KELTS: 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.
What changed
KELTS
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€51,974
2024 · €160,993-€212,967
Equity
€1.5m
2024 · €1.5m-€51,974
Cash
€1,344
2024 · €13,457-€12,113
Balance sheet total
€1.7m
2024 · €1.9m-€160,618
Largest movements
Assets
- Stocks and contracts -€67,592
down €67,592 (-30.0%), from €225,308 to €157,716
- Receivables within one year -€63,647
down €63,647 (-9.5%), from €669,635 to €605,988
of which Other amounts receivable: -€62,366
Equity and liabilities
- Tax, wage and social debts -€61,614
down €61,614 (-100.0%), from €61,614 to €0
- Reserves -€24,941
down €24,941 (-5.1%), from €488,362 to €463,422
of which Tax-exempt reserves: -€31,273
- Trade debts -€21,963
down €21,963 (-28.0%), from €78,414 to €56,452
- Profit (loss) carried forward -€20,701
down €20,701 (-10.7%), from €193,344 to €172,643
Income statement
- Gross operating margin -€212,479
down €212,479 (-99.6%), from €213,411 to €932
- Write-downs +€67,592
new in 2025: €67,592
- Taxes -€20,090
down €20,090 (-69.8%), from €28,780 to €8,690
- Other operating charges +€3,474
up €3,474 (+317.7%), from €1,094 to €4,567
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.
Result 2024
€160,993
Gross operating margin
-€212,479
Write-downs
-€67,592
Other operating charges
-€3,474
Financial income
-€569
Financial charges
-€334
Taxes
+€20,090
Deferred taxes and other
+€51,391
Result 2025
-€51,974
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.
From operations
+€2,530
Investment
€0
Financing
-€14,644
Cash 2024
€13,457
From operations (derived)
+€2,530
Net result for the year
-€51,974
Depreciation
+€16,556
Stocks and contracts
+€67,592
Receivables within one year
+€63,647
Deferred charges and accrued income
+€710
Provisions
-€10,424
Trade debts
-€21,963
Tax, wage and social debts
-€61,614
Financing
-€14,644
Debts after one year
-€15,187
Current portion of long-term debt
+€543
Cash 2025
€1,344
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,874,345 | €1,713,726 | -€160,618 | -8.6% |
| Fixed assets | 21/28 | €736,195 | €719,639 | -€16,556 | -2.2% |
| Tangible fixed assets | 22/27 | €734,857 | €718,301 | -€16,556 | -2.3% |
| Land and buildings | 22 | €731,595 | €715,507 | -€16,088 | -2.2% |
| Plant, machinery and equipment | 23 | €3,261 | €2,794 | -€468 | -14.3% |
| Financial fixed assets | 28 | €1,338 | €1,338 | = | 0.0% |
| Current assets | 29/58 | €1,138,150 | €994,087 | -€144,063 | -12.7% |
| Stocks and contracts in progress | 3 | €225,308 | €157,716 | -€67,592 | -30.0% |
| Stocks | 30/36 | €225,308 | €157,716 | -€67,592 | -30.0% |
| Amounts receivable within one year | 40/41 | €669,635 | €605,988 | -€63,647 | -9.5% |
| Trade receivables | 40 | €10,116 | €8,835 | -€1,281 | -12.7% |
| Other amounts receivable | 41 | €659,519 | €597,153 | -€62,366 | -9.5% |
| Current investments | 50/53 | €228,035 | €228,035 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,457 | €1,344 | -€12,113 | -90.0% |
| Deferred charges and accrued income | 490/1 | €1,715 | €1,005 | -€710 | -41.4% |
| Total equity and liabilities | 10/49 | €1,874,345 | €1,713,726 | -€160,618 | -8.6% |
| Equity | 10/15 | €1,543,424 | €1,491,450 | -€51,974 | -3.4% |
| Contributions | 10/11 | €722,405 | €722,405 | = | 0.0% |
| Capital | 10 | €721,397 | €721,397 | = | 0.0% |
| Issued capital | 100 | €721,397 | €721,397 | = | 0.0% |
| Outside capital | 11 | €1,009 | €1,009 | = | 0.0% |
| Share premium | 1100/10 | €1,009 | €1,009 | = | 0.0% |
| Revaluation surpluses | 12 | €139,313 | €132,980 | -€6,332 | -4.5% |
| Reserves | 13 | €488,362 | €463,422 | -€24,941 | -5.1% |
| Non-distributable reserves | 130/1 | €41,421 | €41,421 | = | 0.0% |
| Legal reserve | 130 | €39,818 | €39,818 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,603 | €1,603 | = | 0.0% |
| Tax-exempt reserves | 132 | €386,270 | €354,997 | -€31,273 | -8.1% |
| Distributable reserves | 133 | €60,672 | €67,004 | +€6,332 | +10.4% |
| Profit (loss) carried forward | 14 | €193,344 | €172,643 | -€20,701 | -10.7% |
| Provisions and deferred taxes | 16 | €153,258 | €142,834 | -€10,424 | -6.8% |
| Provisions for liabilities and charges | 160/5 | €24,502 | €24,502 | = | 0.0% |
| Other liabilities and charges | 164/5 | €24,502 | €24,502 | = | 0.0% |
| Deferred taxes | 168 | €128,757 | €118,332 | -€10,424 | -8.1% |
| Amounts payable | 17/49 | €177,663 | €79,442 | -€98,220 | -55.3% |
| Amounts payable after more than one year | 17 | €22,990 | €7,803 | -€15,187 | -66.1% |
| Financial debts | 170/4 | €22,990 | €7,803 | -€15,187 | -66.1% |
| Amounts payable within one year | 42/48 | €154,672 | €71,639 | -€83,034 | -53.7% |
| Current portion of amounts payable after more than one year | 42 | €14,644 | €15,187 | +€543 | +3.7% |
| Trade debts | 44 | €78,414 | €56,452 | -€21,963 | -28.0% |
| Suppliers | 440/4 | €78,414 | €56,452 | -€21,963 | -28.0% |
| Taxes, remuneration and social security | 45 | €61,614 | €0 | -€61,614 | -100.0% |
| Taxes | 450/3 | €61,614 | €0 | -€61,614 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,556 | €16,556 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €67,592 | +€67,592 | |
| Other operating charges | 640/8 | €1,094 | €4,567 | +€3,474 | +317.7% |
| Gross operating margin | 9900 | €213,411 | €932 | -€212,479 | -99.6% |
| Operating profit (loss) | 9901 | €195,762 | -€87,784 | -€283,545 | |
| Financial income | 75/76B | €36,873 | €36,304 | -€569 | -1.5% |
| Recurring financial income | 75 | €36,873 | €36,304 | -€569 | -1.5% |
| Financial charges | 65/66B | €1,894 | €2,228 | +€334 | +17.6% |
| Recurring financial charges | 65 | €1,894 | €2,228 | +€334 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €230,740 | -€53,708 | -€284,448 | |
| Transfer from deferred taxes | 780 | €94 | €10,424 | +€10,330 | +10956.8% |
| Transfer to deferred taxes | 680 | €41,061 | €0 | -€41,061 | -100.0% |
| Income taxes | 67/77 | €28,780 | €8,690 | -€20,090 | -69.8% |
| Profit (loss) for the period | 9904 | €160,993 | -€51,974 | -€212,967 | |
| Transfer from tax-exempt reserves | 789 | €283 | €31,273 | +€30,990 | +10957.2% |
| Transfer to tax-exempt reserves | 689 | €123,182 | €0 | -€123,182 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,095 | -€20,701 | -€58,795 |
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 5 October 2026 via checked.be.