KEVERS-REYNDERS: 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.
KEVERS-REYNDERS
Largest movements
- Cash +€43,581
up €43,581 (+158%), from €27,568 to €71,149
mainly Net result for the year (+€188,298) and Tax, wage and social debts (+€15,556)
- Reserves +€396,801
up €396,801 (+134%), from €295,506 to €692,307
- Profit (loss) carried forward -€307,294
no longer reported in 2025 (was €307,294)
- Other debts -€64,238
down €64,238 (-36.5%), from €176,180 to €111,942
- Tax, wage and social debts +€15,556
up €15,556 (+69.7%), from €22,319 to €37,875
- Financial income +€97,473
up €97,473 (+813%), from €11,987 to €109,459
- Gross operating margin +€60,609
up €60,609 (+86.4%), from €70,117 to €130,726
- Taxes +€27,446
up €27,446 (+135%), from €20,256 to €47,703
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 | €837,617 | €881,961 | +€44,344 | +5.3% |
| Fixed assets | 21/28 | €796,403 | €797,756 | +€1,354 | +0.2% |
| Tangible fixed assets | 22/27 | €403 | €1,756 | +€1,354 | +336% |
| Plant, machinery and equipment | 23 | €403 | €1,756 | +€1,354 | +336% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €796,000 | €796,000 | = | 0.0% |
| Current assets | 29/58 | €41,214 | €84,204 | +€42,990 | +104% |
| Amounts receivable within one year | 40/41 | €12,100 | €12,100 | = | 0.0% |
| Trade receivables | 40 | €12,100 | €12,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,568 | €71,149 | +€43,581 | +158% |
| Deferred charges and accrued income | 490/1 | €1,546 | €955 | -€591 | -38.2% |
| Total equity and liabilities | 10/49 | €837,617 | €881,961 | +€44,344 | +5.3% |
| Equity | 10/15 | €621,401 | €710,907 | +€89,507 | +14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,506 | €692,307 | +€396,801 | +134% |
| Distributable reserves | 133 | €295,506 | €692,307 | +€396,801 | +134% |
| Profit (loss) carried forward | 14 | €307,294 | - | -€307,294 | |
| Amounts payable | 17/49 | €216,216 | €171,053 | -€45,163 | -20.9% |
| Amounts payable within one year | 42/48 | €216,216 | €171,053 | -€45,163 | -20.9% |
| Trade debts | 44 | €778 | €3,086 | +€2,309 | +297% |
| Suppliers | 440/4 | €778 | €3,086 | +€2,309 | +297% |
| Advances received on contracts in progress | 46 | €16,940 | €18,150 | +€1,210 | +7.1% |
| Taxes, remuneration and social security | 45 | €22,319 | €37,875 | +€15,556 | +69.7% |
| Taxes | 450/3 | €22,319 | €37,875 | +€15,556 | +69.7% |
| Other amounts payable | 47/48 | €176,180 | €111,942 | -€64,238 | -36.5% |
| Non-recurring operating income | 76A | - | €2,982 | +€2,982 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45 | €154 | +€109 | +244% |
| Other operating charges | 640/8 | €1,510 | €881 | -€629 | -41.6% |
| Gross operating margin | 9900 | €70,117 | €130,726 | +€60,609 | +86.4% |
| Operating profit (loss) | 9901 | €68,562 | €129,691 | +€61,129 | +89.2% |
| Financial income | 75/76B | €11,987 | €109,459 | +€97,473 | +813% |
| Recurring financial income | 75 | €11,987 | €109,459 | +€97,473 | +813% |
| Financial charges | 65/66B | €4,219 | €3,149 | -€1,070 | -25.4% |
| Recurring financial charges | 65 | €4,219 | €3,149 | -€1,070 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €76,330 | €236,001 | +€159,671 | +209% |
| Income taxes | 67/77 | €20,256 | €47,703 | +€27,446 | +135% |
| Profit (loss) for the period | 9904 | €56,074 | €188,298 | +€132,224 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €56,074 | €188,298 | +€132,224 | +236% |
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 13 October 2026 via checked.be.