KELEC: 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.
KELEC
Largest movements
- Tangible fixed assets -€19,376
down €19,376 (-28.3%), from €68,561 to €49,185
of which Furniture and vehicles: -€19,044
- Cash +€12,922
up €12,922 (+45.4%), from €28,435 to €41,356
mainly Net result for the year (+€29,667) and Depreciation (+€20,451)
- Receivables within one year -€9,698
down €9,698 (-32.8%), from €29,570 to €19,871
of which Trade receivables: -€8,900
- Deferred charges and accrued income +€3,521
up €3,521 (+764.5%), from €461 to €3,981
- Debts after one year -€14,597
down €14,597 (-38.5%), from €37,941 to €23,344
- Trade debts -€6,665
down €6,665 (-29.7%), from €22,426 to €15,760
- Tax, wage and social debts +€4,998
up €4,998 (+137.8%), from €3,628 to €8,627
of which Taxes: +€4,551
- Other debts +€3,944
up €3,944 (+18.5%), from €21,312 to €25,256
- Gross operating margin +€16,441
up €16,441 (+37.1%), from €44,326 to €60,767
- Depreciation +€5,232
up €5,232 (+34.4%), from €15,220 to €20,451
- Taxes +€2,790
up €2,790 (+52.2%), from €5,344 to €8,133
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 | €128,053 | €116,049 | -€12,004 | -9.4% |
| Fixed assets | 21/28 | €68,561 | €49,185 | -€19,376 | -28.3% |
| Tangible fixed assets | 22/27 | €68,561 | €49,185 | -€19,376 | -28.3% |
| Plant, machinery and equipment | 23 | €518 | €1,269 | +€751 | +145.1% |
| Furniture and vehicles | 24 | €63,806 | €44,761 | -€19,044 | -29.8% |
| Other tangible fixed assets | 26 | €4,238 | €3,155 | -€1,083 | -25.5% |
| Current assets | 29/58 | €59,492 | €66,864 | +€7,372 | +12.4% |
| Stocks and contracts in progress | 3 | €1,027 | €1,655 | +€628 | +61.2% |
| Stocks | 30/36 | €1,027 | €1,655 | +€628 | +61.2% |
| Amounts receivable within one year | 40/41 | €29,570 | €19,871 | -€9,698 | -32.8% |
| Trade receivables | 40 | €23,899 | €15,000 | -€8,900 | -37.2% |
| Other amounts receivable | 41 | €5,670 | €4,872 | -€799 | -14.1% |
| Cash at bank and in hand | 54/58 | €28,435 | €41,356 | +€12,922 | +45.4% |
| Deferred charges and accrued income | 490/1 | €461 | €3,981 | +€3,521 | +764.5% |
| Total equity and liabilities | 10/49 | €128,053 | €116,049 | -€12,004 | -9.4% |
| Equity | 10/15 | €28,466 | €28,466 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,466 | €18,466 | = | 0.0% |
| Distributable reserves | 133 | €18,466 | €18,466 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,587 | €87,584 | -€12,004 | -12.1% |
| Amounts payable after more than one year | 17 | €37,941 | €23,344 | -€14,597 | -38.5% |
| Financial debts | 170/4 | €37,941 | €23,344 | -€14,597 | -38.5% |
| Amounts payable within one year | 42/48 | €61,647 | €64,240 | +€2,593 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €14,281 | €14,597 | +€316 | +2.2% |
| Trade debts | 44 | €22,426 | €15,760 | -€6,665 | -29.7% |
| Suppliers | 440/4 | €22,426 | €15,760 | -€6,665 | -29.7% |
| Taxes, remuneration and social security | 45 | €3,628 | €8,627 | +€4,998 | +137.8% |
| Taxes | 450/3 | €1,289 | €5,840 | +€4,551 | +353.0% |
| Remuneration and social security | 454/9 | €2,339 | €2,787 | +€448 | +19.1% |
| Other amounts payable | 47/48 | €21,312 | €25,256 | +€3,944 | +18.5% |
| Non-recurring operating income | 76A | €12,308 | €0 | -€12,308 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,220 | €20,451 | +€5,232 | +34.4% |
| Other operating charges | 640/8 | €1,640 | €1,272 | -€368 | -22.4% |
| Gross operating margin | 9900 | €44,326 | €60,767 | +€16,441 | +37.1% |
| Operating profit (loss) | 9901 | €27,467 | €39,044 | +€11,577 | +42.1% |
| Financial income | 75/76B | €43 | €199 | +€157 | +368.1% |
| Recurring financial income | 75 | €43 | €199 | +€157 | +368.1% |
| Financial charges | 65/66B | €854 | €1,442 | +€589 | +68.9% |
| Recurring financial charges | 65 | €854 | €1,442 | +€589 | +68.9% |
| Profit (loss) for the period before taxes | 9903 | €26,656 | €37,801 | +€11,145 | +41.8% |
| Income taxes | 67/77 | €5,344 | €8,133 | +€2,790 | +52.2% |
| Profit (loss) for the period | 9904 | €21,312 | €29,667 | +€8,355 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,312 | €29,667 | +€8,355 | +39.2% |
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.