HET KETELKE: 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.
HET KETELKE
Largest movements
- Tangible fixed assets -€27,073
down €27,073 (-9.8%), from €277,637 to €250,564
- Cash -€10,796
down €10,796 (-47.2%), from €22,895 to €12,099
mainly Net result for the year (-€34,574) and Tax, wage and social debts (-€11,157)
- Deferred charges and accrued income -€9,108
down €9,108 (-44.1%), from €20,653 to €11,545
- Receivables within one year -€9,100
down €9,100 (-58.7%), from €15,499 to €6,398
of which Other amounts receivable: -€6,614
- Profit (loss) carried forward -€34,574
down €34,574 (-28.3%), from -€122,253 to -€156,827
- Tax, wage and social debts -€11,157
down €11,157 (-23.7%), from €47,160 to €36,002
of which Taxes: -€7,717
- Debts after one year -€8,078
down €8,078 (-2.6%), from €309,486 to €301,409
- Current portion of long-term debt -€5,094
down €5,094 (-9.6%), from €53,172 to €48,078
- Staff costs -€275,265
down €275,265 (-56.8%), from €484,390 to €209,125
- Gross operating margin -€208,361
down €208,361 (-48.4%), from €430,636 to €222,276
- Depreciation -€10,897
down €10,897 (-24.6%), from €44,260 to €33,363
- Financial charges -€6,804
down €6,804 (-31.7%), from €21,436 to €14,632
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 | €342,332 | €286,404 | -€55,928 | -16.3% |
| Fixed assets | 21/28 | €277,637 | €250,564 | -€27,073 | -9.8% |
| Tangible fixed assets | 22/27 | €277,637 | €250,564 | -€27,073 | -9.8% |
| Land and buildings | 22 | €26,308 | €23,313 | -€2,995 | -11.4% |
| Plant, machinery and equipment | 23 | €138,035 | €126,606 | -€11,428 | -8.3% |
| Furniture and vehicles | 24 | €113,294 | €100,644 | -€12,650 | -11.2% |
| Current assets | 29/58 | €64,695 | €35,840 | -€28,855 | -44.6% |
| Stocks and contracts in progress | 3 | €5,648 | €5,797 | +€148 | +2.6% |
| Stocks | 30/36 | €5,648 | €5,797 | +€148 | +2.6% |
| Amounts receivable within one year | 40/41 | €15,499 | €6,398 | -€9,100 | -58.7% |
| Trade receivables | 40 | €8,755 | €6,268 | -€2,487 | -28.4% |
| Other amounts receivable | 41 | €6,744 | €130 | -€6,614 | -98.1% |
| Cash at bank and in hand | 54/58 | €22,895 | €12,099 | -€10,796 | -47.2% |
| Deferred charges and accrued income | 490/1 | €20,653 | €11,545 | -€9,108 | -44.1% |
| Total equity and liabilities | 10/49 | €342,332 | €286,404 | -€55,928 | -16.3% |
| Equity | 10/15 | -€117,253 | -€151,827 | -€34,574 | -29.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,253 | -€156,827 | -€34,574 | -28.3% |
| Amounts payable | 17/49 | €459,585 | €438,231 | -€21,354 | -4.6% |
| Amounts payable after more than one year | 17 | €309,486 | €301,409 | -€8,078 | -2.6% |
| Financial debts | 170/4 | €309,486 | €301,409 | -€8,078 | -2.6% |
| Amounts payable within one year | 42/48 | €150,098 | €133,572 | -€16,526 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €53,172 | €48,078 | -€5,094 | -9.6% |
| Financial debts | 43 | €495 | €286 | -€209 | -42.3% |
| Credit institutions | 430/8 | €495 | €286 | -€209 | -42.3% |
| Trade debts | 44 | €48,576 | €49,001 | +€425 | +0.9% |
| Suppliers | 440/4 | €48,576 | €49,001 | +€425 | +0.9% |
| Taxes, remuneration and social security | 45 | €47,160 | €36,002 | -€11,157 | -23.7% |
| Taxes | 450/3 | €22,418 | €14,700 | -€7,717 | -34.4% |
| Remuneration and social security | 454/9 | €24,742 | €21,302 | -€3,440 | -13.9% |
| Other amounts payable | 47/48 | €695 | €205 | -€490 | -70.5% |
| Accrued charges and deferred income | 492/3 | - | €3,250 | +€3,250 | |
| Remuneration, social security and pensions | 62 | €484,390 | €209,125 | -€275,265 | -56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,260 | €33,363 | -€10,897 | -24.6% |
| Other operating charges | 640/8 | €3,846 | €1,140 | -€2,706 | -70.4% |
| Non-recurring operating charges | 66A | - | €1,520 | +€1,520 | |
| Gross operating margin | 9900 | €430,636 | €222,276 | -€208,361 | -48.4% |
| Operating profit (loss) | 9901 | -€101,860 | -€22,872 | +€78,988 | +77.5% |
| Financial income | 75/76B | €1,507 | €3,117 | +€1,610 | +107% |
| Recurring financial income | 75 | €1,507 | €3,117 | +€1,610 | +107% |
| Financial charges | 65/66B | €21,436 | €14,632 | -€6,804 | -31.7% |
| Recurring financial charges | 65 | €21,436 | €14,632 | -€6,804 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | -€121,789 | -€34,388 | +€87,401 | +71.8% |
| Income taxes | 67/77 | €464 | €186 | -€277 | -59.8% |
| Profit (loss) for the period | 9904 | -€122,253 | -€34,574 | +€87,679 | +71.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,253 | -€34,574 | +€87,679 | +71.7% |
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 23 October 2026 via checked.be.