DR. LUC DE KEYSER: what changed
DR. LUC DE KEYSER
Largest movements
- Cash +€178,004
up €178,004 (+119%), from €149,525 to €327,529
mainly Net result for the year (+€111,261) and Current investments (+€44,976)
- Current investments -€44,976
down €44,976 (-10.0%), from €450,000 to €405,024
- Tangible fixed assets -€10,780
down €10,780 (-79.9%), from €13,496 to €2,716
of which Furniture and vehicles: -€10,530
- Reserves +€84,138
up €84,138 (+13.6%), from €616,698 to €700,837
of which Distributable reserves: +€84,138
- Other debts +€24,684
up €24,684 (+1,378%), from €1,792 to €26,476
- Tax, wage and social debts +€12,543
up €12,543 (+178%), from €7,046 to €19,589
- Taxes +€5,684
up €5,684 (+11.8%), from €47,972 to €53,655
- Gross operating margin +€3,859
up €3,859 (+2.4%), from €161,075 to €164,935
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €641,049 | €759,588 | +€118,539 | +18.5% |
| Fixed assets | 21/28 | €13,496 | €2,716 | -€10,780 | -79.9% |
| Tangible fixed assets | 22/27 | €13,496 | €2,716 | -€10,780 | -79.9% |
| Plant, machinery and equipment | 23 | €1,135 | €885 | -€250 | -22.0% |
| Furniture and vehicles | 24 | €12,361 | €1,831 | -€10,530 | -85.2% |
| Current assets | 29/58 | €627,553 | €756,872 | +€129,319 | +20.6% |
| Amounts receivable within one year | 40/41 | €15,590 | €13,706 | -€1,884 | -12.1% |
| Trade receivables | 40 | €1,920 | - | -€1,920 | |
| Other amounts receivable | 41 | €13,670 | €13,706 | +€36 | +0.3% |
| Current investments | 50/53 | €450,000 | €405,024 | -€44,976 | -10.0% |
| Cash at bank and in hand | 54/58 | €149,525 | €327,529 | +€178,004 | +119% |
| Deferred charges and accrued income | 490/1 | €12,438 | €10,613 | -€1,825 | -14.7% |
| Total equity and liabilities | 10/49 | €641,049 | €759,588 | +€118,539 | +18.5% |
| Equity | 10/15 | €629,098 | €713,237 | +€84,138 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €616,698 | €700,837 | +€84,138 | +13.6% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €574,598 | €658,737 | +€84,138 | +14.6% |
| Amounts payable | 17/49 | €11,951 | €46,351 | +€34,400 | +288% |
| Amounts payable within one year | 42/48 | €10,578 | €46,351 | +€35,773 | +338% |
| Trade debts | 44 | €1,740 | €286 | -€1,454 | -83.6% |
| Suppliers | 440/4 | €1,740 | €286 | -€1,454 | -83.6% |
| Taxes, remuneration and social security | 45 | €7,046 | €19,589 | +€12,543 | +178% |
| Taxes | 450/3 | €7,046 | €19,589 | +€12,543 | +178% |
| Other amounts payable | 47/48 | €1,792 | €26,476 | +€24,684 | +1,378% |
| Accrued charges and deferred income | 492/3 | €1,373 | - | -€1,373 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,692 | €10,780 | -€912 | -7.8% |
| Other operating charges | 640/8 | €1,212 | €1,718 | +€506 | +41.7% |
| Gross operating margin | 9900 | €161,075 | €164,935 | +€3,859 | +2.4% |
| Operating profit (loss) | 9901 | €148,171 | €152,437 | +€4,266 | +2.9% |
| Financial income | 75/76B | €12,794 | €12,800 | +€6 | +0.1% |
| Recurring financial income | 75 | €12,794 | €12,800 | +€6 | +0.1% |
| Financial charges | 65/66B | €430 | €321 | -€109 | -25.4% |
| Recurring financial charges | 65 | €430 | €321 | -€109 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €160,536 | €164,917 | +€4,381 | +2.7% |
| Income taxes | 67/77 | €47,972 | €53,655 | +€5,684 | +11.8% |
| Profit (loss) for the period | 9904 | €112,564 | €111,261 | -€1,302 | -1.2% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,464 | €111,261 | +€40,798 | +57.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.