De Keyzer Projects: 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 Keyzer Projects
Largest movements
- Receivables within one year -€93,343
down €93,343 (-91.7%), from €101,845 to €8,502
of which Other amounts receivable: -€98,645
- Tangible fixed assets -€23,934
down €23,934 (-3.8%), from €637,899 to €613,964
- Cash -€16,866
down €16,866 (-68.7%), from €24,563 to €7,698
mainly Other debts (-€114,304) and Debts after one year (-€46,667)
- Other debts -€114,304
down €114,304 (-27.9%), from €410,262 to €295,957
- Debts after one year -€46,667
down €46,667 (-19.4%), from €241,111 to €194,444
- Profit (loss) carried forward +€18,855
up €18,855, from -€18,855 to €0
- Trade debts +€7,655
up €7,655 (+36.5%), from €20,956 to €28,611
- Gross operating margin +€6,033
up €6,033 (+10.8%), from €55,798 to €61,831
- Financial income +€1,690
new in 2025: €1,690
- Taxes +€1,587
up €1,587 (+46.5%), from €3,412 to €4,999
- Financial charges -€631
down €631 (-4.7%), from €13,317 to €12,686
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 | €764,308 | €630,165 | -€134,143 | -17.6% |
| Fixed assets | 21/28 | €637,899 | €613,964 | -€23,934 | -3.8% |
| Tangible fixed assets | 22/27 | €637,899 | €613,964 | -€23,934 | -3.8% |
| Land and buildings | 22 | €637,899 | €613,964 | -€23,934 | -3.8% |
| Current assets | 29/58 | €126,409 | €16,200 | -€110,209 | -87.2% |
| Amounts receivable within one year | 40/41 | €101,845 | €8,502 | -€93,343 | -91.7% |
| Trade receivables | 40 | €0 | €5,302 | +€5,302 | |
| Other amounts receivable | 41 | €101,845 | €3,200 | -€98,645 | -96.9% |
| Cash at bank and in hand | 54/58 | €24,563 | €7,698 | -€16,866 | -68.7% |
| Total equity and liabilities | 10/49 | €764,308 | €630,165 | -€134,143 | -17.6% |
| Equity | 10/15 | €42,333 | €58,533 | +€16,200 | +38.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,988 | €52,333 | -€2,655 | -4.8% |
| Distributable reserves | 133 | €54,988 | €52,333 | -€2,655 | -4.8% |
| Profit (loss) carried forward | 14 | -€18,855 | €0 | +€18,855 | |
| Amounts payable | 17/49 | €721,974 | €571,631 | -€150,343 | -20.8% |
| Amounts payable after more than one year | 17 | €241,111 | €194,444 | -€46,667 | -19.4% |
| Financial debts | 170/4 | €241,111 | €194,444 | -€46,667 | -19.4% |
| Amounts payable within one year | 42/48 | €479,896 | €376,219 | -€103,676 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €46,667 | €46,667 | = | 0.0% |
| Financial debts | 43 | - | €4,984 | +€4,984 | |
| Credit institutions | 430/8 | - | €4,984 | +€4,984 | |
| Trade debts | 44 | €20,956 | €28,611 | +€7,655 | +36.5% |
| Suppliers | 440/4 | €20,956 | €28,611 | +€7,655 | +36.5% |
| Taxes, remuneration and social security | 45 | €2,012 | €0 | -€2,012 | -100.0% |
| Taxes | 450/3 | €2,012 | €0 | -€2,012 | -100.0% |
| Other amounts payable | 47/48 | €410,262 | €295,957 | -€114,304 | -27.9% |
| Accrued charges and deferred income | 492/3 | €968 | €968 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,934 | €23,934 | = | 0.0% |
| Other operating charges | 640/8 | €6,150 | €5,701 | -€449 | -7.3% |
| Gross operating margin | 9900 | €55,798 | €61,831 | +€6,033 | +10.8% |
| Operating profit (loss) | 9901 | €25,713 | €32,195 | +€6,482 | +25.2% |
| Financial income | 75/76B | - | €1,690 | +€1,690 | |
| Recurring financial income | 75 | - | €1,690 | +€1,690 | |
| Financial charges | 65/66B | €13,317 | €12,686 | -€631 | -4.7% |
| Recurring financial charges | 65 | €13,317 | €12,686 | -€631 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €12,396 | €21,199 | +€8,803 | +71.0% |
| Income taxes | 67/77 | €3,412 | €4,999 | +€1,587 | +46.5% |
| Profit (loss) for the period | 9904 | €8,984 | €16,200 | +€7,216 | +80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,984 | €16,200 | +€7,216 | +80.3% |
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 9 October 2026 via checked.be.