KEELAL: 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
KEELAL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€302,268
2024 · €773,417-€471,149
Equity
€18.2m
2024 · €18.1m+€97,372
Cash
€53,086
2024 · €69,996-€16,909
Balance sheet total
€20.2m
2024 · €20.3m-€122,625
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€395,899
down €395,899 (-27.4%), from €1.4m to €1.1m
Income statement
- Financial income -€487,772
down €487,772 (-64.8%), from €752,669 to €264,897
- Financial charges -€20,995
down €20,995 (-21.1%), from €99,619 to €78,624
- Gross operating margin -€7,372
down €7,372 (-2.6%), from €282,509 to €275,137
- Taxes -€7,255
down €7,255 (-20.5%), from €35,349 to €28,094
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
€773,417
Gross operating margin
-€7,372
Depreciation
-€853
Other operating charges
-€404
Other operating items
-€2,997
Financial income
-€487,772
Financial charges
+€20,995
Taxes
+€7,255
Result 2025
€302,268
raises the resultlowers the resultnot broken down further in the accounts
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
-€10,342
Investment
-€1,671
Financing
-€4,896
Cash 2024
€69,996
From operations (derived)
-€10,342
Net result for the year
+€302,268
Depreciation
+€118,015
Receivables within one year
-€1,941
Deferred charges and accrued income
-€8,687
Provisions
-€2,667
Trade debts
-€1,949
Tax, wage and social debts
-€24,185
Other debts
-€395,899
Accrued charges and deferred income
+€4,702
Investment (derived)
-€1,671
Investment in fixed assets (net)
-€1,671
Financing
-€4,896
Debts after one year
+€140,000
Current portion of long-term debt
+€60,000
Contributions, distributions and other
-€204,896
Cash 2025
€53,086
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,291,623 | €20,168,998 | -€122,625 | -0.6% |
| Fixed assets | 21/28 | €20,220,078 | €20,103,734 | -€116,344 | -0.6% |
| Tangible fixed assets | 22/27 | €3,049,936 | €2,933,592 | -€116,344 | -3.8% |
| Land and buildings | 22 | €3,041,045 | €2,925,055 | -€115,990 | -3.8% |
| Plant, machinery and equipment | 23 | €1,479 | €5,261 | +€3,783 | +256% |
| Furniture and vehicles | 24 | €7,412 | €3,275 | -€4,137 | -55.8% |
| Financial fixed assets | 28 | €17,170,142 | €17,170,142 | = | 0.0% |
| Current assets | 29/58 | €71,544 | €65,264 | -€6,281 | -8.8% |
| Amounts receivable within one year | 40/41 | €807 | €2,749 | +€1,941 | +240% |
| Trade receivables | 40 | €807 | €2,749 | +€1,941 | +240% |
| Cash at bank and in hand | 54/58 | €69,996 | €53,086 | -€16,909 | -24.2% |
| Deferred charges and accrued income | 490/1 | €741 | €9,428 | +€8,687 | +1,172% |
| Total equity and liabilities | 10/49 | €20,291,623 | €20,168,998 | -€122,625 | -0.6% |
| Equity | 10/15 | €18,082,464 | €18,179,836 | +€97,372 | +0.5% |
| Contributions | 10/11 | €449,198 | €449,198 | = | 0.0% |
| Reserves | 13 | €17,633,266 | €17,730,638 | +€97,372 | +0.6% |
| Non-distributable reserves | 130/1 | €29,000 | - | -€29,000 | |
| Reserves not available under the articles | 1311 | €29,000 | - | -€29,000 | |
| Tax-exempt reserves | 132 | €112,114 | €108,261 | -€3,853 | -3.4% |
| Distributable reserves | 133 | €17,492,152 | €17,622,378 | +€130,225 | +0.7% |
| Provisions and deferred taxes | 16 | €71,934 | €69,267 | -€2,667 | -3.7% |
| Deferred taxes | 168 | €71,934 | €69,267 | -€2,667 | -3.7% |
| Amounts payable | 17/49 | €2,137,225 | €1,919,894 | -€217,331 | -10.2% |
| Amounts payable after more than one year | 17 | €508,334 | €648,334 | +€140,000 | +27.5% |
| Financial debts | 170/4 | €508,334 | €648,334 | +€140,000 | +27.5% |
| Amounts payable within one year | 42/48 | €1,628,891 | €1,266,859 | -€362,033 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €160,000 | +€60,000 | +60.0% |
| Trade debts | 44 | €15,965 | €14,016 | -€1,949 | -12.2% |
| Suppliers | 440/4 | €15,965 | €14,016 | -€1,949 | -12.2% |
| Taxes, remuneration and social security | 45 | €66,060 | €41,875 | -€24,185 | -36.6% |
| Taxes | 450/3 | €66,060 | €41,875 | -€24,185 | -36.6% |
| Other amounts payable | 47/48 | €1,446,867 | €1,050,968 | -€395,899 | -27.4% |
| Accrued charges and deferred income | 492/3 | - | €4,702 | +€4,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,162 | €118,015 | +€853 | +0.7% |
| Other operating charges | 640/8 | €12,298 | €12,702 | +€404 | +3.3% |
| Non-recurring operating charges | 66A | - | €2,997 | +€2,997 | |
| Gross operating margin | 9900 | €282,509 | €275,137 | -€7,372 | -2.6% |
| Operating profit (loss) | 9901 | €153,050 | €141,423 | -€11,627 | -7.6% |
| Financial income | 75/76B | €752,669 | €264,897 | -€487,772 | -64.8% |
| Recurring financial income | 75 | €752,669 | €264,897 | -€487,772 | -64.8% |
| Financial charges | 65/66B | €99,619 | €78,624 | -€20,995 | -21.1% |
| Recurring financial charges | 65 | €99,619 | €78,624 | -€20,995 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €806,099 | €327,695 | -€478,404 | -59.3% |
| Transfer from deferred taxes | 780 | €2,667 | €2,667 | +€0 | 0.0% |
| Income taxes | 67/77 | €35,349 | €28,094 | -€7,255 | -20.5% |
| Profit (loss) for the period | 9904 | €773,417 | €302,268 | -€471,149 | -60.9% |
| Transfer from tax-exempt reserves | 789 | €3,853 | €3,853 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €777,270 | €306,121 | -€471,149 | -60.6% |
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 28 October 2026 via checked.be.