MILAN KELHER: what changed
MILAN KELHER
Largest movements
- Current investments +€30,000
up €30,000 (+63.2%), from €47,500 to €77,500
- Tangible fixed assets +€20,715
up €20,715 (+2,220%), from €933 to €21,648
of which Furniture and vehicles: +€21,333
- Cash -€2,592
down €2,592 (-6.1%), from €42,463 to €39,871
mainly Investment in fixed assets (net) (-€32,000) and Current investments (-€30,000)
- Reserves +€31,906
up €31,906 (+44.1%), from €72,293 to €104,198
- Tax, wage and social debts +€15,560
up €15,560 (+289%), from €5,386 to €20,946
of which Taxes: +€14,560
- Depreciation +€10,689
up €10,689 (+1,792%), from €596 to €11,285
- Taxes -€4,290
down €4,290 (-23.1%), from €18,577 to €14,287
- Gross operating margin +€992
up €992 (+1.7%), from €58,473 to €59,465
- Other operating charges +€848
up €848 (+674%), from €126 to €974
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,512 | €141,063 | +€47,551 | +50.9% |
| Fixed assets | 21/28 | €933 | €21,648 | +€20,715 | +2,220% |
| Tangible fixed assets | 22/27 | €933 | €21,648 | +€20,715 | +2,220% |
| Plant, machinery and equipment | 23 | €933 | €315 | -€618 | -66.3% |
| Furniture and vehicles | 24 | - | €21,333 | +€21,333 | |
| Current assets | 29/58 | €92,579 | €119,415 | +€26,836 | +29.0% |
| Amounts receivable within one year | 40/41 | €734 | €1,472 | +€738 | +101% |
| Trade receivables | 40 | €311 | €1,472 | +€1,162 | +374% |
| Other amounts receivable | 41 | €423 | - | -€423 | |
| Current investments | 50/53 | €47,500 | €77,500 | +€30,000 | +63.2% |
| Cash at bank and in hand | 54/58 | €42,463 | €39,871 | -€2,592 | -6.1% |
| Deferred charges and accrued income | 490/1 | €1,882 | €571 | -€1,310 | -69.6% |
| Total equity and liabilities | 10/49 | €93,512 | €141,063 | +€47,551 | +50.9% |
| Equity | 10/15 | €87,293 | €119,198 | +€31,906 | +36.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €72,293 | €104,198 | +€31,906 | +44.1% |
| Distributable reserves | 133 | €72,293 | €104,198 | +€31,906 | +44.1% |
| Amounts payable | 17/49 | €6,219 | €21,864 | +€15,645 | +252% |
| Amounts payable within one year | 42/48 | €6,219 | €21,864 | +€15,645 | +252% |
| Taxes, remuneration and social security | 45 | €5,386 | €20,946 | +€15,560 | +289% |
| Taxes | 450/3 | €5,386 | €19,946 | +€14,560 | +270% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €833 | €918 | +€85 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €596 | €11,285 | +€10,689 | +1,792% |
| Other operating charges | 640/8 | €126 | €974 | +€848 | +674% |
| Gross operating margin | 9900 | €58,473 | €59,465 | +€992 | +1.7% |
| Operating profit (loss) | 9901 | €57,751 | €47,206 | -€10,544 | -18.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €150 | €155 | +€4 | +3.0% |
| Recurring financial charges | 65 | €150 | €155 | +€4 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €57,601 | €47,052 | -€10,549 | -18.3% |
| Income taxes | 67/77 | €18,577 | €14,287 | -€4,290 | -23.1% |
| Profit (loss) for the period | 9904 | €39,024 | €32,765 | -€6,259 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,024 | €32,765 | -€6,259 | -16.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.