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 within one year +€127,380
up €127,380 (+112%), from €114,115 to €241,495
of which Trade receivables: +€104,200
- Cash +€111,030
up €111,030 (+393%), from €28,260 to €139,290
mainly Net result for the year (+€145,958) and Other debts (+€136,346)
- Deferred charges and accrued income -€25,874
down €25,874 (-51.5%), from €50,211 to €24,337
- Tangible fixed assets -€11,390
down €11,390 (-3.4%), from €330,736 to €319,346
of which Furniture and vehicles: -€14,354
- Other debts +€136,346
up €136,346 (+3,151%), from €4,327 to €140,673
- Reserves +€44,020
up €44,020 (+10.9%), from €403,925 to €447,945
of which Distributable reserves: +€31,770
- Tax, wage and social debts +€41,973
up €41,973 (+233%), from €18,040 to €60,013
- Trade debts -€32,160
down €32,160 (-40.0%), from €80,369 to €48,209
- Debts after one year +€14,720
up €14,720 (+71.1%), from €20,713 to €35,433
- Gross operating margin +€194,422
up €194,422 (+284%), from €68,380 to €262,802
- Taxes +€56,959
up €56,959 (+469%), from €12,144 to €69,103
- Depreciation +€14,576
up €14,576 (+49.6%), from €29,394 to €43,971
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 | €670,400 | €865,934 | +€195,534 | +29.2% |
| Fixed assets | 21/28 | €330,737 | €319,346 | -€11,390 | -3.4% |
| Tangible fixed assets | 22/27 | €330,736 | €319,346 | -€11,390 | -3.4% |
| Land and buildings | 22 | €296,984 | €299,948 | +€2,963 | +1.0% |
| Furniture and vehicles | 24 | €33,752 | €19,398 | -€14,354 | -42.5% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €339,663 | €546,587 | +€206,924 | +60.9% |
| Amounts receivable after more than one year | 29 | €147,078 | €141,465 | -€5,612 | -3.8% |
| Other amounts receivable | 291 | €147,078 | €141,465 | -€5,612 | -3.8% |
| Amounts receivable within one year | 40/41 | €114,115 | €241,495 | +€127,380 | +112% |
| Trade receivables | 40 | €110,845 | €215,046 | +€104,200 | +94.0% |
| Other amounts receivable | 41 | €3,270 | €26,449 | +€23,179 | +709% |
| Cash at bank and in hand | 54/58 | €28,260 | €139,290 | +€111,030 | +393% |
| Deferred charges and accrued income | 490/1 | €50,211 | €24,337 | -€25,874 | -51.5% |
| Total equity and liabilities | 10/49 | €670,400 | €865,934 | +€195,534 | +29.2% |
| Equity | 10/15 | €534,767 | €566,537 | +€31,770 | +5.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €112,250 | €100,000 | -€12,250 | -10.9% |
| Reserves | 13 | €403,925 | €447,945 | +€44,020 | +10.9% |
| Non-distributable reserves | 130/1 | €234,609 | €246,859 | +€12,250 | +5.2% |
| Reserves not available under the articles | 1311 | €234,609 | €246,859 | +€12,250 | +5.2% |
| Distributable reserves | 133 | €169,316 | €201,086 | +€31,770 | +18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €135,633 | €299,396 | +€163,764 | +121% |
| Amounts payable after more than one year | 17 | €20,713 | €35,433 | +€14,720 | +71.1% |
| Financial debts | 170/4 | €20,713 | €35,433 | +€14,720 | +71.1% |
| Amounts payable within one year | 42/48 | €114,920 | €263,963 | +€149,043 | +130% |
| Current portion of amounts payable after more than one year | 42 | €12,184 | €13,465 | +€1,281 | +10.5% |
| Financial debts | 43 | - | €1,603 | +€1,603 | |
| Credit institutions | 430/8 | - | €1,603 | +€1,603 | |
| Trade debts | 44 | €80,369 | €48,209 | -€32,160 | -40.0% |
| Suppliers | 440/4 | €80,369 | €48,209 | -€32,160 | -40.0% |
| Taxes, remuneration and social security | 45 | €18,040 | €60,013 | +€41,973 | +233% |
| Taxes | 450/3 | €18,040 | €60,013 | +€41,973 | +233% |
| Other amounts payable | 47/48 | €4,327 | €140,673 | +€136,346 | +3,151% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,394 | €43,971 | +€14,576 | +49.6% |
| Other operating charges | 640/8 | €4,140 | €2,873 | -€1,267 | -30.6% |
| Gross operating margin | 9900 | €68,380 | €262,802 | +€194,422 | +284% |
| Operating profit (loss) | 9901 | €34,846 | €215,958 | +€181,112 | +520% |
| Financial income | 75/76B | €3,893 | €4,356 | +€463 | +11.9% |
| Recurring financial income | 75 | €3,893 | €4,356 | +€463 | +11.9% |
| Financial charges | 65/66B | €3,082 | €5,253 | +€2,171 | +70.5% |
| Recurring financial charges | 65 | €3,082 | €5,253 | +€2,171 | +70.5% |
| Profit (loss) for the period before taxes | 9903 | €35,657 | €215,061 | +€179,405 | +503% |
| Income taxes | 67/77 | €12,144 | €69,103 | +€56,959 | +469% |
| Profit (loss) for the period | 9904 | €23,512 | €145,958 | +€122,446 | +521% |
| Profit (loss) for the period to be appropriated | 9905 | €23,512 | €145,958 | +€122,446 | +521% |
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 24 October 2026 via checked.be.