KELSPEL: 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.
KELSPEL
Largest movements
- Receivables within one year +€26,753
up €26,753 (+55.6%), from €48,087 to €74,840
of which Trade receivables: +€26,414
- Cash -€19,781
down €19,781 (-49.6%), from €39,914 to €20,134
mainly Debts after one year (-€79,443) and Investment in fixed assets (net) (-€41,471)
- Tangible fixed assets +€18,591
up €18,591 (+4.1%), from €458,079 to €476,670
of which Furniture and vehicles: +€37,800
- Reserves +€80,228
up €80,228 (+13.1%), from €613,158 to €693,385
- Debts after one year -€79,443
down €79,443 (-15.3%), from €519,733 to €440,290
of which Financial debts: -€96,589
- Other debts +€49,063
new in 2024: €49,063
- Current portion of long-term debt -€31,476
down €31,476 (-28.4%), from €110,873 to €79,397
- Gross operating margin +€18,735
up €18,735 (+16.1%), from €116,440 to €135,175
- Taxes +€3,006
up €3,006 (+17.7%), from €16,964 to €19,970
- Depreciation -€2,293
down €2,293 (-9.1%), from €25,174 to €22,881
- Other operating charges +€2,140
up €2,140 (+100.6%), from €2,128 to €4,268
- Financial charges +€1,493
up €1,493 (+21.4%), from €6,970 to €8,463
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,274,953 | €1,302,739 | +€27,786 | +2.2% |
| Fixed assets | 21/28 | €1,186,493 | €1,205,084 | +€18,591 | +1.6% |
| Tangible fixed assets | 22/27 | €458,079 | €476,670 | +€18,591 | +4.1% |
| Land and buildings | 22 | €458,079 | €438,870 | -€19,210 | -4.2% |
| Furniture and vehicles | 24 | - | €37,800 | +€37,800 | |
| Financial fixed assets | 28 | €728,414 | €728,414 | = | 0.0% |
| Current assets | 29/58 | €88,460 | €97,655 | +€9,195 | +10.4% |
| Amounts receivable within one year | 40/41 | €48,087 | €74,840 | +€26,753 | +55.6% |
| Trade receivables | 40 | €12,100 | €38,514 | +€26,414 | +218.3% |
| Other amounts receivable | 41 | €35,987 | €36,325 | +€338 | +0.9% |
| Cash at bank and in hand | 54/58 | €39,914 | €20,134 | -€19,781 | -49.6% |
| Deferred charges and accrued income | 490/1 | €459 | €2,682 | +€2,223 | +484.6% |
| Total equity and liabilities | 10/49 | €1,274,953 | €1,302,739 | +€27,786 | +2.2% |
| Equity | 10/15 | €625,658 | €711,985 | +€86,327 | +13.8% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €613,158 | €693,385 | +€80,228 | +13.1% |
| Distributable reserves | 133 | €613,158 | €693,385 | +€80,228 | +13.1% |
| Profit (loss) carried forward | 14 | €101 | - | -€101 | |
| Amounts payable | 17/49 | €649,295 | €590,754 | -€58,541 | -9.0% |
| Amounts payable after more than one year | 17 | €519,733 | €440,290 | -€79,443 | -15.3% |
| Financial debts | 170/4 | €519,733 | €423,144 | -€96,589 | -18.6% |
| Advances received on contracts in progress | 176 | - | €17,146 | +€17,146 | |
| Amounts payable within one year | 42/48 | €129,562 | €150,464 | +€20,902 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €110,873 | €79,397 | -€31,476 | -28.4% |
| Trade debts | 44 | €10,796 | €13,624 | +€2,828 | +26.2% |
| Suppliers | 440/4 | €10,796 | €13,624 | +€2,828 | +26.2% |
| Taxes, remuneration and social security | 45 | €7,893 | €8,379 | +€486 | +6.2% |
| Taxes | 450/3 | €7,893 | €8,379 | +€486 | +6.2% |
| Other amounts payable | 47/48 | - | €49,063 | +€49,063 | |
| Non-recurring operating income | 76A | - | €8,264 | +€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,174 | €22,881 | -€2,293 | -9.1% |
| Other operating charges | 640/8 | €2,128 | €4,268 | +€2,140 | +100.6% |
| Gross operating margin | 9900 | €116,440 | €135,175 | +€18,735 | +16.1% |
| Operating profit (loss) | 9901 | €89,138 | €108,026 | +€18,888 | +21.2% |
| Financial income | 75/76B | €493 | €534 | +€41 | +8.3% |
| Recurring financial income | 75 | €493 | €534 | +€41 | +8.3% |
| Financial charges | 65/66B | €6,970 | €8,463 | +€1,493 | +21.4% |
| Recurring financial charges | 65 | €6,970 | €8,463 | +€1,493 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €82,662 | €100,097 | +€17,435 | +21.1% |
| Income taxes | 67/77 | €16,964 | €19,970 | +€3,006 | +17.7% |
| Profit (loss) for the period | 9904 | €65,698 | €80,127 | +€14,429 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,698 | €80,127 | +€14,429 | +22.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.