Pp Kessel-Lo: what changed
Pp Kessel-Lo
Largest movements
- Current investments -€95,000
down €95,000 (-100%), from €95,000 to €0
- Receivables within one year +€83,795
up €83,795 (+233%), from €35,903 to €119,698
of which Other amounts receivable: +€72,171
- Cash -€15,746
down €15,746 (-51.2%), from €30,783 to €15,037
mainly Receivables within one year (-€83,795) and Net result for the year (-€22,663)
- Tangible fixed assets -€13,423
down €13,423 (-42.1%), from €31,919 to €18,496
of which Furniture and vehicles: -€10,948
- Intangible fixed assets +€13,001
new in 2025: €13,001
- Profit (loss) carried forward -€22,663
down €22,663 (-13.3%), from €171,000 to €148,337
- Trade debts -€14,612
down €14,612 (-96.2%), from €15,190 to €579
- Tax, wage and social debts +€6,355
up €6,355 (+115%), from €5,513 to €11,868
of which Remuneration and social security: +€5,955
- Gross operating margin -€15,938
down €15,938 (-16.1%), from €99,072 to €83,134
- Staff costs +€9,852
up €9,852 (+15.3%), from €64,430 to €74,282
- Taxes +€5,387
up €5,387 (+171%), from €3,152 to €8,539
- Depreciation -€3,603
down €3,603 (-19.0%), from €18,940 to €15,337
- Financial charges -€1,695
down €1,695 (-66.4%), from €2,551 to €856
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 | €196,703 | €166,283 | -€30,420 | -15.5% |
| Formation expenses | 20 | €231 | €51 | -€180 | -77.9% |
| Fixed assets | 21/28 | €31,919 | €31,497 | -€422 | -1.3% |
| Intangible fixed assets | 21 | - | €13,001 | +€13,001 | |
| Tangible fixed assets | 22/27 | €31,919 | €18,496 | -€13,423 | -42.1% |
| Plant, machinery and equipment | 23 | €13,233 | €10,994 | -€2,240 | -16.9% |
| Furniture and vehicles | 24 | €18,392 | €7,443 | -€10,948 | -59.5% |
| Other tangible fixed assets | 26 | €294 | €59 | -€235 | -80.0% |
| Current assets | 29/58 | €164,554 | €134,736 | -€29,818 | -18.1% |
| Amounts receivable within one year | 40/41 | €35,903 | €119,698 | +€83,795 | +233% |
| Trade receivables | 40 | - | €11,624 | +€11,624 | |
| Other amounts receivable | 41 | €35,903 | €108,074 | +€72,171 | +201% |
| Current investments | 50/53 | €95,000 | €0 | -€95,000 | -100% |
| Cash at bank and in hand | 54/58 | €30,783 | €15,037 | -€15,746 | -51.2% |
| Deferred charges and accrued income | 490/1 | €2,868 | - | -€2,868 | |
| Total equity and liabilities | 10/49 | €196,703 | €166,283 | -€30,420 | -15.5% |
| Equity | 10/15 | €176,000 | €153,337 | -€22,663 | -12.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,000 | €148,337 | -€22,663 | -13.3% |
| Amounts payable | 17/49 | €20,703 | €12,947 | -€7,757 | -37.5% |
| Amounts payable after more than one year | 17 | - | €500 | +€500 | |
| Financial debts | 170/4 | - | €500 | +€500 | |
| Amounts payable within one year | 42/48 | €20,703 | €12,447 | -€8,257 | -39.9% |
| Trade debts | 44 | €15,190 | €579 | -€14,612 | -96.2% |
| Suppliers | 440/4 | €15,190 | €579 | -€14,612 | -96.2% |
| Taxes, remuneration and social security | 45 | €5,513 | €11,868 | +€6,355 | +115% |
| Taxes | 450/3 | €257 | €657 | +€400 | +156% |
| Remuneration and social security | 454/9 | €5,256 | €11,211 | +€5,955 | +113% |
| Remuneration, social security and pensions | 62 | €64,430 | €74,282 | +€9,852 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,940 | €15,337 | -€3,603 | -19.0% |
| Other operating charges | 640/8 | - | €117 | +€117 | |
| Non-recurring operating charges | 66A | - | €6,667 | +€6,667 | |
| Gross operating margin | 9900 | €99,072 | €83,134 | -€15,938 | -16.1% |
| Operating profit (loss) | 9901 | €15,702 | -€13,268 | -€28,971 | |
| Financial charges | 65/66B | €2,551 | €856 | -€1,695 | -66.4% |
| Recurring financial charges | 65 | €2,551 | €856 | -€1,695 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | €13,152 | -€14,124 | -€27,276 | |
| Income taxes | 67/77 | €3,152 | €8,539 | +€5,387 | +171% |
| Profit (loss) for the period | 9904 | €10,000 | -€22,663 | -€32,663 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,000 | -€22,663 | -€32,663 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.