Deb Keukens: 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.
What changed
Deb Keukens
NACE 43.350, Other building finishing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€38,787
2024 · -€22,778-€16,009
Equity
€991,285
2024 · €1.0m-€38,787
Cash
€32,550
2024 · €30,667+€1,883
Balance sheet total
€4.5m
2024 · €4.5m-€30,398
Largest movements
Assets
- Tangible fixed assets +€598,000
up €598,000 (+21.2%), from €2.8m to €3.4m
of which Assets under construction and advance payments: +€645,750
- Current investments -€475,000
down €475,000 (-40.4%), from €1.2m to €700,000
- Receivables within one year -€155,280
down €155,280 (-30.1%), from €515,579 to €360,298
of which Other amounts receivable: -€156,720
Equity and liabilities
- Debts after one year +€645,648
up €645,648 (+25.3%), from €2.6m to €3.2m
- Trade debts -€334,868
down €334,868 (-98.5%), from €340,109 to €5,242
- Other debts -€290,000
down €290,000 (-100%), from €290,000 to €0
Income statement
- Turnover +€50,464
up €50,464 (+42.0%), from €120,093 to €170,558
- Goods and materials +€43,828
up €43,828 (+203%), from €21,574 to €65,401
- Financial charges +€23,649
up €23,649 (+29.3%), from €80,803 to €104,452
- Financial income -€19,329
down €19,329 (-63.5%), from €30,434 to €11,105
- Services and other goods -€18,140
down €18,140 (-82.3%), from €22,039 to €3,899
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
-€22,778
Turnover
+€50,464
Goods and materials
-€43,828
Services and other goods
+€18,140
Other operating charges
-€335
Financial income
-€19,329
Financial charges
-€23,649
Taxes
+€2,528
Result 2025
-€38,787
raises the resultlowers the result
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.
From operations
-€474,263
Investment
-€170,750
Financing
+€646,896
Cash 2024
€30,667
From operations (derived)
-€474,263
Net result for the year
-€38,787
Depreciation
+€47,750
Receivables within one year
+€155,280
Provisions
-€12,101
Trade debts
-€334,868
Smaller working-capital items
-€1,538
Other debts
-€290,000
Investment (derived)
-€170,750
Investment in fixed assets (net)
-€645,750
Current investments
+€475,000
Financing
+€646,896
Debts after one year
+€645,648
Current portion of long-term debt
+€1,248
Cash 2025
€32,550
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,546,889 | €4,516,491 | -€30,398 | -0.7% |
| Fixed assets | 21/28 | €2,815,643 | €3,413,643 | +€598,000 | +21.2% |
| Tangible fixed assets | 22/27 | €2,815,643 | €3,413,643 | +€598,000 | +21.2% |
| Land and buildings | 22 | €1,651,000 | €1,603,250 | -€47,750 | -2.9% |
| Assets under construction and advance payments | 27 | €1,164,643 | €1,810,393 | +€645,750 | +55.4% |
| Current assets | 29/58 | €1,731,246 | €1,102,849 | -€628,398 | -36.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €515,579 | €360,298 | -€155,280 | -30.1% |
| Trade receivables | 40 | - | €1,440 | +€1,440 | |
| Other amounts receivable | 41 | €515,579 | €358,859 | -€156,720 | -30.4% |
| Current investments | 50/53 | €1,175,000 | €700,000 | -€475,000 | -40.4% |
| Other investments | 51/53 | €1,175,000 | €700,000 | -€475,000 | -40.4% |
| Cash at bank and in hand | 54/58 | €30,667 | €32,550 | +€1,883 | +6.1% |
| Deferred charges and accrued income | 490/1 | €10,000 | €10,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,546,889 | €4,516,491 | -€30,398 | -0.7% |
| Equity | 10/15 | €1,030,072 | €991,285 | -€38,787 | -3.8% |
| Contributions | 10/11 | €265,164 | €265,164 | = | 0.0% |
| Reserves | 13 | €764,908 | €726,121 | -€38,787 | -5.1% |
| Tax-exempt reserves | 132 | €425,055 | €394,694 | -€30,361 | -7.1% |
| Distributable reserves | 133 | €339,853 | €331,427 | -€8,426 | -2.5% |
| Provisions and deferred taxes | 16 | €169,420 | €157,318 | -€12,101 | -7.1% |
| Deferred taxes | 168 | €169,420 | €157,318 | -€12,101 | -7.1% |
| Amounts payable | 17/49 | €3,347,397 | €3,367,888 | +€20,491 | +0.6% |
| Amounts payable after more than one year | 17 | €2,552,729 | €3,198,376 | +€645,648 | +25.3% |
| Financial debts | 170/4 | €2,552,729 | €3,198,376 | +€645,648 | +25.3% |
| Credit institutions | 173 | €1,437,447 | €2,814,260 | +€1.4m | +95.8% |
| Other loans | 174 | €1,115,282 | €384,116 | -€731,166 | -65.6% |
| Amounts payable within one year | 42/48 | €764,834 | €140,754 | -€624,081 | -81.6% |
| Current portion of amounts payable after more than one year | 42 | €121,939 | €123,187 | +€1,248 | +1.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €340,109 | €5,242 | -€334,868 | -98.5% |
| Suppliers | 440/4 | €340,109 | €5,242 | -€334,868 | -98.5% |
| Taxes, remuneration and social security | 45 | €12,786 | €12,325 | -€461 | -3.6% |
| Taxes | 450/3 | €12,786 | €12,325 | -€461 | -3.6% |
| Other amounts payable | 47/48 | €290,000 | €0 | -€290,000 | -100% |
| Accrued charges and deferred income | 492/3 | €29,834 | €28,758 | -€1,076 | -3.6% |
| Operating income | 70/76A | €120,093 | €170,558 | +€50,464 | +42.0% |
| Turnover | 70 | €120,093 | €170,558 | +€50,464 | +42.0% |
| Operating charges | 60/66A | €102,076 | €128,099 | +€26,023 | +25.5% |
| Goods for resale, raw materials and consumables | 60 | €21,574 | €65,401 | +€43,828 | +203% |
| Purchases | 600/8 | €21,574 | €65,401 | +€43,828 | +203% |
| Services and other goods | 61 | €22,039 | €3,899 | -€18,140 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,750 | €47,750 | = | 0.0% |
| Other operating charges | 640/8 | €10,713 | €11,049 | +€335 | +3.1% |
| Operating profit (loss) | 9901 | €18,017 | €42,459 | +€24,442 | +136% |
| Financial income | 75/76B | €30,434 | €11,105 | -€19,329 | -63.5% |
| Recurring financial income | 75 | €30,434 | €11,105 | -€19,329 | -63.5% |
| Income from current assets | 751 | €30,434 | €10,179 | -€20,255 | -66.6% |
| Other financial income | 752/9 | €0 | €926 | +€926 | |
| Financial charges | 65/66B | €80,803 | €104,452 | +€23,649 | +29.3% |
| Recurring financial charges | 65 | €80,803 | €104,452 | +€23,649 | +29.3% |
| Debt charges | 650 | €77,775 | €103,438 | +€25,663 | +33.0% |
| Other financial charges | 652/9 | €3,028 | €1,014 | -€2,014 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | -€32,352 | -€50,889 | -€18,537 | -57.3% |
| Transfer from deferred taxes | 780 | €12,101 | €12,101 | = | 0.0% |
| Income taxes | 67/77 | €2,528 | €0 | -€2,528 | -100% |
| Taxes | 670/3 | €2,528 | €0 | -€2,528 | -100% |
| Profit (loss) for the period | 9904 | -€22,778 | -€38,787 | -€16,009 | -70.3% |
| Transfer from tax-exempt reserves | 789 | €30,361 | €30,361 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,583 | -€8,426 | -€16,009 |
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 26 October 2026 via checked.be.