DR. KEULEMANS ELS: 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. KEULEMANS ELS
Largest movements
- Current investments +€50,394
up €50,394 (+10.5%), from €480,222 to €530,616
- Cash +€37,425
up €37,425 (+33.3%), from €112,458 to €149,883
mainly Net result for the year (+€81,800) and Tax, wage and social debts (+€5,875)
- Reserves +€81,800
up €81,800 (+14.7%), from €555,605 to €637,405
- Gross operating margin +€16,691
up €16,691 (+17.7%), from €94,060 to €110,750
- Financial income +€11,095
up €11,095 (+5,711%), from €194 to €11,289
- Taxes +€10,911
up €10,911 (+38.5%), from €28,349 to €39,259
- Depreciation -€5,658
down €5,658 (-96.2%), from €5,879 to €221
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 | €596,672 | €682,085 | +€85,413 | +14.3% |
| Fixed assets | 21/28 | €221 | €0 | -€221 | -100% |
| Tangible fixed assets | 22/27 | €221 | €0 | -€221 | -100% |
| Other tangible fixed assets | 26 | €221 | €0 | -€221 | -100% |
| Current assets | 29/58 | €596,451 | €682,085 | +€85,634 | +14.4% |
| Amounts receivable within one year | 40/41 | €1,670 | €0 | -€1,670 | -100% |
| Other amounts receivable | 41 | €1,670 | €0 | -€1,670 | -100% |
| Current investments | 50/53 | €480,222 | €530,616 | +€50,394 | +10.5% |
| Cash at bank and in hand | 54/58 | €112,458 | €149,883 | +€37,425 | +33.3% |
| Deferred charges and accrued income | 490/1 | €2,101 | €1,586 | -€516 | -24.5% |
| Total equity and liabilities | 10/49 | €596,672 | €682,085 | +€85,413 | +14.3% |
| Equity | 10/15 | €568,005 | €649,805 | +€81,800 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €555,605 | €637,405 | +€81,800 | +14.7% |
| Distributable reserves | 133 | €555,605 | €637,405 | +€81,800 | +14.7% |
| Amounts payable | 17/49 | €28,667 | €32,280 | +€3,612 | +12.6% |
| Amounts payable within one year | 42/48 | €28,667 | €32,280 | +€3,612 | +12.6% |
| Trade debts | 44 | €878 | €1,697 | +€820 | +93.4% |
| Suppliers | 440/4 | €878 | €1,697 | +€820 | +93.4% |
| Taxes, remuneration and social security | 45 | €0 | €5,875 | +€5,875 | |
| Taxes | 450/3 | €0 | €5,875 | +€5,875 | |
| Other amounts payable | 47/48 | €27,790 | €24,707 | -€3,082 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,879 | €221 | -€5,658 | -96.2% |
| Other operating charges | 640/8 | €606 | €619 | +€14 | +2.2% |
| Gross operating margin | 9900 | €94,060 | €110,750 | +€16,691 | +17.7% |
| Operating profit (loss) | 9901 | €87,575 | €109,910 | +€22,335 | +25.5% |
| Financial income | 75/76B | €194 | €11,289 | +€11,095 | +5,711% |
| Recurring financial income | 75 | €194 | €11,289 | +€11,095 | +5,711% |
| Financial charges | 65/66B | €120 | €140 | +€20 | +16.7% |
| Recurring financial charges | 65 | €120 | €140 | +€20 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €87,649 | €121,060 | +€33,410 | +38.1% |
| Income taxes | 67/77 | €28,349 | €39,259 | +€10,911 | +38.5% |
| Profit (loss) for the period | 9904 | €59,301 | €81,800 | +€22,500 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,301 | €81,800 | +€22,500 | +37.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.