Kelvin & Watts: 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 & Watts
Largest movements
- Cash -€124,952
down €124,952 (-46.0%), from €271,387 to €146,435
mainly Trade debts (-€154,268) and Investment in fixed assets (net) (-€152,290)
- Tangible fixed assets +€116,208
up €116,208 (+25.0%), from €465,090 to €581,298
of which Land and buildings: +€125,081
- Receivables within one year -€111,029
down €111,029 (-39.3%), from €282,543 to €171,514
of which Trade receivables: -€78,973
- Trade debts -€154,268
down €154,268 (-97.4%), from €158,423 to €4,155
- Debts after one year +€61,874
up €61,874 (+18.6%), from €333,350 to €395,224
- Tax, wage and social debts -€35,394
down €35,394 (-31.4%), from €112,658 to €77,265
- Profit (loss) carried forward +€33,472
up €33,472 (+9.4%), from €357,588 to €391,061
- Current portion of long-term debt -€15,722
down €15,722 (-61.6%), from €25,540 to €9,818
- Gross operating margin -€121,373
down €121,373 (-55.8%), from €217,506 to €96,133
- Taxes -€34,660
down €34,660 (-83.0%), from €41,754 to €7,094
- Depreciation +€19,774
up €19,774 (+121%), from €16,308 to €36,082
- Financial charges +€6,602
up €6,602 (+67.7%), from €9,752 to €16,354
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 | €1,021,288 | €911,252 | -€110,037 | -10.8% |
| Fixed assets | 21/28 | €466,040 | €582,248 | +€116,208 | +24.9% |
| Tangible fixed assets | 22/27 | €465,090 | €581,298 | +€116,208 | +25.0% |
| Land and buildings | 22 | €433,786 | €558,867 | +€125,081 | +28.8% |
| Plant, machinery and equipment | 23 | - | €144 | +€144 | |
| Furniture and vehicles | 24 | €31,304 | €22,288 | -€9,016 | -28.8% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €555,249 | €329,004 | -€226,245 | -40.7% |
| Amounts receivable within one year | 40/41 | €282,543 | €171,514 | -€111,029 | -39.3% |
| Trade receivables | 40 | €250,487 | €171,514 | -€78,973 | -31.5% |
| Other amounts receivable | 41 | €32,056 | - | -€32,056 | |
| Cash at bank and in hand | 54/58 | €271,387 | €146,435 | -€124,952 | -46.0% |
| Deferred charges and accrued income | 490/1 | €1,319 | €11,055 | +€9,736 | +738% |
| Total equity and liabilities | 10/49 | €1,021,288 | €911,252 | -€110,037 | -10.8% |
| Equity | 10/15 | €390,588 | €424,061 | +€33,472 | +8.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €357,588 | €391,061 | +€33,472 | +9.4% |
| Amounts payable | 17/49 | €630,700 | €487,191 | -€143,509 | -22.8% |
| Amounts payable after more than one year | 17 | €333,350 | €395,224 | +€61,874 | +18.6% |
| Financial debts | 170/4 | €333,350 | €395,224 | +€61,874 | +18.6% |
| Amounts payable within one year | 42/48 | €297,350 | €91,967 | -€205,383 | -69.1% |
| Current portion of amounts payable after more than one year | 42 | €25,540 | €9,818 | -€15,722 | -61.6% |
| Trade debts | 44 | €158,423 | €4,155 | -€154,268 | -97.4% |
| Suppliers | 440/4 | €158,423 | €4,155 | -€154,268 | -97.4% |
| Taxes, remuneration and social security | 45 | €112,658 | €77,265 | -€35,394 | -31.4% |
| Taxes | 450/3 | €112,658 | €77,265 | -€35,394 | -31.4% |
| Other amounts payable | 47/48 | €729 | €729 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,308 | €36,082 | +€19,774 | +121% |
| Other operating charges | 640/8 | €1,510 | €3,331 | +€1,821 | +121% |
| Gross operating margin | 9900 | €217,506 | €96,133 | -€121,373 | -55.8% |
| Operating profit (loss) | 9901 | €199,688 | €56,720 | -€142,968 | -71.6% |
| Financial income | 75/76B | €66 | €200 | +€134 | +204% |
| Recurring financial income | 75 | €66 | €200 | +€134 | +204% |
| Financial charges | 65/66B | €9,752 | €16,354 | +€6,602 | +67.7% |
| Recurring financial charges | 65 | €9,752 | €16,354 | +€6,602 | +67.7% |
| Profit (loss) for the period before taxes | 9903 | €190,001 | €40,566 | -€149,435 | -78.6% |
| Income taxes | 67/77 | €41,754 | €7,094 | -€34,660 | -83.0% |
| Profit (loss) for the period | 9904 | €148,247 | €33,472 | -€114,775 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €148,247 | €33,472 | -€114,775 | -77.4% |
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 31 October 2026 via checked.be.