DE KEGHEL: 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.
DE KEGHEL
Largest movements
- Receivables within one year +€30,536
up €30,536 (+48.7%), from €62,699 to €93,236
of which Trade receivables: +€18,957
- Tangible fixed assets +€26,468
up €26,468 (+384%), from €6,891 to €33,360
of which Furniture and vehicles: +€26,703
- Cash +€2,170
up €2,170 (+22.0%), from €9,876 to €12,046
mainly Trade debts (+€29,318) and Debts after one year (+€22,570)
- Trade debts +€29,318
up €29,318 (+72.4%), from €40,477 to €69,795
- Debts after one year +€22,570
new in 2025: €22,570
- Current portion of long-term debt +€4,846
new in 2025: €4,846
- Reserves +€4,016
up €4,016 (+7.3%), from €55,315 to €59,330
of which Distributable reserves: +€4,016
- Tax, wage and social debts -€3,545
down €3,545 (-22.2%), from €15,990 to €12,445
- Depreciation +€6,274
up €6,274 (+540%), from €1,161 to €7,436
- Gross operating margin +€2,056
up €2,056 (+17.7%), from €11,596 to €13,652
- Taxes -€1,088
down €1,088 (-56.1%), from €1,939 to €851
- Other operating charges -€800
down €800 (-51.3%), from €1,560 to €759
- Financial charges +€447
up €447 (+279%), from €160 to €607
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 | €125,966 | €184,504 | +€58,538 | +46.5% |
| Fixed assets | 21/28 | €9,341 | €35,810 | +€26,468 | +283% |
| Tangible fixed assets | 22/27 | €6,891 | €33,360 | +€26,468 | +384% |
| Plant, machinery and equipment | 23 | €1,018 | €783 | -€235 | -23.1% |
| Furniture and vehicles | 24 | €5,874 | €32,577 | +€26,703 | +455% |
| Financial fixed assets | 28 | €2,450 | €2,450 | = | 0.0% |
| Current assets | 29/58 | €116,625 | €148,695 | +€32,070 | +27.5% |
| Amounts receivable after more than one year | 29 | €24,758 | €24,758 | = | 0.0% |
| Other amounts receivable | 291 | €24,758 | €24,758 | = | 0.0% |
| Stocks and contracts in progress | 3 | €18,847 | €18,050 | -€797 | -4.2% |
| Stocks | 30/36 | €18,847 | €18,050 | -€797 | -4.2% |
| Amounts receivable within one year | 40/41 | €62,699 | €93,236 | +€30,536 | +48.7% |
| Trade receivables | 40 | €36,771 | €55,728 | +€18,957 | +51.6% |
| Other amounts receivable | 41 | €25,928 | €37,508 | +€11,580 | +44.7% |
| Cash at bank and in hand | 54/58 | €9,876 | €12,046 | +€2,170 | +22.0% |
| Deferred charges and accrued income | 490/1 | €445 | €605 | +€161 | +36.1% |
| Total equity and liabilities | 10/49 | €125,966 | €184,504 | +€58,538 | +46.5% |
| Equity | 10/15 | €67,371 | €71,386 | +€4,016 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,315 | €59,330 | +€4,016 | +7.3% |
| Non-distributable reserves | 130/1 | €1,082 | €1,082 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,082 | €1,082 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €50,733 | €54,748 | +€4,016 | +7.9% |
| Profit (loss) carried forward | 14 | -€6,544 | -€6,544 | = | 0.0% |
| Amounts payable | 17/49 | €58,595 | €113,118 | +€54,523 | +93.0% |
| Amounts payable after more than one year | 17 | - | €22,570 | +€22,570 | |
| Financial debts | 170/4 | - | €22,570 | +€22,570 | |
| Amounts payable within one year | 42/48 | €58,595 | €90,549 | +€31,953 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,846 | +€4,846 | |
| Trade debts | 44 | €40,477 | €69,795 | +€29,318 | +72.4% |
| Suppliers | 440/4 | €40,477 | €69,795 | +€29,318 | +72.4% |
| Taxes, remuneration and social security | 45 | €15,990 | €12,445 | -€3,545 | -22.2% |
| Taxes | 450/3 | €15,990 | €12,445 | -€3,545 | -22.2% |
| Other amounts payable | 47/48 | €2,128 | €3,462 | +€1,333 | +62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,161 | €7,436 | +€6,274 | +540% |
| Other operating charges | 640/8 | €1,560 | €759 | -€800 | -51.3% |
| Gross operating margin | 9900 | €11,596 | €13,652 | +€2,056 | +17.7% |
| Operating profit (loss) | 9901 | €8,875 | €5,457 | -€3,418 | -38.5% |
| Financial income | 75/76B | €22 | €17 | -€5 | -24.6% |
| Recurring financial income | 75 | €22 | €17 | -€5 | -24.6% |
| Financial charges | 65/66B | €160 | €607 | +€447 | +279% |
| Recurring financial charges | 65 | €160 | €607 | +€447 | +279% |
| Profit (loss) for the period before taxes | 9903 | €8,737 | €4,867 | -€3,870 | -44.3% |
| Income taxes | 67/77 | €1,939 | €851 | -€1,088 | -56.1% |
| Profit (loss) for the period | 9904 | €6,798 | €4,016 | -€2,782 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,798 | €4,016 | -€2,782 | -40.9% |
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 15 October 2026 via checked.be.