Lendert KEPPENS: 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.
Lendert KEPPENS
Largest movements
- Tangible fixed assets +€32,289
up €32,289 (+924%), from €3,493 to €35,782
of which Furniture and vehicles: +€30,336
- Cash +€3,022
up €3,022 (+32.0%), from €9,434 to €12,456
mainly Debts after one year (+€33,293) and Depreciation (+€10,912)
- Intangible fixed assets -€2,500
down €2,500 (-50.0%), from €5,000 to €2,500
- Receivables within one year +€1,261
up €1,261 (+26.0%), from €4,849 to €6,110
of which Other amounts receivable: +€1,225
- Deferred charges and accrued income -€1,206
down €1,206 (-58.0%), from €2,080 to €874
- Debts after one year +€33,293
new in 2025: €33,293
- Current portion of long-term debt +€5,701
new in 2025: €5,701
- Profit (loss) carried forward -€1,814
down €1,814 (-45.5%), from -€3,990 to -€5,804
- Other debts -€1,808
down €1,808 (-61.8%), from €2,925 to €1,117
- Trade debts -€1,284
down €1,284 (-30.8%), from €4,169 to €2,885
- Depreciation +€5,915
up €5,915 (+118%), from €4,997 to €10,912
- Gross operating margin +€5,234
up €5,234 (+66.7%), from €7,853 to €13,087
- Financial charges +€1,726
up €1,726 (+2,531%), from €68 to €1,794
- Taxes -€525
down €525 (-66.1%), from €795 to €270
- Other operating charges -€316
down €316 (-30.9%), from €1,024 to €708
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 | €24,978 | €57,845 | +€32,867 | +132% |
| Fixed assets | 21/28 | €8,615 | €38,404 | +€29,789 | +346% |
| Intangible fixed assets | 21 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Tangible fixed assets | 22/27 | €3,493 | €35,782 | +€32,289 | +924% |
| Land and buildings | 22 | €780 | €390 | -€390 | -50.0% |
| Plant, machinery and equipment | 23 | €1,965 | €4,308 | +€2,343 | +119% |
| Furniture and vehicles | 24 | €748 | €31,084 | +€30,336 | +4,054% |
| Financial fixed assets | 28 | €122 | €122 | = | 0.0% |
| Current assets | 29/58 | €16,363 | €19,441 | +€3,078 | +18.8% |
| Amounts receivable within one year | 40/41 | €4,849 | €6,110 | +€1,261 | +26.0% |
| Trade receivables | 40 | €4,839 | €4,875 | +€36 | +0.7% |
| Other amounts receivable | 41 | €10 | €1,235 | +€1,225 | +12,071% |
| Cash at bank and in hand | 54/58 | €9,434 | €12,456 | +€3,022 | +32.0% |
| Deferred charges and accrued income | 490/1 | €2,080 | €874 | -€1,206 | -58.0% |
| Total equity and liabilities | 10/49 | €24,978 | €57,845 | +€32,867 | +132% |
| Equity | 10/15 | €14,610 | €12,796 | -€1,814 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,990 | -€5,804 | -€1,814 | -45.5% |
| Amounts payable | 17/49 | €10,368 | €45,049 | +€34,681 | +335% |
| Amounts payable after more than one year | 17 | - | €33,293 | +€33,293 | |
| Financial debts | 170/4 | - | €33,293 | +€33,293 | |
| Amounts payable within one year | 42/48 | €10,368 | €11,756 | +€1,388 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,701 | +€5,701 | |
| Trade debts | 44 | €4,169 | €2,885 | -€1,284 | -30.8% |
| Suppliers | 440/4 | €4,169 | €2,885 | -€1,284 | -30.8% |
| Taxes, remuneration and social security | 45 | €3,274 | €2,053 | -€1,221 | -37.3% |
| Taxes | 450/3 | €1,606 | €639 | -€967 | -60.2% |
| Remuneration and social security | 454/9 | €1,668 | €1,414 | -€254 | -15.2% |
| Other amounts payable | 47/48 | €2,925 | €1,117 | -€1,808 | -61.8% |
| Remuneration, social security and pensions | 62 | €1,246 | €1,246 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,997 | €10,912 | +€5,915 | +118% |
| Other operating charges | 640/8 | €1,024 | €708 | -€316 | -30.9% |
| Gross operating margin | 9900 | €7,853 | €13,087 | +€5,234 | +66.7% |
| Operating profit (loss) | 9901 | €586 | €221 | -€365 | -62.2% |
| Financial income | 75/76B | €13 | €28 | +€15 | +111% |
| Recurring financial income | 75 | €13 | €28 | +€15 | +111% |
| Financial charges | 65/66B | €68 | €1,794 | +€1,726 | +2,531% |
| Recurring financial charges | 65 | €68 | €1,794 | +€1,726 | +2,531% |
| Profit (loss) for the period before taxes | 9903 | €531 | -€1,544 | -€2,075 | |
| Income taxes | 67/77 | €795 | €270 | -€525 | -66.1% |
| Profit (loss) for the period | 9904 | -€264 | -€1,814 | -€1,550 | -588% |
| Profit (loss) for the period to be appropriated | 9905 | -€264 | -€1,814 | -€1,550 | -588% |
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 17 October 2026 via checked.be.