Holding Ketele: 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.
What changed
Holding Ketele
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56,395
2024 · €31,398+€24,996
Equity
€445,010
2024 · €413,878+€31,132
Cash
€10,446
2024 · €14,340-€3,894
Balance sheet total
€896,110
2024 · €935,849-€39,739
Largest movements
Assets
- Current investments -€34,417
down €34,417 (-45.9%), from €75,000 to €40,583
Equity and liabilities
- Debts after one year -€78,895
down €78,895 (-18.3%), from €432,126 to €353,231
of which Financial debts: -€43,895
- Reserves +€31,087
up €31,087 (+9.4%), from €331,950 to €363,037
Income statement
- Gross operating margin +€39,217
up €39,217 (+71.8%), from €54,618 to €93,834
- Taxes +€15,126
up €15,126 (+111%), from €13,576 to €28,703
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.
Result 2024
€31,398
Gross operating margin
+€39,217
Depreciation
-€35
Other operating charges
-€154
Financial income
+€752
Financial charges
+€344
Taxes
-€15,126
Result 2025
€56,395
raises the resultlowers the result
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.
From operations
+€65,378
Investment
+€34,417
Financing
-€103,689
Cash 2024
€14,340
From operations (derived)
+€65,378
Net result for the year
+€56,395
Depreciation
+€377
Receivables within one year
-€343
Deferred charges and accrued income
+€1,395
Trade debts
-€79
Tax, wage and social debts
+€3,448
Other debts
+€4,186
Investment (derived)
+€34,417
Current investments
+€34,417
Financing
-€103,689
Debts after one year
-€78,895
Current portion of long-term debt
+€469
Contributions, distributions and other
-€25,263
Cash 2025
€10,446
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €935,849 | €896,110 | -€39,739 | -4.2% |
| Fixed assets | 21/28 | €821,761 | €821,384 | -€377 | 0.0% |
| Tangible fixed assets | 22/27 | €1,809 | €1,433 | -€377 | -20.8% |
| Plant, machinery and equipment | 23 | €19 | €0 | -€19 | -100% |
| Other tangible fixed assets | 26 | €1,791 | €1,433 | -€358 | -20.0% |
| Financial fixed assets | 28 | €819,952 | €819,952 | = | 0.0% |
| Current assets | 29/58 | €114,088 | €74,725 | -€39,362 | -34.5% |
| Amounts receivable within one year | 40/41 | €19,296 | €19,639 | +€343 | +1.8% |
| Trade receivables | 40 | €14,500 | €19,500 | +€5,000 | +34.5% |
| Other amounts receivable | 41 | €4,796 | €139 | -€4,657 | -97.1% |
| Current investments | 50/53 | €75,000 | €40,583 | -€34,417 | -45.9% |
| Cash at bank and in hand | 54/58 | €14,340 | €10,446 | -€3,894 | -27.2% |
| Deferred charges and accrued income | 490/1 | €5,452 | €4,058 | -€1,395 | -25.6% |
| Total equity and liabilities | 10/49 | €935,849 | €896,110 | -€39,739 | -4.2% |
| Equity | 10/15 | €413,878 | €445,010 | +€31,132 | +7.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €331,950 | €363,037 | +€31,087 | +9.4% |
| Distributable reserves | 133 | €331,950 | €363,037 | +€31,087 | +9.4% |
| Profit (loss) carried forward | 14 | €20,428 | €20,473 | +€45 | +0.2% |
| Amounts payable | 17/49 | €521,971 | €451,100 | -€70,871 | -13.6% |
| Amounts payable after more than one year | 17 | €432,126 | €353,231 | -€78,895 | -18.3% |
| Financial debts | 170/4 | €357,126 | €313,231 | -€43,895 | -12.3% |
| Other amounts payable | 178/9 | €75,000 | €40,000 | -€35,000 | -46.7% |
| Amounts payable within one year | 42/48 | €85,925 | €93,948 | +€8,024 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €43,426 | €43,895 | +€469 | +1.1% |
| Trade debts | 44 | €5,059 | €4,980 | -€79 | -1.6% |
| Suppliers | 440/4 | €5,059 | €4,980 | -€79 | -1.6% |
| Taxes, remuneration and social security | 45 | €3,180 | €6,628 | +€3,448 | +108% |
| Taxes | 450/3 | €3,180 | €6,628 | +€3,448 | +108% |
| Other amounts payable | 47/48 | €34,260 | €38,445 | +€4,186 | +12.2% |
| Accrued charges and deferred income | 492/3 | €3,920 | €3,920 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342 | €377 | +€35 | +10.2% |
| Other operating charges | 640/8 | €1,339 | €1,493 | +€154 | +11.5% |
| Gross operating margin | 9900 | €54,618 | €93,834 | +€39,217 | +71.8% |
| Operating profit (loss) | 9901 | €52,937 | €91,964 | +€39,027 | +73.7% |
| Financial income | 75/76B | - | €752 | +€752 | |
| Recurring financial income | 75 | - | €752 | +€752 | |
| Financial charges | 65/66B | €7,962 | €7,618 | -€344 | -4.3% |
| Recurring financial charges | 65 | €7,962 | €7,618 | -€344 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €44,975 | €85,098 | +€40,123 | +89.2% |
| Income taxes | 67/77 | €13,576 | €28,703 | +€15,126 | +111% |
| Profit (loss) for the period | 9904 | €31,398 | €56,395 | +€24,996 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,398 | €56,395 | +€24,996 | +79.6% |
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 29 October 2026 via checked.be.