Keal Group: 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.
Keal Group
Largest movements
- Cash +€64,170
up €64,170 (+101%), from €63,311 to €127,482
mainly Depreciation (+€62,715) and Net result for the year (+€59,639)
- Tangible fixed assets -€37,780
down €37,780 (-4.9%), from €764,806 to €727,026
of which Land and buildings: -€40,222
- Reserves +€43,033
up €43,033 (+24.6%), from €174,803 to €217,835
of which Distributable reserves: +€43,033
- Debts after one year -€39,855
down €39,855 (-8.3%), from €480,194 to €440,340
- Tax, wage and social debts +€10,635
up €10,635 (+36.0%), from €29,533 to €40,168
of which Taxes: +€6,160
- Gross operating margin +€24,091
up €24,091 (+7.3%), from €330,729 to €354,819
- Staff costs +€5,785
up €5,785 (+3.5%), from €164,318 to €170,103
- Taxes +€4,121
up €4,121 (+16.0%), from €25,815 to €29,935
- Depreciation +€3,599
up €3,599 (+6.1%), from €59,116 to €62,715
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 | €838,802 | €857,562 | +€18,760 | +2.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €771,949 | €727,026 | -€44,923 | -5.8% |
| Intangible fixed assets | 21 | €7,143 | €0 | -€7,143 | -100% |
| Tangible fixed assets | 22/27 | €764,806 | €727,026 | -€37,780 | -4.9% |
| Land and buildings | 22 | €736,772 | €696,550 | -€40,222 | -5.5% |
| Plant, machinery and equipment | 23 | €27,576 | €30,404 | +€2,828 | +10.3% |
| Furniture and vehicles | 24 | €458 | €72 | -€386 | -84.3% |
| Current assets | 29/58 | €66,853 | €130,536 | +€63,683 | +95.3% |
| Amounts receivable within one year | 40/41 | €3,203 | €2,672 | -€531 | -16.6% |
| Trade receivables | 40 | €929 | €1,368 | +€439 | +47.2% |
| Other amounts receivable | 41 | €2,274 | €1,303 | -€970 | -42.7% |
| Cash at bank and in hand | 54/58 | €63,311 | €127,482 | +€64,170 | +101% |
| Deferred charges and accrued income | 490/1 | €339 | €383 | +€44 | +12.9% |
| Total equity and liabilities | 10/49 | €838,802 | €857,562 | +€18,760 | +2.2% |
| Equity | 10/15 | €181,003 | €224,035 | +€43,033 | +23.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €174,803 | €217,835 | +€43,033 | +24.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €172,943 | €215,975 | +€43,033 | +24.9% |
| Amounts payable | 17/49 | €657,799 | €633,527 | -€24,272 | -3.7% |
| Amounts payable after more than one year | 17 | €480,194 | €440,340 | -€39,855 | -8.3% |
| Financial debts | 170/4 | €480,194 | €440,340 | -€39,855 | -8.3% |
| Amounts payable within one year | 42/48 | €177,605 | €193,187 | +€15,582 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €41,368 | €44,924 | +€3,556 | +8.6% |
| Trade debts | 44 | €7,299 | €11,934 | +€4,635 | +63.5% |
| Suppliers | 440/4 | €7,299 | €11,934 | +€4,635 | +63.5% |
| Advances received on contracts in progress | 46 | €725 | €1,300 | +€575 | +79.3% |
| Taxes, remuneration and social security | 45 | €29,533 | €40,168 | +€10,635 | +36.0% |
| Taxes | 450/3 | €12,768 | €18,928 | +€6,160 | +48.2% |
| Remuneration and social security | 454/9 | €16,764 | €21,240 | +€4,476 | +26.7% |
| Other amounts payable | 47/48 | €98,680 | €94,861 | -€3,820 | -3.9% |
| Remuneration, social security and pensions | 62 | €164,318 | €170,103 | +€5,785 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,116 | €62,715 | +€3,599 | +6.1% |
| Other operating charges | 640/8 | €8,306 | €8,564 | +€259 | +3.1% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €330,729 | €354,819 | +€24,091 | +7.3% |
| Operating profit (loss) | 9901 | €98,989 | €113,387 | +€14,397 | +14.5% |
| Financial income | 75/76B | €75 | €15 | -€61 | -80.2% |
| Recurring financial income | 75 | €75 | €15 | -€61 | -80.2% |
| Financial charges | 65/66B | €21,356 | €23,828 | +€2,472 | +11.6% |
| Recurring financial charges | 65 | €21,356 | €23,828 | +€2,472 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €77,709 | €89,574 | +€11,865 | +15.3% |
| Income taxes | 67/77 | €25,815 | €29,935 | +€4,121 | +16.0% |
| Profit (loss) for the period | 9904 | €51,894 | €59,639 | +€7,744 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,894 | €59,639 | +€7,744 | +14.9% |
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 28 October 2026 via checked.be.