KELLEN: 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.
KELLEN
Largest movements
- Cash -€592,647
down €592,647 (-28.3%), from €2.1m to €1.5m
mainly Contributions, distributions and other (-€1.0m) and Current investments (-€500,000)
- Current investments +€500,000
new in 2024: €500,000
- Tangible fixed assets -€34,072
down €34,072 (-46.1%), from €73,843 to €39,771
of which Furniture and vehicles: -€31,261
- Other debts +€336,820
up €336,820 (+168.4%), from €199,991 to €536,811
- Reserves -€221,948
down €221,948 (-12.6%), from €1.8m to €1.5m
of which Distributable reserves: -€221,948
- Trade debts -€201,714
down €201,714 (-63.4%), from €318,351 to €116,638
- Tax, wage and social debts -€50,232
down €50,232 (-9.3%), from €538,312 to €488,080
of which Remuneration and social security: -€62,405
- Gross operating margin +€383,924
up €383,924 (+7.9%), from €4.8m to €5.2m
- Staff costs +€232,731
up €232,731 (+5.9%), from €4.0m to €4.2m
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,203,561 | €3,075,128 | -€128,433 | -4.0% |
| Fixed assets | 21/28 | €84,571 | €50,500 | -€34,072 | -40.3% |
| Tangible fixed assets | 22/27 | €73,843 | €39,771 | -€34,072 | -46.1% |
| Plant, machinery and equipment | 23 | €487 | €166 | -€321 | -66.0% |
| Furniture and vehicles | 24 | €64,489 | €33,227 | -€31,261 | -48.5% |
| Other tangible fixed assets | 26 | €8,867 | €6,378 | -€2,489 | -28.1% |
| Financial fixed assets | 28 | €10,728 | €10,728 | = | 0.0% |
| Current assets | 29/58 | €3,118,989 | €3,024,628 | -€94,361 | -3.0% |
| Amounts receivable within one year | 40/41 | €938,629 | €967,617 | +€28,987 | +3.1% |
| Trade receivables | 40 | €775,393 | €839,583 | +€64,190 | +8.3% |
| Other amounts receivable | 41 | €163,236 | €128,033 | -€35,203 | -21.6% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €2,096,007 | €1,503,360 | -€592,647 | -28.3% |
| Deferred charges and accrued income | 490/1 | €84,353 | €53,651 | -€30,701 | -36.4% |
| Total equity and liabilities | 10/49 | €3,203,561 | €3,075,128 | -€128,433 | -4.0% |
| Equity | 10/15 | €1,879,396 | €1,657,448 | -€221,948 | -11.8% |
| Contributions | 10/11 | €123,500 | €123,500 | = | 0.0% |
| Capital | 10 | €123,500 | €123,500 | = | 0.0% |
| Issued capital | 100 | €123,500 | €123,500 | = | 0.0% |
| Reserves | 13 | €1,755,896 | €1,533,948 | -€221,948 | -12.6% |
| Non-distributable reserves | 130/1 | €12,359 | €12,359 | = | 0.0% |
| Legal reserve | 130 | €12,359 | €12,359 | = | 0.0% |
| Distributable reserves | 133 | €1,743,537 | €1,521,589 | -€221,948 | -12.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,324,164 | €1,417,680 | +€93,515 | +7.1% |
| Amounts payable within one year | 42/48 | €1,056,654 | €1,141,529 | +€84,875 | +8.0% |
| Trade debts | 44 | €318,351 | €116,638 | -€201,714 | -63.4% |
| Suppliers | 440/4 | €318,351 | €116,638 | -€201,714 | -63.4% |
| Taxes, remuneration and social security | 45 | €538,312 | €488,080 | -€50,232 | -9.3% |
| Taxes | 450/3 | €11,599 | €23,773 | +€12,173 | +105.0% |
| Remuneration and social security | 454/9 | €526,712 | €464,307 | -€62,405 | -11.8% |
| Other amounts payable | 47/48 | €199,991 | €536,811 | +€336,820 | +168.4% |
| Accrued charges and deferred income | 492/3 | €267,510 | €276,151 | +€8,641 | +3.2% |
| Remuneration, social security and pensions | 62 | €3,960,928 | €4,193,659 | +€232,731 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,114 | €45,581 | +€1,467 | +3.3% |
| Other operating charges | 640/8 | €1,839 | €4,923 | +€3,084 | +167.7% |
| Gross operating margin | 9900 | €4,838,282 | €5,222,206 | +€383,924 | +7.9% |
| Operating profit (loss) | 9901 | €831,401 | €978,044 | +€146,642 | +17.6% |
| Financial income | 75/76B | €8,426 | €33,853 | +€25,427 | +301.8% |
| Recurring financial income | 75 | €8,426 | €21,103 | +€12,677 | +150.5% |
| Non-recurring financial income | 76B | - | €12,750 | +€12,750 | |
| Financial charges | 65/66B | €31,366 | €35,553 | +€4,187 | +13.3% |
| Recurring financial charges | 65 | €31,366 | €35,553 | +€4,187 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €808,461 | €976,343 | +€167,883 | +20.8% |
| Income taxes | 67/77 | €197,544 | €198,291 | +€748 | +0.4% |
| Profit (loss) for the period | 9904 | €610,917 | €778,052 | +€167,135 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €610,917 | €778,052 | +€167,135 | +27.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.