DR. E. 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. E. KEYZER
Largest movements
- Current investments +€207,427
up €207,427 (+36.7%), from €565,752 to €773,179
- Cash +€104,434
up €104,434 (+12.9%), from €806,907 to €911,341
mainly Net result for the year (+€384,230) and Other debts (+€139,051)
- Deferred charges and accrued income +€30,393
up €30,393 (+1038.6%), from €2,926 to €33,320
- Tangible fixed assets -€26,216
down €26,216 (-13.6%), from €192,996 to €166,780
of which Furniture and vehicles: -€23,305
- Reserves +€183,824
up €183,824 (+13.3%), from €1.4m to €1.6m
of which Distributable reserves: +€188,190
- Other debts +€139,051
up €139,051 (+199.9%), from €69,552 to €208,603
- Gross operating margin +€44,761
up €44,761 (+8.1%), from €554,034 to €598,795
- Taxes +€12,040
up €12,040 (+7.3%), from €164,301 to €176,341
- Depreciation +€9,748
up €9,748 (+25.5%), from €38,184 to €47,932
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 | €1,568,582 | €1,886,808 | +€318,226 | +20.3% |
| Fixed assets | 21/28 | €192,996 | €166,780 | -€26,216 | -13.6% |
| Tangible fixed assets | 22/27 | €192,996 | €166,780 | -€26,216 | -13.6% |
| Plant, machinery and equipment | 23 | €8,774 | €24,367 | +€15,593 | +177.7% |
| Furniture and vehicles | 24 | €95,877 | €72,572 | -€23,305 | -24.3% |
| Leasing and similar rights | 25 | €61,210 | €51,157 | -€10,053 | -16.4% |
| Other tangible fixed assets | 26 | €27,135 | €18,684 | -€8,451 | -31.1% |
| Current assets | 29/58 | €1,375,586 | €1,720,028 | +€344,442 | +25.0% |
| Amounts receivable within one year | 40/41 | - | €2,188 | +€2,188 | |
| Trade receivables | 40 | - | €2,188 | +€2,188 | |
| Current investments | 50/53 | €565,752 | €773,179 | +€207,427 | +36.7% |
| Cash at bank and in hand | 54/58 | €806,907 | €911,341 | +€104,434 | +12.9% |
| Deferred charges and accrued income | 490/1 | €2,926 | €33,320 | +€30,393 | +1038.6% |
| Total equity and liabilities | 10/49 | €1,568,582 | €1,886,808 | +€318,226 | +20.3% |
| Equity | 10/15 | €1,397,692 | €1,581,516 | +€183,825 | +13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,385,140 | €1,568,964 | +€183,824 | +13.3% |
| Tax-exempt reserves | 132 | €26,725 | €22,359 | -€4,366 | -16.3% |
| Distributable reserves | 133 | €1,358,415 | €1,546,605 | +€188,190 | +13.9% |
| Profit (loss) carried forward | 14 | €152 | €152 | +€0 | +0.3% |
| Provisions and deferred taxes | 16 | €13,761 | €11,513 | -€2,248 | -16.3% |
| Deferred taxes | 168 | €13,761 | €11,513 | -€2,248 | -16.3% |
| Amounts payable | 17/49 | €157,129 | €293,779 | +€136,649 | +87.0% |
| Amounts payable within one year | 42/48 | €142,394 | €274,582 | +€132,188 | +92.8% |
| Taxes, remuneration and social security | 45 | €72,842 | €65,979 | -€6,863 | -9.4% |
| Taxes | 450/3 | €72,842 | €65,979 | -€6,863 | -9.4% |
| Other amounts payable | 47/48 | €69,552 | €208,603 | +€139,051 | +199.9% |
| Accrued charges and deferred income | 492/3 | €14,735 | €19,196 | +€4,461 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,184 | €47,932 | +€9,748 | +25.5% |
| Other operating charges | 640/8 | €3,987 | €2,440 | -€1,547 | -38.8% |
| Gross operating margin | 9900 | €554,034 | €598,795 | +€44,761 | +8.1% |
| Operating profit (loss) | 9901 | €511,862 | €548,422 | +€36,560 | +7.1% |
| Financial income | 75/76B | €6,439 | €10,165 | +€3,726 | +57.9% |
| Recurring financial income | 75 | €6,439 | €10,165 | +€3,726 | +57.9% |
| Financial charges | 65/66B | €212 | €265 | +€53 | +25.1% |
| Recurring financial charges | 65 | €212 | €265 | +€53 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €518,089 | €558,322 | +€40,233 | +7.8% |
| Transfer from deferred taxes | 780 | €2,248 | €2,248 | = | 0.0% |
| Income taxes | 67/77 | €164,301 | €176,341 | +€12,040 | +7.3% |
| Profit (loss) for the period | 9904 | €356,037 | €384,230 | +€28,193 | +7.9% |
| Transfer from tax-exempt reserves | 789 | €4,366 | €4,366 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €360,403 | €388,595 | +€28,193 | +7.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.