Dr. Keyzer Michiel: 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. Keyzer Michiel
Largest movements
- Cash +€44,599
up €44,599 (+675.9%), from €6,598 to €51,197
mainly Net result for the year (+€60,581) and Tax, wage and social debts (+€9,186)
- Current investments +€25,000
new in 2025: €25,000
- Reserves +€57,299
new in 2025: €57,299
- Tax, wage and social debts +€9,186
up €9,186 (+1148.3%), from €800 to €9,986
- Profit (loss) carried forward +€3,282
no longer reported in 2025 (was -€3,282)
- Trade debts -€2,065
down €2,065 (-84.4%), from €2,447 to €382
- Accrued charges and deferred income +€1,031
new in 2025: €1,031
- Gross operating margin +€79,397
up €79,397, from -€3,282 to €76,115
- Taxes +€15,484
new in 2025: €15,484
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 | €6,598 | €76,197 | +€69,599 | +1054.8% |
| Current assets | 29/58 | €6,598 | €76,197 | +€69,599 | +1054.8% |
| Current investments | 50/53 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €6,598 | €51,197 | +€44,599 | +675.9% |
| Total equity and liabilities | 10/49 | €6,598 | €76,197 | +€69,599 | +1054.8% |
| Equity | 10/15 | €718 | €61,299 | +€60,581 | +8440.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €57,299 | +€57,299 | |
| Distributable reserves | 133 | - | €57,299 | +€57,299 | |
| Profit (loss) carried forward | 14 | -€3,282 | - | +€3,282 | |
| Amounts payable | 17/49 | €5,881 | €14,899 | +€9,018 | +153.3% |
| Amounts payable within one year | 42/48 | €5,881 | €13,868 | +€7,987 | +135.8% |
| Trade debts | 44 | €2,447 | €382 | -€2,065 | -84.4% |
| Suppliers | 440/4 | €2,447 | €382 | -€2,065 | -84.4% |
| Taxes, remuneration and social security | 45 | €800 | €9,986 | +€9,186 | +1148.3% |
| Taxes | 450/3 | €800 | €9,986 | +€9,186 | +1148.3% |
| Other amounts payable | 47/48 | €2,634 | €3,499 | +€865 | +32.9% |
| Accrued charges and deferred income | 492/3 | - | €1,031 | +€1,031 | |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | -€3,282 | €76,115 | +€79,397 | |
| Operating profit (loss) | 9901 | -€3,282 | €76,065 | +€79,347 | |
| Profit (loss) for the period before taxes | 9903 | -€3,282 | €76,065 | +€79,347 | |
| Income taxes | 67/77 | - | €15,484 | +€15,484 | |
| Profit (loss) for the period | 9904 | -€3,282 | €60,581 | +€63,863 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,282 | €60,581 | +€63,863 |
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 12 October 2026 via checked.be.