ETN 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.
What changed
ETN DE KEYSER
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€19,608
2024 · €18,213+€1,395
Equity
€575,196
2024 · €555,700+€19,496
Cash
€543
2024 · €259+€284
Balance sheet total
€726,868
2024 · €708,216+€18,652
Largest movements
Assets
- Current investments +€52,329
up €52,329 (+18.2%), from €288,117 to €340,446
- Tangible fixed assets -€31,289
down €31,289 (-7.6%), from €413,662 to €382,373
of which Land and buildings: -€30,963
Equity and liabilities
- Reserves +€19,608
up €19,608 (+7.5%), from €262,674 to €282,282
Income statement
- Gross operating margin +€2,688
up €2,688 (+3.7%), from €71,681 to €74,369
- Taxes +€1,773
up €1,773 (+27.3%), from €6,483 to €8,256
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.
Result 2024
€18,213
Gross operating margin
+€2,688
Depreciation
+€670
Other operating charges
-€463
Financial income
+€251
Financial charges
+€23
Taxes
-€1,773
Deferred taxes and other
-€1
Result 2025
€19,608
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€52,725
Investment
-€52,329
Financing
-€112
Cash 2024
€259
From operations (derived)
+€52,725
Net result for the year
+€19,608
Depreciation
+€31,289
Receivables within one year
+€1,661
Deferred charges and accrued income
+€1,011
Smaller working-capital items
-€26
Other debts
-€818
Investment (derived)
-€52,329
Current investments
-€52,329
Financing
-€112
Contributions, distributions and other
-€112
Cash 2025
€543
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €708,216 | €726,868 | +€18,652 | +2.6% |
| Fixed assets | 21/28 | €413,662 | €382,373 | -€31,289 | -7.6% |
| Tangible fixed assets | 22/27 | €413,662 | €382,373 | -€31,289 | -7.6% |
| Land and buildings | 22 | €412,806 | €381,843 | -€30,963 | -7.5% |
| Furniture and vehicles | 24 | €856 | €530 | -€326 | -38.1% |
| Current assets | 29/58 | €294,554 | €344,495 | +€49,941 | +17.0% |
| Amounts receivable within one year | 40/41 | €2,496 | €835 | -€1,661 | -66.5% |
| Trade receivables | 40 | €526 | €563 | +€37 | +7.0% |
| Other amounts receivable | 41 | €1,970 | €272 | -€1,698 | -86.2% |
| Current investments | 50/53 | €288,117 | €340,446 | +€52,329 | +18.2% |
| Cash at bank and in hand | 54/58 | €259 | €543 | +€284 | +110% |
| Deferred charges and accrued income | 490/1 | €3,682 | €2,671 | -€1,011 | -27.5% |
| Total equity and liabilities | 10/49 | €708,216 | €726,868 | +€18,652 | +2.6% |
| Equity | 10/15 | €555,700 | €575,196 | +€19,496 | +3.5% |
| Contributions | 10/11 | €192,130 | €192,130 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €262,674 | €282,282 | +€19,608 | +7.5% |
| Distributable reserves | 133 | €262,674 | €282,282 | +€19,608 | +7.5% |
| Investment grants | 15 | €896 | €784 | -€112 | -12.5% |
| Provisions and deferred taxes | 16 | €299 | €261 | -€38 | -12.7% |
| Deferred taxes | 168 | €299 | €261 | -€38 | -12.7% |
| Amounts payable | 17/49 | €152,217 | €151,411 | -€806 | -0.5% |
| Amounts payable after more than one year | 17 | €106,920 | €106,920 | = | 0.0% |
| Financial debts | 170/4 | €106,920 | €106,920 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,297 | €44,491 | -€806 | -1.8% |
| Trade debts | 44 | €118 | - | -€118 | |
| Suppliers | 440/4 | €118 | - | -€118 | |
| Taxes, remuneration and social security | 45 | €2,692 | €2,822 | +€130 | +4.8% |
| Taxes | 450/3 | €2,692 | €2,822 | +€130 | +4.8% |
| Other amounts payable | 47/48 | €42,487 | €41,669 | -€818 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,959 | €31,289 | -€670 | -2.1% |
| Other operating charges | 640/8 | €14,729 | €15,192 | +€463 | +3.1% |
| Gross operating margin | 9900 | €71,681 | €74,369 | +€2,688 | +3.7% |
| Operating profit (loss) | 9901 | €24,993 | €27,888 | +€2,895 | +11.6% |
| Financial income | 75/76B | €8,288 | €8,539 | +€251 | +3.0% |
| Recurring financial income | 75 | €8,288 | €8,539 | +€251 | +3.0% |
| Financial charges | 65/66B | €8,623 | €8,600 | -€23 | -0.3% |
| Recurring financial charges | 65 | €8,623 | €8,600 | -€23 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €24,658 | €27,827 | +€3,169 | +12.9% |
| Transfer from deferred taxes | 780 | €38 | €37 | -€1 | -2.6% |
| Income taxes | 67/77 | €6,483 | €8,256 | +€1,773 | +27.3% |
| Profit (loss) for the period | 9904 | €18,213 | €19,608 | +€1,395 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,213 | €19,608 | +€1,395 | +7.7% |
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 25 October 2026 via checked.be.