Dr. De Keyser-Colla: 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. De Keyser-Colla
Largest movements
- Deferred charges and accrued income -€251,681
down €251,681 (-98.8%), from €254,657 to €2,976
- Cash -€79,139
down €79,139 (-74.1%), from €106,839 to €27,701
mainly Net result for the year (-€163,511) and Other debts (-€132,853)
- Tangible fixed assets -€15,445
down €15,445 (-22.0%), from €70,253 to €54,808
of which Land and buildings: -€9,842
- Reserves -€163,511
down €163,511 (-25.8%), from €633,568 to €470,058
- Other debts -€132,853
down €132,853 (-100%), from €132,853 to €0
- Trade debts -€22,691
down €22,691 (-95.3%), from €23,818 to €1,126
- Tax, wage and social debts -€21,906
down €21,906 (-72.9%), from €30,028 to €8,123
- Gross operating margin -€181,682
down €181,682, from €40,220 to -€141,462
- Taxes -€7,213
down €7,213 (-98.4%), from €7,332 to €119
- Other operating charges +€4,748
up €4,748 (+188%), from €2,526 to €7,274
- Depreciation -€1,744
down €1,744 (-10.1%), from €17,190 to €15,445
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 | €831,879 | €490,802 | -€341,077 | -41.0% |
| Fixed assets | 21/28 | €70,253 | €54,808 | -€15,445 | -22.0% |
| Tangible fixed assets | 22/27 | €70,253 | €54,808 | -€15,445 | -22.0% |
| Land and buildings | 22 | €57,297 | €47,456 | -€9,842 | -17.2% |
| Plant, machinery and equipment | 23 | €6,606 | €2,171 | -€4,435 | -67.1% |
| Furniture and vehicles | 24 | €4,692 | €3,524 | -€1,168 | -24.9% |
| Other tangible fixed assets | 26 | €1,657 | €1,657 | = | 0.0% |
| Current assets | 29/58 | €761,626 | €435,994 | -€325,632 | -42.8% |
| Amounts receivable after more than one year | 29 | €354,018 | €354,018 | = | 0.0% |
| Other amounts receivable | 291 | €354,018 | €354,018 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €46,112 | €51,300 | +€5,189 | +11.3% |
| Trade receivables | 40 | €14,373 | €11,137 | -€3,236 | -22.5% |
| Other amounts receivable | 41 | €31,738 | €40,163 | +€8,425 | +26.5% |
| Cash at bank and in hand | 54/58 | €106,839 | €27,701 | -€79,139 | -74.1% |
| Deferred charges and accrued income | 490/1 | €254,657 | €2,976 | -€251,681 | -98.8% |
| Total equity and liabilities | 10/49 | €831,879 | €490,802 | -€341,077 | -41.0% |
| Equity | 10/15 | €639,768 | €476,258 | -€163,511 | -25.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €633,568 | €470,058 | -€163,511 | -25.8% |
| Distributable reserves | 133 | €633,568 | €470,058 | -€163,511 | -25.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €192,111 | €14,545 | -€177,566 | -92.4% |
| Amounts payable within one year | 42/48 | €188,102 | €9,252 | -€178,850 | -95.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1,402 | €3 | -€1,400 | -99.8% |
| Credit institutions | 430/8 | €1,402 | €3 | -€1,400 | -99.8% |
| Trade debts | 44 | €23,818 | €1,126 | -€22,691 | -95.3% |
| Suppliers | 440/4 | €23,818 | €1,126 | -€22,691 | -95.3% |
| Taxes, remuneration and social security | 45 | €30,028 | €8,123 | -€21,906 | -72.9% |
| Taxes | 450/3 | €30,028 | €8,123 | -€21,906 | -72.9% |
| Other amounts payable | 47/48 | €132,853 | €0 | -€132,853 | -100% |
| Accrued charges and deferred income | 492/3 | €4,009 | €5,292 | +€1,283 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,190 | €15,445 | -€1,744 | -10.1% |
| Other operating charges | 640/8 | €2,526 | €7,274 | +€4,748 | +188% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €40,220 | -€141,462 | -€181,682 | |
| Operating profit (loss) | 9901 | €20,504 | -€164,182 | -€184,686 | |
| Financial income | 75/76B | €5,259 | €5,595 | +€336 | +6.4% |
| Recurring financial income | 75 | €5,259 | €5,595 | +€336 | +6.4% |
| Financial charges | 65/66B | €5,140 | €4,805 | -€335 | -6.5% |
| Recurring financial charges | 65 | €5,140 | €4,805 | -€335 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €20,623 | -€163,392 | -€184,015 | |
| Income taxes | 67/77 | €7,332 | €119 | -€7,213 | -98.4% |
| Profit (loss) for the period | 9904 | €13,291 | -€163,511 | -€176,802 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,291 | -€163,511 | -€176,802 |
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 24 October 2026 via checked.be.