Scheepsherstellingen Ketels: 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.
Scheepsherstellingen Ketels
Largest movements
- Receivables within one year +€684,434
up €684,434 (+169%), from €405,856 to €1.1m
of which Trade receivables: +€692,073
- Cash -€116,273
down €116,273 (-30.9%), from €375,947 to €259,674
mainly Receivables within one year (-€684,434) and Investment in fixed assets (net) (-€132,110)
- Stocks and contracts +€102,116
up €102,116 (+29.1%), from €350,864 to €452,980
- Intangible fixed assets +€78,034
up €78,034 (+118%), from €66,285 to €144,319
- Tangible fixed assets -€60,165
down €60,165 (-6.5%), from €927,002 to €866,838
of which Plant, machinery and equipment: -€76,704
- Trade debts +€282,887
up €282,887 (+138%), from €204,849 to €487,736
- Short-term financial debts +€250,000
new in 2025: €250,000
- Reserves +€58,729
up €58,729 (+21.2%), from €276,506 to €335,235
- Other debts +€53,128
up €53,128 (+93.5%), from €56,794 to €109,922
- Current portion of long-term debt +€49,477
new in 2025: €49,477
- Gross operating margin +€130,852
up €130,852 (+16.9%), from €775,499 to €906,350
- Staff costs +€69,116
up €69,116 (+11.3%), from €610,778 to €679,894
- Depreciation +€11,472
up €11,472 (+11.2%), from €102,768 to €114,241
- Taxes +€11,472
up €11,472 (+128%), from €8,930 to €20,402
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 | €2,157,174 | €2,838,903 | +€681,730 | +31.6% |
| Fixed assets | 21/28 | €993,608 | €1,011,478 | +€17,870 | +1.8% |
| Intangible fixed assets | 21 | €66,285 | €144,319 | +€78,034 | +118% |
| Tangible fixed assets | 22/27 | €927,002 | €866,838 | -€60,165 | -6.5% |
| Plant, machinery and equipment | 23 | €920,168 | €843,465 | -€76,704 | -8.3% |
| Furniture and vehicles | 24 | €6,834 | €23,373 | +€16,539 | +242% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €1,163,565 | €1,827,425 | +€663,860 | +57.1% |
| Stocks and contracts in progress | 3 | €350,864 | €452,980 | +€102,116 | +29.1% |
| Stocks | 30/36 | €350,864 | €452,980 | +€102,116 | +29.1% |
| Amounts receivable within one year | 40/41 | €405,856 | €1,090,291 | +€684,434 | +169% |
| Trade receivables | 40 | €270,717 | €962,790 | +€692,073 | +256% |
| Other amounts receivable | 41 | €135,139 | €127,501 | -€7,638 | -5.7% |
| Current investments | 50/53 | €3,000 | €15,000 | +€12,000 | +400% |
| Cash at bank and in hand | 54/58 | €375,947 | €259,674 | -€116,273 | -30.9% |
| Deferred charges and accrued income | 490/1 | €27,898 | €9,481 | -€18,417 | -66.0% |
| Total equity and liabilities | 10/49 | €2,157,174 | €2,838,903 | +€681,730 | +31.6% |
| Equity | 10/15 | €396,906 | €455,635 | +€58,729 | +14.8% |
| Contributions | 10/11 | €120,400 | €120,400 | = | 0.0% |
| Reserves | 13 | €276,506 | €335,235 | +€58,729 | +21.2% |
| Distributable reserves | 133 | €276,506 | €335,235 | +€58,729 | +21.2% |
| Amounts payable | 17/49 | €1,760,268 | €2,383,269 | +€623,001 | +35.4% |
| Amounts payable after more than one year | 17 | €1,436,685 | €1,412,800 | -€23,885 | -1.7% |
| Financial debts | 170/4 | €1,436,685 | €1,412,800 | -€23,885 | -1.7% |
| Amounts payable within one year | 42/48 | €319,115 | €965,051 | +€645,936 | +202% |
| Current portion of amounts payable after more than one year | 42 | - | €49,477 | +€49,477 | |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €204,849 | €487,736 | +€282,887 | +138% |
| Suppliers | 440/4 | €204,849 | €487,736 | +€282,887 | +138% |
| Taxes, remuneration and social security | 45 | €57,472 | €67,916 | +€10,444 | +18.2% |
| Taxes | 450/3 | €15 | €15 | = | 0.0% |
| Remuneration and social security | 454/9 | €57,457 | €67,901 | +€10,444 | +18.2% |
| Other amounts payable | 47/48 | €56,794 | €109,922 | +€53,128 | +93.5% |
| Accrued charges and deferred income | 492/3 | €4,469 | €5,418 | +€949 | +21.2% |
| Remuneration, social security and pensions | 62 | €610,778 | €679,894 | +€69,116 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,768 | €114,241 | +€11,472 | +11.2% |
| Other operating charges | 640/8 | €11,353 | €11,445 | +€92 | +0.8% |
| Gross operating margin | 9900 | €775,499 | €906,350 | +€130,852 | +16.9% |
| Operating profit (loss) | 9901 | €50,599 | €100,771 | +€50,172 | +99.2% |
| Financial income | 75/76B | €4,596 | €8,084 | +€3,487 | +75.9% |
| Recurring financial income | 75 | €4,596 | €8,084 | +€3,487 | +75.9% |
| Financial charges | 65/66B | €22,665 | €29,723 | +€7,059 | +31.1% |
| Recurring financial charges | 65 | €22,665 | €29,723 | +€7,059 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €32,531 | €79,131 | +€46,600 | +143% |
| Income taxes | 67/77 | €8,930 | €20,402 | +€11,472 | +128% |
| Profit (loss) for the period | 9904 | €23,601 | €58,729 | +€35,128 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €23,601 | €58,729 | +€35,128 | +149% |
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 24 October 2026 via checked.be.