DR. DE KEYSER: 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. DE KEYSER
Largest movements
- Cash +€64,809
up €64,809 (+26.7%), from €243,110 to €307,919
mainly Net result for the year (+€82,224) and Depreciation (+€4,178)
- Receivables within one year +€7,585
up €7,585 (+140.4%), from €5,404 to €12,988
of which Trade receivables: +€7,396
- Reserves +€82,224
up €82,224 (+24.9%), from €330,020 to €412,244
of which Distributable reserves: +€82,224
- Tax, wage and social debts -€5,232
down €5,232 (-44.8%), from €11,670 to €6,438
- Gross operating margin +€53,028
up €53,028 (+73.4%), from €72,263 to €125,291
- Taxes +€20,611
up €20,611 (+101.2%), from €20,371 to €40,982
- Depreciation +€3,413
up €3,413 (+446.1%), from €765 to €4,178
- Financial charges -€2,071
down €2,071, from €1,652 to -€419
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 | €364,173 | €439,561 | +€75,388 | +20.7% |
| Fixed assets | 21/28 | €2,295 | €4,943 | +€2,648 | +115.4% |
| Tangible fixed assets | 22/27 | €2,295 | €4,943 | +€2,648 | +115.4% |
| Furniture and vehicles | 24 | - | €3,413 | +€3,413 | |
| Other tangible fixed assets | 26 | €2,295 | €1,530 | -€765 | -33.3% |
| Current assets | 29/58 | €361,878 | €434,618 | +€72,740 | +20.1% |
| Stocks and contracts in progress | 3 | €2,508 | €2,508 | = | 0.0% |
| Stocks | 30/36 | €2,508 | €2,508 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,404 | €12,988 | +€7,585 | +140.4% |
| Trade receivables | 40 | €5,404 | €12,800 | +€7,396 | +136.9% |
| Other amounts receivable | 41 | - | €189 | +€189 | |
| Current investments | 50/53 | €108,108 | €108,108 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €243,110 | €307,919 | +€64,809 | +26.7% |
| Deferred charges and accrued income | 490/1 | €2,748 | €3,095 | +€346 | +12.6% |
| Total equity and liabilities | 10/49 | €364,173 | €439,561 | +€75,388 | +20.7% |
| Equity | 10/15 | €348,620 | €430,844 | +€82,224 | +23.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €330,020 | €412,244 | +€82,224 | +24.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €328,160 | €410,384 | +€82,224 | +25.1% |
| Amounts payable | 17/49 | €15,553 | €8,717 | -€6,836 | -44.0% |
| Amounts payable within one year | 42/48 | €15,553 | €8,717 | -€6,836 | -44.0% |
| Trade debts | 44 | €1,058 | €1,530 | +€472 | +44.6% |
| Suppliers | 440/4 | €1,058 | €1,530 | +€472 | +44.6% |
| Taxes, remuneration and social security | 45 | €11,670 | €6,438 | -€5,232 | -44.8% |
| Taxes | 450/3 | €11,670 | €6,438 | -€5,232 | -44.8% |
| Other amounts payable | 47/48 | €2,826 | €749 | -€2,077 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €765 | €4,178 | +€3,413 | +446.1% |
| Other operating charges | 640/8 | €1,083 | €1,338 | +€255 | +23.5% |
| Gross operating margin | 9900 | €72,263 | €125,291 | +€53,028 | +73.4% |
| Operating profit (loss) | 9901 | €70,415 | €119,775 | +€49,360 | +70.1% |
| Financial income | 75/76B | €1,787 | €3,013 | +€1,225 | +68.6% |
| Recurring financial income | 75 | €1,787 | €3,013 | +€1,225 | +68.6% |
| Financial charges | 65/66B | €1,652 | -€419 | -€2,071 | |
| Recurring financial charges | 65 | €1,652 | -€419 | -€2,071 | |
| Profit (loss) for the period before taxes | 9903 | €70,550 | €123,206 | +€52,656 | +74.6% |
| Income taxes | 67/77 | €20,371 | €40,982 | +€20,611 | +101.2% |
| Profit (loss) for the period | 9904 | €50,179 | €82,224 | +€32,045 | +63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,179 | €82,224 | +€32,045 | +63.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.