ERIK DE KEYSER: 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.
ERIK DE KEYSER
Largest movements
- Tangible fixed assets +€26,687
up €26,687 (+72.4%), from €36,873 to €63,559
of which Furniture and vehicles: +€29,512
- Receivables within one year +€12,503
up €12,503 (+19.3%), from €64,701 to €77,204
of which Other amounts receivable: +€12,241
- Cash +€10,735
up €10,735 (+42.3%), from €25,382 to €36,117
mainly Debts after one year (+€30,430) and Depreciation (+€23,137)
- Deferred charges and accrued income +€2,477
up €2,477 (+20.2%), from €12,280 to €14,758
- Debts after one year +€30,430
up €30,430 (+597%), from €5,095 to €35,525
- Reserves +€22,626
up €22,626 (+22.0%), from €102,753 to €125,379
of which Distributable reserves: +€22,626
- Tax, wage and social debts -€9,172
down €9,172 (-100%), from €9,172 to €0
- Trade debts +€7,998
up €7,998 (+44.9%), from €17,813 to €25,812
- Other debts -€3,000
down €3,000 (-35.3%), from €8,500 to €5,500
- Taxes -€6,360
down €6,360 (-48.2%), from €13,205 to €6,845
- Depreciation +€3,796
up €3,796 (+19.6%), from €19,341 to €23,137
- Gross operating margin -€1,921
down €1,921 (-3.4%), from €55,823 to €53,902
- Financial charges +€1,533
up €1,533 (+203%), from €754 to €2,288
- Staff costs +€1,086
up €1,086, from €0 to €1,086
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 | €181,611 | €233,463 | +€51,852 | +28.6% |
| Fixed assets | 21/28 | €76,373 | €103,059 | +€26,687 | +34.9% |
| Tangible fixed assets | 22/27 | €36,873 | €63,559 | +€26,687 | +72.4% |
| Plant, machinery and equipment | 23 | €11,927 | €9,102 | -€2,825 | -23.7% |
| Furniture and vehicles | 24 | €24,945 | €54,457 | +€29,512 | +118% |
| Financial fixed assets | 28 | €39,500 | €39,500 | = | 0.0% |
| Current assets | 29/58 | €105,239 | €130,404 | +€25,165 | +23.9% |
| Stocks and contracts in progress | 3 | €2,875 | €2,325 | -€550 | -19.1% |
| Stocks | 30/36 | €2,875 | €2,325 | -€550 | -19.1% |
| Amounts receivable within one year | 40/41 | €64,701 | €77,204 | +€12,503 | +19.3% |
| Trade receivables | 40 | €12,750 | €13,012 | +€262 | +2.1% |
| Other amounts receivable | 41 | €51,951 | €64,192 | +€12,241 | +23.6% |
| Cash at bank and in hand | 54/58 | €25,382 | €36,117 | +€10,735 | +42.3% |
| Deferred charges and accrued income | 490/1 | €12,280 | €14,758 | +€2,477 | +20.2% |
| Total equity and liabilities | 10/49 | €181,611 | €233,463 | +€51,852 | +28.6% |
| Equity | 10/15 | €132,267 | €154,893 | +€22,626 | +17.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €102,753 | €125,379 | +€22,626 | +22.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,893 | €123,519 | +€22,626 | +22.4% |
| Profit (loss) carried forward | 14 | €23,314 | €23,314 | = | 0.0% |
| Amounts payable | 17/49 | €49,344 | €78,570 | +€29,226 | +59.2% |
| Amounts payable after more than one year | 17 | €5,095 | €35,525 | +€30,430 | +597% |
| Financial debts | 170/4 | €5,095 | €35,525 | +€30,430 | +597% |
| Amounts payable within one year | 42/48 | €44,249 | €43,045 | -€1,204 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €8,763 | €11,733 | +€2,970 | +33.9% |
| Trade debts | 44 | €17,813 | €25,812 | +€7,998 | +44.9% |
| Suppliers | 440/4 | €17,813 | €25,812 | +€7,998 | +44.9% |
| Taxes, remuneration and social security | 45 | €9,172 | €0 | -€9,172 | -100% |
| Taxes | 450/3 | €9,172 | €0 | -€9,172 | -100% |
| Other amounts payable | 47/48 | €8,500 | €5,500 | -€3,000 | -35.3% |
| Non-recurring operating income | 76A | - | €18,700 | +€18,700 | |
| Remuneration, social security and pensions | 62 | €0 | €1,086 | +€1,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,341 | €23,137 | +€3,796 | +19.6% |
| Other operating charges | 640/8 | €3,128 | €2,441 | -€687 | -22.0% |
| Gross operating margin | 9900 | €55,823 | €53,902 | -€1,921 | -3.4% |
| Operating profit (loss) | 9901 | €33,354 | €27,238 | -€6,116 | -18.3% |
| Financial income | 75/76B | €4,049 | €4,520 | +€471 | +11.6% |
| Recurring financial income | 75 | €4,049 | €4,520 | +€471 | +11.6% |
| Financial charges | 65/66B | €754 | €2,288 | +€1,533 | +203% |
| Recurring financial charges | 65 | €754 | €2,288 | +€1,533 | +203% |
| Profit (loss) for the period before taxes | 9903 | €36,649 | €29,471 | -€7,178 | -19.6% |
| Income taxes | 67/77 | €13,205 | €6,845 | -€6,360 | -48.2% |
| Profit (loss) for the period | 9904 | €23,444 | €22,626 | -€818 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,444 | €22,626 | -€818 | -3.5% |
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.