KETTELS: 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.
KETTELS
Largest movements
- Receivables within one year +€2,628
up €2,628 (+9.3%), from €28,223 to €30,851
of which Trade receivables: +€3,538
- Deferred charges and accrued income +€1,200
up €1,200 (+15.7%), from €7,666 to €8,866
- Cash +€758
up €758 (+1,007%), from €75 to €833
mainly Net result for the year (+€4,878) and Trade debts (+€2,487)
- Reserves +€4,878
up €4,878 (+20.5%), from €23,778 to €28,657
- Trade debts +€2,487
up €2,487 (+294%), from €847 to €3,334
- Current portion of long-term debt -€1,359
no longer reported in 2025 (was €1,359)
- Short-term financial debts -€927
no longer reported in 2025 (was €927)
- Tax, wage and social debts -€618
down €618 (-7.3%), from €8,439 to €7,821
- Gross operating margin -€10,026
down €10,026 (-53.0%), from €18,907 to €8,880
- Taxes -€4,048
down €4,048 (-66.1%), from €6,128 to €2,080
- Financial income -€448
down €448 (-73.4%), from €610 to €162
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 | €41,710 | €46,171 | +€4,461 | +10.7% |
| Fixed assets | 21/28 | €1,447 | €1,323 | -€124 | -8.6% |
| Tangible fixed assets | 22/27 | €1,447 | €1,323 | -€124 | -8.6% |
| Plant, machinery and equipment | 23 | €956 | €632 | -€325 | -33.9% |
| Furniture and vehicles | 24 | €491 | €691 | +€200 | +40.7% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €40,263 | €44,848 | +€4,586 | +11.4% |
| Stocks and contracts in progress | 3 | €4,299 | €4,299 | = | 0.0% |
| Stocks | 30/36 | €4,299 | €4,299 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,223 | €30,851 | +€2,628 | +9.3% |
| Trade receivables | 40 | €10,928 | €14,466 | +€3,538 | +32.4% |
| Other amounts receivable | 41 | €17,295 | €16,385 | -€910 | -5.3% |
| Cash at bank and in hand | 54/58 | €75 | €833 | +€758 | +1,007% |
| Deferred charges and accrued income | 490/1 | €7,666 | €8,866 | +€1,200 | +15.7% |
| Total equity and liabilities | 10/49 | €41,710 | €46,171 | +€4,461 | +10.7% |
| Equity | 10/15 | €29,978 | €34,857 | +€4,878 | +16.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,778 | €28,657 | +€4,878 | +20.5% |
| Distributable reserves | 133 | €23,778 | €28,657 | +€4,878 | +20.5% |
| Profit (loss) carried forward | 14 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €11,732 | €11,314 | -€417 | -3.6% |
| Amounts payable within one year | 42/48 | €11,732 | €11,314 | -€417 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €1,359 | - | -€1,359 | |
| Financial debts | 43 | €927 | - | -€927 | |
| Credit institutions | 430/8 | €927 | - | -€927 | |
| Trade debts | 44 | €847 | €3,334 | +€2,487 | +294% |
| Suppliers | 440/4 | €847 | €3,334 | +€2,487 | +294% |
| Advances received on contracts in progress | 46 | €159 | €159 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,439 | €7,821 | -€618 | -7.3% |
| Taxes | 450/3 | €8,439 | €7,821 | -€618 | -7.3% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €2,027 | +€2,027 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490 | €591 | +€101 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €120 | +€120 | |
| Other operating charges | 640/8 | €808 | €701 | -€107 | -13.3% |
| Gross operating margin | 9900 | €18,907 | €8,880 | -€10,026 | -53.0% |
| Operating profit (loss) | 9901 | €17,609 | €7,469 | -€10,140 | -57.6% |
| Financial income | 75/76B | €610 | €162 | -€448 | -73.4% |
| Recurring financial income | 75 | €610 | €162 | -€448 | -73.4% |
| Financial charges | 65/66B | €593 | €673 | +€79 | +13.4% |
| Recurring financial charges | 65 | €593 | €673 | +€79 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €17,626 | €6,958 | -€10,667 | -60.5% |
| Income taxes | 67/77 | €6,128 | €2,080 | -€4,048 | -66.1% |
| Profit (loss) for the period | 9904 | €11,497 | €4,878 | -€6,619 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,497 | €4,878 | -€6,619 | -57.6% |
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.