KEWA: 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.
KEWA
Largest movements
- Cash +€25,251
up €25,251 (+96.4%), from €26,195 to €51,446
mainly Net result for the year (+€63,737) and Other debts (+€38,857)
- Receivables within one year +€2,658
up €2,658 (+15.3%), from €17,333 to €19,991
of which Trade receivables: +€2,450
- Deferred charges and accrued income +€946
up €946 (+59.5%), from €1,590 to €2,535
- Other debts +€38,857
up €38,857 (+382%), from €10,176 to €49,033
- Trade debts -€9,348
down €9,348 (-92.1%), from €10,155 to €807
- Tax, wage and social debts -€1,048
down €1,048 (-5.4%), from €19,503 to €18,455
- Gross operating margin -€1,051
down €1,051 (-1.2%), from €84,842 to €83,792
- Taxes -€926
down €926 (-5.1%), from €18,218 to €17,292
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 | €45,834 | €74,296 | +€28,462 | +62.1% |
| Fixed assets | 21/28 | €716 | €323 | -€393 | -54.9% |
| Tangible fixed assets | 22/27 | €716 | €323 | -€393 | -54.9% |
| Plant, machinery and equipment | 23 | €716 | €323 | -€393 | -54.9% |
| Current assets | 29/58 | €45,118 | €73,973 | +€28,855 | +64.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €17,333 | €19,991 | +€2,658 | +15.3% |
| Trade receivables | 40 | €17,333 | €19,784 | +€2,450 | +14.1% |
| Other amounts receivable | 41 | €0 | €208 | +€208 | |
| Cash at bank and in hand | 54/58 | €26,195 | €51,446 | +€25,251 | +96.4% |
| Deferred charges and accrued income | 490/1 | €1,590 | €2,535 | +€946 | +59.5% |
| Total equity and liabilities | 10/49 | €45,834 | €74,296 | +€28,462 | +62.1% |
| Equity | 10/15 | €6,000 | €6,000 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,834 | €68,296 | +€28,462 | +71.5% |
| Amounts payable within one year | 42/48 | €39,834 | €68,296 | +€28,462 | +71.5% |
| Trade debts | 44 | €10,155 | €807 | -€9,348 | -92.1% |
| Suppliers | 440/4 | €10,155 | €807 | -€9,348 | -92.1% |
| Taxes, remuneration and social security | 45 | €19,503 | €18,455 | -€1,048 | -5.4% |
| Taxes | 450/3 | €19,503 | €18,455 | -€1,048 | -5.4% |
| Other amounts payable | 47/48 | €10,176 | €49,033 | +€38,857 | +382% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393 | €393 | +€0 | 0.0% |
| Other operating charges | 640/8 | €690 | €706 | +€16 | +2.3% |
| Gross operating margin | 9900 | €84,842 | €83,792 | -€1,051 | -1.2% |
| Operating profit (loss) | 9901 | €83,759 | €82,693 | -€1,066 | -1.3% |
| Financial income | 75/76B | €60 | €0 | -€60 | -100.0% |
| Recurring financial income | 75 | €60 | €0 | -€60 | -100.0% |
| Financial charges | 65/66B | €2,155 | €1,664 | -€491 | -22.8% |
| Recurring financial charges | 65 | €2,155 | €1,664 | -€491 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €81,664 | €81,029 | -€635 | -0.8% |
| Income taxes | 67/77 | €18,218 | €17,292 | -€926 | -5.1% |
| Profit (loss) for the period | 9904 | €63,447 | €63,737 | +€290 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,447 | €63,737 | +€290 | +0.5% |
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.