Dr. A. Keirens: 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.
Dr. A. Keirens
Largest movements
- Tangible fixed assets -€26,444
down €26,444 (-7.6%), from €349,749 to €323,304
of which Land and buildings: -€16,544
- Receivables within one year +€17,836
up €17,836 (+14.1%), from €126,515 to €144,352
- Reserves +€56,564
up €56,564 (+24.3%), from €233,052 to €289,617
of which Distributable reserves: +€56,564
- Other debts -€51,444
down €51,444 (-45.9%), from €112,003 to €60,559
- Debts after one year -€19,595
down €19,595 (-9.1%), from €214,338 to €194,743
- Gross operating margin +€30,948
up €30,948 (+18.5%), from €166,923 to €197,872
- Taxes +€10,563
up €10,563 (+27.4%), from €38,592 to €49,155
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 | €673,121 | €659,851 | -€13,270 | -2.0% |
| Fixed assets | 21/28 | €349,749 | €323,304 | -€26,444 | -7.6% |
| Tangible fixed assets | 22/27 | €349,749 | €323,304 | -€26,444 | -7.6% |
| Land and buildings | 22 | €315,790 | €299,246 | -€16,544 | -5.2% |
| Furniture and vehicles | 24 | €33,958 | €24,058 | -€9,900 | -29.2% |
| Current assets | 29/58 | €323,373 | €336,547 | +€13,174 | +4.1% |
| Amounts receivable within one year | 40/41 | €126,515 | €144,352 | +€17,836 | +14.1% |
| Other amounts receivable | 41 | €126,515 | €144,352 | +€17,836 | +14.1% |
| Current investments | 50/53 | €82,098 | €83,297 | +€1,199 | +1.5% |
| Cash at bank and in hand | 54/58 | €107,523 | €108,239 | +€716 | +0.7% |
| Deferred charges and accrued income | 490/1 | €7,237 | €660 | -€6,577 | -90.9% |
| Total equity and liabilities | 10/49 | €673,121 | €659,851 | -€13,270 | -2.0% |
| Equity | 10/15 | €288,852 | €345,417 | +€56,564 | +19.6% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €233,052 | €289,617 | +€56,564 | +24.3% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €227,472 | €284,037 | +€56,564 | +24.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €384,269 | €314,435 | -€69,834 | -18.2% |
| Amounts payable after more than one year | 17 | €214,338 | €194,743 | -€19,595 | -9.1% |
| Financial debts | 170/4 | €214,338 | €194,743 | -€19,595 | -9.1% |
| Amounts payable within one year | 42/48 | €169,932 | €119,692 | -€50,240 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €19,177 | €19,595 | +€418 | +2.2% |
| Trade debts | 44 | €3,078 | €1,505 | -€1,573 | -51.1% |
| Suppliers | 440/4 | €3,078 | €1,505 | -€1,573 | -51.1% |
| Taxes, remuneration and social security | 45 | €35,674 | €38,033 | +€2,359 | +6.6% |
| Taxes | 450/3 | €35,674 | €38,033 | +€2,359 | +6.6% |
| Other amounts payable | 47/48 | €112,003 | €60,559 | -€51,444 | -45.9% |
| Remuneration, social security and pensions | 62 | €3,216 | €1,321 | -€1,895 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,444 | €26,444 | = | 0.0% |
| Other operating charges | 640/8 | €3,085 | €3,171 | +€86 | +2.8% |
| Gross operating margin | 9900 | €166,923 | €197,872 | +€30,948 | +18.5% |
| Operating profit (loss) | 9901 | €134,178 | €166,935 | +€32,757 | +24.4% |
| Financial income | 75/76B | €2,820 | €4,327 | +€1,507 | +53.4% |
| Recurring financial income | 75 | €2,820 | €4,327 | +€1,507 | +53.4% |
| Financial charges | 65/66B | €5,367 | €4,984 | -€384 | -7.1% |
| Recurring financial charges | 65 | €5,367 | €4,984 | -€384 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €131,631 | €166,279 | +€34,648 | +26.3% |
| Income taxes | 67/77 | €38,592 | €49,155 | +€10,563 | +27.4% |
| Profit (loss) for the period | 9904 | €93,039 | €117,123 | +€24,085 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,039 | €117,123 | +€24,085 | +25.9% |
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 4 October 2026 via checked.be.