KATHELEY'S: what changed
Two fiscal 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.
KATHELEY'S
Largest movements
- Stocks and contracts -€33,848
down €33,848 (-19.9%), from €170,152 to €136,304
- Tangible fixed assets -€11,989
down €11,989 (-25.6%), from €46,786 to €34,797
of which Furniture and vehicles: -€7,520
- Cash +€7,593
up €7,593 (+25.7%), from €29,598 to €37,191
mainly Stocks and contracts (+€33,848) and Depreciation (+€11,989)
- Receivables within one year -€2,782
down €2,782 (-32.8%), from €8,486 to €5,703
of which Other amounts receivable: -€2,995
- Other debts -€18,323
down €18,323 (-57.1%), from €32,102 to €13,779
- Tax, wage and social debts -€10,228
down €10,228 (-50.7%), from €20,172 to €9,944
of which Taxes: -€10,568
- Debts after one year -€6,863
down €6,863 (-27.1%), from €25,329 to €18,466
- Current portion of long-term debt -€5,232
down €5,232 (-36.0%), from €14,530 to €9,298
- Trade debts -€2,886
down €2,886 (-10.4%), from €27,844 to €24,958
- Write-downs +€21,641
new in 2025: €21,641
- Taxes -€12,097
down €12,097 (-86.2%), from €14,029 to €1,932
- Gross operating margin -€8,157
down €8,157 (-13.5%), from €60,450 to €52,294
- Depreciation +€3,630
up €3,630 (+43.4%), from €8,360 to €11,989
- Staff costs +€2,503
new in 2025: €2,503
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.
Cash bridge derived
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 | €255,022 | €213,995 | -€41,028 | -16.1% |
| Fixed assets | 21/28 | €46,786 | €34,797 | -€11,989 | -25.6% |
| Tangible fixed assets | 22/27 | €46,786 | €34,797 | -€11,989 | -25.6% |
| Plant, machinery and equipment | 23 | €13,571 | €9,101 | -€4,470 | -32.9% |
| Furniture and vehicles | 24 | €33,216 | €25,696 | -€7,520 | -22.6% |
| Current assets | 29/58 | €208,236 | €179,198 | -€29,038 | -13.9% |
| Stocks and contracts in progress | 3 | €170,152 | €136,304 | -€33,848 | -19.9% |
| Stocks | 30/36 | €170,152 | €136,304 | -€33,848 | -19.9% |
| Amounts receivable within one year | 40/41 | €8,486 | €5,703 | -€2,782 | -32.8% |
| Trade receivables | 40 | €424 | €636 | +€212 | +50.1% |
| Other amounts receivable | 41 | €8,062 | €5,068 | -€2,995 | -37.1% |
| Cash at bank and in hand | 54/58 | €29,598 | €37,191 | +€7,593 | +25.7% |
| Total equity and liabilities | 10/49 | €255,022 | €213,995 | -€41,028 | -16.1% |
| Equity | 10/15 | €135,045 | €137,549 | +€2,504 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,348 | €71,748 | +€2,400 | +3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,488 | - | -€67,488 | |
| Distributable reserves | 133 | - | €69,888 | +€69,888 | |
| Profit (loss) carried forward | 14 | €47,097 | €47,201 | +€104 | +0.2% |
| Amounts payable | 17/49 | €119,977 | €76,446 | -€43,531 | -36.3% |
| Amounts payable after more than one year | 17 | €25,329 | €18,466 | -€6,863 | -27.1% |
| Financial debts | 170/4 | €25,329 | €18,466 | -€6,863 | -27.1% |
| Amounts payable within one year | 42/48 | €94,648 | €57,980 | -€36,669 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €14,530 | €9,298 | -€5,232 | -36.0% |
| Trade debts | 44 | €27,844 | €24,958 | -€2,886 | -10.4% |
| Suppliers | 440/4 | €27,844 | €24,958 | -€2,886 | -10.4% |
| Taxes, remuneration and social security | 45 | €20,172 | €9,944 | -€10,228 | -50.7% |
| Taxes | 450/3 | €20,172 | €9,603 | -€10,568 | -52.4% |
| Remuneration and social security | 454/9 | - | €341 | +€341 | |
| Other amounts payable | 47/48 | €32,102 | €13,779 | -€18,323 | -57.1% |
| Remuneration, social security and pensions | 62 | - | €2,503 | +€2,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,360 | €11,989 | +€3,630 | +43.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €21,641 | +€21,641 | |
| Other operating charges | 640/8 | €660 | €1,380 | +€720 | +109.2% |
| Gross operating margin | 9900 | €60,450 | €52,294 | -€8,157 | -13.5% |
| Operating profit (loss) | 9901 | €51,431 | €14,780 | -€36,651 | -71.3% |
| Financial income | 75/76B | €0 | €39 | +€39 | +12574.2% |
| Recurring financial income | 75 | €0 | €39 | +€39 | +12574.2% |
| Financial charges | 65/66B | €9,787 | €10,383 | +€596 | +6.1% |
| Recurring financial charges | 65 | €9,787 | €10,383 | +€596 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €41,644 | €4,436 | -€37,208 | -89.3% |
| Income taxes | 67/77 | €14,029 | €1,932 | -€12,097 | -86.2% |
| Profit (loss) for the period | 9904 | €27,615 | €2,504 | -€25,111 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,615 | €2,504 | -€25,111 | -90.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.