KETRACO: 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.
KETRACO
Largest movements
- Cash +€114,338
up €114,338 (+820%), from €13,950 to €128,288
mainly Net result for the year (+€98,079) and Tax, wage and social debts (+€25,301)
- Receivables within one year +€12,873
up €12,873 (+81.5%), from €15,787 to €28,661
of which Trade receivables: +€12,681
- Reserves +€97,220
up €97,220 (+515%), from €18,883 to €116,103
- Tax, wage and social debts +€25,301
up €25,301 (+296%), from €8,554 to €33,855
of which Taxes: +€22,301
- Other debts +€4,413
up €4,413 (+410%), from €1,075 to €5,488
- Gross operating margin +€101,895
up €101,895 (+427%), from €23,849 to €125,743
- Taxes +€22,137
up €22,137 (+454%), from €4,879 to €27,016
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 | €32,270 | €159,216 | +€126,946 | +393% |
| Fixed assets | 21/28 | €2,229 | €1,780 | -€449 | -20.1% |
| Tangible fixed assets | 22/27 | €2,229 | €1,780 | -€449 | -20.1% |
| Plant, machinery and equipment | 23 | €2,229 | €1,780 | -€449 | -20.1% |
| Current assets | 29/58 | €30,041 | €157,436 | +€127,394 | +424% |
| Amounts receivable within one year | 40/41 | €15,787 | €28,661 | +€12,873 | +81.5% |
| Trade receivables | 40 | €14,938 | €27,619 | +€12,681 | +84.9% |
| Other amounts receivable | 41 | €849 | €1,042 | +€192 | +22.6% |
| Cash at bank and in hand | 54/58 | €13,950 | €128,288 | +€114,338 | +820% |
| Deferred charges and accrued income | 490/1 | €304 | €487 | +€183 | +60.4% |
| Total equity and liabilities | 10/49 | €32,270 | €159,216 | +€126,946 | +393% |
| Equity | 10/15 | €21,283 | €118,503 | +€97,220 | +457% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €18,883 | €116,103 | +€97,220 | +515% |
| Distributable reserves | 133 | €18,883 | €116,103 | +€97,220 | +515% |
| Amounts payable | 17/49 | €10,987 | €40,713 | +€29,726 | +271% |
| Amounts payable within one year | 42/48 | €10,987 | €40,473 | +€29,486 | +268% |
| Trade debts | 44 | €1,358 | €1,130 | -€228 | -16.8% |
| Suppliers | 440/4 | €1,358 | €1,130 | -€228 | -16.8% |
| Taxes, remuneration and social security | 45 | €8,554 | €33,855 | +€25,301 | +296% |
| Taxes | 450/3 | €8,554 | €30,855 | +€22,301 | +261% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €1,075 | €5,488 | +€4,413 | +410% |
| Accrued charges and deferred income | 492/3 | - | €240 | +€240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15 | €449 | +€434 | +2,943% |
| Other operating charges | 640/8 | - | €128 | +€128 | |
| Gross operating margin | 9900 | €23,849 | €125,743 | +€101,895 | +427% |
| Operating profit (loss) | 9901 | €23,834 | €125,167 | +€101,333 | +425% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €72 | €72 | +€0 | +0.5% |
| Recurring financial charges | 65 | €72 | €72 | +€0 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €23,762 | €125,095 | +€101,332 | +426% |
| Income taxes | 67/77 | €4,879 | €27,016 | +€22,137 | +454% |
| Profit (loss) for the period | 9904 | €18,883 | €98,079 | +€79,196 | +419% |
| Profit (loss) for the period to be appropriated | 9905 | €18,883 | €98,079 | +€79,196 | +419% |
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 14 October 2026 via checked.be.