ERWIN KEIRSSCHIETER: 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.
ERWIN KEIRSSCHIETER
Largest movements
- Cash +€39,695
up €39,695 (+81.3%), from €48,820 to €88,515
mainly Depreciation (+€23,256) and Receivables within one year (+€15,769)
- Receivables within one year -€15,769
down €15,769 (-26.0%), from €60,607 to €44,838
of which Other amounts receivable: -€9,534
- Tangible fixed assets +€10,650
up €10,650 (+15.8%), from €67,214 to €77,864
of which Furniture and vehicles: +€23,877
- Other debts +€15,066
up €15,066, from €0 to €15,066
- Reserves +€9,202
up €9,202 (+6.3%), from €146,852 to €156,054
- Debts after one year +€8,333
up €8,333 (+636%), from €1,311 to €9,644
- Current portion of long-term debt +€2,725
up €2,725 (+52.6%), from €5,178 to €7,903
- Other operating charges +€3,851
up €3,851 (+391%), from €985 to €4,837
- Gross operating margin -€3,689
down €3,689 (-7.7%), from €47,956 to €44,268
- Taxes -€979
down €979 (-12.9%), from €7,588 to €6,609
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 | €176,641 | €211,218 | +€34,576 | +19.6% |
| Fixed assets | 21/28 | €67,214 | €77,864 | +€10,650 | +15.8% |
| Tangible fixed assets | 22/27 | €67,214 | €77,864 | +€10,650 | +15.8% |
| Land and buildings | 22 | €21,456 | €19,363 | -€2,093 | -9.8% |
| Plant, machinery and equipment | 23 | €29,388 | €18,255 | -€11,134 | -37.9% |
| Furniture and vehicles | 24 | €16,370 | €40,246 | +€23,877 | +146% |
| Current assets | 29/58 | €109,428 | €133,354 | +€23,926 | +21.9% |
| Amounts receivable within one year | 40/41 | €60,607 | €44,838 | -€15,769 | -26.0% |
| Trade receivables | 40 | €6,235 | €0 | -€6,235 | -100% |
| Other amounts receivable | 41 | €54,372 | €44,838 | -€9,534 | -17.5% |
| Cash at bank and in hand | 54/58 | €48,820 | €88,515 | +€39,695 | +81.3% |
| Total equity and liabilities | 10/49 | €176,641 | €211,218 | +€34,576 | +19.6% |
| Equity | 10/15 | €166,852 | €176,054 | +€9,202 | +5.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €146,852 | €156,054 | +€9,202 | +6.3% |
| Distributable reserves | 133 | €146,852 | €156,054 | +€9,202 | +6.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €9,789 | €35,164 | +€25,375 | +259% |
| Amounts payable after more than one year | 17 | €1,311 | €9,644 | +€8,333 | +636% |
| Financial debts | 170/4 | €1,311 | €9,644 | +€8,333 | +636% |
| Amounts payable within one year | 42/48 | €8,478 | €25,520 | +€17,042 | +201% |
| Current portion of amounts payable after more than one year | 42 | €5,178 | €7,903 | +€2,725 | +52.6% |
| Trade debts | 44 | €1,680 | €2,551 | +€871 | +51.9% |
| Suppliers | 440/4 | €1,680 | €2,551 | +€871 | +51.9% |
| Taxes, remuneration and social security | 45 | €1,621 | €0 | -€1,621 | -100% |
| Taxes | 450/3 | €1,621 | €0 | -€1,621 | -100% |
| Other amounts payable | 47/48 | €0 | €15,066 | +€15,066 | |
| Non-recurring operating income | 76A | - | €12,836 | +€12,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,905 | €23,256 | +€350 | +1.5% |
| Other operating charges | 640/8 | €985 | €4,837 | +€3,851 | +391% |
| Gross operating margin | 9900 | €47,956 | €44,268 | -€3,689 | -7.7% |
| Operating profit (loss) | 9901 | €24,066 | €16,175 | -€7,890 | -32.8% |
| Financial income | 75/76B | €240 | €275 | +€36 | +14.8% |
| Recurring financial income | 75 | €240 | €275 | +€36 | +14.8% |
| Financial charges | 65/66B | €511 | €639 | +€129 | +25.2% |
| Recurring financial charges | 65 | €511 | €639 | +€129 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €23,795 | €15,811 | -€7,984 | -33.6% |
| Income taxes | 67/77 | €7,588 | €6,609 | -€979 | -12.9% |
| Profit (loss) for the period | 9904 | €16,207 | €9,202 | -€7,005 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,207 | €9,202 | -€7,005 | -43.2% |
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 29 October 2026 via checked.be.