Kelvin Projects: 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.
Kelvin Projects
Largest movements
- Cash -€2,571
down €2,571 (-31.7%), from €8,102 to €5,531
mainly Receivables within one year (-€2,181) and Net result for the year (-€777)
- Receivables within one year +€2,181
up €2,181 (+167%), from €1,306 to €3,487
of which Trade receivables: +€2,178
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€1,637
up €1,637 (+99.1%), from -€1,652 to -€14
- Financial charges +€138
up €138 (+347%), from €40 to €177
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 | €194,408 | €194,018 | -€390 | -0.2% |
| Fixed assets | 21/28 | €185,000 | €185,000 | = | 0.0% |
| Financial fixed assets | 28 | €185,000 | €185,000 | = | 0.0% |
| Current assets | 29/58 | €9,408 | €9,018 | -€390 | -4.1% |
| Amounts receivable within one year | 40/41 | €1,306 | €3,487 | +€2,181 | +167% |
| Trade receivables | 40 | - | €2,178 | +€2,178 | |
| Other amounts receivable | 41 | €1,306 | €1,309 | +€3 | +0.2% |
| Cash at bank and in hand | 54/58 | €8,102 | €5,531 | -€2,571 | -31.7% |
| Total equity and liabilities | 10/49 | €194,408 | €194,018 | -€390 | -0.2% |
| Equity | 10/15 | €118,344 | €117,567 | -€777 | -0.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €116,344 | €115,567 | -€777 | -0.7% |
| Distributable reserves | 133 | €116,344 | €115,567 | -€777 | -0.7% |
| Amounts payable | 17/49 | €76,064 | €76,451 | +€387 | +0.5% |
| Amounts payable within one year | 42/48 | €76,064 | €76,451 | +€387 | +0.5% |
| Trade debts | 44 | - | €387 | +€387 | |
| Suppliers | 440/4 | - | €387 | +€387 | |
| Other amounts payable | 47/48 | €76,064 | €76,064 | = | 0.0% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | -€1,652 | -€14 | +€1,637 | +99.1% |
| Operating profit (loss) | 9901 | -€2,221 | -€600 | +€1,621 | +73.0% |
| Financial charges | 65/66B | €40 | €177 | +€138 | +347% |
| Recurring financial charges | 65 | €40 | €177 | +€138 | +347% |
| Profit (loss) for the period before taxes | 9903 | -€2,260 | -€777 | +€1,484 | +65.6% |
| Profit (loss) for the period | 9904 | -€2,260 | -€777 | +€1,484 | +65.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,260 | -€777 | +€1,484 | +65.6% |
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 17 October 2026 via checked.be.