De Keyzer Group: 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 Keyzer Group
Largest movements
- Receivables within one year +€61,119
new in 2025: €61,119
- Tangible fixed assets -€60,974
down €60,974 (-94.8%), from €64,293 to €3,319
of which Plant, machinery and equipment: -€52,301
- Cash -€12,189
down €12,189 (-10.0%), from €121,833 to €109,644
mainly Receivables within one year (-€61,119) and Trade debts (-€26,132)
- Reserves +€31,754
up €31,754 (+119.4%), from €26,591 to €58,345
- Trade debts -€26,132
down €26,132 (-63.5%), from €41,142 to €15,009
- Other debts -€17,380
down €17,380 (-74.2%), from €23,428 to €6,048
- Debts after one year -€8,634
down €8,634 (-19.9%), from €43,483 to €34,849
- Tax, wage and social debts +€7,973
up €7,973 (+40.4%), from €19,722 to €27,695
- Depreciation -€9,160
down €9,160 (-50.9%), from €18,007 to €8,846
- Taxes +€2,345
up €2,345 (+33.7%), from €6,960 to €9,304
- Financial charges +€1,657
up €1,657 (+61.3%), from €2,704 to €4,361
- Other operating charges +€1,501
up €1,501 (+190.2%), from €789 to €2,290
- Gross operating margin +€1,492
up €1,492 (+2.7%), from €55,051 to €56,542
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 | €188,126 | €176,081 | -€12,045 | -6.4% |
| Fixed assets | 21/28 | €66,293 | €5,319 | -€60,974 | -92.0% |
| Tangible fixed assets | 22/27 | €64,293 | €3,319 | -€60,974 | -94.8% |
| Plant, machinery and equipment | 23 | €54,696 | €2,395 | -€52,301 | -95.6% |
| Furniture and vehicles | 24 | - | €924 | +€924 | |
| Other tangible fixed assets | 26 | €9,597 | €0 | -€9,597 | -100.0% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €121,833 | €170,762 | +€48,929 | +40.2% |
| Amounts receivable within one year | 40/41 | - | €61,119 | +€61,119 | |
| Other amounts receivable | 41 | - | €61,119 | +€61,119 | |
| Cash at bank and in hand | 54/58 | €121,833 | €109,644 | -€12,189 | -10.0% |
| Total equity and liabilities | 10/49 | €188,126 | €176,081 | -€12,045 | -6.4% |
| Equity | 10/15 | €52,091 | €83,845 | +€31,754 | +61.0% |
| Contributions | 10/11 | €25,500 | €25,500 | = | 0.0% |
| Reserves | 13 | €26,591 | €58,345 | +€31,754 | +119.4% |
| Distributable reserves | 133 | €26,591 | €58,345 | +€31,754 | +119.4% |
| Amounts payable | 17/49 | €136,035 | €92,236 | -€43,799 | -32.2% |
| Amounts payable after more than one year | 17 | €43,483 | €34,849 | -€8,634 | -19.9% |
| Financial debts | 170/4 | €43,483 | €34,849 | -€8,634 | -19.9% |
| Amounts payable within one year | 42/48 | €92,552 | €57,388 | -€35,164 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €8,260 | €8,634 | +€374 | +4.5% |
| Trade debts | 44 | €41,142 | €15,009 | -€26,132 | -63.5% |
| Suppliers | 440/4 | €41,142 | €15,009 | -€26,132 | -63.5% |
| Taxes, remuneration and social security | 45 | €19,722 | €27,695 | +€7,973 | +40.4% |
| Taxes | 450/3 | €19,722 | €27,695 | +€7,973 | +40.4% |
| Other amounts payable | 47/48 | €23,428 | €6,048 | -€17,380 | -74.2% |
| Non-recurring operating income | 76A | - | €43,416 | +€43,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,007 | €8,846 | -€9,160 | -50.9% |
| Other operating charges | 640/8 | €789 | €2,290 | +€1,501 | +190.2% |
| Gross operating margin | 9900 | €55,051 | €56,542 | +€1,492 | +2.7% |
| Operating profit (loss) | 9901 | €36,255 | €45,406 | +€9,152 | +25.2% |
| Financial income | 75/76B | €0 | €13 | +€13 | +130200.0% |
| Recurring financial income | 75 | €0 | €13 | +€13 | +130200.0% |
| Financial charges | 65/66B | €2,704 | €4,361 | +€1,657 | +61.3% |
| Recurring financial charges | 65 | €2,704 | €4,361 | +€1,657 | +61.3% |
| Profit (loss) for the period before taxes | 9903 | €33,551 | €41,059 | +€7,508 | +22.4% |
| Income taxes | 67/77 | €6,960 | €9,304 | +€2,345 | +33.7% |
| Profit (loss) for the period | 9904 | €26,591 | €31,754 | +€5,163 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,591 | €31,754 | +€5,163 | +19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.