Groep 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
Groep De Keyser
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.0m
2024 · €5.2m-€225,574
Equity
€43.3m
2024 · €41.0m+€2.4m
Cash
€12
2024 · €729,194-€729,181
Balance sheet total
€53.2m
2024 · €49.5m+€3.7m
Largest movements
Assets
- Receivables within one year +€5.1m
up €5.1m (+18.9%), from €27.1m to €32.2m
of which Other amounts receivable: +€5.1m
- Cash -€729,181
down €729,181 (-100.0%), from €729,194 to €12
mainly Receivables within one year (-€5.1m) and Contributions, distributions and other (-€2.6m)
Equity and liabilities
- Reserves +€2.4m
up €2.4m (+6.8%), from €35.1m to €37.5m
of which Distributable reserves: +€1.4m
- Other debts +€1.4m
up €1.4m (+18.2%), from €7.5m to €8.9m
Income statement
- Turnover +€804,982
up €804,982 (+23.4%), from €3.4m to €4.2m
- Financial income -€149,558
down €149,558 (-5.7%), from €2.6m to €2.5m
- Taxes -€74,326
down €74,326 (-7.1%), from €1.0m to €971,950
- Depreciation -€70,213
down €70,213 (-17.1%), from €409,655 to €339,442
- Other operating income -€49,597
down €49,597 (-20.0%), from €248,120 to €198,523
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
€5.2m
Turnover
+€804,982
Other operating income
-€49,597
Goods and materials
+€9,279
Services and other goods
+€47,753
Staff costs
-€25,218
Depreciation
+€70,213
Other operating charges
-€937
Other operating items
-€977,694
Financial income
-€149,558
Financial charges
+€12,110
Taxes
+€74,326
Deferred taxes and other
-€41,234
Result 2025
€5.0m
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
+€1.7m
Investment
+€334,712
Financing
-€2.7m
Cash 2024
€729,194
From operations (derived)
+€1.7m
Net result for the year
+€5.0m
Depreciation
+€339,442
Smaller working-capital items
-€7,335
Receivables within one year
-€5.1m
Tax, wage and social debts
+€64,309
Other debts
+€1.4m
Investment (derived)
+€334,712
Investment in fixed assets (net)
+€334,712
Financing
-€2.7m
Debts after one year
-€99,996
Short-term financial debts
+€846
Contributions, distributions and other
-€2.6m
Cash 2025
€12
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,510,737 | €53,229,976 | +€3.7m | +7.5% |
| Fixed assets | 21/28 | €21,671,759 | €20,997,605 | -€674,154 | -3.1% |
| Intangible fixed assets | 21 | €225,418 | €56,260 | -€169,158 | -75.0% |
| Tangible fixed assets | 22/27 | €4,728,610 | €4,274,575 | -€454,035 | -9.6% |
| Land and buildings | 22 | €231,019 | €231,019 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,114 | €5,675 | -€2,439 | -30.1% |
| Furniture and vehicles | 24 | €58,981 | €84,803 | +€25,821 | +43.8% |
| Leasing and similar rights | 25 | €196,942 | €164,180 | -€32,762 | -16.6% |
| Other tangible fixed assets | 26 | €4,233,553 | €3,755,710 | -€477,843 | -11.3% |
| Assets under construction and advance payments | 27 | - | €33,188 | +€33,188 | |
| Financial fixed assets | 28 | €16,717,731 | €16,666,770 | -€50,961 | -0.3% |
| Affiliated companies | 280/1 | €13,755,336 | €13,755,336 | = | 0.0% |
| Participating interests | 280 | €13,755,336 | €13,755,336 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,962,395 | €2,911,434 | -€50,961 | -1.7% |
| Amounts receivable and cash guarantees | 285/8 | €2,962,395 | €2,911,434 | -€50,961 | -1.7% |
| Current assets | 29/58 | €27,838,978 | €32,232,371 | +€4.4m | +15.8% |
| Stocks and contracts in progress | 3 | €32,876 | €32,917 | +€41 | +0.1% |
| Stocks | 30/36 | €32,876 | €32,917 | +€41 | +0.1% |
| Raw materials and consumables | 30/31 | €32,876 | €32,917 | +€41 | +0.1% |
| Amounts receivable within one year | 40/41 | €27,054,783 | €32,176,848 | +€5.1m | +18.9% |
| Trade receivables | 40 | €78,313 | €86,145 | +€7,832 | +10.0% |
| Other amounts receivable | 41 | €26,976,470 | €32,090,704 | +€5.1m | +19.0% |
| Cash at bank and in hand | 54/58 | €729,194 | €12 | -€729,181 | -100.0% |
| Deferred charges and accrued income | 490/1 | €22,125 | €22,594 | +€469 | +2.1% |
| Total equity and liabilities | 10/49 | €49,510,737 | €53,229,976 | +€3.7m | +7.5% |
| Equity | 10/15 | €40,952,062 | €43,342,801 | +€2.4m | +5.8% |
| Contributions | 10/11 | €5,855,670 | €5,855,670 | = | 0.0% |
| Capital | 10 | €5,855,670 | €5,855,670 | = | 0.0% |
| Issued capital | 100 | €5,855,670 | €5,855,670 | = | 0.0% |
| Reserves | 13 | €35,096,392 | €37,487,131 | +€2.4m | +6.8% |
| Non-distributable reserves | 130/1 | €960,600 | €960,600 | = | 0.0% |
| Legal reserve | 130 | €960,600 | €960,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,486,076 | €2,448,734 | +€962,658 | +64.8% |
| Distributable reserves | 133 | €32,649,716 | €34,077,797 | +€1.4m | +4.4% |
| Provisions and deferred taxes | 16 | €163,100 | €151,726 | -€11,374 | -7.0% |
| Deferred taxes | 168 | €163,100 | €151,726 | -€11,374 | -7.0% |
| Amounts payable | 17/49 | €8,395,575 | €9,735,449 | +€1.3m | +16.0% |
| Amounts payable after more than one year | 17 | €591,703 | €491,707 | -€99,996 | -16.9% |
| Financial debts | 170/4 | €591,703 | €491,707 | -€99,996 | -16.9% |
| Credit institutions | 173 | €591,703 | €491,707 | -€99,996 | -16.9% |
| Amounts payable within one year | 42/48 | €7,775,573 | €9,204,816 | +€1.4m | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €99,996 | €99,996 | = | 0.0% |
| Financial debts | 43 | - | €846 | +€846 | |
| Credit institutions | 430/8 | - | €846 | +€846 | |
| Trade debts | 44 | €19,347 | €13,269 | -€6,078 | -31.4% |
| Suppliers | 440/4 | €19,347 | €13,269 | -€6,078 | -31.4% |
| Taxes, remuneration and social security | 45 | €132,464 | €196,773 | +€64,309 | +48.5% |
| Taxes | 450/3 | €106,135 | €167,140 | +€61,005 | +57.5% |
| Remuneration and social security | 454/9 | €26,329 | €29,633 | +€3,303 | +12.5% |
| Other amounts payable | 47/48 | €7,523,766 | €8,893,932 | +€1.4m | +18.2% |
| Accrued charges and deferred income | 492/3 | €28,299 | €38,926 | +€10,627 | +37.6% |
| Operating income | 70/76A | €4,928,683 | €4,728,446 | -€200,238 | -4.1% |
| Turnover | 70 | €3,439,953 | €4,244,935 | +€804,982 | +23.4% |
| Other operating income | 74 | €248,120 | €198,523 | -€49,597 | -20.0% |
| Non-recurring operating income | 76A | €1,240,610 | €284,988 | -€955,623 | -77.0% |
| Operating charges | 60/66A | €1,268,861 | €1,189,841 | -€79,019 | -6.2% |
| Goods for resale, raw materials and consumables | 60 | €139,095 | €129,815 | -€9,279 | -6.7% |
| Purchases | 600/8 | €145,190 | €129,856 | -€15,334 | -10.6% |
| Change in stocks: decrease (increase) | 609 | -€6,095 | -€41 | +€6,054 | +99.3% |
| Services and other goods | 61 | €469,075 | €421,322 | -€47,753 | -10.2% |
| Remuneration, social security and pensions | 62 | €238,750 | €263,968 | +€25,218 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €409,655 | €339,442 | -€70,213 | -17.1% |
| Other operating charges | 640/8 | €12,286 | €13,222 | +€937 | +7.6% |
| Non-recurring operating charges | 66A | - | €22,072 | +€22,072 | |
| Operating profit (loss) | 9901 | €3,659,823 | €3,538,604 | -€121,218 | -3.3% |
| Financial income | 75/76B | €2,639,023 | €2,489,465 | -€149,558 | -5.7% |
| Recurring financial income | 75 | €2,639,023 | €2,489,465 | -€149,558 | -5.7% |
| Income from financial fixed assets | 750 | €2,177,100 | €2,028,977 | -€148,123 | -6.8% |
| Income from current assets | 751 | €461,202 | €459,554 | -€1,648 | -0.4% |
| Other financial income | 752/9 | €721 | €934 | +€214 | +29.7% |
| Financial charges | 65/66B | €71,811 | €59,701 | -€12,110 | -16.9% |
| Recurring financial charges | 65 | €71,811 | €59,701 | -€12,110 | -16.9% |
| Debt charges | 650 | €69,479 | €59,005 | -€10,473 | -15.1% |
| Other financial charges | 652/9 | €2,333 | €695 | -€1,637 | -70.2% |
| Profit (loss) for the period before taxes | 9903 | €6,227,034 | €5,968,369 | -€258,666 | -4.2% |
| Transfer from deferred taxes | 780 | €52,608 | €11,374 | -€41,234 | -78.4% |
| Income taxes | 67/77 | €1,046,276 | €971,950 | -€74,326 | -7.1% |
| Taxes | 670/3 | €1,046,276 | €971,950 | -€74,326 | -7.1% |
| Profit (loss) for the period | 9904 | €5,233,366 | €5,007,792 | -€225,574 | -4.3% |
| Transfer from tax-exempt reserves | 789 | €157,825 | €34,122 | -€123,703 | -78.4% |
| Transfer to tax-exempt reserves | 689 | €996,776 | €996,781 | +€4 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,394,415 | €4,045,134 | -€349,281 | -7.9% |
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 17 October 2026 via checked.be.