Group De Keyzer: 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
Group De Keyzer
NACE 43.350, Other building finishing work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€93,511
2024 · €4,054+€89,457
Equity
€2.9m
2024 · €2.8m+€93,511
Cash
€77,184
2024 · €81,153-€3,969
Balance sheet total
€4.1m
2024 · €4.4m-€296,500
Largest movements
Assets
- Receivables within one year -€519,732
down €519,732 (-21.2%), from €2.5m to €1.9m
of which Other amounts receivable: -€466,054
- Stocks and contracts +€258,724
up €258,724 (+16.1%), from €1.6m to €1.9m
Equity and liabilities
- Other debts -€903,906
down €903,906 (-88.5%), from €1.0m to €117,851
- Trade debts +€475,761
up €475,761 (+177.4%), from €268,216 to €743,976
- Reserves +€93,511
up €93,511 (+3.4%), from €2.7m to €2.8m
of which Distributable reserves: +€93,511
- Tax, wage and social debts +€44,498
up €44,498 (+14.3%), from €310,717 to €355,215
of which Taxes: +€28,828
Income statement
- Gross operating margin +€212,276
up €212,276 (+11.7%), from €1.8m to €2.0m
- Staff costs +€86,430
up €86,430 (+5.1%), from €1.7m to €1.8m
- Taxes +€33,488
up €33,488 (+284.3%), from €11,778 to €45,266
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
€4,054
Gross operating margin
+€212,276
Staff costs
-€86,430
Depreciation
-€7,064
Write-downs
+€11,609
Other operating charges
-€11,573
Financial income
+€2,375
Financial charges
+€1,754
Taxes
-€33,488
Deferred taxes and other
-€3
Result 2025
€93,511
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.
From operations
+€51,301
Investment
-€48,907
Financing
-€6,364
Cash 2024
€81,153
From operations (derived)
+€51,301
Net result for the year
+€93,511
Depreciation
+€78,948
Stocks and contracts
-€258,724
Receivables within one year
+€519,732
Deferred charges and accrued income
+€1,482
Trade debts
+€475,761
Tax, wage and social debts
+€44,498
Other debts
-€903,906
Investment (derived)
-€48,907
Investment in fixed assets (net)
-€48,907
Financing
-€6,364
Debts after one year
-€3,197
Current portion of long-term debt
-€3,166
Cash 2025
€77,184
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,439,243 | €4,142,742 | -€296,500 | -6.7% |
| Fixed assets | 21/28 | €261,830 | €231,789 | -€30,041 | -11.5% |
| Tangible fixed assets | 22/27 | €261,830 | €231,789 | -€30,041 | -11.5% |
| Plant, machinery and equipment | 23 | €151,567 | €128,412 | -€23,155 | -15.3% |
| Furniture and vehicles | 24 | €97,107 | €94,480 | -€2,627 | -2.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €13,156 | €8,897 | -€4,259 | -32.4% |
| Current assets | 29/58 | €4,177,412 | €3,910,953 | -€266,459 | -6.4% |
| Stocks and contracts in progress | 3 | €1,603,580 | €1,862,304 | +€258,724 | +16.1% |
| Stocks | 30/36 | €1,603,580 | €1,862,304 | +€258,724 | +16.1% |
| Amounts receivable within one year | 40/41 | €2,453,038 | €1,933,306 | -€519,732 | -21.2% |
| Trade receivables | 40 | €720,759 | €667,082 | -€53,678 | -7.4% |
| Other amounts receivable | 41 | €1,732,278 | €1,266,224 | -€466,054 | -26.9% |
| Cash at bank and in hand | 54/58 | €81,153 | €77,184 | -€3,969 | -4.9% |
| Deferred charges and accrued income | 490/1 | €39,641 | €38,159 | -€1,482 | -3.7% |
| Total equity and liabilities | 10/49 | €4,439,243 | €4,142,742 | -€296,500 | -6.7% |
| Equity | 10/15 | €2,767,364 | €2,860,874 | +€93,511 | +3.4% |
| Contributions | 10/11 | €50,421 | €50,421 | = | 0.0% |
| Reserves | 13 | €2,716,942 | €2,810,453 | +€93,511 | +3.4% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €2,713,942 | €2,807,453 | +€93,511 | +3.4% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,671,879 | €1,281,868 | -€390,011 | -23.3% |
| Amounts payable after more than one year | 17 | €41,010 | €37,813 | -€3,197 | -7.8% |
| Financial debts | 170/4 | €41,010 | €37,813 | -€3,197 | -7.8% |
| Amounts payable within one year | 42/48 | €1,630,869 | €1,244,055 | -€386,814 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €30,180 | €27,013 | -€3,166 | -10.5% |
| Trade debts | 44 | €268,216 | €743,976 | +€475,761 | +177.4% |
| Suppliers | 440/4 | €268,216 | €743,976 | +€475,761 | +177.4% |
| Taxes, remuneration and social security | 45 | €310,717 | €355,215 | +€44,498 | +14.3% |
| Taxes | 450/3 | €60,974 | €89,801 | +€28,828 | +47.3% |
| Remuneration and social security | 454/9 | €249,743 | €265,413 | +€15,670 | +6.3% |
| Other amounts payable | 47/48 | €1,021,757 | €117,851 | -€903,906 | -88.5% |
| Remuneration, social security and pensions | 62 | €1,707,582 | €1,794,012 | +€86,430 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,884 | €78,948 | +€7,064 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€11,609 | -€11,609 | |
| Other operating charges | 640/8 | €6,525 | €18,098 | +€11,573 | +177.4% |
| Gross operating margin | 9900 | €1,812,053 | €2,024,329 | +€212,276 | +11.7% |
| Operating profit (loss) | 9901 | €26,062 | €144,880 | +€118,818 | +455.9% |
| Financial income | 75/76B | €22,542 | €24,916 | +€2,375 | +10.5% |
| Recurring financial income | 75 | €22,542 | €24,916 | +€2,375 | +10.5% |
| Financial charges | 65/66B | €32,774 | €31,020 | -€1,754 | -5.4% |
| Recurring financial charges | 65 | €32,774 | €31,020 | -€1,754 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €15,829 | €138,777 | +€122,947 | +776.7% |
| Transfer from deferred taxes | 780 | €3 | €0 | -€3 | -100.0% |
| Income taxes | 67/77 | €11,778 | €45,266 | +€33,488 | +284.3% |
| Profit (loss) for the period | 9904 | €4,054 | €93,511 | +€89,457 | +2206.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,054 | €93,511 | +€89,457 | +2206.7% |
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 9 October 2026 via checked.be.