | €101,090 | = | 0.0% |
| Reserves | 13 | €1,682,338 | €1,820,516 | +€138,178 | +8.2% |
| Non-distributable reserves | 130/1 | €10,109 | €10,109 | = | 0.0% |
| Legal reserve | 130 | €10,109 | €10,109 | = | 0.0% |
| Tax-exempt reserves | 132 | €396,393 | €365,901 | -€30,492 | -7.7% |
| Distributable reserves | 133 | €1,275,836 | €1,444,506 | +€168,670 | +13.2% |
| Provisions and deferred taxes | 16 | €302,229 | €278,981 | -€23,248 | -7.7% |
| Deferred taxes | 168 | €302,229 | €278,981 | -€23,248 | -7.7% |
| Amounts payable | 17/49 | €2,674,681 | €2,322,858 | -€351,823 | -13.2% |
| Amounts payable after more than one year | 17 | €1,823,386 | €1,583,390 | -€239,996 | -13.2% |
| Financial debts | 170/4 | €1,823,386 | €1,583,390 | -€239,996 | -13.2% |
| Amounts payable within one year | 42/48 | €789,562 | €738,160 | -€51,402 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €271,239 | €258,507 | -€12,732 | -4.7% |
| Trade debts | 44 | €14,326 | €26,345 | +€12,019 | +83.9% |
| Suppliers | 440/4 | €14,326 | €26,345 | +€12,019 | +83.9% |
| Taxes, remuneration and social security | 45 | €3,997 | €3,308 | -€689 | -17.2% |
| Taxes | 450/3 | €3,997 | €3,308 | -€689 | -17.2% |
| Other amounts payable | 47/48 | €500,000 | €450,000 | -€50,000 | -10.0% |
| Accrued charges and deferred income | 492/3 | €61,733 | €1,309 | -€60,424 | -97.9% |
| Non-recurring operating income | 76A | - | €40,832 | +€40,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,592 | €221,660 | +€68 | 0.0% |
| Other operating charges | 640/8 | €16,129 | €16,713 | +€583 | +3.6% |
| Gross operating margin | 9900 | €440,348 | €475,927 | +€35,579 | +8.1% |
| Operating profit (loss) | 9901 | €202,627 | €237,555 | +€34,928 | +17.2% |
| Financial charges | 65/66B | €59,634 | €53,317 | -€6,317 | -10.6% |
| Recurring financial charges | 65 | €59,634 | €53,317 | -€6,317 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €142,993 | €184,237 | +€41,245 | +28.8% |
| Transfer from deferred taxes | 780 | €23,248 | €23,248 | = | 0.0% |
| Income taxes | 67/77 | €58,997 | €69,308 | +€10,311 | +17.5% |
| Profit (loss) for the period | 9904 | €107,244 | €138,178 | +€30,934 | +28.8% |
| Transfer from tax-exempt reserves | 789 | €30,492 | €30,492 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,736 | €168,670 | +€30,934 | +22.5% |
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 11 October 2026 via checked.be.