DE WITTE KEULEMANS: 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 WITTE KEULEMANS
Largest movements
- Tangible fixed assets +€57,176
up €57,176 (+5.3%), from €1.1m to €1.1m
of which Furniture and vehicles: +€83,057
- Cash -€46,367
down €46,367 (-20.8%), from €223,129 to €176,763
mainly Investment in fixed assets (net) (-€121,826) and Other debts (-€79,104)
- Receivables within one year -€40,086
down €40,086 (-94.7%), from €42,309 to €2,223
of which Trade receivables: -€32,573
- Reserves +€110,999
up €110,999 (+14.3%), from €773,734 to €884,732
- Other debts -€79,104
down €79,104 (-63.2%), from €125,150 to €46,045
- Debts after one year -€46,611
down €46,611 (-12.4%), from €376,173 to €329,563
- Tax, wage and social debts -€25,783
down €25,783 (-66.9%), from €38,564 to €12,781
of which Taxes: -€24,936
- Gross operating margin -€85,911
down €85,911 (-25.9%), from €331,967 to €246,055
- Taxes -€24,631
down €24,631 (-31.6%), from €77,880 to €53,249
- Financial income +€8,521
up €8,521 (+2,198%), from €388 to €8,909
of which Non-recurring financial income: +€7,438
- Depreciation -€5,322
down €5,322 (-7.6%), from €69,972 to €64,650
- Write-downs +€4,550
no longer reported in 2025 (was -€4,550)
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 | €1,394,530 | €1,362,961 | -€31,569 | -2.3% |
| Fixed assets | 21/28 | €1,084,005 | €1,141,181 | +€57,176 | +5.3% |
| Tangible fixed assets | 22/27 | €1,084,005 | €1,141,181 | +€57,176 | +5.3% |
| Land and buildings | 22 | €968,353 | €941,121 | -€27,232 | -2.8% |
| Plant, machinery and equipment | 23 | €2,660 | €11,077 | +€8,417 | +316% |
| Furniture and vehicles | 24 | €3,971 | €87,028 | +€83,057 | +2,092% |
| Other tangible fixed assets | 26 | €109,021 | €101,955 | -€7,066 | -6.5% |
| Current assets | 29/58 | €310,525 | €221,780 | -€88,745 | -28.6% |
| Stocks and contracts in progress | 3 | €39,922 | €40,546 | +€625 | +1.6% |
| Stocks | 30/36 | €39,922 | €40,546 | +€625 | +1.6% |
| Amounts receivable within one year | 40/41 | €42,309 | €2,223 | -€40,086 | -94.7% |
| Trade receivables | 40 | €32,573 | - | -€32,573 | |
| Other amounts receivable | 41 | €9,736 | €2,223 | -€7,513 | -77.2% |
| Cash at bank and in hand | 54/58 | €223,129 | €176,763 | -€46,367 | -20.8% |
| Deferred charges and accrued income | 490/1 | €5,165 | €2,248 | -€2,917 | -56.5% |
| Total equity and liabilities | 10/49 | €1,394,530 | €1,362,961 | -€31,569 | -2.3% |
| Equity | 10/15 | €779,889 | €890,888 | +€110,999 | +14.2% |
| Contributions | 10/11 | €6,155 | €6,155 | = | 0.0% |
| Reserves | 13 | €773,734 | €884,732 | +€110,999 | +14.3% |
| Distributable reserves | 133 | €773,734 | €884,732 | +€110,999 | +14.3% |
| Amounts payable | 17/49 | €614,641 | €472,074 | -€142,568 | -23.2% |
| Amounts payable after more than one year | 17 | €376,173 | €329,563 | -€46,611 | -12.4% |
| Financial debts | 170/4 | €376,173 | €329,563 | -€46,611 | -12.4% |
| Amounts payable within one year | 42/48 | €236,715 | €140,456 | -€96,259 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €66,725 | €75,255 | +€8,530 | +12.8% |
| Financial debts | 43 | €6,275 | €6,374 | +€99 | +1.6% |
| Credit institutions | 430/8 | €6,275 | €6,374 | +€99 | +1.6% |
| Taxes, remuneration and social security | 45 | €38,564 | €12,781 | -€25,783 | -66.9% |
| Taxes | 450/3 | €37,717 | €12,781 | -€24,936 | -66.1% |
| Remuneration and social security | 454/9 | €847 | - | -€847 | |
| Other amounts payable | 47/48 | €125,150 | €46,045 | -€79,104 | -63.2% |
| Accrued charges and deferred income | 492/3 | €1,753 | €2,055 | +€302 | +17.2% |
| Remuneration, social security and pensions | 62 | -€7,801 | -€3,672 | +€4,129 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,972 | €64,650 | -€5,322 | -7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,550 | - | +€4,550 | |
| Other operating charges | 640/8 | €9,984 | €10,260 | +€275 | +2.8% |
| Non-recurring operating charges | 66A | €4,550 | - | -€4,550 | |
| Gross operating margin | 9900 | €331,967 | €246,055 | -€85,911 | -25.9% |
| Operating profit (loss) | 9901 | €259,811 | €174,818 | -€84,994 | -32.7% |
| Financial income | 75/76B | €388 | €8,909 | +€8,521 | +2,198% |
| Recurring financial income | 75 | €388 | €1,470 | +€1,083 | +279% |
| Non-recurring financial income | 76B | - | €7,438 | +€7,438 | |
| Financial charges | 65/66B | €21,747 | €19,479 | -€2,268 | -10.4% |
| Recurring financial charges | 65 | €21,747 | €19,479 | -€2,268 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €238,452 | €164,248 | -€74,205 | -31.1% |
| Income taxes | 67/77 | €77,880 | €53,249 | -€24,631 | -31.6% |
| Profit (loss) for the period | 9904 | €160,572 | €110,999 | -€49,573 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,572 | €110,999 | -€49,573 | -30.9% |
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 18 October 2026 via checked.be.