JEROEN 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.
JEROEN KEYZER
Largest movements
- Cash -€55,731
down €55,731 (-42.3%), from €131,780 to €76,049
mainly Contributions, distributions and other (-€171,920) and Receivables within one year (-€5,627)
- Receivables within one year +€5,627
up €5,627 (+26.3%), from €21,426 to €27,053
of which Trade receivables: +€9,977
- Tangible fixed assets -€5,055
down €5,055 (-29.9%), from €16,930 to €11,875
- Reserves -€79,451
down €79,451 (-53.1%), from €149,620 to €70,169
- Other debts +€19,098
new in 2025: €19,098
- Tax, wage and social debts +€4,488
up €4,488 (+361%), from €1,244 to €5,732
- Gross operating margin +€18,909
up €18,909 (+17.9%), from €105,925 to €124,834
- Taxes +€4,874
up €4,874 (+22.9%), from €21,244 to €26,118
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 | €177,127 | €121,972 | -€55,155 | -31.1% |
| Fixed assets | 21/28 | €16,930 | €11,875 | -€5,055 | -29.9% |
| Tangible fixed assets | 22/27 | €16,930 | €11,875 | -€5,055 | -29.9% |
| Furniture and vehicles | 24 | €16,930 | €11,875 | -€5,055 | -29.9% |
| Current assets | 29/58 | €160,196 | €110,096 | -€50,100 | -31.3% |
| Amounts receivable within one year | 40/41 | €21,426 | €27,053 | +€5,627 | +26.3% |
| Trade receivables | 40 | €17,015 | €26,991 | +€9,977 | +58.6% |
| Other amounts receivable | 41 | €4,412 | €62 | -€4,350 | -98.6% |
| Cash at bank and in hand | 54/58 | €131,780 | €76,049 | -€55,731 | -42.3% |
| Deferred charges and accrued income | 490/1 | €6,990 | €6,994 | +€4 | +0.1% |
| Total equity and liabilities | 10/49 | €177,127 | €121,972 | -€55,155 | -31.1% |
| Equity | 10/15 | €168,220 | €88,769 | -€79,451 | -47.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €149,620 | €70,169 | -€79,451 | -53.1% |
| Distributable reserves | 133 | €149,620 | €70,169 | -€79,451 | -53.1% |
| Amounts payable | 17/49 | €8,906 | €33,203 | +€24,296 | +273% |
| Amounts payable within one year | 42/48 | €8,906 | €33,203 | +€24,296 | +273% |
| Trade debts | 44 | €7,663 | €8,373 | +€710 | +9.3% |
| Suppliers | 440/4 | €7,663 | €8,373 | +€710 | +9.3% |
| Taxes, remuneration and social security | 45 | €1,244 | €5,732 | +€4,488 | +361% |
| Taxes | 450/3 | €1,244 | €5,732 | +€4,488 | +361% |
| Other amounts payable | 47/48 | - | €19,098 | +€19,098 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,819 | €5,055 | +€236 | +4.9% |
| Other operating charges | 640/8 | €893 | €973 | +€80 | +9.0% |
| Gross operating margin | 9900 | €105,925 | €124,834 | +€18,909 | +17.9% |
| Operating profit (loss) | 9901 | €100,214 | €118,806 | +€18,592 | +18.6% |
| Financial income | 75/76B | €682 | - | -€682 | |
| Recurring financial income | 75 | €682 | - | -€682 | |
| Financial charges | 65/66B | €201 | €220 | +€19 | +9.6% |
| Recurring financial charges | 65 | €201 | €220 | +€19 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €100,695 | €118,586 | +€17,891 | +17.8% |
| Income taxes | 67/77 | €21,244 | €26,118 | +€4,874 | +22.9% |
| Profit (loss) for the period | 9904 | €79,451 | €92,468 | +€13,017 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,451 | €92,468 | +€13,017 | +16.4% |
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 22 October 2026 via checked.be.