KELMA: 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.
KELMA
Largest movements
- Receivables within one year +€157,366
up €157,366 (+57.1%), from €275,596 to €432,962
of which Trade receivables: +€162,617
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€40,986
down €40,986 (-35.7%), from €114,704 to €73,719
of which Furniture and vehicles: -€68,902
- Cash +€35,941
up €35,941 (+14.9%), from €241,127 to €277,068
mainly Net result for the year (+€178,976) and Current investments (+€100,000)
- Stocks and contracts -€13,395
down €13,395 (-50.6%), from €26,490 to €13,095
of which Contracts in progress: -€15,962
- Reserves +€64,733
up €64,733 (+20.2%), from €321,046 to €385,779
of which Distributable reserves: +€64,733
- Tax, wage and social debts +€34,974
up €34,974 (+82.0%), from €42,628 to €77,602
of which Taxes: +€22,916
- Accrued charges and deferred income -€34,818
no longer reported in 2025 (was €34,818)
- Current portion of long-term debt -€13,437
no longer reported in 2025 (was €13,437)
- Trade debts -€10,951
down €10,951 (-7.1%), from €154,679 to €143,729
- Gross operating margin +€67,429
up €67,429 (+12.8%), from €527,138 to €594,567
- Staff costs +€56,736
up €56,736 (+21.5%), from €264,195 to €320,931
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 | €758,908 | €797,848 | +€38,940 | +5.1% |
| Fixed assets | 21/28 | €115,256 | €74,270 | -€40,986 | -35.6% |
| Tangible fixed assets | 22/27 | €114,704 | €73,719 | -€40,986 | -35.7% |
| Land and buildings | 22 | €12,348 | €24,066 | +€11,718 | +94.9% |
| Plant, machinery and equipment | 23 | €5,766 | €25,216 | +€19,450 | +337.3% |
| Furniture and vehicles | 24 | €80,332 | €11,430 | -€68,902 | -85.8% |
| Other tangible fixed assets | 26 | €16,258 | €13,007 | -€3,252 | -20.0% |
| Financial fixed assets | 28 | €551 | €551 | = | 0.0% |
| Current assets | 29/58 | €643,652 | €723,578 | +€79,926 | +12.4% |
| Stocks and contracts in progress | 3 | €26,490 | €13,095 | -€13,395 | -50.6% |
| Stocks | 30/36 | €2,981 | €5,548 | +€2,567 | +86.1% |
| Contracts in progress | 37 | €23,509 | €7,547 | -€15,962 | -67.9% |
| Amounts receivable within one year | 40/41 | €275,596 | €432,962 | +€157,366 | +57.1% |
| Trade receivables | 40 | €257,869 | €420,485 | +€162,617 | +63.1% |
| Other amounts receivable | 41 | €17,727 | €12,477 | -€5,250 | -29.6% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €241,127 | €277,068 | +€35,941 | +14.9% |
| Deferred charges and accrued income | 490/1 | €439 | €453 | +€14 | +3.2% |
| Total equity and liabilities | 10/49 | €758,908 | €797,848 | +€38,940 | +5.1% |
| Equity | 10/15 | €383,046 | €447,779 | +€64,733 | +16.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €321,046 | €385,779 | +€64,733 | +20.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,907 | €11,907 | = | 0.0% |
| Distributable reserves | 133 | €302,940 | €367,672 | +€64,733 | +21.4% |
| Amounts payable | 17/49 | €375,861 | €350,069 | -€25,793 | -6.9% |
| Amounts payable within one year | 42/48 | €341,043 | €350,069 | +€9,025 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €13,437 | - | -€13,437 | |
| Trade debts | 44 | €154,679 | €143,729 | -€10,951 | -7.1% |
| Suppliers | 440/4 | €154,679 | €143,729 | -€10,951 | -7.1% |
| Taxes, remuneration and social security | 45 | €42,628 | €77,602 | +€34,974 | +82.0% |
| Taxes | 450/3 | €12,954 | €35,870 | +€22,916 | +176.9% |
| Remuneration and social security | 454/9 | €29,675 | €41,732 | +€12,057 | +40.6% |
| Other amounts payable | 47/48 | €130,299 | €128,738 | -€1,561 | -1.2% |
| Accrued charges and deferred income | 492/3 | €34,818 | - | -€34,818 | |
| Non-recurring operating income | 76A | - | €703 | +€703 | |
| Remuneration, social security and pensions | 62 | €264,195 | €320,931 | +€56,736 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,555 | €28,287 | -€1,268 | -4.3% |
| Other operating charges | 640/8 | €2,030 | €2,671 | +€642 | +31.6% |
| Gross operating margin | 9900 | €527,138 | €594,567 | +€67,429 | +12.8% |
| Operating profit (loss) | 9901 | €231,358 | €242,677 | +€11,319 | +4.9% |
| Financial income | 75/76B | €4,657 | €5,874 | +€1,216 | +26.1% |
| Recurring financial income | 75 | €4,657 | €5,874 | +€1,216 | +26.1% |
| Financial charges | 65/66B | €2,821 | €2,051 | -€769 | -27.3% |
| Recurring financial charges | 65 | €2,821 | €2,051 | -€769 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €233,195 | €246,499 | +€13,304 | +5.7% |
| Income taxes | 67/77 | €62,273 | €67,523 | +€5,250 | +8.4% |
| Profit (loss) for the period | 9904 | €170,922 | €178,976 | +€8,054 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €170,922 | €178,976 | +€8,054 | +4.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.