Dr. Ketelslagers Katrien: 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. Ketelslagers Katrien
Largest movements
- Current investments +€185,956
up €185,956 (+133%), from €140,000 to €325,956
- Cash -€112,819
down €112,819 (-35.5%), from €318,167 to €205,349
mainly Current investments (-€185,956) and Contributions, distributions and other (-€64,408)
- Deferred charges and accrued income +€58,236
up €58,236 (+86.0%), from €67,698 to €125,935
- Tangible fixed assets -€36,874
down €36,874 (-26.8%), from €137,721 to €100,847
of which Land and buildings: -€34,785
- Receivables within one year -€28,592
down €28,592 (-55.6%), from €51,449 to €22,857
of which Trade receivables: -€47,617
- Reserves +€82,320
up €82,320 (+12.5%), from €660,629 to €742,949
- Other debts -€37,317
no longer reported in 2025 (was €37,317)
- Trade debts +€12,215
up €12,215 (+369%), from €3,312 to €15,527
- Tax, wage and social debts +€8,690
up €8,690 (+631%), from €1,377 to €10,067
- Gross operating margin +€17,608
up €17,608 (+7.6%), from €231,530 to €249,138
- Taxes +€7,535
up €7,535 (+13.4%), from €56,377 to €63,913
- Depreciation -€4,065
down €4,065 (-9.3%), from €43,947 to €39,881
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 | €715,035 | €780,944 | +€65,909 | +9.2% |
| Fixed assets | 21/28 | €137,721 | €100,847 | -€36,874 | -26.8% |
| Tangible fixed assets | 22/27 | €137,721 | €100,847 | -€36,874 | -26.8% |
| Land and buildings | 22 | €130,461 | €95,676 | -€34,785 | -26.7% |
| Plant, machinery and equipment | 23 | €4,256 | €759 | -€3,497 | -82.2% |
| Furniture and vehicles | 24 | €3,004 | €4,411 | +€1,408 | +46.9% |
| Current assets | 29/58 | €577,315 | €680,097 | +€102,782 | +17.8% |
| Amounts receivable within one year | 40/41 | €51,449 | €22,857 | -€28,592 | -55.6% |
| Trade receivables | 40 | €50,117 | €2,500 | -€47,617 | -95.0% |
| Other amounts receivable | 41 | €1,332 | €20,357 | +€19,025 | +1,429% |
| Current investments | 50/53 | €140,000 | €325,956 | +€185,956 | +133% |
| Cash at bank and in hand | 54/58 | €318,167 | €205,349 | -€112,819 | -35.5% |
| Deferred charges and accrued income | 490/1 | €67,698 | €125,935 | +€58,236 | +86.0% |
| Total equity and liabilities | 10/49 | €715,035 | €780,944 | +€65,909 | +9.2% |
| Equity | 10/15 | €673,029 | €755,349 | +€82,320 | +12.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €660,629 | €742,949 | +€82,320 | +12.5% |
| Distributable reserves | 133 | €660,629 | €742,949 | +€82,320 | +12.5% |
| Amounts payable | 17/49 | €42,006 | €25,594 | -€16,412 | -39.1% |
| Amounts payable within one year | 42/48 | €42,006 | €25,594 | -€16,412 | -39.1% |
| Trade debts | 44 | €3,312 | €15,527 | +€12,215 | +369% |
| Suppliers | 440/4 | €3,312 | €15,527 | +€12,215 | +369% |
| Taxes, remuneration and social security | 45 | €1,377 | €10,067 | +€8,690 | +631% |
| Taxes | 450/3 | €1,377 | €10,067 | +€8,690 | +631% |
| Other amounts payable | 47/48 | €37,317 | - | -€37,317 | |
| Non-recurring operating income | 76A | - | €1,799 | +€1,799 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,947 | €39,881 | -€4,065 | -9.3% |
| Other operating charges | 640/8 | €698 | €764 | +€66 | +9.4% |
| Gross operating margin | 9900 | €231,530 | €249,138 | +€17,608 | +7.6% |
| Operating profit (loss) | 9901 | €186,885 | €208,492 | +€21,608 | +11.6% |
| Financial income | 75/76B | €31 | €2,239 | +€2,208 | +7,147% |
| Recurring financial income | 75 | €31 | €2,239 | +€2,208 | +7,147% |
| Financial charges | 65/66B | €76 | €90 | +€15 | +19.4% |
| Recurring financial charges | 65 | €76 | €90 | +€15 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €186,840 | €210,641 | +€23,801 | +12.7% |
| Income taxes | 67/77 | €56,377 | €63,913 | +€7,535 | +13.4% |
| Profit (loss) for the period | 9904 | €130,463 | €146,729 | +€16,266 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €130,463 | €146,729 | +€16,266 | +12.5% |
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 1 November 2026 via checked.be.