DR. BART DE KEYZER: 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.
DR. BART DE KEYZER
Largest movements
- Deferred charges and accrued income +€183,042
up €183,042 (+7200.8%), from €2,542 to €185,584
- Cash -€135,368
down €135,368 (-74.0%), from €183,038 to €47,669
mainly Contributions, distributions and other (-€219,966) and Deferred charges and accrued income (-€183,042)
- Tangible fixed assets -€22,018
down €22,018 (-41.9%), from €52,568 to €30,550
of which Furniture and vehicles: -€16,485
- Receivables within one year -€10,215
down €10,215 (-91.9%), from €11,117 to €903
of which Other amounts receivable: -€11,117
- Other debts +€22,642
up €22,642 (+11.1%), from €203,939 to €226,580
- Current portion of long-term debt -€20,863
down €20,863 (-100.0%), from €20,863 to €0
- Tax, wage and social debts +€18,244
up €18,244 (+1423.2%), from €1,282 to €19,526
- Trade debts -€3,107
down €3,107 (-100.0%), from €3,107 to €0
- Gross operating margin +€26,581
up €26,581 (+9.3%), from €286,858 to €313,439
- Taxes +€7,310
up €7,310 (+11.9%), from €61,292 to €68,602
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 | €249,264 | €264,706 | +€15,442 | +6.2% |
| Fixed assets | 21/28 | €52,568 | €30,550 | -€22,018 | -41.9% |
| Tangible fixed assets | 22/27 | €52,568 | €30,550 | -€22,018 | -41.9% |
| Plant, machinery and equipment | 23 | €2,647 | €2,029 | -€618 | -23.3% |
| Furniture and vehicles | 24 | €32,948 | €16,462 | -€16,485 | -50.0% |
| Other tangible fixed assets | 26 | €16,973 | €12,059 | -€4,915 | -29.0% |
| Current assets | 29/58 | €196,697 | €234,156 | +€37,459 | +19.0% |
| Amounts receivable within one year | 40/41 | €11,117 | €903 | -€10,215 | -91.9% |
| Trade receivables | 40 | - | €903 | +€903 | |
| Other amounts receivable | 41 | €11,117 | €0 | -€11,117 | -100.0% |
| Cash at bank and in hand | 54/58 | €183,038 | €47,669 | -€135,368 | -74.0% |
| Deferred charges and accrued income | 490/1 | €2,542 | €185,584 | +€183,042 | +7200.8% |
| Total equity and liabilities | 10/49 | €249,264 | €264,706 | +€15,442 | +6.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €230,664 | €246,106 | +€15,442 | +6.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €229,190 | €246,106 | +€16,916 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €20,863 | €0 | -€20,863 | -100.0% |
| Trade debts | 44 | €3,107 | €0 | -€3,107 | -100.0% |
| Suppliers | 440/4 | €3,107 | €0 | -€3,107 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,282 | €19,526 | +€18,244 | +1423.2% |
| Taxes | 450/3 | €1,282 | €19,526 | +€18,244 | +1423.2% |
| Other amounts payable | 47/48 | €203,939 | €226,580 | +€22,642 | +11.1% |
| Accrued charges and deferred income | 492/3 | €1,474 | €0 | -€1,474 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,822 | €150 | -€1,672 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,972 | €24,390 | +€418 | +1.7% |
| Other operating charges | 640/8 | €759 | €837 | +€78 | +10.3% |
| Gross operating margin | 9900 | €286,858 | €313,439 | +€26,581 | +9.3% |
| Operating profit (loss) | 9901 | €260,305 | €288,062 | +€27,757 | +10.7% |
| Financial income | 75/76B | €1,365 | €870 | -€495 | -36.3% |
| Recurring financial income | 75 | €1,365 | €870 | -€495 | -36.3% |
| Financial charges | 65/66B | €460 | €363 | -€97 | -21.1% |
| Recurring financial charges | 65 | €460 | €363 | -€97 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €261,209 | €288,568 | +€27,359 | +10.5% |
| Income taxes | 67/77 | €61,292 | €68,602 | +€7,310 | +11.9% |
| Profit (loss) for the period | 9904 | €199,917 | €219,966 | +€20,049 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,917 | €219,966 | +€20,049 | +10.0% |
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 11 October 2026 via checked.be.