KEW: 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.
KEW
Largest movements
- Receivables within one year -€95,442
down €95,442 (-55.0%), from €173,408 to €77,966
of which Trade receivables: -€94,643
- Stocks and contracts +€92,424
up €92,424 (+110%), from €83,691 to €176,115
- Tangible fixed assets +€7,185
up €7,185 (+154%), from €4,663 to €11,849
of which Furniture and vehicles: +€7,305
- Cash +€3,554
up €3,554 (+178%), from €2,000 to €5,554
mainly Receivables within one year (+€95,442) and Tax, wage and social debts (+€12,086)
- Trade debts -€17,137
down €17,137 (-37.3%), from €45,993 to €28,856
- Tax, wage and social debts +€12,086
up €12,086 (+209%), from €5,781 to €17,867
of which Taxes: +€6,588
- Current portion of long-term debt +€8,590
new in 2025: €8,590
- Profit (loss) carried forward +€3,518
up €3,518 (+71.8%), from -€4,900 to -€1,382
- Gross operating margin +€42,401
up €42,401, from -€29,952 to €12,450
- Financial income -€38,936
down €38,936 (-96.6%), from €40,307 to €1,370
of which Financial income: -€38,936
- Staff costs -€12,726
down €12,726 (-83.3%), from €15,269 to €2,543
- Financial charges +€4,374
up €4,374, from -€3,012 to €1,362
of which Non-recurring financial charges: +€4,536
- Taxes -€3,000
down €3,000 (-100%), from €3,000 to €0
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 | €270,062 | €277,783 | +€7,721 | +2.9% |
| Fixed assets | 21/28 | €10,963 | €18,149 | +€7,185 | +65.5% |
| Tangible fixed assets | 22/27 | €4,663 | €11,849 | +€7,185 | +154% |
| Plant, machinery and equipment | 23 | €121 | €1 | -€120 | -99.2% |
| Furniture and vehicles | 24 | €4,542 | €11,848 | +€7,305 | +161% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €259,099 | €259,634 | +€536 | +0.2% |
| Stocks and contracts in progress | 3 | €83,691 | €176,115 | +€92,424 | +110% |
| Stocks | 30/36 | €83,691 | €176,115 | +€92,424 | +110% |
| Amounts receivable within one year | 40/41 | €173,408 | €77,966 | -€95,442 | -55.0% |
| Trade receivables | 40 | €171,108 | €76,466 | -€94,643 | -55.3% |
| Other amounts receivable | 41 | €2,300 | €1,500 | -€800 | -34.8% |
| Cash at bank and in hand | 54/58 | €2,000 | €5,554 | +€3,554 | +178% |
| Total equity and liabilities | 10/49 | €270,062 | €277,783 | +€7,721 | +2.9% |
| Equity | 10/15 | €15,560 | €19,078 | +€3,518 | +22.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,900 | -€1,382 | +€3,518 | +71.8% |
| Amounts payable | 17/49 | €254,502 | €258,705 | +€4,202 | +1.7% |
| Amounts payable within one year | 42/48 | €254,502 | €258,705 | +€4,202 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | - | €8,590 | +€8,590 | |
| Trade debts | 44 | €45,993 | €28,856 | -€17,137 | -37.3% |
| Suppliers | 440/4 | €45,993 | €28,856 | -€17,137 | -37.3% |
| Advances received on contracts in progress | 46 | €30,278 | €30,278 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,781 | €17,867 | +€12,086 | +209% |
| Taxes | 450/3 | €103 | €6,691 | +€6,588 | +6,415% |
| Remuneration and social security | 454/9 | €5,679 | €11,177 | +€5,498 | +96.8% |
| Other amounts payable | 47/48 | €172,450 | €173,114 | +€664 | +0.4% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €15,269 | €2,543 | -€12,726 | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,566 | €3,265 | +€699 | +27.2% |
| Other operating charges | 640/8 | €1,205 | €3,132 | +€1,927 | +160% |
| Gross operating margin | 9900 | -€29,952 | €12,450 | +€42,401 | |
| Operating profit (loss) | 9901 | -€48,992 | €3,510 | +€52,502 | |
| Financial income | 75/76B | €40,307 | €1,370 | -€38,936 | -96.6% |
| Recurring financial income | 75 | €40,307 | €1,370 | -€38,936 | -96.6% |
| Non-recurring financial income | 76B | €40,307 | €1,370 | -€38,936 | -96.6% |
| Financial charges | 65/66B | -€3,012 | €1,362 | +€4,374 | |
| Recurring financial charges | 65 | €1,521 | €1,359 | -€162 | -10.6% |
| Non-recurring financial charges | 66B | -€4,533 | €4 | +€4,536 | |
| Profit (loss) for the period before taxes | 9903 | -€5,674 | €3,518 | +€9,192 | |
| Income taxes | 67/77 | €3,000 | €0 | -€3,000 | -100% |
| Profit (loss) for the period | 9904 | -€8,674 | €3,518 | +€12,192 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,674 | €3,518 | +€12,192 |
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 14 October 2026 via checked.be.