De Keyzer Immo: 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 Immo
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€255,572
2024 · €486,699-€231,127
Equity
€4.3m
2024 · €4.3m+€77,372
Cash
€174,153
2024 · €88,795+€85,358
Balance sheet total
€9.1m
2024 · €9.9m-€892,341
Largest movements
Assets
- Receivables within one year -€869,542
down €869,542 (-80.6%), from €1.1m to €209,366
of which Other amounts receivable: -€963,017
- Financial fixed assets -€163,716
down €163,716 (-8.3%), from €2.0m to €1.8m
of which Companies linked by participating interests: -€163,716
Equity and liabilities
- Other debts -€406,682
down €406,682 (-30.2%), from €1.3m to €938,884
- Trade debts -€371,242
down €371,242 (-49.1%), from €755,555 to €384,314
- Debts after one year -€228,689
down €228,689 (-8.1%), from €2.8m to €2.6m
Income statement
- Financial income -€400,347
down €400,347 (-96.1%), from €416,634 to €16,288
- Turnover +€329,443
up €329,443 (+23.5%), from €1.4m to €1.7m
- Services and other goods +€95,857
up €95,857 (+21.1%), from €453,858 to €549,715
- Staff costs -€57,963
down €57,963 (-24.5%), from €236,524 to €178,560
- Taxes +€55,944
up €55,944 (+185.3%), from €30,196 to €86,140
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.
Result 2024
€486,699
Turnover
+€329,443
Other operating income
-€4,702
Goods and materials
-€19,184
Services and other goods
-€95,857
Staff costs
+€57,963
Depreciation
-€36,999
Other operating charges
-€3,184
Financial income
-€400,347
Financial charges
-€2,317
Taxes
-€55,944
Result 2025
€255,572
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.
From operations
+€886,727
Investment
-€429,298
Financing
-€372,071
Cash 2024
€88,795
From operations (derived)
+€886,727
Net result for the year
+€255,572
Depreciation
+€539,553
Receivables within one year
+€869,542
Smaller working-capital items
-€17
Trade debts
-€371,242
Other debts
-€406,682
Investment (derived)
-€429,298
Investment in fixed assets (net)
-€429,298
Financing
-€372,071
Debts after one year
-€228,689
Current portion of long-term debt
-€23,822
Short-term financial debts
+€58,640
Contributions, distributions and other
-€178,200
Cash 2025
€174,153
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,948,313 | €9,055,972 | -€892,341 | -9.0% |
| Fixed assets | 21/28 | €8,764,639 | €8,654,384 | -€110,255 | -1.3% |
| Intangible fixed assets | 21 | €25,746 | €22,654 | -€3,091 | -12.0% |
| Tangible fixed assets | 22/27 | €6,770,663 | €6,827,215 | +€56,552 | +0.8% |
| Land and buildings | 22 | €4,453,148 | €4,300,364 | -€152,784 | -3.4% |
| Plant, machinery and equipment | 23 | €2,192,612 | €2,441,867 | +€249,255 | +11.4% |
| Furniture and vehicles | 24 | €124,903 | €84,985 | -€39,918 | -32.0% |
| Financial fixed assets | 28 | €1,968,230 | €1,804,514 | -€163,716 | -8.3% |
| Affiliated companies | 280/1 | €1,030,802 | €1,030,802 | = | 0.0% |
| Participating interests | 280 | €1,030,802 | €1,030,802 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €937,428 | €773,713 | -€163,716 | -17.5% |
| Amounts receivable | 283 | €937,428 | €773,713 | -€163,716 | -17.5% |
| Current assets | 29/58 | €1,183,674 | €401,588 | -€782,086 | -66.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,078,908 | €209,366 | -€869,542 | -80.6% |
| Trade receivables | 40 | €42,668 | €136,143 | +€93,476 | +219.1% |
| Other amounts receivable | 41 | €1,036,240 | €73,223 | -€963,017 | -92.9% |
| Cash at bank and in hand | 54/58 | €88,795 | €174,153 | +€85,358 | +96.1% |
| Deferred charges and accrued income | 490/1 | €15,972 | €18,069 | +€2,097 | +13.1% |
| Total equity and liabilities | 10/49 | €9,948,313 | €9,055,972 | -€892,341 | -9.0% |
| Equity | 10/15 | €4,262,718 | €4,340,090 | +€77,372 | +1.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,825,285 | €1,825,285 | = | 0.0% |
| Reserves | 13 | €2,136,853 | €2,214,225 | +€77,372 | +3.6% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,801 | €30,801 | = | 0.0% |
| Distributable reserves | 133 | €2,076,051 | €2,153,423 | +€77,372 | +3.7% |
| Investment grants | 15 | €581 | €581 | = | 0.0% |
| Provisions and deferred taxes | 16 | €60,299 | €60,299 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €60,000 | €60,000 | = | 0.0% |
| Deferred taxes | 168 | €299 | €299 | = | 0.0% |
| Amounts payable | 17/49 | €5,625,296 | €4,655,583 | -€969,713 | -17.2% |
| Amounts payable after more than one year | 17 | €2,820,943 | €2,592,254 | -€228,689 | -8.1% |
| Financial debts | 170/4 | €2,820,943 | €2,592,254 | -€228,689 | -8.1% |
| Credit institutions | 173 | €2,820,943 | €2,592,254 | -€228,689 | -8.1% |
| Amounts payable within one year | 42/48 | €2,804,353 | €2,063,329 | -€741,024 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €667,511 | €643,689 | -€23,822 | -3.6% |
| Financial debts | 43 | - | €58,640 | +€58,640 | |
| Credit institutions | 430/8 | - | €58,640 | +€58,640 | |
| Trade debts | 44 | €755,555 | €384,314 | -€371,242 | -49.1% |
| Suppliers | 440/4 | €755,555 | €384,314 | -€371,242 | -49.1% |
| Taxes, remuneration and social security | 45 | €35,722 | €37,802 | +€2,081 | +5.8% |
| Taxes | 450/3 | €5,952 | €5,618 | -€334 | -5.6% |
| Remuneration and social security | 454/9 | €29,770 | €32,185 | +€2,415 | +8.1% |
| Other amounts payable | 47/48 | €1,345,566 | €938,884 | -€406,682 | -30.2% |
| Operating income | 70/76A | €1,570,345 | €1,895,086 | +€324,741 | +20.7% |
| Turnover | 70 | €1,403,482 | €1,732,925 | +€329,443 | +23.5% |
| Other operating income | 74 | €166,863 | €162,161 | -€4,702 | -2.8% |
| Operating charges | 60/66A | €1,375,930 | €1,473,190 | +€97,261 | +7.1% |
| Goods for resale, raw materials and consumables | 60 | €86,924 | €106,108 | +€19,184 | +22.1% |
| Purchases | 600/8 | €86,924 | €106,108 | +€19,184 | +22.1% |
| Services and other goods | 61 | €453,858 | €549,715 | +€95,857 | +21.1% |
| Remuneration, social security and pensions | 62 | €236,524 | €178,560 | -€57,963 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502,554 | €539,553 | +€36,999 | +7.4% |
| Other operating charges | 640/8 | €96,069 | €99,254 | +€3,184 | +3.3% |
| Operating profit (loss) | 9901 | €194,415 | €421,896 | +€227,481 | +117.0% |
| Financial income | 75/76B | €416,634 | €16,288 | -€400,347 | -96.1% |
| Recurring financial income | 75 | €416,634 | €16,288 | -€400,347 | -96.1% |
| Income from financial fixed assets | 750 | €416,132 | €16,284 | -€399,847 | -96.1% |
| Income from current assets | 751 | - | €4 | +€4 | |
| Other financial income | 752/9 | €503 | €0 | -€503 | -100.0% |
| Financial charges | 65/66B | €94,155 | €96,472 | +€2,317 | +2.5% |
| Recurring financial charges | 65 | €94,155 | €96,472 | +€2,317 | +2.5% |
| Debt charges | 650 | €90,830 | €90,558 | -€272 | -0.3% |
| Other financial charges | 652/9 | €3,325 | €5,914 | +€2,589 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €516,895 | €341,712 | -€175,183 | -33.9% |
| Income taxes | 67/77 | €30,196 | €86,140 | +€55,944 | +185.3% |
| Taxes | 670/3 | €30,196 | €86,140 | +€55,944 | +185.3% |
| Profit (loss) for the period | 9904 | €486,699 | €255,572 | -€231,127 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €486,699 | €255,572 | -€231,127 | -47.5% |
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 7 October 2026 via checked.be.