Dr. de la Kethulle: 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.
Dr. de la Kethulle
Largest movements
- Receivables within one year +€52,938
up €52,938 (+192%), from €27,620 to €80,559
- Cash -€43,666
down €43,666 (-18.3%), from €238,597 to €194,931
mainly Other debts (-€70,458) and Receivables within one year (-€52,938)
- Current investments +€34,561
up €34,561 (+12.3%), from €281,344 to €315,904
- Deferred charges and accrued income +€27,194
up €27,194 (+37.1%), from €73,318 to €100,512
- Tangible fixed assets -€7,932
down €7,932 (-61.8%), from €12,833 to €4,901
of which Furniture and vehicles: -€7,472
- Reserves +€132,538
up €132,538 (+23.3%), from €569,731 to €702,269
of which Distributable reserves: +€103,068
- Other debts -€70,458
no longer reported in 2025 (was €70,458)
- Gross operating margin +€43,979
up €43,979 (+23.4%), from €188,177 to €232,156
- Taxes +€16,772
up €16,772 (+47.5%), from €35,321 to €52,093
- Financial income +€3,628
up €3,628 (+55.0%), from €6,603 to €10,231
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 | €633,712 | €696,807 | +€63,095 | +10.0% |
| Fixed assets | 21/28 | €12,833 | €4,901 | -€7,932 | -61.8% |
| Tangible fixed assets | 22/27 | €12,833 | €4,901 | -€7,932 | -61.8% |
| Furniture and vehicles | 24 | €9,966 | €2,494 | -€7,472 | -75.0% |
| Other tangible fixed assets | 26 | €2,867 | €2,407 | -€460 | -16.1% |
| Current assets | 29/58 | €620,879 | €691,906 | +€71,027 | +11.4% |
| Amounts receivable within one year | 40/41 | €27,620 | €80,559 | +€52,938 | +192% |
| Other amounts receivable | 41 | €27,620 | €80,559 | +€52,938 | +192% |
| Current investments | 50/53 | €281,344 | €315,904 | +€34,561 | +12.3% |
| Cash at bank and in hand | 54/58 | €238,597 | €194,931 | -€43,666 | -18.3% |
| Deferred charges and accrued income | 490/1 | €73,318 | €100,512 | +€27,194 | +37.1% |
| Total equity and liabilities | 10/49 | €633,712 | €696,807 | +€63,095 | +10.0% |
| Equity | 10/15 | €559,903 | €692,441 | +€132,538 | +23.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €569,731 | €702,269 | +€132,538 | +23.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €29,470 | +€29,470 | |
| Distributable reserves | 133 | €567,871 | €670,939 | +€103,068 | +18.1% |
| Profit (loss) carried forward | 14 | -€22,228 | -€22,228 | = | 0.0% |
| Amounts payable | 17/49 | €73,809 | €4,366 | -€69,443 | -94.1% |
| Amounts payable within one year | 42/48 | €73,809 | €4,366 | -€69,443 | -94.1% |
| Trade debts | 44 | €851 | €1,672 | +€822 | +96.6% |
| Suppliers | 440/4 | €851 | €1,672 | +€822 | +96.6% |
| Taxes, remuneration and social security | 45 | €2,500 | €2,694 | +€194 | +7.8% |
| Remuneration and social security | 454/9 | €2,500 | €2,694 | +€194 | +7.8% |
| Other amounts payable | 47/48 | €70,458 | - | -€70,458 | |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,431 | €7,932 | -€499 | -5.9% |
| Other operating charges | 640/8 | €579 | €595 | +€16 | +2.7% |
| Gross operating margin | 9900 | €188,177 | €232,156 | +€43,979 | +23.4% |
| Operating profit (loss) | 9901 | €179,167 | €223,629 | +€44,462 | +24.8% |
| Financial income | 75/76B | €6,603 | €10,231 | +€3,628 | +55.0% |
| Recurring financial income | 75 | €6,603 | €10,231 | +€3,628 | +55.0% |
| Financial charges | 65/66B | €50,095 | €49,229 | -€866 | -1.7% |
| Recurring financial charges | 65 | €50,095 | €49,229 | -€866 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €135,674 | €184,631 | +€48,957 | +36.1% |
| Income taxes | 67/77 | €35,321 | €52,093 | +€16,772 | +47.5% |
| Profit (loss) for the period | 9904 | €100,353 | €132,538 | +€32,185 | +32.1% |
| Transfer to tax-exempt reserves | 689 | - | €29,470 | +€29,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,353 | €103,068 | +€2,715 | +2.7% |
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 31 October 2026 via checked.be.