KETHULLE 03: 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.
KETHULLE 03
Largest movements
- Receivables within one year -€97,937
down €97,937 (-88.1%), from €111,189 to €13,252
of which Other amounts receivable: -€98,025
- Cash +€11,970
up €11,970 (+232%), from €5,152 to €17,122
mainly Receivables within one year (+€97,937) and Net result for the year (+€97,448)
- Deferred charges and accrued income -€2,542
down €2,542 (-100%), from €2,542 to €0
- Debts after one year -€200,000
down €200,000 (-47.6%), from €420,000 to €220,000
- Profit (loss) carried forward +€97,448
up €97,448 (+21.9%), from -€444,684 to -€347,236
- Other debts +€13,434
up €13,434 (+185%), from €7,259 to €20,692
- Gross operating margin +€51,842
up €51,842 (+92.2%), from €56,231 to €108,073
- Other operating charges -€5,515
down €5,515 (-39.4%), from €13,993 to €8,478
- Depreciation -€2,218
down €2,218 (-86.4%), from €2,567 to €348
- Financial income -€2,180
down €2,180 (-85.8%), from €2,542 to €362
- Financial charges +€1,548
up €1,548 (+354%), from €438 to €1,986
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 | €119,344 | €30,486 | -€88,857 | -74.5% |
| Fixed assets | 21/28 | €461 | €113 | -€348 | -75.5% |
| Tangible fixed assets | 22/27 | €461 | €113 | -€348 | -75.5% |
| Plant, machinery and equipment | 23 | €311 | €60 | -€251 | -80.8% |
| Furniture and vehicles | 24 | €150 | €53 | -€97 | -64.7% |
| Current assets | 29/58 | €118,882 | €30,374 | -€88,509 | -74.5% |
| Amounts receivable within one year | 40/41 | €111,189 | €13,252 | -€97,937 | -88.1% |
| Trade receivables | 40 | €11,990 | €12,079 | +€89 | +0.7% |
| Other amounts receivable | 41 | €99,199 | €1,173 | -€98,025 | -98.8% |
| Cash at bank and in hand | 54/58 | €5,152 | €17,122 | +€11,970 | +232% |
| Deferred charges and accrued income | 490/1 | €2,542 | €0 | -€2,542 | -100% |
| Total equity and liabilities | 10/49 | €119,344 | €30,486 | -€88,857 | -74.5% |
| Equity | 10/15 | -€321,356 | -€223,908 | +€97,448 | +30.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €3,328 | €3,328 | = | 0.0% |
| Distributable reserves | 133 | €3,328 | €3,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€444,684 | -€347,236 | +€97,448 | +21.9% |
| Amounts payable | 17/49 | €440,700 | €254,395 | -€186,305 | -42.3% |
| Amounts payable after more than one year | 17 | €420,000 | €220,000 | -€200,000 | -47.6% |
| Financial debts | 170/4 | €420,000 | €220,000 | -€200,000 | -47.6% |
| Amounts payable within one year | 42/48 | €20,700 | €34,395 | +€13,695 | +66.2% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €13,111 | €13,372 | +€261 | +2.0% |
| Suppliers | 440/4 | €13,111 | €13,372 | +€261 | +2.0% |
| Taxes, remuneration and social security | 45 | €330 | €330 | = | 0.0% |
| Taxes | 450/3 | €330 | €330 | = | 0.0% |
| Other amounts payable | 47/48 | €7,259 | €20,692 | +€13,434 | +185% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,567 | €348 | -€2,218 | -86.4% |
| Other operating charges | 640/8 | €13,993 | €8,478 | -€5,515 | -39.4% |
| Gross operating margin | 9900 | €56,231 | €108,073 | +€51,842 | +92.2% |
| Operating profit (loss) | 9901 | €39,672 | €99,247 | +€59,575 | +150% |
| Financial income | 75/76B | €2,542 | €362 | -€2,180 | -85.8% |
| Recurring financial income | 75 | €2,542 | €362 | -€2,180 | -85.8% |
| Financial charges | 65/66B | €438 | €1,986 | +€1,548 | +354% |
| Recurring financial charges | 65 | €438 | €1,986 | +€1,548 | +354% |
| Profit (loss) for the period before taxes | 9903 | €41,776 | €97,623 | +€55,847 | +134% |
| Income taxes | 67/77 | €205 | €175 | -€30 | -14.8% |
| Profit (loss) for the period | 9904 | €41,571 | €97,448 | +€55,877 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €41,571 | €97,448 | +€55,877 | +134% |
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 31 October 2026 via checked.be.