KELIO: 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.
What changed
KELIO
NACE 46.180, Agents specialised in the wholesale of other particular products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€441,528
2024 · €403,433+€38,095
Equity
€883,767
2024 · €1.1m-€258,472
Cash
€693,425
2024 · €1.8m-€1.1m
Balance sheet total
€2.7m
2024 · €3.3m-€564,870
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-61.1%), from €1.8m to €693,425
mainly Contributions, distributions and other (-€700,000) and Current investments (-€500,000)
- Current investments +€500,000
new in 2025: €500,000
- Deferred charges and accrued income +€35,249
up €35,249 (+11.8%), from €298,506 to €333,755
Equity and liabilities
- Profit (loss) carried forward -€279,206
no longer reported in 2025 (was €279,206)
- Other debts -€200,000
down €200,000 (-22.2%), from €900,000 to €700,000
- Trade debts -€111,780
down €111,780 (-33.5%), from €333,335 to €221,555
Income statement
- Gross operating margin +€182,554
up €182,554 (+7.6%), from €2.4m to €2.6m
- Staff costs +€128,763
up €128,763 (+7.3%), from €1.8m to €1.9m
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.
Result 2024
€403,433
Gross operating margin
+€182,554
Staff costs
-€128,763
Depreciation
-€8,775
Write-downs
-€10,809
Other operating charges
+€6,740
Other operating items
+€10,516
Financial income
-€431
Financial charges
-€2,159
Taxes
-€10,778
Result 2025
€441,528
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.
From operations
+€141,203
Investment
-€530,149
Financing
-€700,000
Cash 2024
€1.8m
From operations (derived)
+€141,203
Net result for the year
+€441,528
Depreciation
+€32,209
Stocks and contracts
-€12,172
Receivables within one year
+€21,284
Deferred charges and accrued income
-€35,249
Trade debts
-€111,780
Tax, wage and social debts
-€4,656
Other debts
-€200,000
Accrued charges and deferred income
+€10,038
Investment (derived)
-€530,149
Investment in fixed assets (net)
-€30,149
Current investments
-€500,000
Financing
-€700,000
Contributions, distributions and other
-€700,000
Cash 2025
€693,425
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,273,741 | €2,708,871 | -€564,870 | -17.3% |
| Fixed assets | 21/28 | €213,195 | €211,136 | -€2,060 | -1.0% |
| Tangible fixed assets | 22/27 | €209,737 | €207,677 | -€2,060 | -1.0% |
| Land and buildings | 22 | €191,462 | €167,856 | -€23,606 | -12.3% |
| Plant, machinery and equipment | 23 | €8,193 | €31,369 | +€23,176 | +282.9% |
| Furniture and vehicles | 24 | €10,082 | €8,452 | -€1,630 | -16.2% |
| Financial fixed assets | 28 | €3,459 | €3,459 | = | 0.0% |
| Current assets | 29/58 | €3,060,546 | €2,497,736 | -€562,810 | -18.4% |
| Stocks and contracts in progress | 3 | €71,296 | €83,467 | +€12,172 | +17.1% |
| Stocks | 30/36 | €71,296 | €83,467 | +€12,172 | +17.1% |
| Amounts receivable within one year | 40/41 | €908,372 | €887,088 | -€21,284 | -2.3% |
| Trade receivables | 40 | €873,372 | €824,702 | -€48,670 | -5.6% |
| Other amounts receivable | 41 | €35,000 | €62,386 | +€27,386 | +78.2% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €1,782,372 | €693,425 | -€1.1m | -61.1% |
| Deferred charges and accrued income | 490/1 | €298,506 | €333,755 | +€35,249 | +11.8% |
| Total equity and liabilities | 10/49 | €3,273,741 | €2,708,871 | -€564,870 | -17.3% |
| Equity | 10/15 | €1,142,239 | €883,767 | -€258,472 | -22.6% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Revaluation surpluses | 12 | €86,095 | €79,626 | -€6,469 | -7.5% |
| Reserves | 13 | €76,937 | €104,141 | +€27,203 | +35.4% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €6,937 | €34,141 | +€27,203 | +392.1% |
| Profit (loss) carried forward | 14 | €279,206 | - | -€279,206 | |
| Amounts payable | 17/49 | €2,131,502 | €1,825,105 | -€306,398 | -14.4% |
| Amounts payable within one year | 42/48 | €1,665,139 | €1,348,703 | -€316,436 | -19.0% |
| Trade debts | 44 | €333,335 | €221,555 | -€111,780 | -33.5% |
| Suppliers | 440/4 | €333,335 | €221,555 | -€111,780 | -33.5% |
| Taxes, remuneration and social security | 45 | €431,804 | €427,148 | -€4,656 | -1.1% |
| Taxes | 450/3 | €186,943 | €128,238 | -€58,704 | -31.4% |
| Remuneration and social security | 454/9 | €244,861 | €298,910 | +€54,048 | +22.1% |
| Other amounts payable | 47/48 | €900,000 | €700,000 | -€200,000 | -22.2% |
| Accrued charges and deferred income | 492/3 | €466,364 | €476,402 | +€10,038 | +2.2% |
| Remuneration, social security and pensions | 62 | €1,774,465 | €1,903,228 | +€128,763 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,433 | €32,209 | +€8,775 | +37.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,137 | €16,946 | +€10,809 | +176.1% |
| Other operating charges | 640/8 | €7,077 | €338 | -€6,740 | -95.2% |
| Non-recurring operating charges | 66A | €10,516 | - | -€10,516 | |
| Gross operating margin | 9900 | €2,408,061 | €2,590,615 | +€182,554 | +7.6% |
| Operating profit (loss) | 9901 | €586,432 | €637,894 | +€51,463 | +8.8% |
| Financial income | 75/76B | €945 | €514 | -€431 | -45.6% |
| Recurring financial income | 75 | €945 | €514 | -€431 | -45.6% |
| Financial charges | 65/66B | €15,237 | €17,396 | +€2,159 | +14.2% |
| Recurring financial charges | 65 | €15,237 | €17,396 | +€2,159 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €572,140 | €621,012 | +€48,873 | +8.5% |
| Income taxes | 67/77 | €168,707 | €179,484 | +€10,778 | +6.4% |
| Profit (loss) for the period | 9904 | €403,433 | €441,528 | +€38,095 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €403,433 | €441,528 | +€38,095 | +9.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.