KETELBOSCH: 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.
KETELBOSCH
Largest movements
- Cash +€209,931
up €209,931 (+119%), from €175,676 to €385,608
mainly Receivables within one year (+€148,976) and Net result for the year (+€103,695)
- Receivables within one year -€148,976
down €148,976 (-66.6%), from €223,723 to €74,747
of which Other amounts receivable: -€145,118
- Tangible fixed assets +€28,270
up €28,270 (+27.2%), from €103,834 to €132,104
of which Land and buildings: +€28,270
- Other debts +€93,858
up €93,858 (+827%), from €11,352 to €105,210
- Trade debts -€30,127
down €30,127 (-67.3%), from €44,791 to €14,665
- Profit (loss) carried forward +€13,695
up €13,695 (+16.6%), from €82,400 to €96,095
- Tax, wage and social debts +€8,716
up €8,716, from €0 to €8,716
- Write-downs -€95,625
down €95,625, from €54,671 to -€40,954
- Gross operating margin +€23,442
up €23,442 (+48.2%), from €48,608 to €72,050
- Financial income -€6,731
down €6,731 (-55.6%), from €12,100 to €5,369
- Other operating charges -€1,742
down €1,742 (-12.8%), from €13,631 to €11,890
- Depreciation +€892
up €892 (+110%), from €808 to €1,700
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 | €515,706 | €604,938 | +€89,232 | +17.3% |
| Fixed assets | 21/28 | €103,834 | €132,104 | +€28,270 | +27.2% |
| Tangible fixed assets | 22/27 | €103,834 | €132,104 | +€28,270 | +27.2% |
| Land and buildings | 22 | €103,834 | €132,104 | +€28,270 | +27.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €411,873 | €472,834 | +€60,962 | +14.8% |
| Amounts receivable within one year | 40/41 | €223,723 | €74,747 | -€148,976 | -66.6% |
| Trade receivables | 40 | €9,974 | €6,115 | -€3,858 | -38.7% |
| Other amounts receivable | 41 | €213,749 | €68,631 | -€145,118 | -67.9% |
| Cash at bank and in hand | 54/58 | €175,676 | €385,608 | +€209,931 | +119% |
| Deferred charges and accrued income | 490/1 | €12,473 | €12,480 | +€7 | +0.1% |
| Total equity and liabilities | 10/49 | €515,706 | €604,938 | +€89,232 | +17.3% |
| Equity | 10/15 | €459,563 | €473,258 | +€13,695 | +3.0% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €102,162 | €102,162 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,149 | €19,149 | = | 0.0% |
| Legal reserve | 130 | €19,149 | €19,149 | = | 0.0% |
| Distributable reserves | 133 | €83,013 | €83,013 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,400 | €96,095 | +€13,695 | +16.6% |
| Amounts payable | 17/49 | €56,143 | €131,680 | +€75,537 | +135% |
| Amounts payable within one year | 42/48 | €56,143 | €131,680 | +€75,537 | +135% |
| Trade debts | 44 | €44,791 | €14,665 | -€30,127 | -67.3% |
| Suppliers | 440/4 | €44,791 | €14,665 | -€30,127 | -67.3% |
| Advances received on contracts in progress | 46 | - | €3,090 | +€3,090 | |
| Taxes, remuneration and social security | 45 | €0 | €8,716 | +€8,716 | |
| Taxes | 450/3 | €0 | €8,716 | +€8,716 | |
| Other amounts payable | 47/48 | €11,352 | €105,210 | +€93,858 | +827% |
| Non-recurring operating income | 76A | - | €30,464 | +€30,464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €808 | €1,700 | +€892 | +110% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,671 | -€40,954 | -€95,625 | |
| Other operating charges | 640/8 | €13,631 | €11,890 | -€1,742 | -12.8% |
| Non-recurring operating charges | 66A | €2,250 | €0 | -€2,250 | -100% |
| Gross operating margin | 9900 | €48,608 | €72,050 | +€23,442 | +48.2% |
| Operating profit (loss) | 9901 | -€22,752 | €99,414 | +€122,167 | |
| Financial income | 75/76B | €12,100 | €5,369 | -€6,731 | -55.6% |
| Recurring financial income | 75 | €12,100 | €5,369 | -€6,731 | -55.6% |
| Financial charges | 65/66B | €913 | €313 | -€600 | -65.7% |
| Recurring financial charges | 65 | €913 | €313 | -€600 | -65.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,565 | €104,471 | +€116,035 | |
| Income taxes | 67/77 | €4 | €775 | +€771 | +19,432% |
| Profit (loss) for the period | 9904 | -€11,569 | €103,695 | +€115,264 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,569 | €103,695 | +€115,264 |
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 30 October 2026 via checked.be.