Keles: 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.
Keles
Largest movements
- Cash -€43,802
down €43,802 (-85.1%), from €51,488 to €7,685
mainly Trade debts (-€22,270) and Net result for the year (-€16,943)
- Receivables within one year +€4,965
up €4,965 (+8.6%), from €57,724 to €62,689
of which Trade receivables: +€10,890
- Reserves -€26,016
down €26,016 (-40.3%), from €64,525 to €38,510
- Trade debts -€22,270
down €22,270 (-33.1%), from €67,314 to €45,044
- Profit (loss) carried forward +€9,073
up €9,073, from -€9,073 to €0
- Tax, wage and social debts +€3,404
up €3,404 (+25.9%), from €13,159 to €16,563
of which Remuneration and social security: +€2,906
- Debts after one year -€3,384
down €3,384 (-44.4%), from €7,617 to €4,233
- Staff costs +€20,514
up €20,514 (+55.3%), from €37,108 to €57,622
- Gross operating margin +€9,171
up €9,171 (+22.6%), from €40,547 to €49,718
- Financial income +€2,829
up €2,829 (+28234.3%), from €10 to €2,839
- Financial charges -€2,146
down €2,146 (-67.5%), from €3,180 to €1,034
- Depreciation -€1,925
down €1,925 (-21.1%), from €9,145 to €7,220
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 | €159,116 | €120,133 | -€38,983 | -24.5% |
| Fixed assets | 21/28 | €34,455 | €33,724 | -€731 | -2.1% |
| Tangible fixed assets | 22/27 | €31,455 | €30,724 | -€731 | -2.3% |
| Land and buildings | 22 | €6,347 | €12,440 | +€6,093 | +96.0% |
| Plant, machinery and equipment | 23 | €10,422 | €7,954 | -€2,467 | -23.7% |
| Furniture and vehicles | 24 | €4,458 | €811 | -€3,647 | -81.8% |
| Leasing and similar rights | 25 | €10,228 | €7,007 | -€3,221 | -31.5% |
| Other tangible fixed assets | 26 | - | €2,512 | +€2,512 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €124,662 | €86,409 | -€38,252 | -30.7% |
| Stocks and contracts in progress | 3 | €15,414 | €15,988 | +€574 | +3.7% |
| Stocks | 30/36 | €15,414 | €15,988 | +€574 | +3.7% |
| Amounts receivable within one year | 40/41 | €57,724 | €62,689 | +€4,965 | +8.6% |
| Trade receivables | 40 | - | €10,890 | +€10,890 | |
| Other amounts receivable | 41 | €57,724 | €51,799 | -€5,925 | -10.3% |
| Cash at bank and in hand | 54/58 | €51,488 | €7,685 | -€43,802 | -85.1% |
| Deferred charges and accrued income | 490/1 | €36 | €47 | +€11 | +30.1% |
| Total equity and liabilities | 10/49 | €159,116 | €120,133 | -€38,983 | -24.5% |
| Equity | 10/15 | €67,853 | €50,910 | -€16,943 | -25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €64,525 | €38,510 | -€26,016 | -40.3% |
| Distributable reserves | 133 | €64,525 | €38,510 | -€26,016 | -40.3% |
| Profit (loss) carried forward | 14 | -€9,073 | €0 | +€9,073 | |
| Amounts payable | 17/49 | €91,263 | €69,223 | -€22,040 | -24.1% |
| Amounts payable after more than one year | 17 | €7,617 | €4,233 | -€3,384 | -44.4% |
| Financial debts | 170/4 | €7,617 | €4,233 | -€3,384 | -44.4% |
| Amounts payable within one year | 42/48 | €83,647 | €64,991 | -€18,656 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €3,174 | €3,384 | +€210 | +6.6% |
| Trade debts | 44 | €67,314 | €45,044 | -€22,270 | -33.1% |
| Suppliers | 440/4 | €67,314 | €45,044 | -€22,270 | -33.1% |
| Taxes, remuneration and social security | 45 | €13,159 | €16,563 | +€3,404 | +25.9% |
| Taxes | 450/3 | €1,004 | €1,503 | +€498 | +49.6% |
| Remuneration and social security | 454/9 | €12,154 | €15,060 | +€2,906 | +23.9% |
| Non-recurring operating income | 76A | - | €6,829 | +€6,829 | |
| Remuneration, social security and pensions | 62 | €37,108 | €57,622 | +€20,514 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,145 | €7,220 | -€1,925 | -21.1% |
| Other operating charges | 640/8 | €3,607 | €3,068 | -€540 | -15.0% |
| Gross operating margin | 9900 | €40,547 | €49,718 | +€9,171 | +22.6% |
| Operating profit (loss) | 9901 | -€9,314 | -€18,192 | -€8,878 | -95.3% |
| Financial income | 75/76B | €10 | €2,839 | +€2,829 | +28234.3% |
| Recurring financial income | 75 | €10 | €2,839 | +€2,829 | +28234.3% |
| Financial charges | 65/66B | €3,180 | €1,034 | -€2,146 | -67.5% |
| Recurring financial charges | 65 | €3,180 | €1,034 | -€2,146 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,484 | -€16,387 | -€3,903 | -31.3% |
| Income taxes | 67/77 | €710 | €556 | -€154 | -21.7% |
| Profit (loss) for the period | 9904 | -€13,194 | -€16,943 | -€3,749 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,194 | -€16,943 | -€3,749 | -28.4% |
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.