DR. E. VAN DE KELFT: 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. E. VAN DE KELFT
Largest movements
- Tangible fixed assets -€235,853
down €235,853 (-9.3%), from €2.5m to €2.3m
of which Land and buildings: -€200,994
- Receivables within one year -€104,596
down €104,596 (-70.4%), from €148,482 to €43,886
of which Other amounts receivable: -€96,241
- Current investments +€100,057
up €100,057 (+30.3%), from €329,979 to €430,036
- Cash -€77,820
down €77,820 (-15.8%), from €491,756 to €413,935
mainly Other debts (-€357,750) and Tax, wage and social debts (-€341,868)
- Reserves +€409,247
up €409,247 (+17.9%), from €2.3m to €2.7m
- Other debts -€357,750
no longer reported in 2025 (was €357,750)
- Tax, wage and social debts -€341,868
down €341,868 (-90.2%), from €379,190 to €37,322
of which Taxes: -€342,868
- Debts after one year -€39,426
down €39,426 (-8.9%), from €443,903 to €404,477
of which Financial debts: -€35,708
- Gross operating margin +€41,098
up €41,098 (+5.0%), from €827,544 to €868,642
- Taxes +€19,498
up €19,498 (+8.5%), from €229,353 to €248,850
- Financial income -€16,800
down €16,800 (-79.2%), from €21,210 to €4,410
- Financial charges +€14,463
up €14,463 (+77.0%), from €18,777 to €33,239
of which Non-recurring financial charges: +€23,879
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 | €3,553,380 | €3,200,860 | -€352,520 | -9.9% |
| Fixed assets | 21/28 | €2,570,984 | €2,311,252 | -€259,733 | -10.1% |
| Tangible fixed assets | 22/27 | €2,547,105 | €2,311,252 | -€235,853 | -9.3% |
| Land and buildings | 22 | €2,191,657 | €1,990,663 | -€200,994 | -9.2% |
| Plant, machinery and equipment | 23 | €2,246 | €6,674 | +€4,428 | +197% |
| Furniture and vehicles | 24 | €228,383 | €206,729 | -€21,654 | -9.5% |
| Leasing and similar rights | 25 | - | €107,186 | +€107,186 | |
| Other tangible fixed assets | 26 | €124,819 | - | -€124,819 | |
| Financial fixed assets | 28 | €23,879 | - | -€23,879 | |
| Current assets | 29/58 | €982,396 | €889,608 | -€92,788 | -9.4% |
| Amounts receivable within one year | 40/41 | €148,482 | €43,886 | -€104,596 | -70.4% |
| Trade receivables | 40 | €8,754 | €400 | -€8,354 | -95.4% |
| Other amounts receivable | 41 | €139,728 | €43,486 | -€96,241 | -68.9% |
| Current investments | 50/53 | €329,979 | €430,036 | +€100,057 | +30.3% |
| Cash at bank and in hand | 54/58 | €491,756 | €413,935 | -€77,820 | -15.8% |
| Deferred charges and accrued income | 490/1 | €12,179 | €1,750 | -€10,429 | -85.6% |
| Total equity and liabilities | 10/49 | €3,553,380 | €3,200,860 | -€352,520 | -9.9% |
| Equity | 10/15 | €2,312,585 | €2,721,832 | +€409,247 | +17.7% |
| Contributions | 10/11 | €22,408 | €22,408 | = | 0.0% |
| Reserves | 13 | €2,290,177 | €2,699,424 | +€409,247 | +17.9% |
| Distributable reserves | 133 | €2,290,177 | €2,699,424 | +€409,247 | +17.9% |
| Amounts payable | 17/49 | €1,240,795 | €479,028 | -€761,767 | -61.4% |
| Amounts payable after more than one year | 17 | €443,903 | €404,477 | -€39,426 | -8.9% |
| Financial debts | 170/4 | €440,185 | €404,477 | -€35,708 | -8.1% |
| Other amounts payable | 178/9 | €3,718 | - | -€3,718 | |
| Amounts payable within one year | 42/48 | €796,509 | €74,551 | -€721,958 | -90.6% |
| Current portion of amounts payable after more than one year | 42 | €58,011 | €35,708 | -€22,303 | -38.4% |
| Trade debts | 44 | €1,559 | €1,521 | -€37 | -2.4% |
| Suppliers | 440/4 | €1,559 | €1,521 | -€37 | -2.4% |
| Taxes, remuneration and social security | 45 | €379,190 | €37,322 | -€341,868 | -90.2% |
| Taxes | 450/3 | €379,190 | €36,322 | -€342,868 | -90.4% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €357,750 | - | -€357,750 | |
| Accrued charges and deferred income | 492/3 | €383 | - | -€383 | |
| Non-recurring operating income | 76A | €188,323 | €88,952 | -€99,371 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,462 | €131,894 | +€8,432 | +6.8% |
| Other operating charges | 640/8 | €11,395 | €7,649 | -€3,746 | -32.9% |
| Non-recurring operating charges | 66A | - | €42,172 | +€42,172 | |
| Gross operating margin | 9900 | €827,544 | €868,642 | +€41,098 | +5.0% |
| Operating profit (loss) | 9901 | €692,687 | €686,927 | -€5,761 | -0.8% |
| Financial income | 75/76B | €21,210 | €4,410 | -€16,800 | -79.2% |
| Recurring financial income | 75 | €21,210 | €4,410 | -€16,800 | -79.2% |
| Financial charges | 65/66B | €18,777 | €33,239 | +€14,463 | +77.0% |
| Recurring financial charges | 65 | €18,777 | €9,360 | -€9,417 | -50.2% |
| Non-recurring financial charges | 66B | - | €23,879 | +€23,879 | |
| Profit (loss) for the period before taxes | 9903 | €695,121 | €658,097 | -€37,024 | -5.3% |
| Income taxes | 67/77 | €229,353 | €248,850 | +€19,498 | +8.5% |
| Profit (loss) for the period | 9904 | €465,768 | €409,247 | -€56,521 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €465,768 | €409,247 | -€56,521 | -12.1% |
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 13 October 2026 via checked.be.