Ketan: 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.
Ketan
Largest movements
- Receivables within one year +€28,215
up €28,215 (+16.8%), from €168,172 to €196,387
of which Other amounts receivable: +€30,963
- Current investments +€16,201
new in 2025: €16,201
- Cash +€8,223
up €8,223 (+98.0%), from €8,391 to €16,614
mainly Net result for the year (+€48,133) and Tax, wage and social debts (+€2,174)
- Reserves +€48,133
up €48,133 (+34.5%), from €139,498 to €187,631
- Gross operating margin -€134,619
down €134,619 (-66.6%), from €202,063 to €67,443
- Taxes -€41,194
down €41,194 (-69.4%), from €59,368 to €18,174
- Depreciation -€2,151
down €2,151 (-76.4%), from €2,818 to €666
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,865 | €232,720 | +€51,855 | +28.7% |
| Fixed assets | 21/28 | €4,026 | €3,360 | -€666 | -16.5% |
| Tangible fixed assets | 22/27 | €4,026 | €3,360 | -€666 | -16.5% |
| Plant, machinery and equipment | 23 | €4,026 | €3,360 | -€666 | -16.5% |
| Current assets | 29/58 | €176,839 | €229,361 | +€52,521 | +29.7% |
| Amounts receivable within one year | 40/41 | €168,172 | €196,387 | +€28,215 | +16.8% |
| Trade receivables | 40 | €3,500 | €752 | -€2,748 | -78.5% |
| Other amounts receivable | 41 | €164,672 | €195,635 | +€30,963 | +18.8% |
| Current investments | 50/53 | - | €16,201 | +€16,201 | |
| Cash at bank and in hand | 54/58 | €8,391 | €16,614 | +€8,223 | +98.0% |
| Deferred charges and accrued income | 490/1 | €276 | €159 | -€117 | -42.5% |
| Total equity and liabilities | 10/49 | €180,865 | €232,720 | +€51,855 | +28.7% |
| Equity | 10/15 | €142,498 | €190,631 | +€48,133 | +33.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €139,498 | €187,631 | +€48,133 | +34.5% |
| Distributable reserves | 133 | €139,498 | €187,631 | +€48,133 | +34.5% |
| Amounts payable | 17/49 | €38,368 | €42,090 | +€3,722 | +9.7% |
| Amounts payable within one year | 42/48 | €38,368 | €42,090 | +€3,722 | +9.7% |
| Trade debts | 44 | - | €1,549 | +€1,549 | |
| Suppliers | 440/4 | - | €1,549 | +€1,549 | |
| Taxes, remuneration and social security | 45 | €38,368 | €40,541 | +€2,174 | +5.7% |
| Taxes | 450/3 | €38,368 | €40,541 | +€2,174 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,818 | €666 | -€2,151 | -76.4% |
| Gross operating margin | 9900 | €202,063 | €67,443 | -€134,619 | -66.6% |
| Operating profit (loss) | 9901 | €199,245 | €66,777 | -€132,468 | -66.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €380 | €470 | +€90 | +23.7% |
| Recurring financial charges | 65 | €380 | €470 | +€90 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €198,865 | €66,307 | -€132,559 | -66.7% |
| Income taxes | 67/77 | €59,368 | €18,174 | -€41,194 | -69.4% |
| Profit (loss) for the period | 9904 | €139,498 | €48,133 | -€91,365 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €139,498 | €48,133 | -€91,365 | -65.5% |
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 4 October 2026 via checked.be.