KEL2: 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.
KEL2
Largest movements
- Tangible fixed assets +€15,692
up €15,692 (+37.2%), from €42,186 to €57,878
of which Furniture and vehicles: +€17,400
- Receivables within one year +€8,611
up €8,611 (+181.6%), from €4,741 to €13,352
of which Trade receivables: +€8,119
- Debts after one year +€10,570
up €10,570 (+47.6%), from €22,222 to €32,791
- Reserves +€5,821
up €5,821 (+25.8%), from €22,544 to €28,365
- Profit (loss) carried forward +€4,739
no longer reported in 2025 (was -€4,739)
- Tax, wage and social debts +€2,550
up €2,550 (+77.2%), from €3,302 to €5,853
- Current portion of long-term debt +€961
up €961 (+23.1%), from €4,166 to €5,128
- Gross operating margin +€21,457
up €21,457 (+228.9%), from €9,373 to €30,829
- Taxes +€5,216
new in 2025: €5,216
- Financial charges +€767
up €767 (+42.6%), from €1,802 to €2,569
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 | €52,298 | €76,432 | +€24,134 | +46.1% |
| Fixed assets | 21/28 | €42,186 | €57,878 | +€15,692 | +37.2% |
| Tangible fixed assets | 22/27 | €42,186 | €57,878 | +€15,692 | +37.2% |
| Land and buildings | 22 | €21,017 | €19,310 | -€1,707 | -8.1% |
| Furniture and vehicles | 24 | €21,169 | €38,568 | +€17,400 | +82.2% |
| Current assets | 29/58 | €10,112 | €18,553 | +€8,441 | +83.5% |
| Amounts receivable within one year | 40/41 | €4,741 | €13,352 | +€8,611 | +181.6% |
| Trade receivables | 40 | €3,622 | €11,741 | +€8,119 | +224.2% |
| Other amounts receivable | 41 | €1,119 | €1,611 | +€492 | +44.0% |
| Cash at bank and in hand | 54/58 | €5,193 | €4,926 | -€267 | -5.1% |
| Deferred charges and accrued income | 490/1 | €179 | €276 | +€97 | +54.4% |
| Total equity and liabilities | 10/49 | €52,298 | €76,432 | +€24,134 | +46.1% |
| Equity | 10/15 | €20,304 | €30,865 | +€10,560 | +52.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,544 | €28,365 | +€5,821 | +25.8% |
| Distributable reserves | 133 | €22,544 | €28,365 | +€5,821 | +25.8% |
| Profit (loss) carried forward | 14 | -€4,739 | - | +€4,739 | |
| Amounts payable | 17/49 | €31,994 | €45,567 | +€13,573 | +42.4% |
| Amounts payable after more than one year | 17 | €22,222 | €32,791 | +€10,570 | +47.6% |
| Financial debts | 170/4 | €22,222 | €32,791 | +€10,570 | +47.6% |
| Amounts payable within one year | 42/48 | €9,772 | €12,776 | +€3,004 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €4,166 | €5,128 | +€961 | +23.1% |
| Trade debts | 44 | €899 | €1,148 | +€249 | +27.7% |
| Suppliers | 440/4 | €899 | €1,148 | +€249 | +27.7% |
| Taxes, remuneration and social security | 45 | €3,302 | €5,853 | +€2,550 | +77.2% |
| Taxes | 450/3 | €3,302 | €5,853 | +€2,550 | +77.2% |
| Other amounts payable | 47/48 | €1,405 | €648 | -€757 | -53.9% |
| Non-recurring operating income | 76A | - | €5,014 | +€5,014 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,968 | €11,003 | +€35 | +0.3% |
| Other operating charges | 640/8 | €1,342 | €1,539 | +€197 | +14.7% |
| Gross operating margin | 9900 | €9,373 | €30,829 | +€21,457 | +228.9% |
| Operating profit (loss) | 9901 | -€2,937 | €18,287 | +€21,224 | |
| Financial income | 75/76B | - | €59 | +€59 | |
| Recurring financial income | 75 | - | €59 | +€59 | |
| Financial charges | 65/66B | €1,802 | €2,569 | +€767 | +42.6% |
| Recurring financial charges | 65 | €1,802 | €2,569 | +€767 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,739 | €15,777 | +€20,516 | |
| Income taxes | 67/77 | - | €5,216 | +€5,216 | |
| Profit (loss) for the period | 9904 | -€4,739 | €10,560 | +€15,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,739 | €10,560 | +€15,300 |
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 12 October 2026 via checked.be.