KELBAS: 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.
KELBAS
Largest movements
- Receivables within one year -€36,410
down €36,410 (-32.5%), from €112,009 to €75,599
of which Other amounts receivable: -€37,410
- Cash +€10,927
up €10,927 (+239%), from €4,562 to €15,489
mainly Receivables within one year (+€36,410) and Depreciation (+€8,453)
- Tangible fixed assets -€8,453
down €8,453 (-34.8%), from €24,262 to €15,809
of which Furniture and vehicles: -€6,751
- Trade debts -€13,722
down €13,722 (-51.2%), from €26,777 to €13,055
- Tax, wage and social debts -€12,056
down €12,056 (-74.3%), from €16,232 to €4,176
of which Remuneration and social security: -€9,434
- Profit (loss) carried forward -€7,313
down €7,313 (-57.2%), from €12,774 to €5,461
- Purchases and services -€63,144
down €63,144 (-17.3%), from €364,164 to €301,019
- Turnover -€51,199
down €51,199 (-12.5%), from €408,941 to €357,742
- Other operating charges +€25,456
up €25,456 (+280%), from €9,106 to €34,562
- Staff costs -€14,544
down €14,544 (-62.4%), from €23,293 to €8,749
- Gross operating margin +€11,286
up €11,286 (+24.8%), from €45,437 to €56,723
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 | €161,200 | €127,550 | -€33,650 | -20.9% |
| Fixed assets | 21/28 | €33,262 | €24,809 | -€8,453 | -25.4% |
| Tangible fixed assets | 22/27 | €24,262 | €15,809 | -€8,453 | -34.8% |
| Land and buildings | 22 | €1,740 | €888 | -€852 | -48.9% |
| Plant, machinery and equipment | 23 | €3,118 | €2,268 | -€850 | -27.3% |
| Furniture and vehicles | 24 | €19,403 | €12,653 | -€6,751 | -34.8% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €127,939 | €102,741 | -€25,197 | -19.7% |
| Stocks and contracts in progress | 3 | €11,368 | €11,653 | +€286 | +2.5% |
| Stocks | 30/36 | €11,368 | €11,653 | +€286 | +2.5% |
| Amounts receivable within one year | 40/41 | €112,009 | €75,599 | -€36,410 | -32.5% |
| Trade receivables | 40 | €8,419 | €9,419 | +€1,000 | +11.9% |
| Other amounts receivable | 41 | €103,589 | €66,180 | -€37,410 | -36.1% |
| Cash at bank and in hand | 54/58 | €4,562 | €15,489 | +€10,927 | +239% |
| Total equity and liabilities | 10/49 | €161,200 | €127,550 | -€33,650 | -20.9% |
| Equity | 10/15 | €117,632 | €110,319 | -€7,313 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,259 | €86,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €84,399 | €84,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,774 | €5,461 | -€7,313 | -57.2% |
| Amounts payable | 17/49 | €43,568 | €17,231 | -€26,337 | -60.5% |
| Amounts payable within one year | 42/48 | €43,568 | €17,231 | -€26,337 | -60.5% |
| Trade debts | 44 | €26,777 | €13,055 | -€13,722 | -51.2% |
| Suppliers | 440/4 | €26,777 | €13,055 | -€13,722 | -51.2% |
| Taxes, remuneration and social security | 45 | €16,232 | €4,176 | -€12,056 | -74.3% |
| Taxes | 450/3 | €4,083 | €1,461 | -€2,622 | -64.2% |
| Remuneration and social security | 454/9 | €12,149 | €2,715 | -€9,434 | -77.7% |
| Other amounts payable | 47/48 | €560 | - | -€560 | |
| Turnover | 70 | €408,941 | €357,742 | -€51,199 | -12.5% |
| Non-recurring operating income | 76A | €3,573 | - | -€3,573 | |
| Goods, raw materials, services and sundry goods | 60/61 | €364,164 | €301,019 | -€63,144 | -17.3% |
| Remuneration, social security and pensions | 62 | €23,293 | €8,749 | -€14,544 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,090 | €8,453 | -€638 | -7.0% |
| Other operating charges | 640/8 | €9,106 | €34,562 | +€25,456 | +280% |
| Gross operating margin | 9900 | €45,437 | €56,723 | +€11,286 | +24.8% |
| Operating profit (loss) | 9901 | €3,949 | €4,960 | +€1,011 | +25.6% |
| Financial income | 75/76B | €2 | €65 | +€64 | +3,588% |
| Recurring financial income | 75 | €2 | €65 | +€64 | +3,588% |
| Financial charges | 65/66B | €6,957 | €5,105 | -€1,852 | -26.6% |
| Recurring financial charges | 65 | €6,957 | €5,105 | -€1,852 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,006 | -€80 | +€2,927 | +97.3% |
| Income taxes | 67/77 | - | €7,233 | +€7,233 | |
| Profit (loss) for the period | 9904 | -€3,006 | -€7,313 | -€4,307 | -143% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,006 | -€7,313 | -€4,307 | -143% |
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 16 October 2026 via checked.be.