KELOC: 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.
KELOC
Largest movements
- Tangible fixed assets -€304,452
down €304,452 (-37.6%), from €809,515 to €505,063
of which Land and buildings: -€298,623
- Cash -€22,700
down €22,700 (-6.0%), from €381,432 to €358,732
mainly Other debts (-€350,000) and Receivables within one year (-€891)
- Other debts -€350,000
down €350,000 (-98.0%), from €357,211 to €7,211
- Profit (loss) carried forward +€22,883
up €22,883 (+2.6%), from -€864,244 to -€841,360
- Financial income +€54,962
up €54,962 (+141.7%), from €38,799 to €93,762
of which Non-recurring financial income: +€54,984
- Gross operating margin -€24,408
down €24,408 (-131.1%), from -€18,622 to -€43,030
- Depreciation -€14,607
down €14,607 (-44.5%), from €32,821 to €18,214
- Other operating charges -€1,200
down €1,200 (-12.6%), from €9,525 to €8,325
- Taxes +€1,009
new in 2025: €1,009
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 | €1,196,686 | €870,425 | -€326,261 | -27.3% |
| Fixed assets | 21/28 | €809,515 | €505,063 | -€304,452 | -37.6% |
| Tangible fixed assets | 22/27 | €809,515 | €505,063 | -€304,452 | -37.6% |
| Land and buildings | 22 | €799,092 | €500,469 | -€298,623 | -37.4% |
| Plant, machinery and equipment | 23 | €9,112 | €3,774 | -€5,338 | -58.6% |
| Furniture and vehicles | 24 | €1,312 | €820 | -€492 | -37.5% |
| Current assets | 29/58 | €387,171 | €365,362 | -€21,809 | -5.6% |
| Amounts receivable within one year | 40/41 | €5,739 | €6,630 | +€891 | +15.5% |
| Other amounts receivable | 41 | €5,739 | €6,630 | +€891 | +15.5% |
| Cash at bank and in hand | 54/58 | €381,432 | €358,732 | -€22,700 | -6.0% |
| Total equity and liabilities | 10/49 | €1,196,686 | €870,425 | -€326,261 | -27.3% |
| Equity | 10/15 | €837,168 | €860,051 | +€22,883 | +2.7% |
| Contributions | 10/11 | €1,561,500 | €1,561,500 | = | 0.0% |
| Revaluation surpluses | 12 | €139,911 | €139,911 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€864,244 | -€841,360 | +€22,883 | +2.6% |
| Amounts payable | 17/49 | €359,518 | €10,374 | -€349,144 | -97.1% |
| Amounts payable within one year | 42/48 | €359,518 | €10,374 | -€349,144 | -97.1% |
| Trade debts | 44 | €1,707 | €1,554 | -€153 | -9.0% |
| Suppliers | 440/4 | €1,707 | €1,554 | -€153 | -9.0% |
| Taxes, remuneration and social security | 45 | €600 | €1,609 | +€1,009 | +168.2% |
| Taxes | 450/3 | €600 | €1,609 | +€1,009 | +168.2% |
| Other amounts payable | 47/48 | €357,211 | €7,211 | -€350,000 | -98.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,821 | €18,214 | -€14,607 | -44.5% |
| Other operating charges | 640/8 | €9,525 | €8,325 | -€1,200 | -12.6% |
| Gross operating margin | 9900 | -€18,622 | -€43,030 | -€24,408 | -131.1% |
| Operating profit (loss) | 9901 | -€60,968 | -€69,570 | -€8,601 | -14.1% |
| Financial income | 75/76B | €38,799 | €93,762 | +€54,962 | +141.7% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -99.6% |
| Non-recurring financial income | 76B | €38,778 | €93,762 | +€54,984 | +141.8% |
| Financial charges | 65/66B | €284 | €300 | +€17 | +5.8% |
| Recurring financial charges | 65 | €284 | €300 | +€17 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,452 | €23,892 | +€46,345 | |
| Income taxes | 67/77 | - | €1,009 | +€1,009 | |
| Profit (loss) for the period | 9904 | -€22,452 | €22,883 | +€45,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,452 | €22,883 | +€45,336 |
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 3 October 2026 via checked.be.