KELHA: 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.
KELHA
Largest movements
- Receivables within one year -€5,908
down €5,908 (-29.9%), from €19,730 to €13,822
- Stocks and contracts -€3,976
no longer reported in 2025 (was €3,976)
- Tangible fixed assets -€3,458
down €3,458 (-18.1%), from €19,111 to €15,653
- Cash -€1,549
down €1,549 (-12.7%), from €12,215 to €10,666
mainly Tax, wage and social debts (-€20,880) and Net result for the year (-€11,999)
- Tax, wage and social debts -€20,880
down €20,880 (-92.8%), from €22,512 to €1,632
of which Remuneration and social security: -€21,000
- Other debts +€19,472
up €19,472 (+21.6%), from €90,000 to €109,472
- Profit (loss) carried forward -€11,999
down €11,999 (-9.5%), from -€126,083 to -€138,081
- Trade debts -€1,723
down €1,723 (-9.0%), from €19,082 to €17,359
- Gross operating margin +€2,469
up €2,469 (+24.0%), from -€10,282 to -€7,814
- Taxes +€1,185
no longer reported in 2025 (was -€1,185)
- Financial charges -€962
down €962 (-66.4%), from €1,449 to €487
- Depreciation -€750
down €750 (-16.9%), from €4,448 to €3,698
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 | €55,511 | €40,381 | -€15,130 | -27.3% |
| Formation expenses | 20 | €481 | €240 | -€240 | -50.0% |
| Fixed assets | 21/28 | €19,111 | €15,653 | -€3,458 | -18.1% |
| Tangible fixed assets | 22/27 | €19,111 | €15,653 | -€3,458 | -18.1% |
| Plant, machinery and equipment | 23 | €19,111 | €15,653 | -€3,458 | -18.1% |
| Current assets | 29/58 | €35,920 | €24,488 | -€11,432 | -31.8% |
| Stocks and contracts in progress | 3 | €3,976 | - | -€3,976 | |
| Stocks | 30/36 | €3,976 | - | -€3,976 | |
| Amounts receivable within one year | 40/41 | €19,730 | €13,822 | -€5,908 | -29.9% |
| Other amounts receivable | 41 | €19,730 | €13,822 | -€5,908 | -29.9% |
| Cash at bank and in hand | 54/58 | €12,215 | €10,666 | -€1,549 | -12.7% |
| Total equity and liabilities | 10/49 | €55,511 | €40,381 | -€15,130 | -27.3% |
| Equity | 10/15 | -€76,083 | -€88,081 | -€11,999 | -15.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,083 | -€138,081 | -€11,999 | -9.5% |
| Amounts payable | 17/49 | €131,594 | €128,463 | -€3,131 | -2.4% |
| Amounts payable within one year | 42/48 | €131,594 | €128,463 | -€3,131 | -2.4% |
| Trade debts | 44 | €19,082 | €17,359 | -€1,723 | -9.0% |
| Suppliers | 440/4 | €19,082 | €17,359 | -€1,723 | -9.0% |
| Taxes, remuneration and social security | 45 | €22,512 | €1,632 | -€20,880 | -92.8% |
| Taxes | 450/3 | €1,512 | €1,632 | +€120 | +7.9% |
| Remuneration and social security | 454/9 | €21,000 | - | -€21,000 | |
| Other amounts payable | 47/48 | €90,000 | €109,472 | +€19,472 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,448 | €3,698 | -€750 | -16.9% |
| Other operating charges | 640/8 | €40 | - | -€40 | |
| Gross operating margin | 9900 | -€10,282 | -€7,814 | +€2,469 | +24.0% |
| Operating profit (loss) | 9901 | -€14,770 | -€11,512 | +€3,259 | +22.1% |
| Financial charges | 65/66B | €1,449 | €487 | -€962 | -66.4% |
| Recurring financial charges | 65 | €1,449 | €487 | -€962 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,219 | -€11,999 | +€4,220 | +26.0% |
| Income taxes | 67/77 | -€1,185 | - | +€1,185 | |
| Profit (loss) for the period | 9904 | -€15,035 | -€11,999 | +€3,036 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,035 | -€11,999 | +€3,036 | +20.2% |
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 4 October 2026 via checked.be.