KELDI: 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.
KELDI
Largest movements
- Tangible fixed assets -€9,060
down €9,060 (-3.4%), from €264,068 to €255,007
of which Land and buildings: -€8,343
- Cash -€5,716
down €5,716 (-24.7%), from €23,122 to €17,407
mainly Other debts (-€10,265) and Net result for the year (-€6,662)
- Other debts -€10,265
down €10,265 (-25.5%), from €40,218 to €29,953
- Reserves -€6,662
down €6,662 (-7.6%), from €87,286 to €80,625
of which Distributable reserves: -€6,662
- Gross operating margin +€672
up €672 (+11.4%), from €5,911 to €6,583
- Depreciation +€221
up €221 (+2.5%), from €8,840 to €9,060
- Other operating charges +€124
up €124 (+3.1%), from €4,016 to €4,140
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 | €288,635 | €273,902 | -€14,733 | -5.1% |
| Fixed assets | 21/28 | €264,068 | €255,007 | -€9,060 | -3.4% |
| Tangible fixed assets | 22/27 | €264,068 | €255,007 | -€9,060 | -3.4% |
| Land and buildings | 22 | €262,446 | €254,103 | -€8,343 | -3.2% |
| Plant, machinery and equipment | 23 | €7 | €0 | -€7 | -100.0% |
| Furniture and vehicles | 24 | €1,614 | €904 | -€710 | -44.0% |
| Current assets | 29/58 | €24,567 | €18,894 | -€5,673 | -23.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €23,122 | €17,407 | -€5,716 | -24.7% |
| Deferred charges and accrued income | 490/1 | €1,445 | €1,487 | +€43 | +3.0% |
| Total equity and liabilities | 10/49 | €288,635 | €273,902 | -€14,733 | -5.1% |
| Equity | 10/15 | €248,417 | €241,756 | -€6,662 | -2.7% |
| Contributions | 10/11 | €161,131 | €161,131 | = | 0.0% |
| Capital | 10 | €161,131 | €161,131 | = | 0.0% |
| Issued capital | 100 | €161,131 | €161,131 | = | 0.0% |
| Reserves | 13 | €87,286 | €80,625 | -€6,662 | -7.6% |
| Non-distributable reserves | 130/1 | €5,700 | €5,700 | = | 0.0% |
| Legal reserve | 130 | €5,700 | €5,700 | = | 0.0% |
| Distributable reserves | 133 | €81,586 | €74,925 | -€6,662 | -8.2% |
| Amounts payable | 17/49 | €40,218 | €32,146 | -€8,071 | -20.1% |
| Amounts payable within one year | 42/48 | €40,218 | €32,146 | -€8,071 | -20.1% |
| Trade debts | 44 | €0 | €2,193 | +€2,193 | |
| Suppliers | 440/4 | €0 | €2,193 | +€2,193 | |
| Other amounts payable | 47/48 | €40,218 | €29,953 | -€10,265 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,840 | €9,060 | +€221 | +2.5% |
| Other operating charges | 640/8 | €4,016 | €4,140 | +€124 | +3.1% |
| Gross operating margin | 9900 | €5,911 | €6,583 | +€672 | +11.4% |
| Operating profit (loss) | 9901 | -€6,944 | -€6,617 | +€327 | +4.7% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,989 | -€6,662 | +€327 | +4.7% |
| Profit (loss) for the period | 9904 | -€6,989 | -€6,662 | +€327 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,989 | -€6,662 | +€327 | +4.7% |
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 7 October 2026 via checked.be.