KETELVEGERS: 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.
KETELVEGERS
Largest movements
- Tangible fixed assets +€242,035
up €242,035 (+501%), from €48,296 to €290,331
of which Land and buildings: +€251,684
- Cash +€16,900
up €16,900 (+22.0%), from €76,716 to €93,616
mainly Debts after one year (+€206,367) and Net result for the year (+€26,953)
- Debts after one year +€206,367
up €206,367 (+1,517%), from €13,605 to €219,973
- Reserves +€25,000
up €25,000 (+250%), from €10,000 to €35,000
- Current portion of long-term debt +€18,555
up €18,555 (+174%), from €10,642 to €29,196
- Trade debts +€4,755
up €4,755 (+1,746%), from €272 to €5,028
- Staff costs -€57,348
no longer reported in 2025 (was €57,348)
- Other operating charges +€32,519
up €32,519 (+1,468%), from €2,215 to €34,734
- Gross operating margin -€26,696
down €26,696 (-20.7%), from €128,773 to €102,077
- Depreciation +€10,333
up €10,333 (+76.8%), from €13,460 to €23,793
- Financial charges +€5,514
up €5,514 (+209%), from €2,640 to €8,154
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 | €129,070 | €386,025 | +€256,955 | +199% |
| Fixed assets | 21/28 | €48,296 | €290,331 | +€242,035 | +501% |
| Tangible fixed assets | 22/27 | €48,296 | €290,331 | +€242,035 | +501% |
| Land and buildings | 22 | €17,285 | €268,969 | +€251,684 | +1,456% |
| Plant, machinery and equipment | 23 | €1,730 | €928 | -€802 | -46.4% |
| Furniture and vehicles | 24 | €26,434 | €16,474 | -€9,960 | -37.7% |
| Other tangible fixed assets | 26 | €2,847 | €3,960 | +€1,114 | +39.1% |
| Current assets | 29/58 | €80,774 | €95,694 | +€14,920 | +18.5% |
| Amounts receivable within one year | 40/41 | €3,478 | €1,790 | -€1,688 | -48.5% |
| Trade receivables | 40 | €1,611 | €1,790 | +€179 | +11.1% |
| Other amounts receivable | 41 | €1,867 | - | -€1,867 | |
| Cash at bank and in hand | 54/58 | €76,716 | €93,616 | +€16,900 | +22.0% |
| Deferred charges and accrued income | 490/1 | €580 | €288 | -€292 | -50.3% |
| Total equity and liabilities | 10/49 | €129,070 | €386,025 | +€256,955 | +199% |
| Equity | 10/15 | €72,964 | €99,917 | +€26,953 | +36.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €35,000 | +€25,000 | +250% |
| Distributable reserves | 133 | €10,000 | €35,000 | +€25,000 | +250% |
| Profit (loss) carried forward | 14 | €57,964 | €59,917 | +€1,953 | +3.4% |
| Amounts payable | 17/49 | €56,106 | €286,109 | +€230,002 | +410% |
| Amounts payable after more than one year | 17 | €13,605 | €219,973 | +€206,367 | +1,517% |
| Financial debts | 170/4 | €13,605 | €219,973 | +€206,367 | +1,517% |
| Amounts payable within one year | 42/48 | €42,501 | €64,819 | +€22,318 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €10,642 | €29,196 | +€18,555 | +174% |
| Trade debts | 44 | €272 | €5,028 | +€4,755 | +1,746% |
| Suppliers | 440/4 | €272 | €5,028 | +€4,755 | +1,746% |
| Taxes, remuneration and social security | 45 | €11,014 | €8,003 | -€3,011 | -27.3% |
| Taxes | 450/3 | €6,014 | €8,003 | +€1,989 | +33.1% |
| Remuneration and social security | 454/9 | €5,000 | - | -€5,000 | |
| Other amounts payable | 47/48 | €20,573 | €22,592 | +€2,019 | +9.8% |
| Accrued charges and deferred income | 492/3 | - | €1,317 | +€1,317 | |
| Remuneration, social security and pensions | 62 | €57,348 | - | -€57,348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,460 | €23,793 | +€10,333 | +76.8% |
| Other operating charges | 640/8 | €2,215 | €34,734 | +€32,519 | +1,468% |
| Gross operating margin | 9900 | €128,773 | €102,077 | -€26,696 | -20.7% |
| Operating profit (loss) | 9901 | €55,749 | €43,550 | -€12,199 | -21.9% |
| Financial income | 75/76B | - | €1,899 | +€1,899 | |
| Recurring financial income | 75 | - | €1,899 | +€1,899 | |
| Financial charges | 65/66B | €2,640 | €8,154 | +€5,514 | +209% |
| Recurring financial charges | 65 | €2,640 | €8,154 | +€5,514 | +209% |
| Profit (loss) for the period before taxes | 9903 | €53,110 | €37,295 | -€15,815 | -29.8% |
| Income taxes | 67/77 | €11,014 | €10,342 | -€672 | -6.1% |
| Profit (loss) for the period | 9904 | €42,096 | €26,953 | -€15,143 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,096 | €26,953 | -€15,143 | -36.0% |
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.