DR.A.KELLES: 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.
DR.A.KELLES
Largest movements
- Cash +€227,734
up €227,734 (+33.1%), from €688,308 to €916,042
mainly Net result for the year (+€229,721) and Depreciation (+€68,816)
- Tangible fixed assets -€65,515
down €65,515 (-16.4%), from €400,296 to €334,781
of which Land and buildings: -€41,348
- Reserves +€179,721
up €179,721 (+16.6%), from €1.1m to €1.3m
of which Distributable reserves: +€179,721
- Tax, wage and social debts -€26,821
down €26,821 (-55.1%), from €48,701 to €21,880
of which Taxes: -€29,746
- Gross operating margin -€31,237
down €31,237 (-5.3%), from €586,220 to €554,983
- Financial charges -€29,664
down €29,664 (-90.2%), from €32,903 to €3,239
of which Non-recurring financial charges: -€29,761
- Staff costs +€13,074
up €13,074 (+9.7%), from €134,807 to €147,880
- Taxes -€7,585
down €7,585 (-6.9%), from €109,824 to €102,239
- Financial income -€6,051
down €6,051 (-82.7%), from €7,315 to €1,264
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 | €1,512,081 | €1,677,009 | +€164,927 | +10.9% |
| Fixed assets | 21/28 | €400,396 | €334,881 | -€65,515 | -16.4% |
| Tangible fixed assets | 22/27 | €400,296 | €334,781 | -€65,515 | -16.4% |
| Land and buildings | 22 | €317,146 | €275,798 | -€41,348 | -13.0% |
| Plant, machinery and equipment | 23 | €4,527 | €14,279 | +€9,751 | +215.4% |
| Furniture and vehicles | 24 | €77,265 | €44,025 | -€33,240 | -43.0% |
| Other tangible fixed assets | 26 | €1,358 | €679 | -€679 | -50.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,111,685 | €1,342,128 | +€230,442 | +20.7% |
| Amounts receivable within one year | 40/41 | €166,742 | €171,652 | +€4,911 | +2.9% |
| Trade receivables | 40 | €143,720 | €171,652 | +€27,932 | +19.4% |
| Other amounts receivable | 41 | €23,021 | - | -€23,021 | |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €688,308 | €916,042 | +€227,734 | +33.1% |
| Deferred charges and accrued income | 490/1 | €6,636 | €4,433 | -€2,203 | -33.2% |
| Total equity and liabilities | 10/49 | €1,512,081 | €1,677,009 | +€164,927 | +10.9% |
| Equity | 10/15 | €1,428,782 | €1,608,503 | +€179,721 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,084,086 | €1,263,806 | +€179,721 | +16.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,065,336 | €1,245,056 | +€179,721 | +16.9% |
| Profit (loss) carried forward | 14 | €332,296 | €332,296 | = | 0.0% |
| Amounts payable | 17/49 | €83,299 | €68,506 | -€14,794 | -17.8% |
| Amounts payable within one year | 42/48 | €83,299 | €68,506 | -€14,794 | -17.8% |
| Trade debts | 44 | €34,598 | €29,971 | -€4,627 | -13.4% |
| Suppliers | 440/4 | €34,598 | €29,971 | -€4,627 | -13.4% |
| Taxes, remuneration and social security | 45 | €48,701 | €21,880 | -€26,821 | -55.1% |
| Taxes | 450/3 | €40,610 | €10,864 | -€29,746 | -73.2% |
| Remuneration and social security | 454/9 | €8,091 | €11,016 | +€2,925 | +36.2% |
| Other amounts payable | 47/48 | - | €16,655 | +€16,655 | |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €134,807 | €147,880 | +€13,074 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,978 | €68,816 | +€838 | +1.2% |
| Other operating charges | 640/8 | €4,548 | €4,353 | -€195 | -4.3% |
| Gross operating margin | 9900 | €586,220 | €554,983 | -€31,237 | -5.3% |
| Operating profit (loss) | 9901 | €378,888 | €333,934 | -€44,953 | -11.9% |
| Financial income | 75/76B | €7,315 | €1,264 | -€6,051 | -82.7% |
| Recurring financial income | 75 | €7,315 | €1,264 | -€6,051 | -82.7% |
| Financial charges | 65/66B | €32,903 | €3,239 | -€29,664 | -90.2% |
| Recurring financial charges | 65 | €369 | €466 | +€97 | +26.3% |
| Non-recurring financial charges | 66B | €32,534 | €2,773 | -€29,761 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | €353,300 | €331,960 | -€21,340 | -6.0% |
| Income taxes | 67/77 | €109,824 | €102,239 | -€7,585 | -6.9% |
| Profit (loss) for the period | 9904 | €243,476 | €229,721 | -€13,755 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €243,476 | €229,721 | -€13,755 | -5.6% |
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 4 October 2026 via checked.be.