De Keukelaere: 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 Keukelaere
Largest movements
- Tangible fixed assets +€14,563
up €14,563 (+261%), from €5,583 to €20,146
- Receivables within one year +€9,838
up €9,838 (+70.8%), from €13,897 to €23,735
of which Trade receivables: +€8,182
- Cash -€9,014
down €9,014 (-17.4%), from €51,944 to €42,930
mainly Investment in fixed assets (net) (-€21,215) and Receivables within one year (-€9,838)
- Tax, wage and social debts -€8,996
down €8,996 (-59.2%), from €15,207 to €6,212
of which Taxes: -€8,836
- Profit (loss) carried forward +€7,868
up €7,868 (+26.1%), from €30,111 to €37,980
- Trade debts +€7,475
up €7,475 (+348%), from €2,151 to €9,627
- Debts after one year +€7,245
new in 2025: €7,245
- Current portion of long-term debt +€5,959
new in 2025: €5,959
- Gross operating margin -€20,887
down €20,887 (-52.7%), from €39,644 to €18,756
- Taxes -€5,492
down €5,492 (-65.3%), from €8,409 to €2,917
- Depreciation +€5,018
up €5,018 (+307%), from €1,634 to €6,652
- Financial charges +€617
up €617 (+258%), from €240 to €856
- Other operating charges +€447
up €447 (+171%), from €261 to €709
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 | €71,424 | €86,811 | +€15,387 | +21.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €5,583 | €20,146 | +€14,563 | +261% |
| Tangible fixed assets | 22/27 | €5,583 | €20,146 | +€14,563 | +261% |
| Furniture and vehicles | 24 | €5,583 | €20,146 | +€14,563 | +261% |
| Current assets | 29/58 | €65,840 | €66,665 | +€824 | +1.3% |
| Amounts receivable within one year | 40/41 | €13,897 | €23,735 | +€9,838 | +70.8% |
| Trade receivables | 40 | €13,897 | €22,078 | +€8,182 | +58.9% |
| Other amounts receivable | 41 | - | €1,656 | +€1,656 | |
| Cash at bank and in hand | 54/58 | €51,944 | €42,930 | -€9,014 | -17.4% |
| Total equity and liabilities | 10/49 | €71,424 | €86,811 | +€15,387 | +21.5% |
| Equity | 10/15 | €33,111 | €40,980 | +€7,868 | +23.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,111 | €37,980 | +€7,868 | +26.1% |
| Amounts payable | 17/49 | €38,312 | €45,831 | +€7,519 | +19.6% |
| Amounts payable after more than one year | 17 | - | €7,245 | +€7,245 | |
| Financial debts | 170/4 | - | €7,245 | +€7,245 | |
| Amounts payable within one year | 42/48 | €38,312 | €38,587 | +€274 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,959 | +€5,959 | |
| Trade debts | 44 | €2,151 | €9,627 | +€7,475 | +348% |
| Suppliers | 440/4 | €2,151 | €9,627 | +€7,475 | +348% |
| Taxes, remuneration and social security | 45 | €15,207 | €6,212 | -€8,996 | -59.2% |
| Taxes | 450/3 | €15,047 | €6,212 | -€8,836 | -58.7% |
| Remuneration and social security | 454/9 | €160 | €0 | -€160 | -100% |
| Other amounts payable | 47/48 | €20,954 | €16,789 | -€4,165 | -19.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,634 | €6,652 | +€5,018 | +307% |
| Other operating charges | 640/8 | €261 | €709 | +€447 | +171% |
| Gross operating margin | 9900 | €39,644 | €18,756 | -€20,887 | -52.7% |
| Operating profit (loss) | 9901 | €37,749 | €11,396 | -€26,353 | -69.8% |
| Financial income | 75/76B | €15 | €246 | +€231 | +1,541% |
| Recurring financial income | 75 | €15 | €246 | +€231 | +1,541% |
| Financial charges | 65/66B | €240 | €856 | +€617 | +258% |
| Recurring financial charges | 65 | €240 | €856 | +€617 | +258% |
| Profit (loss) for the period before taxes | 9903 | €37,524 | €10,786 | -€26,739 | -71.3% |
| Income taxes | 67/77 | €8,409 | €2,917 | -€5,492 | -65.3% |
| Profit (loss) for the period | 9904 | €29,115 | €7,868 | -€21,247 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,115 | €7,868 | -€21,247 | -73.0% |
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 13 October 2026 via checked.be.