DE KEYSER NICK: 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 NICK
Largest movements
- Current investments +€299,999
new in 2025: €299,999
- Cash -€165,888
down €165,888 (-49.9%), from €332,145 to €166,257
mainly Current investments (-€299,999) and Debts after one year (-€36,908)
- Tangible fixed assets -€65,570
down €65,570 (-32.7%), from €200,254 to €134,685
of which Land and buildings: -€55,512
- Reserves +€61,811
up €61,811 (+18.6%), from €331,566 to €393,377
of which Distributable reserves: +€61,811
- Debts after one year -€36,908
down €36,908 (-62.9%), from €58,689 to €21,781
- Other debts +€23,077
up €23,077 (+30.1%), from €76,693 to €99,770
- Tax, wage and social debts +€20,212
up €20,212 (+335%), from €6,039 to €26,251
- Gross operating margin +€70,484
up €70,484 (+58.1%), from €121,231 to €191,716
- Taxes +€22,264
up €22,264 (+217%), from €10,255 to €32,519
- Depreciation +€5,668
up €5,668 (+8.9%), from €63,442 to €69,110
- Financial charges -€2,663
down €2,663 (-26.2%), from €10,152 to €7,489
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 | €534,371 | €605,891 | +€71,519 | +13.4% |
| Fixed assets | 21/28 | €200,254 | €134,685 | -€65,570 | -32.7% |
| Tangible fixed assets | 22/27 | €200,254 | €134,685 | -€65,570 | -32.7% |
| Land and buildings | 22 | €173,622 | €118,110 | -€55,512 | -32.0% |
| Plant, machinery and equipment | 23 | €12,793 | €13,406 | +€613 | +4.8% |
| Furniture and vehicles | 24 | €13,839 | €3,168 | -€10,671 | -77.1% |
| Current assets | 29/58 | €334,117 | €471,206 | +€137,089 | +41.0% |
| Amounts receivable within one year | 40/41 | €34 | €3,250 | +€3,216 | +9,363% |
| Trade receivables | 40 | €34 | €3,250 | +€3,216 | +9,363% |
| Current investments | 50/53 | - | €299,999 | +€299,999 | |
| Cash at bank and in hand | 54/58 | €332,145 | €166,257 | -€165,888 | -49.9% |
| Deferred charges and accrued income | 490/1 | €1,938 | €1,699 | -€238 | -12.3% |
| Total equity and liabilities | 10/49 | €534,371 | €605,891 | +€71,519 | +13.4% |
| Equity | 10/15 | €343,966 | €405,777 | +€61,811 | +18.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €331,566 | €393,377 | +€61,811 | +18.6% |
| Tax-exempt reserves | 132 | €86,760 | €86,760 | = | 0.0% |
| Distributable reserves | 133 | €244,806 | €306,617 | +€61,811 | +25.2% |
| Amounts payable | 17/49 | €190,406 | €200,114 | +€9,708 | +5.1% |
| Amounts payable after more than one year | 17 | €58,689 | €21,781 | -€36,908 | -62.9% |
| Financial debts | 170/4 | €58,689 | €21,781 | -€36,908 | -62.9% |
| Amounts payable within one year | 42/48 | €122,092 | €164,346 | +€42,254 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €35,944 | €36,908 | +€964 | +2.7% |
| Trade debts | 44 | €3,416 | €1,416 | -€2,000 | -58.5% |
| Suppliers | 440/4 | €3,416 | €1,416 | -€2,000 | -58.5% |
| Taxes, remuneration and social security | 45 | €6,039 | €26,251 | +€20,212 | +335% |
| Taxes | 450/3 | €6,039 | €26,251 | +€20,212 | +335% |
| Other amounts payable | 47/48 | €76,693 | €99,770 | +€23,077 | +30.1% |
| Accrued charges and deferred income | 492/3 | €9,625 | €13,988 | +€4,363 | +45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,442 | €69,110 | +€5,668 | +8.9% |
| Other operating charges | 640/8 | €2,498 | €2,480 | -€18 | -0.7% |
| Non-recurring operating charges | 66A | - | €1,584 | +€1,584 | |
| Gross operating margin | 9900 | €121,231 | €191,716 | +€70,484 | +58.1% |
| Operating profit (loss) | 9901 | €55,292 | €118,542 | +€63,250 | +114% |
| Financial income | 75/76B | €439 | €1,279 | +€839 | +191% |
| Recurring financial income | 75 | €439 | €1,279 | +€839 | +191% |
| Financial charges | 65/66B | €10,152 | €7,489 | -€2,663 | -26.2% |
| Recurring financial charges | 65 | €10,152 | €7,489 | -€2,663 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €45,579 | €112,332 | +€66,753 | +146% |
| Income taxes | 67/77 | €10,255 | €32,519 | +€22,264 | +217% |
| Profit (loss) for the period | 9904 | €35,324 | €79,813 | +€44,489 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €35,324 | €79,813 | +€44,489 | +126% |
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 13 October 2026 via checked.be.