DE KEYSER: what changed
Two fiscal 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 within one year -€20,022
down €20,022 (-6.2%), from €321,747 to €301,725
of which Other amounts receivable: -€16,953
- Tangible fixed assets -€17,855
down €17,855 (-5.5%), from €323,687 to €305,832
of which Land and buildings: -€17,855
- Debts after one year -€28,109
down €28,109 (-12.3%), from €228,608 to €200,499
of which Financial debts: -€28,109
- Reserves -€8,945
down €8,945 (-2.1%), from €419,640 to €410,694
of which Distributable reserves: -€8,945
- Gross operating margin -€48,391
down €48,391 (-68.4%), from €70,730 to €22,338
- Taxes -€12,888
down €12,888 (-100.0%), from €12,888 to €0
- Financial charges +€825
up €825 (+26.7%), from €3,092 to €3,917
of which Financial charges: +€825
- Financial income +€722
up €722 (+70.7%), from €1,021 to €1,743
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 | €746,717 | €706,267 | -€40,450 | -5.4% |
| Fixed assets | 21/28 | €329,563 | €311,708 | -€17,855 | -5.4% |
| Tangible fixed assets | 22/27 | €323,687 | €305,832 | -€17,855 | -5.5% |
| Land and buildings | 22 | €322,787 | €304,932 | -€17,855 | -5.5% |
| Furniture and vehicles | 24 | €900 | €900 | = | 0.0% |
| Financial fixed assets | 28 | €5,876 | €5,876 | = | 0.0% |
| Current assets | 29/58 | €417,154 | €394,559 | -€22,595 | -5.4% |
| Amounts receivable within one year | 40/41 | €321,747 | €301,725 | -€20,022 | -6.2% |
| Trade receivables | 40 | €3,196 | €128 | -€3,068 | -96.0% |
| Other amounts receivable | 41 | €318,551 | €301,597 | -€16,953 | -5.3% |
| Current investments | 50/53 | €70,935 | €70,935 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,148 | €16,999 | -€6,149 | -26.6% |
| Deferred charges and accrued income | 490/1 | €1,324 | €4,900 | +€3,576 | +270.0% |
| Total equity and liabilities | 10/49 | €746,717 | €706,267 | -€40,450 | -5.4% |
| Equity | 10/15 | €481,640 | €472,694 | -€8,945 | -1.9% |
| 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 | €419,640 | €410,694 | -€8,945 | -2.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,256 | €1,256 | = | 0.0% |
| Distributable reserves | 133 | €412,184 | €403,239 | -€8,945 | -2.2% |
| Amounts payable | 17/49 | €265,077 | €233,572 | -€31,505 | -11.9% |
| Amounts payable after more than one year | 17 | €228,608 | €200,499 | -€28,109 | -12.3% |
| Financial debts | 170/4 | €135,060 | €106,951 | -€28,109 | -20.8% |
| Other amounts payable | 178/9 | €93,547 | €93,547 | = | 0.0% |
| Amounts payable within one year | 42/48 | €36,470 | €33,074 | -€3,396 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €27,221 | €28,109 | +€888 | +3.3% |
| Trade debts | 44 | €507 | €1,586 | +€1,080 | +213.1% |
| Suppliers | 440/4 | €507 | €1,586 | +€1,080 | +213.1% |
| Advances received on contracts in progress | 46 | €5,468 | €1,216 | -€4,251 | -77.8% |
| Taxes, remuneration and social security | 45 | €3,275 | €2,162 | -€1,112 | -34.0% |
| Taxes | 450/3 | €3,275 | €2,162 | -€1,112 | -34.0% |
| Remuneration, social security and pensions | 62 | €129 | €234 | +€105 | +81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,855 | €17,855 | = | 0.0% |
| Other operating charges | 640/8 | €11,260 | €11,020 | -€240 | -2.1% |
| Gross operating margin | 9900 | €70,730 | €22,338 | -€48,391 | -68.4% |
| Operating profit (loss) | 9901 | €41,486 | -€6,771 | -€48,257 | |
| Financial income | 75/76B | €1,021 | €1,743 | +€722 | +70.7% |
| Recurring financial income | 75 | €1,021 | €1,743 | +€722 | +70.7% |
| Financial charges | 65/66B | €3,092 | €3,917 | +€825 | +26.7% |
| Recurring financial charges | 65 | €3,092 | €3,917 | +€825 | +26.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €39,414 | -€8,945 | -€48,360 | |
| Income taxes | 67/77 | €12,888 | €0 | -€12,888 | -100.0% |
| Profit (loss) for the period | 9904 | €26,527 | -€8,945 | -€35,472 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,527 | -€8,945 | -€35,472 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.