Ketchum: 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.
Ketchum
Largest movements
- Cash -€2.3m
no longer reported in 2025 (was €2.3m)
mainly Receivables within one year (-€1.2m) and Net result for the year (-€1.1m)
- Receivables within one year +€1.2m
up €1.2m (+98.7%), from €1.3m to €2.5m
of which Other amounts receivable: +€1.4m
- Stocks and contracts +€77,569
up €77,569 (+641.3%), from €12,095 to €89,665
- Deferred charges and accrued income -€46,504
down €46,504 (-65.7%), from €70,752 to €24,248
- Profit (loss) carried forward -€1.1m
down €1.1m, from €474,365 to -€658,761
- Accrued charges and deferred income -€164,853
no longer reported in 2025 (was €164,853)
- Advances received +€137,210
new in 2025: €137,210
- Trade debts +€68,932
up €68,932 (+16.7%), from €412,685 to €481,618
- Gross operating margin -€1.3m
down €1.3m (-98.8%), from €1.3m to €14,830
- Staff costs -€96,934
down €96,934 (-7.9%), from €1.2m to €1.1m
- Financial income -€50,528
down €50,528 (-54.9%), from €92,003 to €41,475
- Write-downs -€41,934
down €41,934 (-87.2%), from €48,094 to €6,160
- Financial charges -€25,571
down €25,571 (-53.0%), from €48,257 to €22,686
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 | €3,705,098 | €2,626,329 | -€1.1m | -29.1% |
| Fixed assets | 21/28 | €68,580 | €20,849 | -€47,731 | -69.6% |
| Tangible fixed assets | 22/27 | €33,381 | €20,849 | -€12,532 | -37.5% |
| Furniture and vehicles | 24 | €3,444 | - | -€3,444 | |
| Leasing and similar rights | 25 | €29,937 | €20,849 | -€9,088 | -30.4% |
| Financial fixed assets | 28 | €35,199 | - | -€35,199 | |
| Current assets | 29/58 | €3,636,518 | €2,605,480 | -€1.0m | -28.4% |
| Stocks and contracts in progress | 3 | €12,095 | €89,665 | +€77,569 | +641.3% |
| Contracts in progress | 37 | €12,095 | €89,665 | +€77,569 | +641.3% |
| Amounts receivable within one year | 40/41 | €1,253,645 | €2,491,568 | +€1.2m | +98.7% |
| Trade receivables | 40 | €935,215 | €777,680 | -€157,535 | -16.8% |
| Other amounts receivable | 41 | €318,430 | €1,713,888 | +€1.4m | +438.2% |
| Cash at bank and in hand | 54/58 | €2,300,026 | - | -€2.3m | |
| Deferred charges and accrued income | 490/1 | €70,752 | €24,248 | -€46,504 | -65.7% |
| Total equity and liabilities | 10/49 | €3,705,098 | €2,626,329 | -€1.1m | -29.1% |
| Equity | 10/15 | €2,987,177 | €1,854,051 | -€1.1m | -37.9% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €12,812 | €12,812 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,812 | €12,812 | = | 0.0% |
| Legal reserve | 130 | €12,812 | €12,812 | = | 0.0% |
| Profit (loss) carried forward | 14 | €474,365 | -€658,761 | -€1.1m | |
| Amounts payable | 17/49 | €717,920 | €772,278 | +€54,357 | +7.6% |
| Amounts payable after more than one year | 17 | €17,962 | €13,375 | -€4,587 | -25.5% |
| Financial debts | 170/4 | €17,962 | €13,375 | -€4,587 | -25.5% |
| Amounts payable within one year | 42/48 | €535,106 | €758,902 | +€223,797 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €14,686 | €10,202 | -€4,485 | -30.5% |
| Trade debts | 44 | €412,685 | €481,618 | +€68,932 | +16.7% |
| Suppliers | 440/4 | €412,685 | €481,618 | +€68,932 | +16.7% |
| Advances received on contracts in progress | 46 | - | €137,210 | +€137,210 | |
| Taxes, remuneration and social security | 45 | €107,734 | €129,873 | +€22,139 | +20.5% |
| Taxes | 450/3 | €1,079 | €3,107 | +€2,028 | +188.0% |
| Remuneration and social security | 454/9 | €106,655 | €126,765 | +€20,110 | +18.9% |
| Accrued charges and deferred income | 492/3 | €164,853 | - | -€164,853 | |
| Remuneration, social security and pensions | 62 | €1,223,839 | €1,126,906 | -€96,934 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,710 | €18,910 | -€1,800 | -8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,094 | €6,160 | -€41,934 | -87.2% |
| Other operating charges | 640/8 | €7,234 | €10,286 | +€3,053 | +42.2% |
| Gross operating margin | 9900 | €1,269,492 | €14,830 | -€1.3m | -98.8% |
| Operating profit (loss) | 9901 | -€30,384 | -€1,147,432 | -€1.1m | -3676.5% |
| Financial income | 75/76B | €92,003 | €41,475 | -€50,528 | -54.9% |
| Recurring financial income | 75 | €92,003 | €41,475 | -€50,528 | -54.9% |
| Financial charges | 65/66B | €48,257 | €22,686 | -€25,571 | -53.0% |
| Recurring financial charges | 65 | €48,257 | €22,686 | -€25,571 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €13,362 | -€1,128,643 | -€1.1m | |
| Income taxes | 67/77 | €3,117 | €4,483 | +€1,366 | +43.8% |
| Profit (loss) for the period | 9904 | €10,245 | -€1,133,126 | -€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €10,245 | -€1,133,126 | -€1.1m |
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 10 October 2026 via checked.be.