A+ KEUKENS: 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.
A+ KEUKENS
Largest movements
- Stocks and contracts +€82,649
up €82,649 (+56.6%), from €146,079 to €228,728
- Cash +€18,953
up €18,953 (+54.9%), from €34,529 to €53,481
mainly Net result for the year (+€160,710) and Trade debts (+€118,372)
- Tangible fixed assets -€17,700
down €17,700 (-2.8%), from €622,770 to €605,070
of which Land and buildings: -€54,808
- Receivables within one year +€16,008
up €16,008 (+9.7%), from €165,047 to €181,055
of which Trade receivables: +€25,574
- Profit (loss) carried forward +€160,710
up €160,710 (+89.2%), from -€180,242 to -€19,532
- Trade debts +€118,372
up €118,372 (+172%), from €68,694 to €187,066
- Short-term financial debts -€79,039
down €79,039 (-72.5%), from €109,039 to €30,000
- Other debts -€71,968
down €71,968 (-41.7%), from €172,445 to €100,477
- Debts after one year -€36,012
down €36,012 (-7.8%), from €464,659 to €428,647
- Gross operating margin +€349,794
up €349,794 (+473%), from €73,985 to €423,779
- Staff costs +€27,790
up €27,790 (+21.7%), from €127,884 to €155,675
- Financial income +€20,580
up €20,580 (+271%), from €7,604 to €28,184
- Taxes +€11,066
up €11,066 (+1,029%), from €1,075 to €12,141
- Depreciation +€5,226
up €5,226 (+7.7%), from €67,864 to €73,090
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 | €977,569 | €1,077,968 | +€100,399 | +10.3% |
| Fixed assets | 21/28 | €627,305 | €609,605 | -€17,700 | -2.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €622,770 | €605,070 | -€17,700 | -2.8% |
| Land and buildings | 22 | €604,858 | €550,050 | -€54,808 | -9.1% |
| Plant, machinery and equipment | 23 | €4,847 | €4,349 | -€498 | -10.3% |
| Furniture and vehicles | 24 | €13,065 | €50,671 | +€37,606 | +288% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €4,535 | €4,535 | = | 0.0% |
| Current assets | 29/58 | €350,265 | €468,363 | +€118,098 | +33.7% |
| Stocks and contracts in progress | 3 | €146,079 | €228,728 | +€82,649 | +56.6% |
| Stocks | 30/36 | €146,079 | €228,728 | +€82,649 | +56.6% |
| Amounts receivable within one year | 40/41 | €165,047 | €181,055 | +€16,008 | +9.7% |
| Trade receivables | 40 | €135,105 | €160,679 | +€25,574 | +18.9% |
| Other amounts receivable | 41 | €29,942 | €20,377 | -€9,565 | -31.9% |
| Cash at bank and in hand | 54/58 | €34,529 | €53,481 | +€18,953 | +54.9% |
| Deferred charges and accrued income | 490/1 | €4,610 | €5,099 | +€488 | +10.6% |
| Total equity and liabilities | 10/49 | €977,569 | €1,077,968 | +€100,399 | +10.3% |
| Equity | 10/15 | €72,536 | €233,246 | +€160,710 | +222% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €246,578 | €246,578 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,379 | €14,379 | = | 0.0% |
| Distributable reserves | 133 | €230,339 | €230,339 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,242 | -€19,532 | +€160,710 | +89.2% |
| Amounts payable | 17/49 | €905,033 | €844,722 | -€60,311 | -6.7% |
| Amounts payable after more than one year | 17 | €464,659 | €428,647 | -€36,012 | -7.8% |
| Financial debts | 170/4 | €464,659 | €428,647 | -€36,012 | -7.8% |
| Amounts payable within one year | 42/48 | €440,374 | €416,075 | -€24,299 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €69,483 | €84,992 | +€15,509 | +22.3% |
| Financial debts | 43 | €109,039 | €30,000 | -€79,039 | -72.5% |
| Credit institutions | 430/8 | €109,039 | €30,000 | -€79,039 | -72.5% |
| Trade debts | 44 | €68,694 | €187,066 | +€118,372 | +172% |
| Suppliers | 440/4 | €68,694 | €187,066 | +€118,372 | +172% |
| Taxes, remuneration and social security | 45 | €20,713 | €13,540 | -€7,173 | -34.6% |
| Taxes | 450/3 | €2,109 | €141 | -€1,968 | -93.3% |
| Remuneration and social security | 454/9 | €18,604 | €13,399 | -€5,206 | -28.0% |
| Other amounts payable | 47/48 | €172,445 | €100,477 | -€71,968 | -41.7% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,277 | €1,030 | -€247 | -19.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €127,884 | €155,675 | +€27,790 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,864 | €73,090 | +€5,226 | +7.7% |
| Other operating charges | 640/8 | €16,482 | €16,731 | +€248 | +1.5% |
| Non-recurring operating charges | 66A | €449 | €927 | +€478 | +106% |
| Gross operating margin | 9900 | €73,985 | €423,779 | +€349,794 | +473% |
| Operating profit (loss) | 9901 | -€138,695 | €177,357 | +€316,052 | |
| Financial income | 75/76B | €7,604 | €28,184 | +€20,580 | +271% |
| Recurring financial income | 75 | €7,604 | €28,184 | +€20,580 | +271% |
| Financial charges | 65/66B | €32,056 | €32,690 | +€634 | +2.0% |
| Recurring financial charges | 65 | €32,056 | €32,690 | +€634 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€163,146 | €172,851 | +€335,997 | |
| Income taxes | 67/77 | €1,075 | €12,141 | +€11,066 | +1,029% |
| Profit (loss) for the period | 9904 | -€164,222 | €160,710 | +€324,931 | |
| Profit (loss) for the period to be appropriated | 9905 | -€164,222 | €160,710 | +€324,931 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.