KETELEER: 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.
KETELEER
Largest movements
- Financial fixed assets -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year +€18,578
up €18,578 (+21.5%), from €86,427 to €105,005
of which Trade receivables: +€21,015
- Tangible fixed assets -€10,565
down €10,565 (-6.7%), from €157,762 to €147,198
of which Land and buildings: -€12,912
- Profit (loss) carried forward -€169,865
down €169,865 (-343%), from -€49,488 to -€219,353
- Reserves -€57,076
down €57,076 (-17.5%), from €326,288 to €269,212
of which Distributable reserves: -€50,014
- Other debts +€56,799
up €56,799 (+346%), from €16,438 to €73,238
- Trade debts -€22,718
down €22,718 (-55.4%), from €41,022 to €18,304
- Debts after one year -€20,142
down €20,142 (-36.1%), from €55,752 to €35,610
- Financial charges +€198,918
up €198,918 (+4,303%), from €4,623 to €203,541
- Gross operating margin +€92,159
up €92,159 (+100%), from €91,919 to €184,077
- Staff costs +€65,488
up €65,488 (+51.8%), from €126,511 to €191,999
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 | €448,360 | €255,732 | -€192,628 | -43.0% |
| Fixed assets | 21/28 | €357,762 | €147,198 | -€210,565 | -58.9% |
| Tangible fixed assets | 22/27 | €157,762 | €147,198 | -€10,565 | -6.7% |
| Land and buildings | 22 | €155,155 | €142,243 | -€12,912 | -8.3% |
| Plant, machinery and equipment | 23 | €1,320 | €4,955 | +€3,635 | +275% |
| Furniture and vehicles | 24 | €1,288 | - | -€1,288 | |
| Financial fixed assets | 28 | €200,000 | €0 | -€200,000 | -100.0% |
| Current assets | 29/58 | €90,597 | €108,534 | +€17,937 | +19.8% |
| Amounts receivable within one year | 40/41 | €86,427 | €105,005 | +€18,578 | +21.5% |
| Trade receivables | 40 | €4,070 | €25,085 | +€21,015 | +516% |
| Other amounts receivable | 41 | €82,357 | €79,921 | -€2,437 | -3.0% |
| Cash at bank and in hand | 54/58 | €3,709 | €3,529 | -€180 | -4.9% |
| Deferred charges and accrued income | 490/1 | €461 | - | -€461 | |
| Total equity and liabilities | 10/49 | €448,360 | €255,732 | -€192,628 | -43.0% |
| Equity | 10/15 | €295,350 | €68,409 | -€226,941 | -76.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €326,288 | €269,212 | -€57,076 | -17.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,959 | €27,897 | -€7,062 | -20.2% |
| Distributable reserves | 133 | €289,474 | €239,460 | -€50,014 | -17.3% |
| Profit (loss) carried forward | 14 | -€49,488 | -€219,353 | -€169,865 | -343% |
| Provisions and deferred taxes | 16 | €18,009 | €14,371 | -€3,638 | -20.2% |
| Deferred taxes | 168 | €18,009 | €14,371 | -€3,638 | -20.2% |
| Amounts payable | 17/49 | €135,000 | €172,951 | +€37,951 | +28.1% |
| Amounts payable after more than one year | 17 | €55,752 | €35,610 | -€20,142 | -36.1% |
| Financial debts | 170/4 | €55,752 | €35,610 | -€20,142 | -36.1% |
| Amounts payable within one year | 42/48 | €79,248 | €136,880 | +€57,632 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | €19,808 | €20,342 | +€534 | +2.7% |
| Financial debts | 43 | €360 | €9,662 | +€9,302 | +2,587% |
| Credit institutions | 430/8 | €360 | €9,662 | +€9,302 | +2,587% |
| Trade debts | 44 | €41,022 | €18,304 | -€22,718 | -55.4% |
| Suppliers | 440/4 | €41,022 | €18,304 | -€22,718 | -55.4% |
| Taxes, remuneration and social security | 45 | €1,620 | €15,334 | +€13,714 | +847% |
| Taxes | 450/3 | €441 | €5,710 | +€5,269 | +1,195% |
| Remuneration and social security | 454/9 | €1,179 | €9,624 | +€8,445 | +716% |
| Other amounts payable | 47/48 | €16,438 | €73,238 | +€56,799 | +346% |
| Accrued charges and deferred income | 492/3 | - | €461 | +€461 | |
| Remuneration, social security and pensions | 62 | €126,511 | €191,999 | +€65,488 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,908 | €15,521 | -€1,388 | -8.2% |
| Other operating charges | 640/8 | €4,614 | €3,751 | -€863 | -18.7% |
| Gross operating margin | 9900 | €91,919 | €184,077 | +€92,159 | +100% |
| Operating profit (loss) | 9901 | -€56,114 | -€27,193 | +€28,921 | +51.5% |
| Financial income | 75/76B | €549 | €164 | -€385 | -70.1% |
| Recurring financial income | 75 | €339 | €164 | -€175 | -51.6% |
| Non-recurring financial income | 76B | €210 | - | -€210 | |
| Financial charges | 65/66B | €4,623 | €203,541 | +€198,918 | +4,303% |
| Recurring financial charges | 65 | €4,623 | €203,541 | +€198,918 | +4,303% |
| Profit (loss) for the period before taxes | 9903 | -€60,187 | -€230,570 | -€170,382 | -283% |
| Transfer from deferred taxes | 780 | €3,638 | €3,638 | +€0 | 0.0% |
| Income taxes | 67/77 | - | €9 | +€9 | |
| Profit (loss) for the period | 9904 | -€56,550 | -€226,941 | -€170,391 | -301% |
| Transfer from tax-exempt reserves | 789 | €7,062 | €7,062 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,488 | -€219,879 | -€170,391 | -344% |
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 20 October 2026 via checked.be.