Kezelfort: 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.
Kezelfort
Largest movements
- Cash +€70,624
up €70,624 (+102.7%), from €68,777 to €139,401
mainly Depreciation (+€43,102) and Net result for the year (+€32,307)
- Tangible fixed assets -€43,102
down €43,102 (-1.7%), from €2.5m to €2.5m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€15,736
down €15,736 (-38.1%), from €41,312 to €25,576
- Other operating charges -€8,490
down €8,490 (-52.6%), from €16,147 to €7,657
- Taxes -€2,039
down €2,039 (-11.9%), from €17,082 to €15,042
- Gross operating margin -€772
down €772 (-1.1%), from €69,367 to €68,595
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 | €3,978,110 | €4,008,728 | +€30,618 | +0.8% |
| Fixed assets | 21/28 | €2,524,552 | €2,481,450 | -€43,102 | -1.7% |
| Tangible fixed assets | 22/27 | €2,524,552 | €2,481,450 | -€43,102 | -1.7% |
| Land and buildings | 22 | €2,524,552 | €2,481,450 | -€43,102 | -1.7% |
| Current assets | 29/58 | €1,453,558 | €1,527,278 | +€73,720 | +5.1% |
| Amounts receivable within one year | 40/41 | €28,884 | €2,736 | -€26,148 | -90.5% |
| Other amounts receivable | 41 | €28,884 | €2,736 | -€26,148 | -90.5% |
| Current investments | 50/53 | €1,350,000 | €1,350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,777 | €139,401 | +€70,624 | +102.7% |
| Deferred charges and accrued income | 490/1 | €5,897 | €35,141 | +€29,244 | +495.9% |
| Total equity and liabilities | 10/49 | €3,978,110 | €4,008,728 | +€30,618 | +0.8% |
| Equity | 10/15 | €3,895,214 | €3,927,521 | +€32,307 | +0.8% |
| Contributions | 10/11 | €1,918,500 | €1,918,500 | = | 0.0% |
| Capital | 10 | €1,918,500 | €1,918,500 | = | 0.0% |
| Issued capital | 100 | €1,918,500 | €1,918,500 | = | 0.0% |
| Reserves | 13 | €1,976,714 | €2,009,021 | +€32,307 | +1.6% |
| Non-distributable reserves | 130/1 | €103,725 | €105,981 | +€2,256 | +2.2% |
| Legal reserve | 130 | €103,725 | €105,981 | +€2,256 | +2.2% |
| Tax-exempt reserves | 132 | €244,613 | €231,792 | -€12,820 | -5.2% |
| Distributable reserves | 133 | €1,628,377 | €1,671,248 | +€42,871 | +2.6% |
| Provisions and deferred taxes | 16 | €81,423 | €77,149 | -€4,273 | -5.2% |
| Deferred taxes | 168 | €81,423 | €77,149 | -€4,273 | -5.2% |
| Amounts payable | 17/49 | €1,473 | €4,057 | +€2,584 | +175.4% |
| Amounts payable after more than one year | 17 | €910 | €910 | = | 0.0% |
| Other amounts payable | 178/9 | €910 | €910 | = | 0.0% |
| Amounts payable within one year | 42/48 | €563 | €3,147 | +€2,584 | +458.8% |
| Trade debts | 44 | €563 | €3,147 | +€2,584 | +458.8% |
| Suppliers | 440/4 | €563 | €3,147 | +€2,584 | +458.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,084 | €43,102 | +€19 | 0.0% |
| Other operating charges | 640/8 | €16,147 | €7,657 | -€8,490 | -52.6% |
| Gross operating margin | 9900 | €69,367 | €68,595 | -€772 | -1.1% |
| Operating profit (loss) | 9901 | €10,136 | €17,836 | +€7,699 | +76.0% |
| Financial income | 75/76B | €41,312 | €25,576 | -€15,736 | -38.1% |
| Recurring financial income | 75 | €41,312 | €25,576 | -€15,736 | -38.1% |
| Financial charges | 65/66B | €216 | €335 | +€120 | +55.6% |
| Recurring financial charges | 65 | €216 | €335 | +€120 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €51,233 | €43,076 | -€8,157 | -15.9% |
| Transfer from deferred taxes | 780 | €4,273 | €4,273 | = | 0.0% |
| Income taxes | 67/77 | €17,082 | €15,042 | -€2,039 | -11.9% |
| Profit (loss) for the period | 9904 | €38,424 | €32,307 | -€6,118 | -15.9% |
| Transfer from tax-exempt reserves | 789 | €12,820 | €12,820 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,245 | €45,127 | -€6,118 | -11.9% |
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 8 October 2026 via checked.be.