JMC KEULEN: 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.
JMC KEULEN
Largest movements
- Deferred charges and accrued income +€30,194
up €30,194 (+1,332%), from €2,267 to €32,461
- Cash +€30,088
up €30,088 (+155%), from €19,384 to €49,471
mainly Receivables after one year (+€22,000) and Net result for the year (+€17,443)
- Receivables after one year -€22,000
down €22,000 (-100%), from €22,000 to €0
- Receivables within one year -€11,962
down €11,962 (-13.3%), from €89,867 to €77,906
of which Trade receivables: -€24,006
- Tangible fixed assets +€5,970
up €5,970 (+76.8%), from €7,778 to €13,748
of which Furniture and vehicles: +€8,211
- Profit (loss) carried forward +€13,422
up €13,422, from -€13,422 to €0
- Debts after one year +€10,360
new in 2025: €10,360
- Current portion of long-term debt +€6,343
new in 2025: €6,343
- Reserves +€4,021
up €4,021 (+3.9%), from €102,552 to €106,573
of which Distributable reserves: +€4,021
- Tax, wage and social debts -€3,004
down €3,004 (-28.6%), from €10,499 to €7,496
of which Taxes: -€3,157
- Gross operating margin +€49,796
up €49,796 (+114%), from €43,872 to €93,668
- Taxes +€9,646
up €9,646 (+2,639%), from €366 to €10,012
- Staff costs +€5,946
up €5,946 (+10.8%), from €55,235 to €61,181
- Financial charges +€1,988
up €1,988 (+871%), from €228 to €2,216
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 | €141,296 | €173,586 | +€32,290 | +22.9% |
| Fixed assets | 21/28 | €7,778 | €13,748 | +€5,970 | +76.8% |
| Tangible fixed assets | 22/27 | €7,778 | €13,748 | +€5,970 | +76.8% |
| Land and buildings | 22 | €1,739 | €1,454 | -€285 | -16.4% |
| Plant, machinery and equipment | 23 | €3,884 | €1,928 | -€1,956 | -50.4% |
| Furniture and vehicles | 24 | €2,155 | €10,366 | +€8,211 | +381% |
| Current assets | 29/58 | €133,518 | €159,838 | +€26,320 | +19.7% |
| Amounts receivable after more than one year | 29 | €22,000 | €0 | -€22,000 | -100% |
| Trade receivables | 290 | €22,000 | €0 | -€22,000 | -100% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €89,867 | €77,906 | -€11,962 | -13.3% |
| Trade receivables | 40 | €31,530 | €7,524 | -€24,006 | -76.1% |
| Other amounts receivable | 41 | €58,337 | €70,382 | +€12,045 | +20.6% |
| Cash at bank and in hand | 54/58 | €19,384 | €49,471 | +€30,088 | +155% |
| Deferred charges and accrued income | 490/1 | €2,267 | €32,461 | +€30,194 | +1,332% |
| Total equity and liabilities | 10/49 | €141,296 | €173,586 | +€32,290 | +22.9% |
| Equity | 10/15 | €97,130 | €114,573 | +€17,443 | +18.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €102,552 | €106,573 | +€4,021 | +3.9% |
| Non-distributable reserves | 130/1 | €1,743 | €1,743 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,743 | €0 | -€1,743 | -100% |
| Other | 1319 | - | €1,743 | +€1,743 | |
| Distributable reserves | 133 | €100,808 | €104,829 | +€4,021 | +4.0% |
| Profit (loss) carried forward | 14 | -€13,422 | €0 | +€13,422 | |
| Amounts payable | 17/49 | €44,166 | €59,014 | +€14,847 | +33.6% |
| Amounts payable after more than one year | 17 | - | €10,360 | +€10,360 | |
| Financial debts | 170/4 | - | €10,360 | +€10,360 | |
| Amounts payable within one year | 42/48 | €44,166 | €48,654 | +€4,487 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,343 | +€6,343 | |
| Financial debts | 43 | €821 | €444 | -€377 | -45.9% |
| Credit institutions | 430/8 | €821 | €444 | -€377 | -45.9% |
| Trade debts | 44 | €32,846 | €34,371 | +€1,525 | +4.6% |
| Suppliers | 440/4 | €32,846 | €34,371 | +€1,525 | +4.6% |
| Taxes, remuneration and social security | 45 | €10,499 | €7,496 | -€3,004 | -28.6% |
| Taxes | 450/3 | €8,437 | €5,280 | -€3,157 | -37.4% |
| Remuneration and social security | 454/9 | €2,062 | €2,216 | +€154 | +7.4% |
| Remuneration, social security and pensions | 62 | €55,235 | €61,181 | +€5,946 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,126 | €4,030 | +€904 | +28.9% |
| Other operating charges | 640/8 | €1,750 | €1,824 | +€74 | +4.2% |
| Gross operating margin | 9900 | €43,872 | €93,668 | +€49,796 | +114% |
| Operating profit (loss) | 9901 | -€16,238 | €26,633 | +€42,871 | |
| Financial income | 75/76B | €3,410 | €3,038 | -€372 | -10.9% |
| Recurring financial income | 75 | €3,410 | €3,038 | -€372 | -10.9% |
| Financial charges | 65/66B | €228 | €2,216 | +€1,988 | +871% |
| Recurring financial charges | 65 | €228 | €2,216 | +€1,988 | +871% |
| Profit (loss) for the period before taxes | 9903 | -€13,056 | €27,455 | +€40,511 | |
| Income taxes | 67/77 | €366 | €10,012 | +€9,646 | +2,639% |
| Profit (loss) for the period | 9904 | -€13,422 | €17,443 | +€30,865 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,422 | €17,443 | +€30,865 |
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 1 November 2026 via checked.be.