KELDOR: 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.
KELDOR
Largest movements
- Stocks and contracts +€48,066
up €48,066 (+25.7%), from €187,006 to €235,072
- Cash +€29,815
up €29,815 (+360%), from €8,287 to €38,101
mainly Receivables within one year (+€24,197) and Debts after one year (+€13,278)
- Receivables within one year -€24,197
down €24,197 (-21.5%), from €112,555 to €88,358
of which Other amounts receivable: -€23,578
- Tangible fixed assets -€9,672
down €9,672 (-54.2%), from €17,847 to €8,175
of which Furniture and vehicles: -€8,606
- Debts after one year +€13,278
up €13,278 (+135%), from €9,815 to €23,093
- Reserves +€13,078
up €13,078 (+17.0%), from €76,926 to €90,004
of which Distributable reserves: +€13,078
- Short-term financial debts +€7,433
up €7,433 (+15.9%), from €46,701 to €54,134
- Current portion of long-term debt +€5,975
up €5,975 (+125%), from €4,789 to €10,764
- Trade debts +€5,093
up €5,093 (+73.5%), from €6,926 to €12,019
- Taxes +€11,324
up €11,324 (+506%), from €2,236 to €13,561
- Gross operating margin -€2,382
down €2,382 (-4.6%), from €51,667 to €49,285
- Other operating charges +€2,263
up €2,263 (+57.0%), from €3,970 to €6,233
- Depreciation -€976
down €976 (-9.2%), from €10,648 to €9,672
- Financial charges -€909
down €909 (-11.9%), from €7,650 to €6,741
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €326,802 | €371,498 | +€44,696 | +13.7% |
| Fixed assets | 21/28 | €17,847 | €8,175 | -€9,672 | -54.2% |
| Tangible fixed assets | 22/27 | €17,847 | €8,175 | -€9,672 | -54.2% |
| Land and buildings | 22 | €8,914 | €7,848 | -€1,066 | -12.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €8,933 | €326 | -€8,606 | -96.3% |
| Current assets | 29/58 | €308,955 | €363,324 | +€54,369 | +17.6% |
| Stocks and contracts in progress | 3 | €187,006 | €235,072 | +€48,066 | +25.7% |
| Stocks | 30/36 | €187,006 | €235,072 | +€48,066 | +25.7% |
| Amounts receivable within one year | 40/41 | €112,555 | €88,358 | -€24,197 | -21.5% |
| Trade receivables | 40 | €88,977 | €88,358 | -€619 | -0.7% |
| Other amounts receivable | 41 | €23,578 | €0 | -€23,578 | -100% |
| Cash at bank and in hand | 54/58 | €8,287 | €38,101 | +€29,815 | +360% |
| Deferred charges and accrued income | 490/1 | €1,107 | €1,792 | +€685 | +61.9% |
| Total equity and liabilities | 10/49 | €326,802 | €371,498 | +€44,696 | +13.7% |
| Equity | 10/15 | €95,526 | €108,604 | +€13,078 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,926 | €90,004 | +€13,078 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €75,066 | €88,144 | +€13,078 | +17.4% |
| Amounts payable | 17/49 | €231,276 | €262,894 | +€31,618 | +13.7% |
| Amounts payable after more than one year | 17 | €9,815 | €23,093 | +€13,278 | +135% |
| Financial debts | 170/4 | €9,815 | €23,093 | +€13,278 | +135% |
| Amounts payable within one year | 42/48 | €194,811 | €211,917 | +€17,105 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €4,789 | €10,764 | +€5,975 | +125% |
| Financial debts | 43 | €46,701 | €54,134 | +€7,433 | +15.9% |
| Credit institutions | 430/8 | €46,701 | €54,134 | +€7,433 | +15.9% |
| Trade debts | 44 | €6,926 | €12,019 | +€5,093 | +73.5% |
| Suppliers | 440/4 | €6,926 | €12,019 | +€5,093 | +73.5% |
| Taxes, remuneration and social security | 45 | €19,936 | €21,872 | +€1,936 | +9.7% |
| Taxes | 450/3 | €18,436 | €21,872 | +€3,436 | +18.6% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €116,459 | €113,128 | -€3,332 | -2.9% |
| Accrued charges and deferred income | 492/3 | €26,650 | €27,885 | +€1,235 | +4.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,648 | €9,672 | -€976 | -9.2% |
| Other operating charges | 640/8 | €3,970 | €6,233 | +€2,263 | +57.0% |
| Non-recurring operating charges | 66A | €1,040 | €0 | -€1,040 | -100% |
| Gross operating margin | 9900 | €51,667 | €49,285 | -€2,382 | -4.6% |
| Operating profit (loss) | 9901 | €36,008 | €33,380 | -€2,628 | -7.3% |
| Financial income | 75/76B | €116 | €0 | -€116 | -99.9% |
| Recurring financial income | 75 | €116 | €0 | -€116 | -99.9% |
| Financial charges | 65/66B | €7,650 | €6,741 | -€909 | -11.9% |
| Recurring financial charges | 65 | €7,650 | €6,741 | -€909 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €28,474 | €26,639 | -€1,835 | -6.4% |
| Income taxes | 67/77 | €2,236 | €13,561 | +€11,324 | +506% |
| Profit (loss) for the period | 9904 | €26,237 | €13,078 | -€13,159 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,237 | €13,078 | -€13,159 | -50.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.