KELLER GROUP: 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.
KELLER GROUP
Largest movements
- Receivables within one year +€8,997
up €8,997 (+201.7%), from €4,460 to €13,457
of which Trade receivables: +€7,464
- Tangible fixed assets +€6,478
up €6,478 (+18.8%), from €34,399 to €40,877
of which Plant, machinery and equipment: +€10,995
- Cash -€3,030
down €3,030 (-60.5%), from €5,011 to €1,981
mainly Investment in fixed assets (net) (-€19,311) and Receivables within one year (-€8,997)
- Debts after one year +€4,880
new in 2025: €4,880
- Other debts +€4,470
up €4,470 (+174.6%), from €2,560 to €7,030
- Tax, wage and social debts +€2,944
up €2,944 (+51.0%), from €5,769 to €8,713
- Trade debts -€2,199
down €2,199 (-59.6%), from €3,693 to €1,494
- Profit (loss) carried forward +€1,909
up €1,909 (+7.3%), from €26,276 to €28,185
- Financial income +€2,304
up €2,304 (+987.0%), from €233 to €2,538
of which Non-recurring financial income: +€2,497
- Depreciation +€2,234
up €2,234 (+21.1%), from €10,599 to €12,834
- Other operating charges -€2,173
down €2,173 (-64.0%), from €3,393 to €1,220
- Gross operating margin -€723
down €723 (-2.9%), from €24,530 to €23,807
- Taxes -€303
down €303 (-10.9%), from €2,770 to €2,467
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 | €43,994 | €56,444 | +€12,450 | +28.3% |
| Fixed assets | 21/28 | €34,399 | €40,877 | +€6,478 | +18.8% |
| Tangible fixed assets | 22/27 | €34,399 | €40,877 | +€6,478 | +18.8% |
| Plant, machinery and equipment | 23 | €27,772 | €38,768 | +€10,995 | +39.6% |
| Furniture and vehicles | 24 | €6,626 | €2,109 | -€4,517 | -68.2% |
| Current assets | 29/58 | €9,595 | €15,567 | +€5,972 | +62.2% |
| Amounts receivable within one year | 40/41 | €4,460 | €13,457 | +€8,997 | +201.7% |
| Trade receivables | 40 | €4,460 | €11,924 | +€7,464 | +167.3% |
| Other amounts receivable | 41 | - | €1,533 | +€1,533 | |
| Cash at bank and in hand | 54/58 | €5,011 | €1,981 | -€3,030 | -60.5% |
| Deferred charges and accrued income | 490/1 | €124 | €128 | +€4 | +3.4% |
| Total equity and liabilities | 10/49 | €43,994 | €56,444 | +€12,450 | +28.3% |
| Equity | 10/15 | €28,276 | €30,185 | +€1,909 | +6.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,276 | €28,185 | +€1,909 | +7.3% |
| Amounts payable | 17/49 | €15,718 | €26,259 | +€10,541 | +67.1% |
| Amounts payable after more than one year | 17 | - | €4,880 | +€4,880 | |
| Financial debts | 170/4 | - | €4,880 | +€4,880 | |
| Amounts payable within one year | 42/48 | €15,718 | €21,379 | +€5,661 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €3,131 | €3,274 | +€143 | +4.6% |
| Trade debts | 44 | €3,693 | €1,494 | -€2,199 | -59.6% |
| Suppliers | 440/4 | €3,693 | €1,494 | -€2,199 | -59.6% |
| Advances received on contracts in progress | 46 | €565 | €868 | +€303 | +53.7% |
| Taxes, remuneration and social security | 45 | €5,769 | €8,713 | +€2,944 | +51.0% |
| Taxes | 450/3 | €5,769 | €8,713 | +€2,944 | +51.0% |
| Other amounts payable | 47/48 | €2,560 | €7,030 | +€4,470 | +174.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,599 | €12,834 | +€2,234 | +21.1% |
| Other operating charges | 640/8 | €3,393 | €1,220 | -€2,173 | -64.0% |
| Non-recurring operating charges | 66A | - | €545 | +€545 | |
| Gross operating margin | 9900 | €24,530 | €23,807 | -€723 | -2.9% |
| Operating profit (loss) | 9901 | €10,538 | €9,208 | -€1,329 | -12.6% |
| Financial income | 75/76B | €233 | €2,538 | +€2,304 | +987.0% |
| Recurring financial income | 75 | €233 | €41 | -€193 | -82.5% |
| Non-recurring financial income | 76B | - | €2,497 | +€2,497 | |
| Financial charges | 65/66B | €2,471 | €2,371 | -€100 | -4.1% |
| Recurring financial charges | 65 | €2,471 | €2,371 | -€100 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €8,300 | €9,376 | +€1,075 | +13.0% |
| Income taxes | 67/77 | €2,770 | €2,467 | -€303 | -10.9% |
| Profit (loss) for the period | 9904 | €5,530 | €6,909 | +€1,379 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,530 | €6,909 | +€1,379 | +24.9% |
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 6 October 2026 via checked.be.