De Keet: 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.
De Keet
Largest movements
- Cash -€38,043
down €38,043 (-68.4%), from €55,583 to €17,540
mainly Receivables within one year (-€28,797) and Investment in fixed assets (net) (-€15,395)
- Receivables within one year +€28,797
up €28,797 (+2749.0%), from €1,048 to €29,845
of which Trade receivables: +€29,387
- Tangible fixed assets +€10,556
up €10,556 (+139.0%), from €7,594 to €18,150
of which Furniture and vehicles: +€11,731
- Intangible fixed assets -€3,500
down €3,500 (-12.9%), from €27,089 to €23,589
- Stocks and contracts +€2,538
new in 2025: €2,538
- Trade debts +€39,215
up €39,215 (+376.5%), from €10,415 to €49,630
- Tax, wage and social debts -€15,218
down €15,218 (-50.6%), from €30,053 to €14,835
of which Taxes: -€18,553
- Reserves -€14,166
down €14,166 (-38.0%), from €37,306 to €23,141
- Advances received -€9,419
no longer reported in 2025 (was €9,419)
- Debts after one year +€7,057
new in 2025: €7,057
- Gross operating margin -€58,213
down €58,213 (-86.4%), from €67,412 to €9,199
- Taxes -€11,511
down €11,511, from €11,500 to -€11
- Staff costs +€11,193
new in 2025: €11,193
- Depreciation +€2,366
up €2,366 (+41.1%), from €5,753 to €8,119
- Financial income +€2,282
up €2,282 (+6012.5%), from €38 to €2,320
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 | €96,871 | €98,663 | +€1,792 | +1.8% |
| Fixed assets | 21/28 | €39,633 | €46,909 | +€7,276 | +18.4% |
| Intangible fixed assets | 21 | €27,089 | €23,589 | -€3,500 | -12.9% |
| Tangible fixed assets | 22/27 | €7,594 | €18,150 | +€10,556 | +139.0% |
| Plant, machinery and equipment | 23 | €5,634 | €4,459 | -€1,175 | -20.9% |
| Furniture and vehicles | 24 | €1,960 | €13,691 | +€11,731 | +598.5% |
| Financial fixed assets | 28 | €4,950 | €5,170 | +€220 | +4.4% |
| Current assets | 29/58 | €57,238 | €51,754 | -€5,484 | -9.6% |
| Stocks and contracts in progress | 3 | - | €2,538 | +€2,538 | |
| Stocks | 30/36 | - | €2,538 | +€2,538 | |
| Amounts receivable within one year | 40/41 | €1,048 | €29,845 | +€28,797 | +2749.0% |
| Trade receivables | 40 | €458 | €29,845 | +€29,387 | +6414.9% |
| Other amounts receivable | 41 | €589 | - | -€589 | |
| Cash at bank and in hand | 54/58 | €55,583 | €17,540 | -€38,043 | -68.4% |
| Deferred charges and accrued income | 490/1 | €607 | €1,830 | +€1,223 | +201.3% |
| Total equity and liabilities | 10/49 | €96,871 | €98,663 | +€1,792 | +1.8% |
| Equity | 10/15 | €41,306 | €27,141 | -€14,166 | -34.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €37,306 | €23,141 | -€14,166 | -38.0% |
| Distributable reserves | 133 | €37,306 | €23,141 | -€14,166 | -38.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €55,565 | €71,522 | +€15,958 | +28.7% |
| Amounts payable after more than one year | 17 | - | €7,057 | +€7,057 | |
| Financial debts | 170/4 | - | €7,057 | +€7,057 | |
| Amounts payable within one year | 42/48 | €55,565 | €64,465 | +€8,901 | +16.0% |
| Trade debts | 44 | €10,415 | €49,630 | +€39,215 | +376.5% |
| Suppliers | 440/4 | €10,415 | €49,630 | +€39,215 | +376.5% |
| Advances received on contracts in progress | 46 | €9,419 | - | -€9,419 | |
| Taxes, remuneration and social security | 45 | €30,053 | €14,835 | -€15,218 | -50.6% |
| Taxes | 450/3 | €30,053 | €11,500 | -€18,553 | -61.7% |
| Remuneration and social security | 454/9 | - | €3,335 | +€3,335 | |
| Other amounts payable | 47/48 | €5,677 | - | -€5,677 | |
| Remuneration, social security and pensions | 62 | - | €11,193 | +€11,193 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,753 | €8,119 | +€2,366 | +41.1% |
| Other operating charges | 640/8 | €1,237 | €3,200 | +€1,963 | +158.7% |
| Gross operating margin | 9900 | €67,412 | €9,199 | -€58,213 | -86.4% |
| Operating profit (loss) | 9901 | €60,422 | -€13,313 | -€73,735 | |
| Financial income | 75/76B | €38 | €2,320 | +€2,282 | +6012.5% |
| Recurring financial income | 75 | €38 | €2,320 | +€2,282 | +6012.5% |
| Financial charges | 65/66B | €3,854 | €3,184 | -€670 | -17.4% |
| Recurring financial charges | 65 | €3,854 | €3,184 | -€670 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €56,606 | -€14,177 | -€70,783 | |
| Income taxes | 67/77 | €11,500 | -€11 | -€11,511 | |
| Profit (loss) for the period | 9904 | €45,106 | -€14,166 | -€59,272 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,106 | -€14,166 | -€59,272 |
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 6 October 2026 via checked.be.