DE KEIGNAERT: 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 KEIGNAERT
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+96.7%), from €1.1m to €2.2m
of which Land and buildings: +€1.1m
- Cash -€489,169
down €489,169 (-90.0%), from €543,677 to €54,507
mainly Other debts (-€1.5m) and Investment in fixed assets (net) (-€1.2m)
- Stocks and contracts -€202,707
down €202,707 (-4.2%), from €4.9m to €4.7m
- Debts after one year +€2.5m
up €2.5m (+122%), from €2.1m to €4.6m
- Other debts -€1.5m
down €1.5m (-46.0%), from €3.2m to €1.7m
- Current portion of long-term debt -€329,687
down €329,687 (-37.5%), from €879,992 to €550,305
- Reserves -€189,027
down €189,027 (-3.9%), from €4.9m to €4.7m
of which Distributable reserves: -€188,592
- Gross operating margin -€613,380
down €613,380, from €539,223 to -€74,157
- Financial income +€148,294
up €148,294 (+62.2%), from €238,238 to €386,532
- Other operating charges +€126,561
up €126,561 (+616%), from €20,531 to €147,092
- Depreciation +€47,702
up €47,702 (+42.6%), from €111,886 to €159,588
- Taxes -€26,465
down €26,465 (-82.4%), from €32,117 to €5,653
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 | €13,290,162 | €13,651,748 | +€361,587 | +2.7% |
| Fixed assets | 21/28 | €2,974,659 | €3,981,568 | +€1.0m | +33.8% |
| Intangible fixed assets | 21 | €77,401 | - | -€77,401 | |
| Tangible fixed assets | 22/27 | €1,121,319 | €2,205,779 | +€1.1m | +96.7% |
| Land and buildings | 22 | €521,412 | €1,615,192 | +€1.1m | +210% |
| Furniture and vehicles | 24 | €5,204 | €32,835 | +€27,631 | +531% |
| Other tangible fixed assets | 26 | €594,702 | €557,752 | -€36,950 | -6.2% |
| Financial fixed assets | 28 | €1,775,939 | €1,775,789 | -€150 | 0.0% |
| Current assets | 29/58 | €10,315,503 | €9,670,180 | -€645,323 | -6.3% |
| Amounts receivable after more than one year | 29 | €613,693 | €572,443 | -€41,250 | -6.7% |
| Other amounts receivable | 291 | €613,693 | €572,443 | -€41,250 | -6.7% |
| Stocks and contracts in progress | 3 | €4,873,720 | €4,671,013 | -€202,707 | -4.2% |
| Stocks | 30/36 | €4,873,720 | €4,671,013 | -€202,707 | -4.2% |
| Amounts receivable within one year | 40/41 | €3,962,401 | €3,957,129 | -€5,272 | -0.1% |
| Trade receivables | 40 | €219,776 | €207,666 | -€12,111 | -5.5% |
| Other amounts receivable | 41 | €3,742,625 | €3,749,463 | +€6,838 | +0.2% |
| Current investments | 50/53 | €145,000 | €138,624 | -€6,376 | -4.4% |
| Cash at bank and in hand | 54/58 | €543,677 | €54,507 | -€489,169 | -90.0% |
| Deferred charges and accrued income | 490/1 | €177,012 | €276,464 | +€99,452 | +56.2% |
| Total equity and liabilities | 10/49 | €13,290,162 | €13,651,748 | +€361,587 | +2.7% |
| Equity | 10/15 | €5,021,380 | €4,726,800 | -€294,580 | -5.9% |
| Contributions | 10/11 | €136,400 | €136,400 | = | 0.0% |
| Reserves | 13 | €4,884,980 | €4,695,953 | -€189,027 | -3.9% |
| Non-distributable reserves | 130/1 | €234,177 | €234,177 | = | 0.0% |
| Reserves not available under the articles | 1311 | €234,177 | €234,177 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,497 | €2,063 | -€434 | -17.4% |
| Distributable reserves | 133 | €4,648,306 | €4,459,713 | -€188,592 | -4.1% |
| Profit (loss) carried forward | 14 | - | -€105,553 | -€105,553 | |
| Amounts payable | 17/49 | €8,268,782 | €8,924,948 | +€656,166 | +7.9% |
| Amounts payable after more than one year | 17 | €2,074,547 | €4,595,754 | +€2.5m | +122% |
| Financial debts | 170/4 | €2,074,547 | €4,595,754 | +€2.5m | +122% |
| Amounts payable within one year | 42/48 | €6,069,923 | €4,291,519 | -€1.8m | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €879,992 | €550,305 | -€329,687 | -37.5% |
| Financial debts | 43 | €1,964,000 | €1,964,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,964,000 | €1,964,000 | = | 0.0% |
| Trade debts | 44 | €18,630 | €42,667 | +€24,037 | +129% |
| Suppliers | 440/4 | €18,630 | €42,667 | +€24,037 | +129% |
| Taxes, remuneration and social security | 45 | €36,359 | €21,801 | -€14,558 | -40.0% |
| Taxes | 450/3 | €36,359 | €21,801 | -€14,558 | -40.0% |
| Other amounts payable | 47/48 | €3,170,941 | €1,712,746 | -€1.5m | -46.0% |
| Accrued charges and deferred income | 492/3 | €124,313 | €37,676 | -€86,637 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,886 | €159,588 | +€47,702 | +42.6% |
| Other operating charges | 640/8 | €20,531 | €147,092 | +€126,561 | +616% |
| Gross operating margin | 9900 | €539,223 | -€74,157 | -€613,380 | |
| Operating profit (loss) | 9901 | €406,807 | -€380,837 | -€787,644 | |
| Financial income | 75/76B | €238,238 | €386,532 | +€148,294 | +62.2% |
| Recurring financial income | 75 | €238,238 | €386,532 | +€148,294 | +62.2% |
| Financial charges | 65/66B | €293,250 | €294,622 | +€1,373 | +0.5% |
| Recurring financial charges | 65 | €293,250 | €294,622 | +€1,373 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €351,795 | -€288,927 | -€640,722 | |
| Income taxes | 67/77 | €32,117 | €5,653 | -€26,465 | -82.4% |
| Profit (loss) for the period | 9904 | €319,678 | -€294,580 | -€614,258 | |
| Transfer from tax-exempt reserves | 789 | €434 | €434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €320,112 | -€294,145 | -€614,258 |
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 21 October 2026 via checked.be.