De Keyser & C°: 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 & C°
Largest movements
- Tangible fixed assets +€11,547
up €11,547 (+17.8%), from €65,005 to €76,552
of which Other tangible fixed assets: +€8,311
- Stocks and contracts +€5,014
up €5,014 (+41.2%), from €12,159 to €17,173
- Cash -€4,110
down €4,110 (-12.6%), from €32,693 to €28,582
mainly Investment in fixed assets (net) (-€26,964) and Debts after one year (-€8,901)
- Receivables within one year -€3,175
down €3,175 (-21.7%), from €14,601 to €11,427
of which Other amounts receivable: -€2,972
- Reserves +€20,150
up €20,150 (+28.8%), from €69,857 to €90,007
of which Distributable reserves: +€20,150
- Debts after one year -€8,901
down €8,901 (-47.2%), from €18,869 to €9,968
- Other debts -€8,060
down €8,060 (-90.4%), from €8,919 to €859
- Tax, wage and social debts +€3,452
up €3,452 (+33.6%), from €10,264 to €13,716
of which Remuneration and social security: +€1,901
- Trade debts +€2,085
up €2,085, from €0 to €2,085
- Staff costs +€19,614
new in 2025: €19,614
- Taxes -€8,572
down €8,572 (-49.4%), from €17,342 to €8,770
- Depreciation +€7,805
up €7,805 (+102.6%), from €7,611 to €15,417
- Gross operating margin -€1,079
down €1,079 (-1.6%), from €67,877 to €66,799
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 | €128,836 | €137,936 | +€9,100 | +7.1% |
| Fixed assets | 21/28 | €68,605 | €80,152 | +€11,547 | +16.8% |
| Tangible fixed assets | 22/27 | €65,005 | €76,552 | +€11,547 | +17.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €13,153 | €10,079 | -€3,074 | -23.4% |
| Furniture and vehicles | 24 | €29,297 | €35,607 | +€6,310 | +21.5% |
| Other tangible fixed assets | 26 | €22,555 | €30,866 | +€8,311 | +36.8% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €60,231 | €57,784 | -€2,448 | -4.1% |
| Stocks and contracts in progress | 3 | €12,159 | €17,173 | +€5,014 | +41.2% |
| Stocks | 30/36 | €12,159 | €17,173 | +€5,014 | +41.2% |
| Amounts receivable within one year | 40/41 | €14,601 | €11,427 | -€3,175 | -21.7% |
| Trade receivables | 40 | €203 | €0 | -€203 | -100.0% |
| Other amounts receivable | 41 | €14,399 | €11,427 | -€2,972 | -20.6% |
| Cash at bank and in hand | 54/58 | €32,693 | €28,582 | -€4,110 | -12.6% |
| Deferred charges and accrued income | 490/1 | €779 | €602 | -€177 | -22.7% |
| Total equity and liabilities | 10/49 | €128,836 | €137,936 | +€9,100 | +7.1% |
| Equity | 10/15 | €82,257 | €102,407 | +€20,150 | +24.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €69,857 | €90,007 | +€20,150 | +28.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €69,857 | €90,007 | +€20,150 | +28.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,580 | €35,529 | -€11,051 | -23.7% |
| Amounts payable after more than one year | 17 | €18,869 | €9,968 | -€8,901 | -47.2% |
| Financial debts | 170/4 | €18,869 | €9,968 | -€8,901 | -47.2% |
| Amounts payable within one year | 42/48 | €27,711 | €25,561 | -€2,149 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €8,528 | €8,901 | +€374 | +4.4% |
| Trade debts | 44 | €0 | €2,085 | +€2,085 | |
| Suppliers | 440/4 | €0 | €2,085 | +€2,085 | |
| Taxes, remuneration and social security | 45 | €10,264 | €13,716 | +€3,452 | +33.6% |
| Taxes | 450/3 | €10,264 | €11,815 | +€1,551 | +15.1% |
| Remuneration and social security | 454/9 | - | €1,901 | +€1,901 | |
| Other amounts payable | 47/48 | €8,919 | €859 | -€8,060 | -90.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €19,614 | +€19,614 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,611 | €15,417 | +€7,805 | +102.6% |
| Other operating charges | 640/8 | €637 | €561 | -€76 | -11.9% |
| Non-recurring operating charges | 66A | €233 | €639 | +€406 | +174.2% |
| Gross operating margin | 9900 | €67,877 | €66,799 | -€1,079 | -1.6% |
| Operating profit (loss) | 9901 | €59,396 | €30,567 | -€28,829 | -48.5% |
| Financial income | 75/76B | €646 | €415 | -€232 | -35.8% |
| Recurring financial income | 75 | €646 | €415 | -€232 | -35.8% |
| Financial charges | 65/66B | €985 | €1,203 | +€218 | +22.1% |
| Recurring financial charges | 65 | €985 | €1,203 | +€218 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €59,057 | €29,779 | -€29,278 | -49.6% |
| Income taxes | 67/77 | €17,342 | €8,770 | -€8,572 | -49.4% |
| Profit (loss) for the period | 9904 | €41,715 | €21,009 | -€20,706 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,715 | €21,009 | -€20,706 | -49.6% |
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 6 October 2026 via checked.be.