KEVARO: 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.
KEVARO
Largest movements
- Intangible fixed assets -€15,286
down €15,286 (-19.4%), from €78,858 to €63,572
- Cash -€12,221
down €12,221 (-41.1%), from €29,701 to €17,480
mainly Debts after one year (-€21,513) and Net result for the year (-€10,252)
- Tangible fixed assets -€6,630
down €6,630 (-19.6%), from €33,802 to €27,172
of which Other tangible fixed assets: -€5,549
- Receivables within one year +€2,400
up €2,400 (+77.4%), from €3,100 to €5,500
of which Other amounts receivable: +€2,400
- Debts after one year -€21,513
down €21,513 (-24.9%), from €86,385 to €64,872
- Profit (loss) carried forward -€10,252
down €10,252 (-506%), from -€2,027 to -€12,279
- Other debts +€3,764
up €3,764 (+23.1%), from €16,324 to €20,088
- Trade debts -€1,718
down €1,718 (-61.3%), from €2,805 to €1,086
- Tax, wage and social debts -€1,630
down €1,630 (-46.4%), from €3,510 to €1,880
- Gross operating margin -€20,111
down €20,111 (-56.3%), from €35,701 to €15,589
- Depreciation -€994
down €994 (-4.3%), from €22,910 to €21,916
- Financial charges -€711
down €711 (-21.4%), from €3,327 to €2,617
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,605 | €115,760 | -€30,844 | -21.0% |
| Fixed assets | 21/28 | €112,659 | €90,744 | -€21,916 | -19.5% |
| Intangible fixed assets | 21 | €78,858 | €63,572 | -€15,286 | -19.4% |
| Tangible fixed assets | 22/27 | €33,802 | €27,172 | -€6,630 | -19.6% |
| Plant, machinery and equipment | 23 | €1,312 | €231 | -€1,081 | -82.4% |
| Other tangible fixed assets | 26 | €32,490 | €26,940 | -€5,549 | -17.1% |
| Current assets | 29/58 | €33,945 | €25,017 | -€8,928 | -26.3% |
| Stocks and contracts in progress | 3 | €1,144 | €2,037 | +€892 | +78.0% |
| Stocks | 30/36 | €1,144 | €2,037 | +€892 | +78.0% |
| Amounts receivable within one year | 40/41 | €3,100 | €5,500 | +€2,400 | +77.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,100 | €5,500 | +€2,400 | +77.4% |
| Cash at bank and in hand | 54/58 | €29,701 | €17,480 | -€12,221 | -41.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €146,605 | €115,760 | -€30,844 | -21.0% |
| Equity | 10/15 | €16,573 | €6,321 | -€10,252 | -61.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,027 | -€12,279 | -€10,252 | -506% |
| Amounts payable | 17/49 | €130,032 | €109,440 | -€20,592 | -15.8% |
| Amounts payable after more than one year | 17 | €86,385 | €64,872 | -€21,513 | -24.9% |
| Financial debts | 170/4 | €86,385 | €64,872 | -€21,513 | -24.9% |
| Amounts payable within one year | 42/48 | €43,646 | €44,568 | +€921 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €21,007 | €21,513 | +€506 | +2.4% |
| Trade debts | 44 | €2,805 | €1,086 | -€1,718 | -61.3% |
| Suppliers | 440/4 | €2,805 | €1,086 | -€1,718 | -61.3% |
| Taxes, remuneration and social security | 45 | €3,510 | €1,880 | -€1,630 | -46.4% |
| Taxes | 450/3 | €3,510 | €1,880 | -€1,630 | -46.4% |
| Other amounts payable | 47/48 | €16,324 | €20,088 | +€3,764 | +23.1% |
| Remuneration, social security and pensions | 62 | €621 | €632 | +€12 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,910 | €21,916 | -€994 | -4.3% |
| Other operating charges | 640/8 | €664 | €677 | +€13 | +2.0% |
| Gross operating margin | 9900 | €35,701 | €15,589 | -€20,111 | -56.3% |
| Operating profit (loss) | 9901 | €11,506 | -€7,636 | -€19,142 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,327 | €2,617 | -€711 | -21.4% |
| Recurring financial charges | 65 | €3,327 | €2,617 | -€711 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €8,179 | -€10,252 | -€18,431 | |
| Profit (loss) for the period | 9904 | €8,179 | -€10,252 | -€18,431 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,179 | -€10,252 | -€18,431 |
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 20 October 2026 via checked.be.