KELNIC: 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.
KELNIC
Largest movements
- Cash -€230,408
down €230,408 (-75.2%), from €306,374 to €75,967
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€60,077)
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year -€85,889
down €85,889 (-19.2%), from €448,055 to €362,166
of which Trade receivables: -€428,028
- Tangible fixed assets +€26,806
up €26,806 (+3.0%), from €891,799 to €918,606
of which Land and buildings: +€58,549
- Reserves -€37,055
down €37,055 (-2.6%), from €1.4m to €1.4m
of which Distributable reserves: -€37,055
- Other debts -€29,196
down €29,196 (-63.0%), from €46,308 to €17,112
- Gross operating margin -€255,378
down €255,378, from €253,408 to -€1,971
- Staff costs -€160,379
down €160,379, from €151,864 to -€8,514
- Taxes -€19,519
down €19,519 (-100%), from €19,519 to €0
- Depreciation -€6,108
down €6,108 (-15.5%), from €39,379 to €33,271
- Financial income -€5,048
down €5,048 (-62.5%), from €8,072 to €3,024
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.
Derived cash bridge
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 | €1,665,038 | €1,575,338 | -€89,700 | -5.4% |
| Fixed assets | 21/28 | €910,399 | €937,206 | +€26,806 | +2.9% |
| Tangible fixed assets | 22/27 | €891,799 | €918,606 | +€26,806 | +3.0% |
| Land and buildings | 22 | €860,057 | €918,606 | +€58,549 | +6.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €31,743 | €0 | -€31,743 | -100% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €754,639 | €638,132 | -€116,507 | -15.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €448,055 | €362,166 | -€85,889 | -19.2% |
| Trade receivables | 40 | €438,676 | €10,648 | -€428,028 | -97.6% |
| Other amounts receivable | 41 | €9,378 | €351,518 | +€342,139 | +3,648% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €306,374 | €75,967 | -€230,408 | -75.2% |
| Deferred charges and accrued income | 490/1 | €210 | €0 | -€210 | -100% |
| Total equity and liabilities | 10/49 | €1,665,038 | €1,575,338 | -€89,700 | -5.4% |
| Equity | 10/15 | €1,477,998 | €1,440,942 | -€37,055 | -2.5% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €1,445,998 | €1,408,942 | -€37,055 | -2.6% |
| Tax-exempt reserves | 132 | €317,049 | €317,049 | = | 0.0% |
| Distributable reserves | 133 | €1,128,949 | €1,091,894 | -€37,055 | -3.3% |
| Provisions and deferred taxes | 16 | €105,683 | €105,683 | = | 0.0% |
| Deferred taxes | 168 | €105,683 | €105,683 | = | 0.0% |
| Amounts payable | 17/49 | €81,358 | €28,713 | -€52,645 | -64.7% |
| Amounts payable within one year | 42/48 | €81,358 | €28,713 | -€52,645 | -64.7% |
| Trade debts | 44 | €20,319 | €11,601 | -€8,718 | -42.9% |
| Suppliers | 440/4 | €20,319 | €11,601 | -€8,718 | -42.9% |
| Taxes, remuneration and social security | 45 | €14,730 | €0 | -€14,730 | -100% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €14,730 | €0 | -€14,730 | -100% |
| Other amounts payable | 47/48 | €46,308 | €17,112 | -€29,196 | -63.0% |
| Non-recurring operating income | 76A | €5,265 | €0 | -€5,265 | -100% |
| Remuneration, social security and pensions | 62 | €151,864 | -€8,514 | -€160,379 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,379 | €33,271 | -€6,108 | -15.5% |
| Other operating charges | 640/8 | €10,085 | €10,399 | +€314 | +3.1% |
| Gross operating margin | 9900 | €253,408 | -€1,971 | -€255,378 | |
| Operating profit (loss) | 9901 | €52,080 | -€37,126 | -€89,205 | |
| Financial income | 75/76B | €8,072 | €3,024 | -€5,048 | -62.5% |
| Recurring financial income | 75 | €8,072 | €3,024 | -€5,048 | -62.5% |
| Financial charges | 65/66B | €5,873 | €2,954 | -€2,920 | -49.7% |
| Recurring financial charges | 65 | €5,873 | €2,954 | -€2,920 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €54,278 | -€37,055 | -€91,334 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €19,519 | €0 | -€19,519 | -100% |
| Profit (loss) for the period | 9904 | €34,760 | -€37,055 | -€71,815 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €34,760 | -€37,055 | -€71,815 |
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 15 October 2026 via checked.be.