ANN DE KEYSER: 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.
ANN DE KEYSER
Largest movements
- Tangible fixed assets +€52,824
up €52,824 (+36.5%), from €144,530 to €197,354
of which Land and buildings: +€60,039
- Cash -€49,318
down €49,318 (-21.2%), from €232,097 to €182,780
mainly Investment in fixed assets (net) (-€66,874) and Trade debts (-€35,775)
- Receivables within one year -€16,794
down €16,794 (-43.4%), from €38,667 to €21,873
of which Trade receivables: -€12,261
- Trade debts -€35,775
down €35,775 (-44.4%), from €80,634 to €44,859
- Debts after one year +€27,201
up €27,201 (+75.2%), from €36,184 to €63,385
- Other debts -€15,104
down €15,104 (-28.3%), from €53,346 to €38,242
- Reserves +€14,267
up €14,267 (+6.3%), from €227,000 to €241,267
of which Distributable reserves: +€14,267
- Tax, wage and social debts -€6,367
down €6,367 (-15.7%), from €40,671 to €34,304
of which Taxes: -€8,961
- Staff costs -€16,812
down €16,812 (-14.9%), from €112,607 to €95,795
- Gross operating margin +€14,968
up €14,968 (+11.6%), from €129,076 to €144,044
- Taxes +€1,500
up €1,500 (+14,560%), from €10 to €1,510
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 | €469,427 | €455,570 | -€13,858 | -3.0% |
| Fixed assets | 21/28 | €144,530 | €197,354 | +€52,824 | +36.5% |
| Tangible fixed assets | 22/27 | €144,530 | €197,354 | +€52,824 | +36.5% |
| Land and buildings | 22 | €134,572 | €194,611 | +€60,039 | +44.6% |
| Plant, machinery and equipment | 23 | €585 | €993 | +€408 | +69.7% |
| Furniture and vehicles | 24 | €9,374 | €1,751 | -€7,623 | -81.3% |
| Current assets | 29/58 | €324,897 | €258,215 | -€66,682 | -20.5% |
| Stocks and contracts in progress | 3 | €51,846 | €51,411 | -€434 | -0.8% |
| Stocks | 30/36 | €51,846 | €51,411 | -€434 | -0.8% |
| Amounts receivable within one year | 40/41 | €38,667 | €21,873 | -€16,794 | -43.4% |
| Trade receivables | 40 | €15,911 | €3,650 | -€12,261 | -77.1% |
| Other amounts receivable | 41 | €22,756 | €18,223 | -€4,533 | -19.9% |
| Cash at bank and in hand | 54/58 | €232,097 | €182,780 | -€49,318 | -21.2% |
| Deferred charges and accrued income | 490/1 | €2,287 | €2,152 | -€136 | -5.9% |
| Total equity and liabilities | 10/49 | €469,427 | €455,570 | -€13,858 | -3.0% |
| Equity | 10/15 | €239,409 | €253,735 | +€14,326 | +6.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €227,000 | €241,267 | +€14,267 | +6.3% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €222,000 | €236,267 | +€14,267 | +6.4% |
| Profit (loss) carried forward | 14 | €9 | €68 | +€59 | +664% |
| Amounts payable | 17/49 | €230,019 | €201,835 | -€28,184 | -12.3% |
| Amounts payable after more than one year | 17 | €36,184 | €63,385 | +€27,201 | +75.2% |
| Financial debts | 170/4 | €36,184 | €63,385 | +€27,201 | +75.2% |
| Amounts payable within one year | 42/48 | €193,835 | €138,450 | -€55,384 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €19,184 | €21,045 | +€1,861 | +9.7% |
| Trade debts | 44 | €80,634 | €44,859 | -€35,775 | -44.4% |
| Suppliers | 440/4 | €80,634 | €44,859 | -€35,775 | -44.4% |
| Taxes, remuneration and social security | 45 | €40,671 | €34,304 | -€6,367 | -15.7% |
| Taxes | 450/3 | €14,444 | €5,483 | -€8,961 | -62.0% |
| Remuneration and social security | 454/9 | €26,227 | €28,821 | +€2,595 | +9.9% |
| Other amounts payable | 47/48 | €53,346 | €38,242 | -€15,104 | -28.3% |
| Remuneration, social security and pensions | 62 | €112,607 | €95,795 | -€16,812 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,076 | €14,050 | -€25 | -0.2% |
| Other operating charges | 640/8 | €2,233 | €2,224 | -€9 | -0.4% |
| Gross operating margin | 9900 | €129,076 | €144,044 | +€14,968 | +11.6% |
| Operating profit (loss) | 9901 | €160 | €31,974 | +€31,814 | +19,873% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €15,379 | €15,328 | -€52 | -0.3% |
| Recurring financial charges | 65 | €15,379 | €15,328 | -€52 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,219 | €16,669 | +€31,888 | |
| Income taxes | 67/77 | €10 | €1,510 | +€1,500 | +14,560% |
| Profit (loss) for the period | 9904 | -€15,229 | €15,159 | +€30,388 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,229 | €15,159 | +€30,388 |
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 20 October 2026 via checked.be.