FDG KEYSTONE: what changed
Two fiscal 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.
FDG KEYSTONE
Largest movements
- Receivables after one year -€13,000
no longer reported in 2025 (was €13,000)
- Receivables within one year +€7,614
up €7,614 (+22.1%), from €34,400 to €42,014
of which Trade receivables: +€5,600
- Cash -€5,211
down €5,211 (-2.6%), from €203,911 to €198,700
mainly Contributions, distributions and other (-€213,459) and Tax, wage and social debts (-€13,012)
- Tangible fixed assets +€4,703
up €4,703 (+31.1%), from €15,118 to €19,821
of which Plant, machinery and equipment: +€9,041
- Other debts +€115,174
up €115,174 (+241202.7%), from €48 to €115,222
- Profit (loss) carried forward -€96,863
no longer reported in 2025 (was €96,863)
- Tax, wage and social debts -€13,012
down €13,012 (-35.8%), from €36,317 to €23,305
of which Taxes: -€14,300
- Debts after one year -€11,712
no longer reported in 2025 (was €11,712)
- Taxes -€25,779
down €25,779 (-42.4%), from €60,773 to €34,994
- Gross operating margin +€12,031
up €12,031 (+8.3%), from €145,376 to €157,407
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.
Cash bridge derived
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 | €266,859 | €260,984 | -€5,875 | -2.2% |
| Fixed assets | 21/28 | €15,118 | €19,821 | +€4,703 | +31.1% |
| Tangible fixed assets | 22/27 | €15,118 | €19,821 | +€4,703 | +31.1% |
| Plant, machinery and equipment | 23 | - | €9,041 | +€9,041 | |
| Furniture and vehicles | 24 | €15,118 | €10,780 | -€4,338 | -28.7% |
| Current assets | 29/58 | €251,741 | €241,163 | -€10,579 | -4.2% |
| Amounts receivable after more than one year | 29 | €13,000 | - | -€13,000 | |
| Other amounts receivable | 291 | €13,000 | - | -€13,000 | |
| Amounts receivable within one year | 40/41 | €34,400 | €42,014 | +€7,614 | +22.1% |
| Trade receivables | 40 | €34,400 | €40,000 | +€5,600 | +16.3% |
| Other amounts receivable | 41 | - | €2,014 | +€2,014 | |
| Cash at bank and in hand | 54/58 | €203,911 | €198,700 | -€5,211 | -2.6% |
| Deferred charges and accrued income | 490/1 | €430 | €449 | +€18 | +4.2% |
| Total equity and liabilities | 10/49 | €266,859 | €260,984 | -€5,875 | -2.2% |
| Equity | 10/15 | €218,393 | €121,530 | -€96,863 | -44.4% |
| Reserves | 13 | €121,530 | €121,530 | = | 0.0% |
| Distributable reserves | 133 | €121,530 | €121,530 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,863 | - | -€96,863 | |
| Amounts payable | 17/49 | €48,466 | €139,454 | +€90,988 | +187.7% |
| Amounts payable after more than one year | 17 | €11,712 | - | -€11,712 | |
| Financial debts | 170/4 | €11,712 | - | -€11,712 | |
| Amounts payable within one year | 42/48 | €36,754 | €139,454 | +€102,700 | +279.4% |
| Trade debts | 44 | €389 | €927 | +€538 | +138.2% |
| Suppliers | 440/4 | €389 | €927 | +€538 | +138.2% |
| Taxes, remuneration and social security | 45 | €36,317 | €23,305 | -€13,012 | -35.8% |
| Taxes | 450/3 | €36,317 | €22,016 | -€14,300 | -39.4% |
| Remuneration and social security | 454/9 | - | €1,288 | +€1,288 | |
| Other amounts payable | 47/48 | €48 | €115,222 | +€115,174 | +241202.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,338 | €4,772 | +€434 | +10.0% |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Non-recurring operating charges | 66A | €862 | - | -€862 | |
| Gross operating margin | 9900 | €145,376 | €157,407 | +€12,031 | +8.3% |
| Operating profit (loss) | 9901 | €140,176 | €151,849 | +€11,673 | +8.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €403 | €260 | -€143 | -35.5% |
| Recurring financial charges | 65 | €403 | €260 | -€143 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €139,773 | €151,589 | +€11,816 | +8.5% |
| Income taxes | 67/77 | €60,773 | €34,994 | -€25,779 | -42.4% |
| Profit (loss) for the period | 9904 | €79,001 | €116,596 | +€37,595 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,001 | €116,596 | +€37,595 | +47.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.