KEVAREL: 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
KEVAREL
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.9m
2024 · €3.9m-€43,051
Equity
€25.3m
2024 · €21.4m+€3.9m
Cash
€2.1m
2024 · €806,127+€1.3m
Balance sheet total
€25.6m
2024 · €21.7m+€3.9m
Largest movements
Assets
- Current investments +€2.6m
up €2.6m (+27.8%), from €9.3m to €11.9m
- Cash +€1.3m
up €1.3m (+164%), from €806,127 to €2.1m
mainly Net result for the year (+€3.9m) and Tax, wage and social debts (+€38,869)
Equity and liabilities
- Reserves +€3.9m
up €3.9m (+22.1%), from €17.5m to €21.4m
Income statement
- Financial income +€124,831
up €124,831 (+4.7%), from €2.7m to €2.8m
- Gross operating margin -€107,631
down €107,631 (-6.2%), from €1.7m to €1.6m
- Financial charges +€71,895
up €71,895 (+380%), from €18,900 to €90,795
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
€3.9m
Gross operating margin
-€107,631
Depreciation
+€192
Other operating charges
-€21
Financial income
+€124,831
Financial charges
-€71,895
Taxes
+€11,472
Result 2025
€3.9m
raises the resultlowers the result
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
+€3.9m
Investment
-€2.6m
Financing
+€26,002
Cash 2024
€806,127
From operations (derived)
+€3.9m
Net result for the year
+€3.9m
Depreciation
+€405
Receivables within one year
-€27,041
Smaller working-capital items
-€82
Tax, wage and social debts
+€38,869
Investment (derived)
-€2.6m
Current investments
-€2.6m
Financing
+€26,002
Debts after one year
+€26,002
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,654,376 | €25,586,926 | +€3.9m | +18.2% |
| Fixed assets | 21/28 | €11,451,286 | €11,450,881 | -€405 | 0.0% |
| Tangible fixed assets | 22/27 | €2,666 | €2,261 | -€405 | -15.2% |
| Land and buildings | 22 | €2,329 | €2,261 | -€68 | -2.9% |
| Furniture and vehicles | 24 | €337 | €0 | -€337 | -100% |
| Financial fixed assets | 28 | €11,448,620 | €11,448,620 | = | 0.0% |
| Current assets | 29/58 | €10,203,091 | €14,136,045 | +€3.9m | +38.5% |
| Amounts receivable within one year | 40/41 | €107,837 | €134,878 | +€27,041 | +25.1% |
| Trade receivables | 40 | €96,800 | €102,850 | +€6,050 | +6.3% |
| Other amounts receivable | 41 | €11,037 | €32,028 | +€20,991 | +190% |
| Current investments | 50/53 | €9,280,221 | €11,862,772 | +€2.6m | +27.8% |
| Cash at bank and in hand | 54/58 | €806,127 | €2,130,915 | +€1.3m | +164% |
| Deferred charges and accrued income | 490/1 | €8,906 | €7,480 | -€1,426 | -16.0% |
| Total equity and liabilities | 10/49 | €21,654,376 | €25,586,926 | +€3.9m | +18.2% |
| Equity | 10/15 | €21,386,415 | €25,255,601 | +€3.9m | +18.1% |
| Contributions | 10/11 | €3,845,000 | €3,845,000 | = | 0.0% |
| Reserves | 13 | €17,541,415 | €21,410,601 | +€3.9m | +22.1% |
| Distributable reserves | 133 | €17,541,415 | €21,410,601 | +€3.9m | +22.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €267,962 | €331,325 | +€63,364 | +23.6% |
| Amounts payable after more than one year | 17 | €233,818 | €259,820 | +€26,002 | +11.1% |
| Other amounts payable | 178/9 | €233,818 | €259,820 | +€26,002 | +11.1% |
| Amounts payable within one year | 42/48 | €28,559 | €71,378 | +€42,819 | +150% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €657 | €590 | -€67 | -10.2% |
| Suppliers | 440/4 | €657 | €590 | -€67 | -10.2% |
| Taxes, remuneration and social security | 45 | €19,681 | €58,550 | +€38,869 | +198% |
| Taxes | 450/3 | €19,681 | €58,550 | +€38,869 | +198% |
| Other amounts payable | 47/48 | €8,221 | €12,238 | +€4,017 | +48.9% |
| Accrued charges and deferred income | 492/3 | €5,585 | €128 | -€5,457 | -97.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €598 | €405 | -€192 | -32.2% |
| Other operating charges | 640/8 | €149 | €170 | +€21 | +14.1% |
| Gross operating margin | 9900 | €1,732,492 | €1,624,861 | -€107,631 | -6.2% |
| Operating profit (loss) | 9901 | €1,731,745 | €1,624,286 | -€107,459 | -6.2% |
| Financial income | 75/76B | €2,659,883 | €2,784,714 | +€124,831 | +4.7% |
| Recurring financial income | 75 | €2,659,883 | €2,784,714 | +€124,831 | +4.7% |
| Financial charges | 65/66B | €18,900 | €90,795 | +€71,895 | +380% |
| Recurring financial charges | 65 | €18,900 | €90,795 | +€71,895 | +380% |
| Profit (loss) for the period before taxes | 9903 | €4,372,729 | €4,318,205 | -€54,524 | -1.2% |
| Income taxes | 67/77 | €460,491 | €449,019 | -€11,472 | -2.5% |
| Profit (loss) for the period | 9904 | €3,912,237 | €3,869,186 | -€43,051 | -1.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €3,912,237 | €3,869,186 | -€43,051 | -1.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.