Dieter Kellens: 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.
Dieter Kellens
Largest movements
- Cash -€45,402
down €45,402 (-42.1%), from €107,865 to €62,463
mainly Contributions, distributions and other (-€224,500) and Debts after one year (-€34,314)
- Tangible fixed assets -€20,124
down €20,124 (-5.2%), from €383,729 to €363,605
of which Plant, machinery and equipment: -€13,482
- Receivables within one year +€9,198
up €9,198 (+31.7%), from €28,975 to €38,174
of which Other amounts receivable: +€8,932
- Reserves -€137,860
down €137,860 (-61.3%), from €224,888 to €87,029
- Other debts +€130,618
up €130,618 (+5,407%), from €2,416 to €133,034
- Debts after one year -€34,314
down €34,314 (-15.4%), from €222,327 to €188,013
- Trade debts -€15,721
down €15,721 (-34.9%), from €45,014 to €29,293
- Staff costs +€24,747
new in 2025: €24,747
- Taxes -€8,238
down €8,238 (-28.8%), from €28,595 to €20,357
- Gross operating margin +€6,003
up €6,003 (+3.4%), from €177,499 to €183,501
- Depreciation +€3,710
up €3,710 (+8.5%), from €43,489 to €47,199
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 | €526,307 | €472,839 | -€53,468 | -10.2% |
| Fixed assets | 21/28 | €383,729 | €363,605 | -€20,124 | -5.2% |
| Tangible fixed assets | 22/27 | €383,729 | €363,605 | -€20,124 | -5.2% |
| Land and buildings | 22 | €196,050 | €198,664 | +€2,614 | +1.3% |
| Plant, machinery and equipment | 23 | €122,787 | €109,305 | -€13,482 | -11.0% |
| Furniture and vehicles | 24 | €64,892 | €55,636 | -€9,255 | -14.3% |
| Current assets | 29/58 | €142,578 | €109,234 | -€33,344 | -23.4% |
| Amounts receivable within one year | 40/41 | €28,975 | €38,174 | +€9,198 | +31.7% |
| Trade receivables | 40 | €22,431 | €22,698 | +€267 | +1.2% |
| Other amounts receivable | 41 | €6,544 | €15,476 | +€8,932 | +136% |
| Cash at bank and in hand | 54/58 | €107,865 | €62,463 | -€45,402 | -42.1% |
| Deferred charges and accrued income | 490/1 | €5,738 | €8,597 | +€2,860 | +49.8% |
| Total equity and liabilities | 10/49 | €526,307 | €472,839 | -€53,468 | -10.2% |
| Equity | 10/15 | €243,488 | €105,629 | -€137,860 | -56.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €224,888 | €87,029 | -€137,860 | -61.3% |
| Distributable reserves | 133 | €224,888 | €87,029 | -€137,860 | -61.3% |
| Amounts payable | 17/49 | €282,819 | €367,210 | +€84,392 | +29.8% |
| Amounts payable after more than one year | 17 | €222,327 | €188,013 | -€34,314 | -15.4% |
| Financial debts | 170/4 | €222,327 | €188,013 | -€34,314 | -15.4% |
| Amounts payable within one year | 42/48 | €60,172 | €179,198 | +€119,026 | +198% |
| Financial debts | 43 | €8,955 | €9,314 | +€359 | +4.0% |
| Credit institutions | 430/8 | €8,955 | €9,314 | +€359 | +4.0% |
| Trade debts | 44 | €45,014 | €29,293 | -€15,721 | -34.9% |
| Suppliers | 440/4 | €45,014 | €29,293 | -€15,721 | -34.9% |
| Taxes, remuneration and social security | 45 | €3,787 | €7,557 | +€3,769 | +99.5% |
| Taxes | 450/3 | €3,787 | €4,395 | +€608 | +16.1% |
| Remuneration and social security | 454/9 | - | €3,161 | +€3,161 | |
| Other amounts payable | 47/48 | €2,416 | €133,034 | +€130,618 | +5,407% |
| Accrued charges and deferred income | 492/3 | €320 | - | -€320 | |
| Non-recurring operating income | 76A | - | €10,065 | +€10,065 | |
| Remuneration, social security and pensions | 62 | - | €24,747 | +€24,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,489 | €47,199 | +€3,710 | +8.5% |
| Other operating charges | 640/8 | €582 | €501 | -€81 | -13.8% |
| Gross operating margin | 9900 | €177,499 | €183,501 | +€6,003 | +3.4% |
| Operating profit (loss) | 9901 | €133,427 | €111,053 | -€22,374 | -16.8% |
| Financial income | 75/76B | €1,777 | €2,018 | +€241 | +13.5% |
| Recurring financial income | 75 | €1,777 | €2,018 | +€241 | +13.5% |
| Financial charges | 65/66B | €5,148 | €6,074 | +€925 | +18.0% |
| Recurring financial charges | 65 | €5,148 | €6,074 | +€925 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €130,056 | €106,998 | -€23,058 | -17.7% |
| Income taxes | 67/77 | €28,595 | €20,357 | -€8,238 | -28.8% |
| Profit (loss) for the period | 9904 | €101,460 | €86,640 | -€14,820 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €101,460 | €86,640 | -€14,820 | -14.6% |
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.