GILBERT KEUTGEN: 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.
GILBERT KEUTGEN
Largest movements
- Stocks and contracts +€141,908
up €141,908 (+532%), from €26,668 to €168,576
- Cash -€138,669
down €138,669 (-36.8%), from €376,465 to €237,796
mainly Stocks and contracts (-€141,908) and Receivables within one year (-€10,320)
- Tangible fixed assets -€32,623
down €32,623 (-6.2%), from €527,851 to €495,228
of which Land and buildings: -€28,932
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€12,910
up €12,910 (+115%), from €11,248 to €24,158
- Financial income +€11,638
up €11,638 (+181%), from €6,441 to €18,079
- Other operating charges +€2,320
up €2,320 (+26.8%), from €8,646 to €10,966
- Financial charges +€792
up €792 (+1,542%), from €51 to €843
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 | €1,439,694 | €1,420,360 | -€19,335 | -1.3% |
| Fixed assets | 21/28 | €529,351 | €496,728 | -€32,623 | -6.2% |
| Tangible fixed assets | 22/27 | €527,851 | €495,228 | -€32,623 | -6.2% |
| Land and buildings | 22 | €522,198 | €493,266 | -€28,932 | -5.5% |
| Furniture and vehicles | 24 | €5,653 | €1,962 | -€3,691 | -65.3% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €910,344 | €923,632 | +€13,288 | +1.5% |
| Stocks and contracts in progress | 3 | €26,668 | €168,576 | +€141,908 | +532% |
| Contracts in progress | 37 | €26,668 | €168,576 | +€141,908 | +532% |
| Amounts receivable within one year | 40/41 | €6,311 | €16,631 | +€10,320 | +164% |
| Trade receivables | 40 | €3,384 | €182 | -€3,202 | -94.6% |
| Other amounts receivable | 41 | €2,927 | €16,449 | +€13,522 | +462% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €376,465 | €237,796 | -€138,669 | -36.8% |
| Deferred charges and accrued income | 490/1 | €900 | €628 | -€272 | -30.2% |
| Total equity and liabilities | 10/49 | €1,439,694 | €1,420,360 | -€19,335 | -1.3% |
| Equity | 10/15 | €782,883 | €780,647 | -€2,236 | -0.3% |
| Contributions | 10/11 | €567,220 | €567,220 | = | 0.0% |
| Reserves | 13 | €206,532 | €206,532 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,432 | €23,432 | = | 0.0% |
| Distributable reserves | 133 | €183,100 | €183,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,131 | €6,895 | -€2,236 | -24.5% |
| Amounts payable | 17/49 | €656,812 | €639,712 | -€17,099 | -2.6% |
| Amounts payable after more than one year | 17 | €640,882 | €630,682 | -€10,200 | -1.6% |
| Other amounts payable | 178/9 | €640,882 | €630,682 | -€10,200 | -1.6% |
| Amounts payable within one year | 42/48 | €15,929 | €9,030 | -€6,899 | -43.3% |
| Trade debts | 44 | €15,735 | €9,030 | -€6,705 | -42.6% |
| Suppliers | 440/4 | €15,735 | €9,030 | -€6,705 | -42.6% |
| Taxes, remuneration and social security | 45 | €194 | - | -€194 | |
| Taxes | 450/3 | €194 | - | -€194 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,623 | €32,623 | = | 0.0% |
| Other operating charges | 640/8 | €8,646 | €10,966 | +€2,320 | +26.8% |
| Gross operating margin | 9900 | €11,248 | €24,158 | +€12,910 | +115% |
| Operating profit (loss) | 9901 | -€30,021 | -€19,430 | +€10,590 | +35.3% |
| Financial income | 75/76B | €6,441 | €18,079 | +€11,638 | +181% |
| Recurring financial income | 75 | €6,441 | €18,079 | +€11,638 | +181% |
| Financial charges | 65/66B | €51 | €843 | +€792 | +1,542% |
| Recurring financial charges | 65 | €51 | €843 | +€792 | +1,542% |
| Profit (loss) for the period before taxes | 9903 | -€23,631 | -€2,195 | +€21,436 | +90.7% |
| Income taxes | 67/77 | €172 | €41 | -€132 | -76.5% |
| Profit (loss) for the period | 9904 | -€23,804 | -€2,236 | +€21,568 | +90.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,804 | -€2,236 | +€21,568 | +90.6% |
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 28 October 2026 via checked.be.