DE KEERSMAEKER: what changed
DE KEERSMAEKER
Largest movements
- Tangible fixed assets -€11,534
down €11,534 (-9.2%), from €125,996 to €114,462
of which Furniture and vehicles: -€11,178
- Receivables within one year -€9,712
down €9,712 (-72.1%), from €13,469 to €3,757
of which Trade receivables: -€5,717
- Cash +€4,201
up €4,201 (+193%), from €2,176 to €6,377
mainly Depreciation (+€11,534) and Receivables within one year (+€9,712)
- Tax, wage and social debts -€15,599
down €15,599 (-84.7%), from €18,412 to €2,813
- Debts after one year -€10,420
down €10,420 (-45.5%), from €22,905 to €12,486
- Reserves +€5,575
up €5,575 (+67.4%), from €8,270 to €13,845
of which Distributable reserves: +€5,575
- Trade debts -€5,377
down €5,377 (-26.9%), from €19,978 to €14,600
- Accrued charges and deferred income +€5,344
up €5,344 (+2,508%), from €213 to €5,557
- Write-downs -€4,971
new in 2025: -€4,971
- Financial charges +€4,474
up €4,474 (+358%), from €1,250 to €5,723
- Depreciation +€921
up €921 (+8.7%), from €10,613 to €11,534
- Gross operating margin -€622
down €622 (-3.0%), from €20,394 to €19,772
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,970 | €124,640 | -€17,329 | -12.2% |
| Fixed assets | 21/28 | €125,996 | €114,462 | -€11,534 | -9.2% |
| Tangible fixed assets | 22/27 | €125,996 | €114,462 | -€11,534 | -9.2% |
| Land and buildings | 22 | €91,080 | €91,080 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,621 | €1,265 | -€356 | -22.0% |
| Furniture and vehicles | 24 | €33,294 | €22,116 | -€11,178 | -33.6% |
| Current assets | 29/58 | €15,974 | €10,179 | -€5,795 | -36.3% |
| Amounts receivable within one year | 40/41 | €13,469 | €3,757 | -€9,712 | -72.1% |
| Trade receivables | 40 | €8,254 | €2,538 | -€5,717 | -69.3% |
| Other amounts receivable | 41 | €5,215 | €1,219 | -€3,996 | -76.6% |
| Cash at bank and in hand | 54/58 | €2,176 | €6,377 | +€4,201 | +193% |
| Deferred charges and accrued income | 490/1 | €329 | €45 | -€284 | -86.4% |
| Total equity and liabilities | 10/49 | €141,970 | €124,640 | -€17,329 | -12.2% |
| Equity | 10/15 | €70,270 | €75,845 | +€5,575 | +7.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €8,270 | €13,845 | +€5,575 | +67.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,070 | €7,645 | +€5,575 | +269% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €71,699 | €48,795 | -€22,904 | -31.9% |
| Amounts payable after more than one year | 17 | €22,905 | €12,486 | -€10,420 | -45.5% |
| Financial debts | 170/4 | €22,905 | €12,486 | -€10,420 | -45.5% |
| Amounts payable within one year | 42/48 | €48,581 | €30,752 | -€17,828 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €10,191 | €11,322 | +€1,131 | +11.1% |
| Trade debts | 44 | €19,978 | €14,600 | -€5,377 | -26.9% |
| Suppliers | 440/4 | €19,978 | €14,600 | -€5,377 | -26.9% |
| Taxes, remuneration and social security | 45 | €18,412 | €2,813 | -€15,599 | -84.7% |
| Taxes | 450/3 | €18,412 | €2,813 | -€15,599 | -84.7% |
| Other amounts payable | 47/48 | €0 | €2,016 | +€2,016 | |
| Accrued charges and deferred income | 492/3 | €213 | €5,557 | +€5,344 | +2,508% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,613 | €11,534 | +€921 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,971 | -€4,971 | |
| Other operating charges | 640/8 | €1,667 | €1,509 | -€158 | -9.5% |
| Gross operating margin | 9900 | €20,394 | €19,772 | -€622 | -3.0% |
| Operating profit (loss) | 9901 | €8,115 | €11,700 | +€3,585 | +44.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100% |
| Financial charges | 65/66B | €1,250 | €5,723 | +€4,474 | +358% |
| Recurring financial charges | 65 | €1,250 | €5,723 | +€4,474 | +358% |
| Profit (loss) for the period before taxes | 9903 | €6,865 | €5,977 | -€888 | -12.9% |
| Income taxes | 67/77 | €420 | €402 | -€18 | -4.2% |
| Profit (loss) for the period | 9904 | €6,446 | €5,575 | -€871 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,446 | €5,575 | -€871 | -13.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.