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
- Current investments -€630,000
down €630,000 (-53.4%), from €1.2m to €550,000
- Tangible fixed assets +€628,119
up €628,119 (+216.5%), from €290,191 to €918,309
of which Leasing and similar rights: +€380,851
- Receivables within one year +€179,173
up €179,173 (+68.7%), from €260,761 to €439,934
of which Trade receivables: +€154,462
- Cash -€56,116
down €56,116 (-22.3%), from €251,865 to €195,749
mainly Contributions, distributions and other (-€1.2m) and Investment in fixed assets (net) (-€821,070)
- Profit (loss) carried forward -€904,727
down €904,727 (-100.0%), from €904,911 to €184
- Debts after one year +€318,059
new in 2025: €318,059
- Trade debts +€259,313
up €259,313 (+183.7%), from €141,175 to €400,488
- Other debts +€250,301
new in 2025: €250,301
- Current portion of long-term debt +€96,315
new in 2025: €96,315
- Gross operating margin +€253,620
up €253,620 (+25.0%), from €1.0m to €1.3m
- Staff costs +€172,754
up €172,754 (+35.8%), from €482,082 to €654,836
- Depreciation +€44,897
up €44,897 (+32.1%), from €139,784 to €184,681
- Taxes -€20,730
down €20,730 (-20.2%), from €102,554 to €81,824
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 | €2,018,225 | €2,147,058 | +€128,833 | +6.4% |
| Fixed assets | 21/28 | €290,350 | €926,739 | +€636,389 | +219.2% |
| Tangible fixed assets | 22/27 | €290,191 | €918,309 | +€628,119 | +216.5% |
| Plant, machinery and equipment | 23 | - | €12,970 | +€12,970 | |
| Furniture and vehicles | 24 | €290,191 | €524,488 | +€234,298 | +80.7% |
| Leasing and similar rights | 25 | - | €380,851 | +€380,851 | |
| Financial fixed assets | 28 | €160 | €8,430 | +€8,270 | +5175.5% |
| Current assets | 29/58 | €1,727,875 | €1,220,319 | -€507,556 | -29.4% |
| Amounts receivable within one year | 40/41 | €260,761 | €439,934 | +€179,173 | +68.7% |
| Trade receivables | 40 | €252,252 | €406,714 | +€154,462 | +61.2% |
| Other amounts receivable | 41 | €8,509 | €33,221 | +€24,711 | +290.4% |
| Current investments | 50/53 | €1,180,000 | €550,000 | -€630,000 | -53.4% |
| Cash at bank and in hand | 54/58 | €251,865 | €195,749 | -€56,116 | -22.3% |
| Deferred charges and accrued income | 490/1 | €35,248 | €34,636 | -€612 | -1.7% |
| Total equity and liabilities | 10/49 | €2,018,225 | €2,147,058 | +€128,833 | +6.4% |
| Equity | 10/15 | €1,833,243 | €1,015,516 | -€817,727 | -44.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €866,332 | €953,332 | +€87,000 | +10.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €858,300 | €866,300 | +€8,000 | +0.9% |
| Distributable reserves | 133 | €1,832 | €80,832 | +€79,000 | +4312.4% |
| Profit (loss) carried forward | 14 | €904,911 | €184 | -€904,727 | -100.0% |
| Amounts payable | 17/49 | €184,982 | €1,131,542 | +€946,560 | +511.7% |
| Amounts payable after more than one year | 17 | - | €318,059 | +€318,059 | |
| Financial debts | 170/4 | - | €318,059 | +€318,059 | |
| Amounts payable within one year | 42/48 | €183,119 | €811,188 | +€628,069 | +343.0% |
| Current portion of amounts payable after more than one year | 42 | - | €96,315 | +€96,315 | |
| Trade debts | 44 | €141,175 | €400,488 | +€259,313 | +183.7% |
| Suppliers | 440/4 | €141,175 | €400,488 | +€259,313 | +183.7% |
| Taxes, remuneration and social security | 45 | €41,944 | €64,084 | +€22,141 | +52.8% |
| Taxes | 450/3 | €2,019 | €23,154 | +€21,135 | +1046.8% |
| Remuneration and social security | 454/9 | €39,925 | €40,931 | +€1,006 | +2.5% |
| Other amounts payable | 47/48 | - | €250,301 | +€250,301 | |
| Accrued charges and deferred income | 492/3 | €1,863 | €2,296 | +€432 | +23.2% |
| Non-recurring operating income | 76A | €33,742 | €8,000 | -€25,742 | -76.3% |
| Remuneration, social security and pensions | 62 | €482,082 | €654,836 | +€172,754 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,784 | €184,681 | +€44,897 | +32.1% |
| Other operating charges | 640/8 | €9,428 | €12,617 | +€3,189 | +33.8% |
| Non-recurring operating charges | 66A | €0 | €8,317 | +€8,317 | |
| Gross operating margin | 9900 | €1,015,159 | €1,268,779 | +€253,620 | +25.0% |
| Operating profit (loss) | 9901 | €383,865 | €408,328 | +€24,463 | +6.4% |
| Financial income | 75/76B | €20,916 | €16,501 | -€4,416 | -21.1% |
| Recurring financial income | 75 | €20,916 | €16,501 | -€4,416 | -21.1% |
| Financial charges | 65/66B | €889 | €10,732 | +€9,843 | +1107.5% |
| Recurring financial charges | 65 | €889 | €10,732 | +€9,843 | +1107.5% |
| Profit (loss) for the period before taxes | 9903 | €403,893 | €414,097 | +€10,204 | +2.5% |
| Income taxes | 67/77 | €102,554 | €81,824 | -€20,730 | -20.2% |
| Profit (loss) for the period | 9904 | €301,339 | €332,273 | +€30,934 | +10.3% |
| Transfer to tax-exempt reserves | 689 | - | €8,000 | +€8,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €301,339 | €324,273 | +€22,934 | +7.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.