KETI: 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.
KETI
Largest movements
- Receivables within one year +€232,903
up €232,903 (+110%), from €212,139 to €445,042
of which Trade receivables: +€280,200
- Tangible fixed assets +€138,824
up €138,824 (+84.2%), from €164,873 to €303,697
of which Other tangible fixed assets: +€138,448
- Cash -€137,888
down €137,888 (-20.9%), from €660,934 to €523,046
mainly Receivables within one year (-€232,903) and Investment in fixed assets (net) (-€203,581)
- Reserves +€212,149
up €212,149 (+17.8%), from €1.2m to €1.4m
- Tax, wage and social debts +€47,935
up €47,935 (+302%), from €15,877 to €63,812
- Other debts -€46,618
down €46,618 (-10.6%), from €437,909 to €391,291
- Gross operating margin +€226,318
up €226,318 (+149%), from €151,730 to €378,047
- Taxes +€71,530
up €71,530 (+238%), from €30,023 to €101,553
- Depreciation +€16,946
up €16,946 (+35.4%), from €47,811 to €64,756
- Financial income -€14,794
down €14,794 (-80.2%), from €18,453 to €3,660
- Financial charges -€12,126
down €12,126 (-83.1%), from €14,590 to €2,464
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 | €1,692,748 | €1,921,375 | +€228,626 | +13.5% |
| Fixed assets | 21/28 | €799,873 | €938,697 | +€138,824 | +17.4% |
| Tangible fixed assets | 22/27 | €164,873 | €303,697 | +€138,824 | +84.2% |
| Plant, machinery and equipment | 23 | €1,863 | €1,483 | -€380 | -20.4% |
| Furniture and vehicles | 24 | €107,160 | €107,916 | +€756 | +0.7% |
| Other tangible fixed assets | 26 | €55,850 | €194,298 | +€138,448 | +248% |
| Financial fixed assets | 28 | €635,000 | €635,000 | = | 0.0% |
| Current assets | 29/58 | €892,876 | €982,678 | +€89,802 | +10.1% |
| Stocks and contracts in progress | 3 | €6,161 | - | -€6,161 | |
| Stocks | 30/36 | €6,161 | - | -€6,161 | |
| Amounts receivable within one year | 40/41 | €212,139 | €445,042 | +€232,903 | +110% |
| Trade receivables | 40 | €115,955 | €396,155 | +€280,200 | +242% |
| Other amounts receivable | 41 | €96,185 | €48,887 | -€47,298 | -49.2% |
| Cash at bank and in hand | 54/58 | €660,934 | €523,046 | -€137,888 | -20.9% |
| Deferred charges and accrued income | 490/1 | €13,642 | €14,590 | +€948 | +6.9% |
| Total equity and liabilities | 10/49 | €1,692,748 | €1,921,375 | +€228,626 | +13.5% |
| Equity | 10/15 | €1,201,792 | €1,413,941 | +€212,149 | +17.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,189,392 | €1,401,541 | +€212,149 | +17.8% |
| Distributable reserves | 133 | €1,189,392 | €1,401,541 | +€212,149 | +17.8% |
| Amounts payable | 17/49 | €490,956 | €507,433 | +€16,477 | +3.4% |
| Amounts payable after more than one year | 17 | - | €15,237 | +€15,237 | |
| Financial debts | 170/4 | - | €15,237 | +€15,237 | |
| Amounts payable within one year | 42/48 | €477,189 | €492,077 | +€14,887 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €10,874 | €11,558 | +€685 | +6.3% |
| Trade debts | 44 | €12,529 | €25,415 | +€12,886 | +103% |
| Suppliers | 440/4 | €12,529 | €25,415 | +€12,886 | +103% |
| Taxes, remuneration and social security | 45 | €15,877 | €63,812 | +€47,935 | +302% |
| Taxes | 450/3 | €15,877 | €63,812 | +€47,935 | +302% |
| Other amounts payable | 47/48 | €437,909 | €391,291 | -€46,618 | -10.6% |
| Accrued charges and deferred income | 492/3 | €13,767 | €120 | -€13,647 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,811 | €64,756 | +€16,946 | +35.4% |
| Other operating charges | 640/8 | €1,552 | €785 | -€768 | -49.5% |
| Non-recurring operating charges | 66A | €3,229 | - | -€3,229 | |
| Gross operating margin | 9900 | €151,730 | €378,047 | +€226,318 | +149% |
| Operating profit (loss) | 9901 | €99,138 | €312,506 | +€213,369 | +215% |
| Financial income | 75/76B | €18,453 | €3,660 | -€14,794 | -80.2% |
| Recurring financial income | 75 | €18,453 | €3,660 | -€14,794 | -80.2% |
| Financial charges | 65/66B | €14,590 | €2,464 | -€12,126 | -83.1% |
| Recurring financial charges | 65 | €14,590 | €2,464 | -€12,126 | -83.1% |
| Profit (loss) for the period before taxes | 9903 | €103,001 | €313,702 | +€210,701 | +205% |
| Income taxes | 67/77 | €30,023 | €101,553 | +€71,530 | +238% |
| Profit (loss) for the period | 9904 | €72,978 | €212,149 | +€139,171 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €72,978 | €212,149 | +€139,171 | +191% |
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 13 October 2026 via checked.be.