KEVES: 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.
KEVES
Largest movements
- Tangible fixed assets -€115,251
down €115,251 (-20.0%), from €577,036 to €461,785
- Receivables within one year +€20,000
new in 2025: €20,000
- Deferred charges and accrued income +€16,112
up €16,112 (+26.0%), from €61,993 to €78,105
- Cash -€9,099
down €9,099 (-99.5%), from €9,146 to €47
mainly Short-term financial debts (-€122,000) and Net result for the year (-€75,948)
- Reserves -€146,151
down €146,151 (-10.3%), from €1.4m to €1.3m
of which Distributable reserves: -€146,151
- Short-term financial debts -€122,000
no longer reported in 2025 (was €122,000)
- Debts after one year +€118,236
up €118,236 (+30.9%), from €382,691 to €500,928
- Profit (loss) carried forward +€70,203
up €70,203 (+4.8%), from -€1.5m to -€1.4m
- Financial income -€90,683
down €90,683 (-81.9%), from €110,776 to €20,093
of which Financial income: -€90,683
- Depreciation +€52,996
up €52,996 (+85.1%), from €62,255 to €115,251
- Taxes -€29,598
down €29,598 (-75.6%), from €39,161 to €9,564
- Gross operating margin -€12,734
down €12,734 (-23.0%), from €55,482 to €42,748
- Financial charges -€11,967
down €11,967 (-52.0%), from €23,020 to €11,053
of which Non-recurring financial charges: -€8,288
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 | €648,174 | €559,937 | -€88,238 | -13.6% |
| Fixed assets | 21/28 | €577,036 | €461,785 | -€115,251 | -20.0% |
| Tangible fixed assets | 22/27 | €577,036 | €461,785 | -€115,251 | -20.0% |
| Land and buildings | 22 | €577,036 | €461,785 | -€115,251 | -20.0% |
| Current assets | 29/58 | €71,138 | €98,152 | +€27,014 | +38.0% |
| Amounts receivable within one year | 40/41 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €9,146 | €47 | -€9,099 | -99.5% |
| Deferred charges and accrued income | 490/1 | €61,993 | €78,105 | +€16,112 | +26.0% |
| Total equity and liabilities | 10/49 | €648,174 | €559,937 | -€88,238 | -13.6% |
| Equity | 10/15 | -€40,115 | -€116,063 | -€75,948 | -189.3% |
| Contributions | 10/11 | €18,603 | €18,603 | = | 0.0% |
| Outside capital | 11 | €18,603 | €18,603 | = | 0.0% |
| Other | 1109/19 | €18,603 | €18,603 | = | 0.0% |
| Reserves | 13 | €1,416,191 | €1,270,040 | -€146,151 | -10.3% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €851,958 | €851,958 | = | 0.0% |
| Distributable reserves | 133 | €560,512 | €414,361 | -€146,151 | -26.1% |
| Profit (loss) carried forward | 14 | -€1,474,908 | -€1,404,705 | +€70,203 | +4.8% |
| Amounts payable | 17/49 | €688,289 | €676,000 | -€12,290 | -1.8% |
| Amounts payable after more than one year | 17 | €382,691 | €500,928 | +€118,236 | +30.9% |
| Financial debts | 170/4 | €382,691 | €500,928 | +€118,236 | +30.9% |
| Amounts payable within one year | 42/48 | €305,598 | €175,072 | -€130,526 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €62,108 | €59,458 | -€2,650 | -4.3% |
| Financial debts | 43 | €122,000 | - | -€122,000 | |
| Credit institutions | 430/8 | €122,000 | - | -€122,000 | |
| Taxes, remuneration and social security | 45 | €115,251 | €109,375 | -€5,876 | -5.1% |
| Taxes | 450/3 | €115,251 | €109,375 | -€5,876 | -5.1% |
| Other amounts payable | 47/48 | €6,239 | €6,239 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,255 | €115,251 | +€52,996 | +85.1% |
| Other operating charges | 640/8 | €9,602 | €2,921 | -€6,681 | -69.6% |
| Non-recurring operating charges | 66A | €1,507,128 | - | -€1.5m | |
| Gross operating margin | 9900 | €55,482 | €42,748 | -€12,734 | -23.0% |
| Operating profit (loss) | 9901 | -€1,523,503 | -€75,424 | +€1.4m | +95.0% |
| Financial income | 75/76B | €110,776 | €20,093 | -€90,683 | -81.9% |
| Recurring financial income | 75 | €110,776 | €20,093 | -€90,683 | -81.9% |
| Non-recurring financial income | 76B | €110,776 | €20,093 | -€90,683 | -81.9% |
| Financial charges | 65/66B | €23,020 | €11,053 | -€11,967 | -52.0% |
| Recurring financial charges | 65 | €14,732 | €11,053 | -€3,679 | -25.0% |
| Non-recurring financial charges | 66B | €8,288 | - | -€8,288 | |
| Profit (loss) for the period before taxes | 9903 | -€1,435,747 | -€66,384 | +€1.4m | +95.4% |
| Income taxes | 67/77 | €39,161 | €9,564 | -€29,598 | -75.6% |
| Profit (loss) for the period | 9904 | -€1,474,908 | -€75,948 | +€1.4m | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,474,908 | -€75,948 | +€1.4m | +94.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.