DR. TOMAS DE 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. TOMAS DE KEYZER
Largest movements
- Tangible fixed assets +€433,043
up €433,043 (+9,699%), from €4,465 to €437,508
of which Land and buildings: +€426,973
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Receivables within one year -€40,293
down €40,293 (-64.2%), from €62,750 to €22,457
of which Trade receivables: -€62,750
- Cash +€29,268
up €29,268 (+55.3%), from €52,912 to €82,180
mainly Debts after one year (+€231,850) and Net result for the year (+€221,740)
- Debts after one year +€231,850
new in 2025: €231,850
- Current portion of long-term debt +€45,830
new in 2025: €45,830
- Other debts +€14,834
up €14,834 (+4.8%), from €308,393 to €323,227
- Accrued charges and deferred income -€12,671
down €12,671 (-30.8%), from €41,111 to €28,439
- Depreciation +€58,827
up €58,827 (+3,328%), from €1,768 to €60,595
- Gross operating margin +€26,560
up €26,560 (+7.9%), from €337,636 to €364,196
- Financial charges +€12,375
up €12,375, from -€517 to €11,858
- Taxes -€12,355
down €12,355 (-15.5%), from €79,924 to €67,570
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 | €415,769 | €690,238 | +€274,469 | +66.0% |
| Fixed assets | 21/28 | €4,465 | €437,508 | +€433,043 | +9,699% |
| Tangible fixed assets | 22/27 | €4,465 | €437,508 | +€433,043 | +9,699% |
| Land and buildings | 22 | - | €426,973 | +€426,973 | |
| Plant, machinery and equipment | 23 | - | €6,723 | +€6,723 | |
| Furniture and vehicles | 24 | €4,465 | €3,812 | -€652 | -14.6% |
| Current assets | 29/58 | €411,305 | €252,730 | -€158,574 | -38.6% |
| Amounts receivable within one year | 40/41 | €62,750 | €22,457 | -€40,293 | -64.2% |
| Trade receivables | 40 | €62,750 | €0 | -€62,750 | -100% |
| Other amounts receivable | 41 | €0 | €22,457 | +€22,457 | |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €52,912 | €82,180 | +€29,268 | +55.3% |
| Deferred charges and accrued income | 490/1 | €145,643 | €148,094 | +€2,451 | +1.7% |
| Total equity and liabilities | 10/49 | €415,769 | €690,238 | +€274,469 | +66.0% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €397,169 | €671,638 | +€274,469 | +69.1% |
| Amounts payable after more than one year | 17 | - | €231,850 | +€231,850 | |
| Financial debts | 170/4 | - | €231,850 | +€231,850 | |
| Amounts payable within one year | 42/48 | €356,059 | €411,349 | +€55,290 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | - | €45,830 | +€45,830 | |
| Trade debts | 44 | €42,619 | €37,270 | -€5,349 | -12.6% |
| Suppliers | 440/4 | €42,619 | €37,270 | -€5,349 | -12.6% |
| Taxes, remuneration and social security | 45 | €5,047 | €5,022 | -€25 | -0.5% |
| Taxes | 450/3 | €5,047 | €5,022 | -€25 | -0.5% |
| Other amounts payable | 47/48 | €308,393 | €323,227 | +€14,834 | +4.8% |
| Accrued charges and deferred income | 492/3 | €41,111 | €28,439 | -€12,671 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,768 | €60,595 | +€58,827 | +3,328% |
| Other operating charges | 640/8 | €629 | €2,521 | +€1,892 | +301% |
| Gross operating margin | 9900 | €337,636 | €364,196 | +€26,560 | +7.9% |
| Operating profit (loss) | 9901 | €335,240 | €301,080 | -€34,159 | -10.2% |
| Financial income | 75/76B | €1,074 | €88 | -€986 | -91.8% |
| Recurring financial income | 75 | €1,074 | €88 | -€986 | -91.8% |
| Financial charges | 65/66B | -€517 | €11,858 | +€12,375 | |
| Recurring financial charges | 65 | -€517 | €11,858 | +€12,375 | |
| Profit (loss) for the period before taxes | 9903 | €336,831 | €289,310 | -€47,521 | -14.1% |
| Income taxes | 67/77 | €79,924 | €67,570 | -€12,355 | -15.5% |
| Profit (loss) for the period | 9904 | €256,907 | €221,740 | -€35,166 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €256,907 | €221,740 | -€35,166 | -13.7% |
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 23 October 2026 via checked.be.