KEVANOS: 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.
KEVANOS
Largest movements
- Cash +€169,897
up €169,897 (+77.4%), from €219,521 to €389,418
mainly Current investments (+€147,689) and Depreciation (+€42,388)
- Current investments -€147,689
down €147,689 (-11.0%), from €1.3m to €1.2m
- Tangible fixed assets -€42,388
down €42,388 (-50.0%), from €84,824 to €42,436
- Reserves -€24,677
down €24,677 (-1.8%), from €1.4m to €1.3m
of which Distributable reserves: -€24,677
- Financial charges +€46,740
up €46,740, from -€2,537 to €44,203
- Financial income -€25,908
down €25,908 (-36.6%), from €70,695 to €44,787
of which Financial income: -€25,908
- Gross operating margin +€8,933
up €8,933 (+46.9%), from €19,055 to €27,988
- Other operating charges -€2,813
down €2,813 (-22.7%), from €12,398 to €9,585
- Taxes -€2,648
down €2,648 (-68.4%), from €3,870 to €1,222
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 | €1,694,226 | €1,664,047 | -€30,179 | -1.8% |
| Fixed assets | 21/28 | €85,134 | €42,746 | -€42,388 | -49.8% |
| Tangible fixed assets | 22/27 | €84,824 | €42,436 | -€42,388 | -50.0% |
| Land and buildings | 22 | €84,824 | €42,436 | -€42,388 | -50.0% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €1,609,092 | €1,621,301 | +€12,209 | +0.8% |
| Amounts receivable within one year | 40/41 | €27,647 | €24,997 | -€2,650 | -9.6% |
| Trade receivables | 40 | €9,979 | €0 | -€9,979 | -100.0% |
| Other amounts receivable | 41 | €17,668 | €24,997 | +€7,329 | +41.5% |
| Current investments | 50/53 | €1,339,465 | €1,191,776 | -€147,689 | -11.0% |
| Cash at bank and in hand | 54/58 | €219,521 | €389,418 | +€169,897 | +77.4% |
| Deferred charges and accrued income | 490/1 | €22,458 | €15,111 | -€7,348 | -32.7% |
| Total equity and liabilities | 10/49 | €1,694,226 | €1,664,047 | -€30,179 | -1.8% |
| Equity | 10/15 | €1,621,566 | €1,596,889 | -€24,677 | -1.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,371,566 | €1,346,889 | -€24,677 | -1.8% |
| Non-distributable reserves | 130/1 | €35,515 | €35,515 | = | 0.0% |
| Legal reserve | 130 | €35,515 | €35,515 | = | 0.0% |
| Distributable reserves | 133 | €1,336,051 | €1,311,374 | -€24,677 | -1.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €72,660 | €67,158 | -€5,502 | -7.6% |
| Amounts payable within one year | 42/48 | €63,049 | €59,412 | -€3,637 | -5.8% |
| Trade debts | 44 | €1,080 | €414 | -€666 | -61.7% |
| Suppliers | 440/4 | €1,080 | €414 | -€666 | -61.7% |
| Advances received on contracts in progress | 46 | €160 | €122 | -€38 | -23.8% |
| Taxes, remuneration and social security | 45 | €5,380 | €4,552 | -€828 | -15.4% |
| Taxes | 450/3 | €5,380 | €4,552 | -€828 | -15.4% |
| Other amounts payable | 47/48 | €56,429 | €54,324 | -€2,105 | -3.7% |
| Accrued charges and deferred income | 492/3 | €9,611 | €7,746 | -€1,866 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,388 | €42,388 | = | 0.0% |
| Other operating charges | 640/8 | €12,398 | €9,585 | -€2,813 | -22.7% |
| Non-recurring operating charges | 66A | €64 | €53 | -€11 | -17.2% |
| Gross operating margin | 9900 | €19,055 | €27,988 | +€8,933 | +46.9% |
| Operating profit (loss) | 9901 | -€35,796 | -€24,038 | +€11,758 | +32.8% |
| Financial income | 75/76B | €70,695 | €44,787 | -€25,908 | -36.6% |
| Recurring financial income | 75 | €70,695 | €44,787 | -€25,908 | -36.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | -€2,537 | €44,203 | +€46,740 | |
| Recurring financial charges | 65 | -€2,537 | €44,203 | +€46,740 | |
| Profit (loss) for the period before taxes | 9903 | €37,436 | -€23,455 | -€60,891 | |
| Income taxes | 67/77 | €3,870 | €1,222 | -€2,648 | -68.4% |
| Profit (loss) for the period | 9904 | €33,566 | -€24,677 | -€58,243 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,566 | -€24,677 | -€58,243 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.