VINCENT 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.
VINCENT KETELS
Largest movements
- Current investments +€75,298
new in 2025: €75,298
- Cash +€30,556
up €30,556 (+39.5%), from €77,421 to €107,977
mainly Net result for the year (+€91,098) and Tax, wage and social debts (+€25,132)
- Receivables within one year -€7,174
down €7,174 (-27.1%), from €26,506 to €19,332
of which Trade receivables: -€7,392
- Tangible fixed assets -€3,099
down €3,099 (-28.4%), from €10,920 to €7,821
of which Furniture and vehicles: -€2,619
- Profit (loss) carried forward +€91,098
up €91,098 (+143%), from €63,729 to €154,827
- Tax, wage and social debts +€25,132
up €25,132 (+148%), from €16,988 to €42,119
- Other debts -€16,754
down €16,754 (-82.1%), from €20,407 to €3,654
- Trade debts -€4,600
down €4,600 (-52.3%), from €8,802 to €4,202
- Gross operating margin +€32,355
up €32,355 (+36.1%), from €89,708 to €122,062
- Taxes +€8,228
up €8,228 (+48.4%), from €16,988 to €25,216
- Depreciation -€2,591
down €2,591 (-33.1%), from €7,829 to €5,238
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 | €114,926 | €210,568 | +€95,642 | +83.2% |
| Fixed assets | 21/28 | €10,920 | €7,821 | -€3,099 | -28.4% |
| Tangible fixed assets | 22/27 | €10,920 | €7,821 | -€3,099 | -28.4% |
| Plant, machinery and equipment | 23 | €1,920 | €1,440 | -€480 | -25.0% |
| Furniture and vehicles | 24 | €9,000 | €6,381 | -€2,619 | -29.1% |
| Current assets | 29/58 | €104,006 | €202,747 | +€98,741 | +94.9% |
| Amounts receivable within one year | 40/41 | €26,506 | €19,332 | -€7,174 | -27.1% |
| Trade receivables | 40 | €22,852 | €15,460 | -€7,392 | -32.3% |
| Other amounts receivable | 41 | €3,654 | €3,872 | +€218 | +6.0% |
| Current investments | 50/53 | - | €75,298 | +€75,298 | |
| Cash at bank and in hand | 54/58 | €77,421 | €107,977 | +€30,556 | +39.5% |
| Deferred charges and accrued income | 490/1 | €80 | €141 | +€61 | +76.2% |
| Total equity and liabilities | 10/49 | €114,926 | €210,568 | +€95,642 | +83.2% |
| Equity | 10/15 | €68,729 | €159,827 | +€91,098 | +133% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,729 | €154,827 | +€91,098 | +143% |
| Amounts payable | 17/49 | €46,197 | €50,741 | +€4,544 | +9.8% |
| Amounts payable within one year | 42/48 | €46,197 | €49,975 | +€3,778 | +8.2% |
| Trade debts | 44 | €8,802 | €4,202 | -€4,600 | -52.3% |
| Suppliers | 440/4 | €8,802 | €4,202 | -€4,600 | -52.3% |
| Taxes, remuneration and social security | 45 | €16,988 | €42,119 | +€25,132 | +148% |
| Taxes | 450/3 | €16,988 | €42,119 | +€25,132 | +148% |
| Other amounts payable | 47/48 | €20,407 | €3,654 | -€16,754 | -82.1% |
| Accrued charges and deferred income | 492/3 | - | €766 | +€766 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,829 | €5,238 | -€2,591 | -33.1% |
| Other operating charges | 640/8 | €1,160 | €955 | -€205 | -17.7% |
| Gross operating margin | 9900 | €89,708 | €122,062 | +€32,355 | +36.1% |
| Operating profit (loss) | 9901 | €80,719 | €115,869 | +€35,150 | +43.5% |
| Financial income | 75/76B | €0 | €533 | +€532 | +113,253% |
| Recurring financial income | 75 | €0 | €533 | +€532 | +113,253% |
| Financial charges | 65/66B | €3 | €88 | +€85 | +2,912% |
| Recurring financial charges | 65 | €3 | €88 | +€85 | +2,912% |
| Profit (loss) for the period before taxes | 9903 | €80,717 | €116,314 | +€35,597 | +44.1% |
| Income taxes | 67/77 | €16,988 | €25,216 | +€8,228 | +48.4% |
| Profit (loss) for the period | 9904 | €63,729 | €91,098 | +€27,369 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,729 | €91,098 | +€27,369 | +42.9% |
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 29 October 2026 via checked.be.