J-L KELLER: 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.
J-L KELLER
Largest movements
- Cash +€6,522
up €6,522 (+16.0%), from €40,711 to €47,233
mainly Depreciation (+€28,083) and Net result for the year (+€26,619)
- Receivables within one year -€3,105
down €3,105 (-28.9%), from €10,734 to €7,629
of which Trade receivables: -€3,055
- Tangible fixed assets +€2,868
up €2,868 (+6.5%), from €43,994 to €46,862
of which Furniture and vehicles: +€15,472
- Debts after one year +€9,289
up €9,289 (+97.4%), from €9,533 to €18,822
- Other debts +€6,141
up €6,141 (+24.0%), from €25,538 to €31,679
- Trade debts -€4,063
down €4,063 (-89.4%), from €4,544 to €481
- Current portion of long-term debt -€3,975
down €3,975 (-21.9%), from €18,131 to €14,155
- Gross operating margin +€6,468
up €6,468 (+10.8%), from €59,839 to €66,307
- Depreciation -€3,022
down €3,022 (-9.7%), from €31,105 to €28,083
- Taxes +€1,440
up €1,440 (+19.7%), from €7,299 to €8,739
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 | €100,418 | €107,162 | +€6,744 | +6.7% |
| Fixed assets | 21/28 | €43,994 | €46,862 | +€2,868 | +6.5% |
| Tangible fixed assets | 22/27 | €43,994 | €46,862 | +€2,868 | +6.5% |
| Plant, machinery and equipment | 23 | €25,787 | €13,182 | -€12,605 | -48.9% |
| Furniture and vehicles | 24 | €18,208 | €33,680 | +€15,472 | +85.0% |
| Current assets | 29/58 | €56,423 | €60,300 | +€3,877 | +6.9% |
| Stocks and contracts in progress | 3 | €510 | €108 | -€402 | -78.8% |
| Stocks | 30/36 | €510 | €108 | -€402 | -78.8% |
| Amounts receivable within one year | 40/41 | €10,734 | €7,629 | -€3,105 | -28.9% |
| Trade receivables | 40 | €10,401 | €7,346 | -€3,055 | -29.4% |
| Other amounts receivable | 41 | €333 | €283 | -€50 | -15.0% |
| Cash at bank and in hand | 54/58 | €40,711 | €47,233 | +€6,522 | +16.0% |
| Deferred charges and accrued income | 490/1 | €4,468 | €5,330 | +€861 | +19.3% |
| Total equity and liabilities | 10/49 | €100,418 | €107,162 | +€6,744 | +6.7% |
| Equity | 10/15 | €36,511 | €36,532 | +€21 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,051 | €16,072 | +€21 | +0.1% |
| Amounts payable | 17/49 | €63,907 | €70,630 | +€6,724 | +10.5% |
| Amounts payable after more than one year | 17 | €9,533 | €18,822 | +€9,289 | +97.4% |
| Financial debts | 170/4 | €9,533 | €18,822 | +€9,289 | +97.4% |
| Amounts payable within one year | 42/48 | €54,374 | €51,809 | -€2,565 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €18,131 | €14,155 | -€3,975 | -21.9% |
| Trade debts | 44 | €4,544 | €481 | -€4,063 | -89.4% |
| Suppliers | 440/4 | €4,544 | €481 | -€4,063 | -89.4% |
| Taxes, remuneration and social security | 45 | €6,161 | €5,494 | -€667 | -10.8% |
| Taxes | 450/3 | €6,161 | €5,494 | -€667 | -10.8% |
| Other amounts payable | 47/48 | €25,538 | €31,679 | +€6,141 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,105 | €28,083 | -€3,022 | -9.7% |
| Other operating charges | 640/8 | €894 | €1,122 | +€228 | +25.5% |
| Non-recurring operating charges | 66A | - | €575 | +€575 | |
| Gross operating margin | 9900 | €59,839 | €66,307 | +€6,468 | +10.8% |
| Operating profit (loss) | 9901 | €27,840 | €36,528 | +€8,687 | +31.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,197 | €1,169 | -€28 | -2.3% |
| Recurring financial charges | 65 | €1,197 | €1,169 | -€28 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €26,643 | €35,358 | +€8,715 | +32.7% |
| Income taxes | 67/77 | €7,299 | €8,739 | +€1,440 | +19.7% |
| Profit (loss) for the period | 9904 | €19,344 | €26,619 | +€7,275 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,344 | €26,619 | +€7,275 | +37.6% |
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 26 October 2026 via checked.be.