Ketho: what changed
Two fiscal 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.
Ketho
Largest movements
- Cash +€21,582
up €21,582 (+33.7%), from €63,993 to €85,575
mainly Net result for the year (+€32,660) and Depreciation (+€1,320)
- Receivables within one year +€11,284
up €11,284 (+1383.5%), from €816 to €12,100
of which Trade receivables: +€12,100
- Tangible fixed assets -€1,320
down €1,320 (-40.8%), from €3,235 to €1,916
- Reserves +€32,660
up €32,660 (+77.4%), from €42,224 to €74,884
- Tax, wage and social debts -€1,801
down €1,801 (-8.7%), from €20,613 to €18,812
- Gross operating margin -€11,186
down €11,186 (-20.6%), from €54,252 to €43,066
- Taxes -€2,040
down €2,040 (-18.9%), from €10,787 to €8,747
- Depreciation +€596
up €596 (+82.4%), from €723 to €1,320
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 | €68,044 | €99,591 | +€31,547 | +46.4% |
| Fixed assets | 21/28 | €3,235 | €1,916 | -€1,320 | -40.8% |
| Tangible fixed assets | 22/27 | €3,235 | €1,916 | -€1,320 | -40.8% |
| Plant, machinery and equipment | 23 | €3,235 | €1,916 | -€1,320 | -40.8% |
| Current assets | 29/58 | €64,808 | €97,675 | +€32,867 | +50.7% |
| Amounts receivable within one year | 40/41 | €816 | €12,100 | +€11,284 | +1383.5% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €816 | - | -€816 | |
| Cash at bank and in hand | 54/58 | €63,993 | €85,575 | +€21,582 | +33.7% |
| Total equity and liabilities | 10/49 | €68,044 | €99,591 | +€31,547 | +46.4% |
| Equity | 10/15 | €47,224 | €79,884 | +€32,660 | +69.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €42,224 | €74,884 | +€32,660 | +77.4% |
| Distributable reserves | 133 | €42,224 | €74,884 | +€32,660 | +77.4% |
| Amounts payable | 17/49 | €20,820 | €19,707 | -€1,113 | -5.3% |
| Amounts payable within one year | 42/48 | €20,820 | €19,707 | -€1,113 | -5.3% |
| Trade debts | 44 | €207 | €333 | +€126 | +60.7% |
| Suppliers | 440/4 | €207 | €333 | +€126 | +60.7% |
| Taxes, remuneration and social security | 45 | €20,613 | €18,812 | -€1,801 | -8.7% |
| Taxes | 450/3 | €20,613 | €18,812 | -€1,801 | -8.7% |
| Other amounts payable | 47/48 | - | €562 | +€562 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €723 | €1,320 | +€596 | +82.4% |
| Other operating charges | 640/8 | - | €62 | +€62 | |
| Gross operating margin | 9900 | €54,252 | €43,066 | -€11,186 | -20.6% |
| Operating profit (loss) | 9901 | €53,528 | €41,684 | -€11,844 | -22.1% |
| Financial charges | 65/66B | €517 | €277 | -€240 | -46.5% |
| Recurring financial charges | 65 | €517 | €277 | -€240 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €53,011 | €41,408 | -€11,604 | -21.9% |
| Income taxes | 67/77 | €10,787 | €8,747 | -€2,040 | -18.9% |
| Profit (loss) for the period | 9904 | €42,224 | €32,660 | -€9,564 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,224 | €32,660 | -€9,564 | -22.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.