KELLETER: 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.
KELLETER
Largest movements
- Tangible fixed assets -€15,230
down €15,230 (-31.7%), from €48,059 to €32,828
of which Plant, machinery and equipment: -€10,297
- Receivables within one year -€10,245
down €10,245 (-56.0%), from €18,287 to €8,042
of which Trade receivables: -€12,764
- Stocks and contracts +€5,207
up €5,207 (+21.6%), from €24,076 to €29,282
- Trade debts -€12,429
down €12,429 (-57.3%), from €21,676 to €9,247
- Reserves -€4,306
down €4,306 (-45.1%), from €9,546 to €5,239
of which Tax-exempt reserves: -€4,306
- Current portion of long-term debt -€2,656
down €2,656 (-100.0%), from €2,656 to €0
- Tax, wage and social debts -€2,119
down €2,119 (-4.7%), from €45,161 to €43,042
of which Remuneration and social security: -€2,686
- Gross operating margin -€34,681
down €34,681 (-8.5%), from €408,665 to €373,984
- Staff costs -€13,920
down €13,920 (-3.9%), from €352,936 to €339,017
- Depreciation -€4,502
down €4,502 (-20.1%), from €22,393 to €17,891
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 | €168,445 | €147,096 | -€21,349 | -12.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €51,271 | €36,040 | -€15,230 | -29.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €48,059 | €32,828 | -€15,230 | -31.7% |
| Plant, machinery and equipment | 23 | €38,314 | €28,017 | -€10,297 | -26.9% |
| Furniture and vehicles | 24 | €4,722 | €964 | -€3,759 | -79.6% |
| Other tangible fixed assets | 26 | €5,022 | €3,847 | -€1,175 | -23.4% |
| Financial fixed assets | 28 | €3,212 | €3,212 | = | 0.0% |
| Current assets | 29/58 | €117,175 | €111,056 | -€6,119 | -5.2% |
| Stocks and contracts in progress | 3 | €24,076 | €29,282 | +€5,207 | +21.6% |
| Stocks | 30/36 | €24,076 | €29,282 | +€5,207 | +21.6% |
| Amounts receivable within one year | 40/41 | €18,287 | €8,042 | -€10,245 | -56.0% |
| Trade receivables | 40 | €17,181 | €4,417 | -€12,764 | -74.3% |
| Other amounts receivable | 41 | €1,106 | €3,626 | +€2,519 | +227.8% |
| Cash at bank and in hand | 54/58 | €67,863 | €67,038 | -€826 | -1.2% |
| Deferred charges and accrued income | 490/1 | €6,948 | €6,693 | -€255 | -3.7% |
| Total equity and liabilities | 10/49 | €168,445 | €147,096 | -€21,349 | -12.7% |
| Equity | 10/15 | €85,758 | €82,696 | -€3,063 | -3.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €9,546 | €5,239 | -€4,306 | -45.1% |
| Tax-exempt reserves | 132 | €7,686 | €3,379 | -€4,306 | -56.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,621 | €58,865 | +€1,244 | +2.2% |
| Provisions and deferred taxes | 16 | €1,921 | €845 | -€1,077 | -56.0% |
| Deferred taxes | 168 | €1,921 | €845 | -€1,077 | -56.0% |
| Amounts payable | 17/49 | €80,766 | €63,555 | -€17,210 | -21.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €79,492 | €62,289 | -€17,203 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €2,656 | €0 | -€2,656 | -100.0% |
| Trade debts | 44 | €21,676 | €9,247 | -€12,429 | -57.3% |
| Suppliers | 440/4 | €21,676 | €9,247 | -€12,429 | -57.3% |
| Taxes, remuneration and social security | 45 | €45,161 | €43,042 | -€2,119 | -4.7% |
| Taxes | 450/3 | €13,661 | €14,229 | +€568 | +4.2% |
| Remuneration and social security | 454/9 | €31,499 | €28,813 | -€2,686 | -8.5% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,273 | €1,266 | -€7 | -0.6% |
| Turnover | 70 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €18,212 | - | -€18,212 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €352,936 | €339,017 | -€13,920 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,393 | €17,891 | -€4,502 | -20.1% |
| Other operating charges | 640/8 | €971 | €870 | -€101 | -10.4% |
| Gross operating margin | 9900 | €408,665 | €373,984 | -€34,681 | -8.5% |
| Operating profit (loss) | 9901 | €32,365 | €16,207 | -€16,158 | -49.9% |
| Financial income | 75/76B | €817 | €1,202 | +€385 | +47.1% |
| Recurring financial income | 75 | €817 | €1,202 | +€385 | +47.1% |
| Financial charges | 65/66B | €6,273 | €6,619 | +€346 | +5.5% |
| Recurring financial charges | 65 | €6,273 | €6,619 | +€346 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €26,908 | €10,789 | -€16,119 | -59.9% |
| Transfer from deferred taxes | 780 | €1,101 | €1,077 | -€25 | -2.3% |
| Income taxes | 67/77 | €8,435 | €4,929 | -€3,506 | -41.6% |
| Profit (loss) for the period | 9904 | €19,575 | €6,937 | -€12,638 | -64.6% |
| Transfer from tax-exempt reserves | 789 | €4,406 | €4,306 | -€100 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,981 | €11,244 | -€12,737 | -53.1% |
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.