De Keyzer: 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.
What changed
De Keyzer
NACE 31.004, Manufacture of dining room, living room, bedroom and bathroom furniture
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€29,723
2023 · -€162,868+€192,591
Equity
€2.1m
2023 · €2.1m+€29,723
Cash
€236,184
2023 · €496,512-€260,328
Balance sheet total
€5.4m
2023 · €6.7m-€1.3m
Largest movements
Assets
- Stocks and contracts -€1.4m
down €1.4m (-43.8%), from €3.1m to €1.8m
of which Contracts in progress: -€1.4m
- Receivables within one year +€324,966
up €324,966 (+14.9%), from €2.2m to €2.5m
of which Trade receivables: +€191,306
- Cash -€260,328
down €260,328 (-52.4%), from €496,512 to €236,184
mainly Advances received (-€1.7m) and Trade debts (-€607,172)
Equity and liabilities
- Advances received -€1.7m
down €1.7m (-50.0%), from €3.3m to €1.7m
- Other debts +€1.0m
up €1.0m (+4274.3%), from €24,325 to €1.1m
- Trade debts -€607,172
down €607,172 (-62.7%), from €967,827 to €360,655
Income statement
- Gross operating margin +€181,462
up €181,462 (+13.9%), from €1.3m to €1.5m
- Depreciation -€73,630
down €73,630 (-36.0%), from €204,486 to €130,857
- Staff costs +€34,578
up €34,578 (+2.7%), from €1.3m to €1.3m
- Financial income -€16,687
down €16,687 (-23.2%), from €71,978 to €55,291
From the 2023 result to the 2024 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.
Result 2023
-€162,868
Gross operating margin
+€181,462
Staff costs
-€34,578
Depreciation
+€73,630
Other operating charges
+€5,718
Other operating items
-€5,371
Financial income
-€16,687
Financial charges
-€11,299
Taxes
-€283
Result 2024
€29,723
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5,625
Investment
-€192,365
Financing
-€73,588
Cash 2023
€496,512
From operations (derived)
+€5,625
Net result for the year
+€29,723
Depreciation
+€130,857
Stocks and contracts
+€1.4m
Receivables within one year
-€324,966
Deferred charges and accrued income
+€1,312
Trade debts
-€607,172
Tax, wage and social debts
+€15,540
Advances received
-€1.7m
Other debts
+€1.0m
Investment (derived)
-€192,365
Investment in fixed assets (net)
-€192,365
Financing
-€73,588
Debts after one year
-€20,159
Current portion of long-term debt
-€53,430
Cash 2024
€236,184
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,652,568 | €5,398,145 | -€1.3m | -18.9% |
| Fixed assets | 21/28 | €821,403 | €882,912 | +€61,508 | +7.5% |
| Intangible fixed assets | 21 | €17,278 | €39,445 | +€22,167 | +128.3% |
| Tangible fixed assets | 22/27 | €408,920 | €441,345 | +€32,425 | +7.9% |
| Land and buildings | 22 | €369,405 | €417,824 | +€48,418 | +13.1% |
| Plant, machinery and equipment | 23 | €8,382 | €4,972 | -€3,409 | -40.7% |
| Furniture and vehicles | 24 | €25,073 | €18,549 | -€6,525 | -26.0% |
| Leasing and similar rights | 25 | €6,059 | €0 | -€6,059 | -100.0% |
| Financial fixed assets | 28 | €395,206 | €402,122 | +€6,916 | +1.8% |
| Current assets | 29/58 | €5,831,164 | €4,515,233 | -€1.3m | -22.6% |
| Stocks and contracts in progress | 3 | €3,147,738 | €1,768,482 | -€1.4m | -43.8% |
| Stocks | 30/36 | €54,906 | €104,342 | +€49,436 | +90.0% |
| Contracts in progress | 37 | €3,092,832 | €1,664,139 | -€1.4m | -46.2% |
| Amounts receivable within one year | 40/41 | €2,182,190 | €2,507,155 | +€324,966 | +14.9% |
| Trade receivables | 40 | €739,117 | €930,424 | +€191,306 | +25.9% |
| Other amounts receivable | 41 | €1,443,072 | €1,576,732 | +€133,659 | +9.3% |
| Cash at bank and in hand | 54/58 | €496,512 | €236,184 | -€260,328 | -52.4% |
| Deferred charges and accrued income | 490/1 | €4,724 | €3,412 | -€1,312 | -27.8% |
| Total equity and liabilities | 10/49 | €6,652,568 | €5,398,145 | -€1.3m | -18.9% |
| Equity | 10/15 | €2,054,254 | €2,083,977 | +€29,723 | +1.4% |
| Contributions | 10/11 | €37,845 | €37,845 | = | 0.0% |
| Reserves | 13 | €229,900 | €229,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €229,900 | €229,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,786,509 | €1,816,233 | +€29,723 | +1.7% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €4,573,314 | €3,289,168 | -€1.3m | -28.1% |
| Amounts payable after more than one year | 17 | €35,977 | €15,818 | -€20,159 | -56.0% |
| Financial debts | 170/4 | €35,977 | €15,818 | -€20,159 | -56.0% |
| Amounts payable within one year | 42/48 | €4,537,337 | €3,273,350 | -€1.3m | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €73,588 | €20,159 | -€53,430 | -72.6% |
| Trade debts | 44 | €967,827 | €360,655 | -€607,172 | -62.7% |
| Suppliers | 440/4 | €967,827 | €360,655 | -€607,172 | -62.7% |
| Advances received on contracts in progress | 46 | €3,314,618 | €1,655,983 | -€1.7m | -50.0% |
| Taxes, remuneration and social security | 45 | €156,978 | €172,518 | +€15,540 | +9.9% |
| Taxes | 450/3 | €23,169 | €19,209 | -€3,960 | -17.1% |
| Remuneration and social security | 454/9 | €133,809 | €153,309 | +€19,500 | +14.6% |
| Other amounts payable | 47/48 | €24,325 | €1,064,034 | +€1.0m | +4274.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,292,663 | €1,327,241 | +€34,578 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,486 | €130,857 | -€73,630 | -36.0% |
| Other operating charges | 640/8 | €28,702 | €22,984 | -€5,718 | -19.9% |
| Non-recurring operating charges | 66A | €0 | €5,371 | +€5,371 | |
| Gross operating margin | 9900 | €1,307,887 | €1,489,349 | +€181,462 | +13.9% |
| Operating profit (loss) | 9901 | -€217,964 | €2,897 | +€220,861 | |
| Financial income | 75/76B | €71,978 | €55,291 | -€16,687 | -23.2% |
| Recurring financial income | 75 | €71,978 | €55,291 | -€16,687 | -23.2% |
| Financial charges | 65/66B | €14,996 | €26,295 | +€11,299 | +75.4% |
| Recurring financial charges | 65 | €14,996 | €26,295 | +€11,299 | +75.4% |
| Profit (loss) for the period before taxes | 9903 | -€160,982 | €31,893 | +€192,874 | |
| Income taxes | 67/77 | €1,886 | €2,169 | +€283 | +15.0% |
| Profit (loss) for the period | 9904 | -€162,868 | €29,723 | +€192,591 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,868 | €29,723 | +€192,591 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.