De Keyser: 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 Keyser
Largest movements
- Receivables after one year -€91,000
down €91,000 (-23.0%), from €395,500 to €304,500
of which Trade receivables: -€395,500
- Stocks and contracts +€22,363
up €22,363 (+9.5%), from €235,331 to €257,694
- Cash +€16,771
up €16,771 (+15.7%), from €107,072 to €123,844
mainly Receivables after one year (+€91,000) and Net result for the year (+€68,875)
- Trade debts -€68,042
down €68,042 (-20.1%), from €338,132 to €270,090
- Advances received +€20,000
new in 2025: €20,000
- Reserves -€15,961
down €15,961 (-36.8%), from €43,312 to €27,352
- Profit (loss) carried forward +€15,798
up €15,798 (+6.6%), from €238,250 to €254,048
- Staff costs +€52,305
up €52,305 (+21.5%), from €242,847 to €295,152
- Gross operating margin +€22,520
up €22,520 (+5.9%), from €384,319 to €406,839
- Financial income +€15,850
up €15,850 (+1,247%), from €1,271 to €17,121
- Taxes -€14,826
down €14,826 (-32.2%), from €46,111 to €31,284
- Other operating charges +€8,178
up €8,178 (+225%), from €3,629 to €11,807
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 | €1,037,181 | €989,346 | -€47,835 | -4.6% |
| Fixed assets | 21/28 | €34,074 | €34,086 | +€11 | 0.0% |
| Intangible fixed assets | 21 | - | €4,496 | +€4,496 | |
| Tangible fixed assets | 22/27 | €33,652 | €28,667 | -€4,985 | -14.8% |
| Plant, machinery and equipment | 23 | €9,874 | €7,914 | -€1,961 | -19.9% |
| Furniture and vehicles | 24 | €888 | €607 | -€281 | -31.6% |
| Other tangible fixed assets | 26 | €22,890 | €20,146 | -€2,743 | -12.0% |
| Financial fixed assets | 28 | €422 | €922 | +€500 | +118% |
| Current assets | 29/58 | €1,003,107 | €955,261 | -€47,846 | -4.8% |
| Amounts receivable after more than one year | 29 | €395,500 | €304,500 | -€91,000 | -23.0% |
| Trade receivables | 290 | €395,500 | €0 | -€395,500 | -100% |
| Other amounts receivable | 291 | - | €304,500 | +€304,500 | |
| Stocks and contracts in progress | 3 | €235,331 | €257,694 | +€22,363 | +9.5% |
| Stocks | 30/36 | €235,331 | €257,694 | +€22,363 | +9.5% |
| Amounts receivable within one year | 40/41 | €260,586 | €254,235 | -€6,351 | -2.4% |
| Trade receivables | 40 | €247,409 | €237,881 | -€9,528 | -3.9% |
| Other amounts receivable | 41 | €13,177 | €16,353 | +€3,176 | +24.1% |
| Cash at bank and in hand | 54/58 | €107,072 | €123,844 | +€16,771 | +15.7% |
| Deferred charges and accrued income | 490/1 | €4,617 | €14,988 | +€10,371 | +225% |
| Total equity and liabilities | 10/49 | €1,037,181 | €989,346 | -€47,835 | -4.6% |
| Equity | 10/15 | €300,163 | €300,000 | -€163 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,312 | €27,352 | -€15,961 | -36.8% |
| Distributable reserves | 133 | €43,312 | €27,352 | -€15,961 | -36.8% |
| Profit (loss) carried forward | 14 | €238,250 | €254,048 | +€15,798 | +6.6% |
| Amounts payable | 17/49 | €737,018 | €689,346 | -€47,672 | -6.5% |
| Amounts payable within one year | 42/48 | €737,018 | €689,346 | -€47,672 | -6.5% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €338,132 | €270,090 | -€68,042 | -20.1% |
| Suppliers | 440/4 | €338,132 | €270,090 | -€68,042 | -20.1% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €108,501 | €99,939 | -€8,562 | -7.9% |
| Taxes | 450/3 | €71,518 | €67,031 | -€4,487 | -6.3% |
| Remuneration and social security | 454/9 | €36,983 | €32,908 | -€4,075 | -11.0% |
| Other amounts payable | 47/48 | €240,385 | €249,317 | +€8,932 | +3.7% |
| Non-recurring operating income | 76A | €0 | €23,948 | +€23,948 | |
| Remuneration, social security and pensions | 62 | €242,847 | €295,152 | +€52,305 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,120 | €6,817 | +€2,697 | +65.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,893 | €0 | -€6,893 | -100% |
| Other operating charges | 640/8 | €3,629 | €11,807 | +€8,178 | +225% |
| Non-recurring operating charges | 66A | €1,008 | €0 | -€1,008 | -100% |
| Gross operating margin | 9900 | €384,319 | €406,839 | +€22,520 | +5.9% |
| Operating profit (loss) | 9901 | €125,822 | €93,063 | -€32,759 | -26.0% |
| Financial income | 75/76B | €1,271 | €17,121 | +€15,850 | +1,247% |
| Recurring financial income | 75 | €1,271 | €17,121 | +€15,850 | +1,247% |
| Financial charges | 65/66B | €9,123 | €10,025 | +€902 | +9.9% |
| Recurring financial charges | 65 | €9,123 | €10,025 | +€902 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €117,970 | €100,159 | -€17,811 | -15.1% |
| Income taxes | 67/77 | €46,111 | €31,284 | -€14,826 | -32.2% |
| Profit (loss) for the period | 9904 | €71,859 | €68,875 | -€2,984 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,859 | €68,875 | -€2,984 | -4.2% |
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 16 October 2026 via checked.be.