KeLL: 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.
KeLL
Largest movements
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Deferred charges and accrued income +€76,959
up €76,959 (+983.4%), from €7,826 to €84,785
- Cash -€63,759
down €63,759 (-51.5%), from €123,723 to €59,964
mainly Contributions, distributions and other (-€433,113) and Deferred charges and accrued income (-€76,959)
- Receivables within one year -€29,133
down €29,133 (-28.0%), from €104,129 to €74,996
of which Trade receivables: -€57,112
- Receivables after one year +€12,600
new in 2025: €12,600
- Reserves -€188,874
down €188,874 (-62.1%), from €304,284 to €115,410
of which Distributable reserves: -€188,874
- Other debts +€37,685
up €37,685 (+135.1%), from €27,896 to €65,580
- Financial income +€54,112
up €54,112 (+216.4%), from €25,000 to €79,112
- Gross operating margin +€19,121
up €19,121 (+9.5%), from €201,271 to €220,392
- Taxes +€4,838
up €4,838 (+10.2%), from €47,247 to €52,085
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 | €396,559 | €242,590 | -€153,969 | -38.8% |
| Fixed assets | 21/28 | €10,881 | €10,246 | -€636 | -5.8% |
| Tangible fixed assets | 22/27 | €881 | €246 | -€636 | -72.1% |
| Plant, machinery and equipment | 23 | €881 | €246 | -€636 | -72.1% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €385,678 | €232,345 | -€153,333 | -39.8% |
| Amounts receivable after more than one year | 29 | - | €12,600 | +€12,600 | |
| Other amounts receivable | 291 | - | €12,600 | +€12,600 | |
| Amounts receivable within one year | 40/41 | €104,129 | €74,996 | -€29,133 | -28.0% |
| Trade receivables | 40 | €104,129 | €47,017 | -€57,112 | -54.8% |
| Other amounts receivable | 41 | €0 | €27,979 | +€27,979 | |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €123,723 | €59,964 | -€63,759 | -51.5% |
| Deferred charges and accrued income | 490/1 | €7,826 | €84,785 | +€76,959 | +983.4% |
| Total equity and liabilities | 10/49 | €396,559 | €242,590 | -€153,969 | -38.8% |
| Equity | 10/15 | €322,884 | €134,010 | -€188,874 | -58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,284 | €115,410 | -€188,874 | -62.1% |
| Non-distributable reserves | 130/1 | €1,172 | €1,172 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,172 | €0 | -€1,172 | -100.0% |
| Other | 1319 | - | €1,172 | +€1,172 | |
| Distributable reserves | 133 | €303,113 | €114,239 | -€188,874 | -62.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,675 | €108,580 | +€34,905 | +47.4% |
| Amounts payable within one year | 42/48 | €73,675 | €108,580 | +€34,905 | +47.4% |
| Financial debts | 43 | - | €81 | +€81 | |
| Other loans | 439 | - | €81 | +€81 | |
| Trade debts | 44 | €9,724 | €9,329 | -€395 | -4.1% |
| Suppliers | 440/4 | €9,724 | €9,329 | -€395 | -4.1% |
| Taxes, remuneration and social security | 45 | €36,055 | €33,589 | -€2,466 | -6.8% |
| Taxes | 450/3 | €36,055 | €33,589 | -€2,466 | -6.8% |
| Other amounts payable | 47/48 | €27,896 | €65,580 | +€37,685 | +135.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €636 | €636 | = | 0.0% |
| Other operating charges | 640/8 | €1,178 | €1,376 | +€199 | +16.9% |
| Gross operating margin | 9900 | €201,271 | €220,392 | +€19,121 | +9.5% |
| Operating profit (loss) | 9901 | €199,457 | €218,380 | +€18,923 | +9.5% |
| Financial income | 75/76B | €25,000 | €79,112 | +€54,112 | +216.4% |
| Recurring financial income | 75 | €25,000 | €79,112 | +€54,112 | +216.4% |
| Financial charges | 65/66B | €1,257 | €1,169 | -€88 | -7.0% |
| Recurring financial charges | 65 | €1,257 | €1,169 | -€88 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €223,201 | €296,324 | +€73,123 | +32.8% |
| Income taxes | 67/77 | €47,247 | €52,085 | +€4,838 | +10.2% |
| Profit (loss) for the period | 9904 | €175,954 | €244,239 | +€68,285 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €175,954 | €244,239 | +€68,285 | +38.8% |
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 11 October 2026 via checked.be.