D-KEY: what changed
Two fiscal 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.
D-KEY
Largest movements
- Receivables within one year +€14,788
up €14,788 (+16.4%), from €89,938 to €104,726
of which Trade receivables: +€15,713
- Intangible fixed assets -€2,938
down €2,938 (-36.8%), from €7,984 to €5,046
- Reserves +€12,399
up €12,399 (+10.4%), from €118,684 to €131,084
- Tax, wage and social debts +€2,994
up €2,994 (+27.7%), from €10,829 to €13,823
of which Taxes: +€2,994
- Gross operating margin -€12,231
down €12,231 (-31.3%), from €39,101 to €26,870
- Other operating charges +€3,426
up €3,426 (+270.6%), from €1,266 to €4,692
- Taxes -€982
down €982 (-14.0%), from €7,021 to €6,039
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.
Cash bridge derived
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 | €162,671 | €177,065 | +€14,394 | +8.8% |
| Fixed assets | 21/28 | €8,842 | €7,034 | -€1,809 | -20.5% |
| Intangible fixed assets | 21 | €7,984 | €5,046 | -€2,938 | -36.8% |
| Tangible fixed assets | 22/27 | €858 | €1,988 | +€1,129 | +131.5% |
| Plant, machinery and equipment | 23 | €392 | €183 | -€209 | -53.3% |
| Furniture and vehicles | 24 | €467 | €1,805 | +€1,338 | +286.6% |
| Current assets | 29/58 | €153,829 | €170,032 | +€16,203 | +10.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €89,938 | €104,726 | +€14,788 | +16.4% |
| Trade receivables | 40 | €833 | €16,546 | +€15,713 | +1887.2% |
| Other amounts receivable | 41 | €89,105 | €88,180 | -€925 | -1.0% |
| Cash at bank and in hand | 54/58 | €63,855 | €65,306 | +€1,451 | +2.3% |
| Deferred charges and accrued income | 490/1 | €36 | €0 | -€36 | -100.0% |
| Total equity and liabilities | 10/49 | €162,671 | €177,065 | +€14,394 | +8.8% |
| Equity | 10/15 | €147,554 | €159,953 | +€12,399 | +8.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €118,684 | €131,084 | +€12,399 | +10.4% |
| Distributable reserves | 133 | €118,684 | €131,084 | +€12,399 | +10.4% |
| Profit (loss) carried forward | 14 | €26,869 | €26,869 | = | 0.0% |
| Amounts payable | 17/49 | €15,117 | €17,112 | +€1,995 | +13.2% |
| Amounts payable within one year | 42/48 | €15,117 | €17,112 | +€1,995 | +13.2% |
| Trade debts | 44 | €3,781 | €3,132 | -€649 | -17.2% |
| Suppliers | 440/4 | €3,781 | €3,132 | -€649 | -17.2% |
| Taxes, remuneration and social security | 45 | €10,829 | €13,823 | +€2,994 | +27.7% |
| Taxes | 450/3 | €10,829 | €13,823 | +€2,994 | +27.7% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €508 | €157 | -€351 | -69.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,901 | €3,656 | -€245 | -6.3% |
| Other operating charges | 640/8 | €1,266 | €4,692 | +€3,426 | +270.6% |
| Gross operating margin | 9900 | €39,101 | €26,870 | -€12,231 | -31.3% |
| Operating profit (loss) | 9901 | €33,934 | €18,522 | -€15,412 | -45.4% |
| Financial charges | 65/66B | €44 | €84 | +€40 | +90.6% |
| Recurring financial charges | 65 | €44 | €84 | +€40 | +90.6% |
| Profit (loss) for the period before taxes | 9903 | €33,890 | €18,439 | -€15,452 | -45.6% |
| Income taxes | 67/77 | €7,021 | €6,039 | -€982 | -14.0% |
| Profit (loss) for the period | 9904 | €26,869 | €12,399 | -€14,470 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,869 | €12,399 | -€14,470 | -53.9% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.