KETELE: 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.
KETELE
Largest movements
- Stocks and contracts +€135,842
up €135,842 (+22.0%), from €617,333 to €753,175
- Cash -€86,377
down €86,377 (-55.7%), from €155,147 to €68,770
mainly Net result for the year (-€210,760) and Stocks and contracts (-€135,842)
- Receivables within one year -€64,956
down €64,956 (-45.3%), from €143,346 to €78,390
of which Trade receivables: -€72,787
- Profit (loss) carried forward -€210,760
down €210,760 (-91.6%), from €230,010 to €19,250
- Advances received +€124,929
up €124,929 (+191.0%), from €65,399 to €190,328
- Trade debts +€32,264
up €32,264 (+28.4%), from €113,509 to €145,773
- Short-term financial debts +€25,000
new in 2025: €25,000
- Gross operating margin -€167,299
down €167,299 (-47.1%), from €355,262 to €187,964
- Staff costs +€85,772
up €85,772 (+27.8%), from €308,126 to €393,898
- Depreciation -€12,181
down €12,181 (-76.7%), from €15,873 to €3,692
- Financial charges -€4,710
down €4,710 (-67.5%), from €6,980 to €2,271
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 | €955,536 | €943,700 | -€11,836 | -1.2% |
| Fixed assets | 21/28 | €13,232 | €9,540 | -€3,692 | -27.9% |
| Intangible fixed assets | 21 | €386 | €0 | -€386 | -100.0% |
| Tangible fixed assets | 22/27 | €12,741 | €9,435 | -€3,306 | -25.9% |
| Plant, machinery and equipment | 23 | €4,871 | €3,857 | -€1,014 | -20.8% |
| Furniture and vehicles | 24 | €7,871 | €5,579 | -€2,292 | -29.1% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €942,304 | €934,160 | -€8,144 | -0.9% |
| Stocks and contracts in progress | 3 | €617,333 | €753,175 | +€135,842 | +22.0% |
| Stocks | 30/36 | €617,333 | €753,175 | +€135,842 | +22.0% |
| Amounts receivable within one year | 40/41 | €143,346 | €78,390 | -€64,956 | -45.3% |
| Trade receivables | 40 | €129,346 | €56,559 | -€72,787 | -56.3% |
| Other amounts receivable | 41 | €14,000 | €21,831 | +€7,831 | +55.9% |
| Cash at bank and in hand | 54/58 | €155,147 | €68,770 | -€86,377 | -55.7% |
| Deferred charges and accrued income | 490/1 | €26,478 | €33,826 | +€7,348 | +27.7% |
| Total equity and liabilities | 10/49 | €955,536 | €943,700 | -€11,836 | -1.2% |
| Equity | 10/15 | €726,199 | €515,439 | -€210,760 | -29.0% |
| Contributions | 10/11 | €451,081 | €451,081 | = | 0.0% |
| Capital | 10 | €451,081 | €451,081 | = | 0.0% |
| Issued capital | 100 | €451,081 | €451,081 | = | 0.0% |
| Reserves | 13 | €45,108 | €45,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,108 | €45,108 | = | 0.0% |
| Legal reserve | 130 | €45,108 | €45,108 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,010 | €19,250 | -€210,760 | -91.6% |
| Amounts payable | 17/49 | €229,337 | €428,260 | +€198,923 | +86.7% |
| Amounts payable within one year | 42/48 | €229,337 | €428,260 | +€198,923 | +86.7% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €113,509 | €145,773 | +€32,264 | +28.4% |
| Suppliers | 440/4 | €113,509 | €145,773 | +€32,264 | +28.4% |
| Advances received on contracts in progress | 46 | €65,399 | €190,328 | +€124,929 | +191.0% |
| Taxes, remuneration and social security | 45 | €47,318 | €56,167 | +€8,848 | +18.7% |
| Taxes | 450/3 | €12,390 | €12,309 | -€81 | -0.7% |
| Remuneration and social security | 454/9 | €34,928 | €43,858 | +€8,929 | +25.6% |
| Other amounts payable | 47/48 | €3,111 | €10,993 | +€7,882 | +253.4% |
| Remuneration, social security and pensions | 62 | €308,126 | €393,898 | +€85,772 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,873 | €3,692 | -€12,181 | -76.7% |
| Other operating charges | 640/8 | €3,089 | €2,992 | -€97 | -3.1% |
| Gross operating margin | 9900 | €355,262 | €187,964 | -€167,299 | -47.1% |
| Operating profit (loss) | 9901 | €28,174 | -€212,619 | -€240,793 | |
| Financial income | 75/76B | €3,870 | €4,711 | +€841 | +21.7% |
| Recurring financial income | 75 | €3,870 | €4,711 | +€841 | +21.7% |
| Financial charges | 65/66B | €6,980 | €2,271 | -€4,710 | -67.5% |
| Recurring financial charges | 65 | €6,980 | €2,271 | -€4,710 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €25,064 | -€210,178 | -€235,242 | |
| Income taxes | 67/77 | €1,824 | €581 | -€1,243 | -68.1% |
| Profit (loss) for the period | 9904 | €23,240 | -€210,760 | -€234,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,240 | -€210,760 | -€234,000 |
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.