KEL-TECH: 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.
KEL-TECH
Largest movements
- Tangible fixed assets -€7,909
down €7,909 (-40.6%), from €19,476 to €11,567
of which Leasing and similar rights: -€9,297
- Receivables within one year -€3,769
down €3,769 (-15.8%), from €23,885 to €20,116
of which Trade receivables: -€3,540
- Current portion of long-term debt -€8,381
down €8,381 (-67.7%), from €12,379 to €3,997
- Other debts +€6,753
up €6,753 (+207.1%), from €3,260 to €10,013
- Short-term financial debts -€6,184
down €6,184 (-43.4%), from €14,260 to €8,076
- Trade debts -€4,957
down €4,957 (-43.9%), from €11,289 to €6,333
- Debts after one year -€3,997
no longer reported in 2025 (was €3,997)
- Gross operating margin +€8,151
up €8,151 (+83.2%), from €9,798 to €17,950
- Taxes +€603
up €603 (+418.6%), from €144 to €747
- Financial charges -€518
down €518 (-20.6%), from €2,514 to €1,997
- Financial income -€255
down €255 (-32.1%), from €796 to €541
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 | €49,030 | €37,420 | -€11,610 | -23.7% |
| Fixed assets | 21/28 | €19,776 | €11,567 | -€8,209 | -41.5% |
| Tangible fixed assets | 22/27 | €19,476 | €11,567 | -€7,909 | -40.6% |
| Plant, machinery and equipment | 23 | - | €1,388 | +€1,388 | |
| Leasing and similar rights | 25 | €19,476 | €10,179 | -€9,297 | -47.7% |
| Financial fixed assets | 28 | €300 | - | -€300 | |
| Current assets | 29/58 | €29,254 | €25,853 | -€3,401 | -11.6% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,885 | €20,116 | -€3,769 | -15.8% |
| Trade receivables | 40 | €21,162 | €17,622 | -€3,540 | -16.7% |
| Other amounts receivable | 41 | €2,723 | €2,494 | -€229 | -8.4% |
| Cash at bank and in hand | 54/58 | €45 | €269 | +€223 | +492.5% |
| Deferred charges and accrued income | 490/1 | €2,324 | €2,469 | +€145 | +6.2% |
| Total equity and liabilities | 10/49 | €49,030 | €37,420 | -€11,610 | -23.7% |
| Equity | 10/15 | €671 | €5,025 | +€4,354 | +649.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €2,105 | €3,025 | +€919 | +43.7% |
| Distributable reserves | 133 | €2,105 | €3,025 | +€919 | +43.7% |
| Profit (loss) carried forward | 14 | -€3,435 | - | +€3,435 | |
| Amounts payable | 17/49 | €48,359 | €32,395 | -€15,964 | -33.0% |
| Amounts payable after more than one year | 17 | €3,997 | - | -€3,997 | |
| Financial debts | 170/4 | €3,997 | - | -€3,997 | |
| Amounts payable within one year | 42/48 | €44,362 | €32,395 | -€11,967 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €12,379 | €3,997 | -€8,381 | -67.7% |
| Financial debts | 43 | €14,260 | €8,076 | -€6,184 | -43.4% |
| Credit institutions | 430/8 | €14,260 | €8,076 | -€6,184 | -43.4% |
| Trade debts | 44 | €11,289 | €6,333 | -€4,957 | -43.9% |
| Suppliers | 440/4 | €11,289 | €6,333 | -€4,957 | -43.9% |
| Taxes, remuneration and social security | 45 | €3,173 | €3,976 | +€803 | +25.3% |
| Taxes | 450/3 | €1,473 | €2,276 | +€803 | +54.5% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €3,260 | €10,013 | +€6,753 | +207.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,297 | €9,363 | +€66 | +0.7% |
| Other operating charges | 640/8 | €2,073 | €2,029 | -€44 | -2.1% |
| Gross operating margin | 9900 | €9,798 | €17,950 | +€8,151 | +83.2% |
| Operating profit (loss) | 9901 | -€1,572 | €6,557 | +€8,129 | |
| Financial income | 75/76B | €796 | €541 | -€255 | -32.1% |
| Recurring financial income | 75 | €796 | €541 | -€255 | -32.1% |
| Financial charges | 65/66B | €2,514 | €1,997 | -€518 | -20.6% |
| Recurring financial charges | 65 | €2,514 | €1,997 | -€518 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,291 | €5,101 | +€8,392 | |
| Income taxes | 67/77 | €144 | €747 | +€603 | +418.6% |
| Profit (loss) for the period | 9904 | -€3,435 | €4,354 | +€7,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,435 | €4,354 | +€7,789 |
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 30 September 2026 via checked.be.