David Keppens: 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.
David Keppens
Largest movements
- Tangible fixed assets -€16,588
down €16,588 (-24.8%), from €66,970 to €50,382
of which Furniture and vehicles: -€14,503
- Receivables within one year +€10,684
up €10,684 (+40.1%), from €26,654 to €37,338
of which Trade receivables: +€11,266
- Receivables after one year -€2,985
down €2,985 (-60.8%), from €4,909 to €1,923
of which Other amounts receivable: -€2,985
- Current investments +€2,664
up €2,664 (+15.1%), from €17,589 to €20,252
- Cash -€2,202
down €2,202 (-50.1%), from €4,397 to €2,196
mainly Debts after one year (-€12,298) and Receivables within one year (-€10,684)
- Debts after one year -€12,298
down €12,298 (-41.5%), from €29,665 to €17,367
- Reserves +€2,942
up €2,942 (+5.1%), from €57,319 to €60,260
of which Distributable reserves: +€5,431
- Other debts -€2,187
down €2,187 (-33.8%), from €6,471 to €4,284
- Trade debts +€1,858
up €1,858 (+16.9%), from €10,975 to €12,833
- Gross operating margin -€6,327
down €6,327 (-20.0%), from €31,692 to €25,365
- Other operating charges -€830
down €830 (-37.3%), from €2,227 to €1,397
- Financial charges -€625
down €625 (-27.9%), from €2,239 to €1,614
- Taxes -€374
down €374 (-16.6%), from €2,247 to €1,873
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 | €131,856 | €122,944 | -€8,913 | -6.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €66,970 | €50,382 | -€16,588 | -24.8% |
| Tangible fixed assets | 22/27 | €66,970 | €50,382 | -€16,588 | -24.8% |
| Land and buildings | 22 | €6,719 | €6,432 | -€287 | -4.3% |
| Plant, machinery and equipment | 23 | €7,291 | €6,302 | -€988 | -13.6% |
| Furniture and vehicles | 24 | €47,999 | €33,496 | -€14,503 | -30.2% |
| Other tangible fixed assets | 26 | €4,962 | €4,151 | -€810 | -16.3% |
| Current assets | 29/58 | €64,886 | €72,561 | +€7,676 | +11.8% |
| Amounts receivable after more than one year | 29 | €4,909 | €1,923 | -€2,985 | -60.8% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €4,909 | €1,923 | -€2,985 | -60.8% |
| Stocks and contracts in progress | 3 | €7,500 | €6,679 | -€821 | -10.9% |
| Contracts in progress | 37 | €7,500 | €6,679 | -€821 | -10.9% |
| Amounts receivable within one year | 40/41 | €26,654 | €37,338 | +€10,684 | +40.1% |
| Trade receivables | 40 | €19,764 | €31,031 | +€11,266 | +57.0% |
| Other amounts receivable | 41 | €6,890 | €6,307 | -€582 | -8.5% |
| Current investments | 50/53 | €17,589 | €20,252 | +€2,664 | +15.1% |
| Cash at bank and in hand | 54/58 | €4,397 | €2,196 | -€2,202 | -50.1% |
| Deferred charges and accrued income | 490/1 | €3,837 | €4,173 | +€336 | +8.8% |
| Total equity and liabilities | 10/49 | €131,856 | €122,944 | -€8,913 | -6.8% |
| Equity | 10/15 | €69,933 | €72,874 | +€2,942 | +4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €57,319 | €60,260 | +€2,942 | +5.1% |
| Non-distributable reserves | 130/1 | €2,490 | - | -€2,490 | |
| Reserves not available under the articles | 1311 | €2,490 | - | -€2,490 | |
| Tax-exempt reserves | 132 | €8,835 | €8,835 | = | 0.0% |
| Distributable reserves | 133 | €45,994 | €51,426 | +€5,431 | +11.8% |
| Profit (loss) carried forward | 14 | €214 | €214 | = | 0.0% |
| Amounts payable | 17/49 | €61,924 | €50,069 | -€11,854 | -19.1% |
| Amounts payable after more than one year | 17 | €29,665 | €17,367 | -€12,298 | -41.5% |
| Financial debts | 170/4 | €29,665 | €17,367 | -€12,298 | -41.5% |
| Amounts payable within one year | 42/48 | €32,257 | €32,702 | +€445 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €11,857 | €12,298 | +€442 | +3.7% |
| Trade debts | 44 | €10,975 | €12,833 | +€1,858 | +16.9% |
| Suppliers | 440/4 | €10,975 | €12,833 | +€1,858 | +16.9% |
| Taxes, remuneration and social security | 45 | €2,955 | €3,287 | +€332 | +11.2% |
| Taxes | 450/3 | €2,955 | €2,787 | -€168 | -5.7% |
| Remuneration and social security | 454/9 | €0 | €500 | +€500 | |
| Other amounts payable | 47/48 | €6,471 | €4,284 | -€2,187 | -33.8% |
| Accrued charges and deferred income | 492/3 | €1 | €0 | -€1 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,683 | €17,796 | +€112 | +0.6% |
| Other operating charges | 640/8 | €2,227 | €1,397 | -€830 | -37.3% |
| Gross operating margin | 9900 | €31,692 | €25,365 | -€6,327 | -20.0% |
| Operating profit (loss) | 9901 | €11,782 | €6,172 | -€5,609 | -47.6% |
| Financial income | 75/76B | €206 | €234 | +€29 | +13.9% |
| Recurring financial income | 75 | €206 | €234 | +€29 | +13.9% |
| Financial charges | 65/66B | €2,239 | €1,614 | -€625 | -27.9% |
| Recurring financial charges | 65 | €2,239 | €1,614 | -€625 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €9,748 | €4,793 | -€4,956 | -50.8% |
| Income taxes | 67/77 | €2,247 | €1,873 | -€374 | -16.6% |
| Profit (loss) for the period | 9904 | €7,502 | €2,920 | -€4,582 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,502 | €2,920 | -€4,582 | -61.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.