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
- Cash +€47,257
up €47,257 (+107.0%), from €44,152 to €91,409
mainly Other debts (+€40,239) and Receivables within one year (+€22,253)
- Receivables within one year -€22,253
down €22,253 (-23.4%), from €95,197 to €72,944
of which Trade receivables: -€22,253
- Stocks and contracts -€12,197
down €12,197 (-7.9%), from €155,006 to €142,809
- Tangible fixed assets +€12,159
up €12,159 (+32.3%), from €37,588 to €49,747
of which Furniture and vehicles: +€20,205
- Deferred charges and accrued income +€4,610
new in 2025: €4,610
- Other debts +€40,239
up €40,239 (+39.4%), from €102,086 to €142,325
- Trade debts -€21,051
down €21,051 (-24.1%), from €87,403 to €66,353
- Tax, wage and social debts +€7,874
up €7,874 (+36.8%), from €21,414 to €29,288
- Gross operating margin -€6,253
down €6,253 (-19.6%), from €31,960 to €25,707
- Depreciation +€5,747
up €5,747 (+39.9%), from €14,407 to €20,154
- Financial charges +€600
up €600 (+195.6%), from €307 to €906
- Other operating charges +€598
up €598 (+34.1%), from €1,757 to €2,356
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 | €331,943 | €361,519 | +€29,576 | +8.9% |
| Fixed assets | 21/28 | €37,588 | €49,747 | +€12,159 | +32.3% |
| Tangible fixed assets | 22/27 | €37,588 | €49,747 | +€12,159 | +32.3% |
| Plant, machinery and equipment | 23 | €35,535 | €27,489 | -€8,046 | -22.6% |
| Furniture and vehicles | 24 | €2,053 | €22,258 | +€20,205 | +984.3% |
| Current assets | 29/58 | €294,355 | €311,771 | +€17,417 | +5.9% |
| Stocks and contracts in progress | 3 | €155,006 | €142,809 | -€12,197 | -7.9% |
| Stocks | 30/36 | €155,006 | €142,809 | -€12,197 | -7.9% |
| Amounts receivable within one year | 40/41 | €95,197 | €72,944 | -€22,253 | -23.4% |
| Trade receivables | 40 | €95,197 | €72,944 | -€22,253 | -23.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €44,152 | €91,409 | +€47,257 | +107.0% |
| Deferred charges and accrued income | 490/1 | - | €4,610 | +€4,610 | |
| Total equity and liabilities | 10/49 | €331,943 | €361,519 | +€29,576 | +8.9% |
| Equity | 10/15 | €121,039 | €123,553 | +€2,514 | +2.1% |
| Contributions | 10/11 | €631,600 | €631,600 | = | 0.0% |
| Reserves | 13 | €1,938,156 | €1,938,156 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,881,951 | €1,881,951 | = | 0.0% |
| Distributable reserves | 133 | €56,205 | €56,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,448,717 | -€2,446,204 | +€2,514 | +0.1% |
| Amounts payable | 17/49 | €210,904 | €237,966 | +€27,062 | +12.8% |
| Amounts payable within one year | 42/48 | €210,904 | €237,966 | +€27,062 | +12.8% |
| Trade debts | 44 | €87,403 | €66,353 | -€21,051 | -24.1% |
| Suppliers | 440/4 | €87,403 | €66,353 | -€21,051 | -24.1% |
| Taxes, remuneration and social security | 45 | €21,414 | €29,288 | +€7,874 | +36.8% |
| Taxes | 450/3 | €21,414 | €29,288 | +€7,874 | +36.8% |
| Other amounts payable | 47/48 | €102,086 | €142,325 | +€40,239 | +39.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €11,969 | €0 | -€11,969 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,407 | €20,154 | +€5,747 | +39.9% |
| Other operating charges | 640/8 | €1,757 | €2,356 | +€598 | +34.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €31,960 | €25,707 | -€6,253 | -19.6% |
| Operating profit (loss) | 9901 | €15,796 | €3,198 | -€12,598 | -79.8% |
| Financial income | 75/76B | €209 | €222 | +€13 | +6.1% |
| Recurring financial income | 75 | €209 | €222 | +€13 | +6.1% |
| Financial charges | 65/66B | €307 | €906 | +€600 | +195.6% |
| Recurring financial charges | 65 | €307 | €906 | +€600 | +195.6% |
| Profit (loss) for the period before taxes | 9903 | €15,698 | €2,514 | -€13,184 | -84.0% |
| Profit (loss) for the period | 9904 | €15,698 | €2,514 | -€13,184 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,698 | €2,514 | -€13,184 | -84.0% |
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.