KESSLER: 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.
What changed
KESSLER
NACE 35.110, Production of electricity from non-renewable sources
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€440,703
2024 · -€142,633+€583,336
Equity
€4.4m
2024 · €4.1m+€349,726
Cash
€172,119
2024 · €86,668+€85,451
Balance sheet total
€9.8m
2024 · €10.5m-€750,872
Largest movements
Assets
- Tangible fixed assets -€779,375
down €779,375 (-11.0%), from €7.1m to €6.3m
of which Plant, machinery and equipment: -€568,633
- Stocks and contracts -€135,844
down €135,844 (-59.8%), from €227,283 to €91,439
Equity and liabilities
- Debts after one year -€632,655
down €632,655 (-16.6%), from €3.8m to €3.2m
- Other debts -€551,418
down €551,418 (-56.3%), from €979,562 to €428,144
- Profit (loss) carried forward +€440,703
up €440,703 (+13.7%), from €3.2m to €3.7m
- Trade debts +€182,460
up €182,460 (+20.6%), from €887,323 to €1.1m
Income statement
- Gross operating margin +€386,273
up €386,273 (+26.3%), from €1.5m to €1.9m
- Staff costs -€115,301
down €115,301 (-22.4%), from €513,590 to €398,289
- Financial charges -€78,756
down €78,756 (-46.8%), from €168,201 to €89,445
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
-€142,633
Gross operating margin
+€386,273
Staff costs
+€115,301
Depreciation
-€6,240
Other operating charges
+€9,230
Financial income
+€1
Financial charges
+€78,756
Taxes
+€16
Result 2025
€440,703
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
+€1.0m
Investment
-€204,966
Financing
-€731,707
Cash 2024
€86,668
From operations (derived)
+€1.0m
Net result for the year
+€440,703
Depreciation
+€984,692
Stocks and contracts
+€135,844
Receivables within one year
-€74,170
Deferred charges and accrued income
-€5,078
Trade debts
+€182,460
Tax, wage and social debts
-€90,883
Other debts
-€551,418
Accrued charges and deferred income
-€26
Investment (derived)
-€204,966
Investment in fixed assets (net)
-€204,966
Financing
-€731,707
Debts after one year
-€632,655
Current portion of long-term debt
-€8,075
Contributions, distributions and other
-€90,977
Cash 2025
€172,119
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,513,361 | €9,762,490 | -€750,872 | -7.1% |
| Fixed assets | 21/28 | €7,109,013 | €6,329,287 | -€779,726 | -11.0% |
| Intangible fixed assets | 21 | €352 | - | -€352 | |
| Tangible fixed assets | 22/27 | €7,108,049 | €6,328,674 | -€779,375 | -11.0% |
| Land and buildings | 22 | €6,412 | €11,422 | +€5,010 | +78.1% |
| Plant, machinery and equipment | 23 | €6,120,484 | €5,551,851 | -€568,633 | -9.3% |
| Furniture and vehicles | 24 | €148,643 | €139,036 | -€9,607 | -6.5% |
| Leasing and similar rights | 25 | €718,246 | €520,312 | -€197,935 | -27.6% |
| Other tangible fixed assets | 26 | €114,264 | €106,054 | -€8,210 | -7.2% |
| Financial fixed assets | 28 | €613 | €613 | = | 0.0% |
| Current assets | 29/58 | €3,404,349 | €3,433,203 | +€28,854 | +0.8% |
| Stocks and contracts in progress | 3 | €227,283 | €91,439 | -€135,844 | -59.8% |
| Stocks | 30/36 | €227,283 | €91,439 | -€135,844 | -59.8% |
| Amounts receivable within one year | 40/41 | €2,780,093 | €2,854,263 | +€74,170 | +2.7% |
| Trade receivables | 40 | €1,285,206 | €1,217,585 | -€67,621 | -5.3% |
| Other amounts receivable | 41 | €1,494,887 | €1,636,678 | +€141,791 | +9.5% |
| Cash at bank and in hand | 54/58 | €86,668 | €172,119 | +€85,451 | +98.6% |
| Deferred charges and accrued income | 490/1 | €310,304 | €315,382 | +€5,078 | +1.6% |
| Total equity and liabilities | 10/49 | €10,513,361 | €9,762,490 | -€750,872 | -7.1% |
| Equity | 10/15 | €4,080,562 | €4,430,288 | +€349,726 | +8.6% |
| Contributions | 10/11 | €245,415 | €245,415 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,227,967 | €3,668,670 | +€440,703 | +13.7% |
| Investment grants | 15 | €607,180 | €516,203 | -€90,977 | -15.0% |
| Amounts payable | 17/49 | €6,432,800 | €5,332,202 | -€1.1m | -17.1% |
| Amounts payable after more than one year | 17 | €3,807,055 | €3,174,400 | -€632,655 | -16.6% |
| Financial debts | 170/4 | €3,807,055 | €3,174,400 | -€632,655 | -16.6% |
| Amounts payable within one year | 42/48 | €2,625,719 | €2,157,802 | -€467,916 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €637,112 | €629,037 | -€8,075 | -1.3% |
| Trade debts | 44 | €887,323 | €1,069,782 | +€182,460 | +20.6% |
| Suppliers | 440/4 | €887,323 | €1,069,782 | +€182,460 | +20.6% |
| Taxes, remuneration and social security | 45 | €121,722 | €30,839 | -€90,883 | -74.7% |
| Taxes | 450/3 | €80,201 | €259 | -€79,942 | -99.7% |
| Remuneration and social security | 454/9 | €41,521 | €30,580 | -€10,941 | -26.4% |
| Other amounts payable | 47/48 | €979,562 | €428,144 | -€551,418 | -56.3% |
| Accrued charges and deferred income | 492/3 | €26 | - | -€26 | |
| Remuneration, social security and pensions | 62 | €513,590 | €398,289 | -€115,301 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €978,451 | €984,692 | +€6,240 | +0.6% |
| Other operating charges | 640/8 | €42,087 | €32,858 | -€9,230 | -21.9% |
| Gross operating margin | 9900 | €1,468,970 | €1,855,242 | +€386,273 | +26.3% |
| Operating profit (loss) | 9901 | -€65,159 | €439,404 | +€504,563 | |
| Financial income | 75/76B | €90,977 | €90,978 | +€1 | 0.0% |
| Recurring financial income | 75 | €90,977 | €90,978 | +€1 | 0.0% |
| Financial charges | 65/66B | €168,201 | €89,445 | -€78,756 | -46.8% |
| Recurring financial charges | 65 | €168,201 | €89,445 | -€78,756 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | -€142,383 | €440,937 | +€583,320 | |
| Income taxes | 67/77 | €250 | €234 | -€16 | -6.5% |
| Profit (loss) for the period | 9904 | -€142,633 | €440,703 | +€583,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€142,633 | €440,703 | +€583,336 |
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 9 October 2026 via checked.be.