Johan de Keulenaer: 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.
Johan de Keulenaer
Largest movements
- Receivables within one year +€15,609
new in 2025: €15,609
- Current investments +€12,119
up €12,119 (+121%), from €10,021 to €22,140
- Cash -€3,789
down €3,789 (-5.5%), from €69,050 to €65,261
mainly Receivables within one year (-€15,609) and Current investments (-€12,119)
- Reserves +€11,000
up €11,000 (+44.0%), from €25,000 to €36,000
- Trade debts +€8,492
up €8,492 (+104%), from €8,127 to €16,619
- Short-term financial debts +€6,581
new in 2025: €6,581
- Tax, wage and social debts -€3,315
down €3,315 (-19.3%), from €17,203 to €13,888
- Gross operating margin -€18,020
down €18,020 (-48.9%), from €36,863 to €18,843
- Taxes -€4,726
down €4,726 (-41.8%), from €11,304 to €6,578
- Financial income +€679
up €679 (+195%), from €347 to €1,027
- Financial charges +€475
up €475 (+60,865%), from €1 to €476
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 | €80,417 | €103,824 | +€23,407 | +29.1% |
| Fixed assets | 21/28 | €1,282 | €749 | -€533 | -41.6% |
| Tangible fixed assets | 22/27 | €1,282 | €749 | -€533 | -41.6% |
| Plant, machinery and equipment | 23 | €1,282 | €749 | -€533 | -41.6% |
| Current assets | 29/58 | €79,135 | €103,075 | +€23,939 | +30.3% |
| Amounts receivable within one year | 40/41 | - | €15,609 | +€15,609 | |
| Trade receivables | 40 | - | €15,609 | +€15,609 | |
| Current investments | 50/53 | €10,021 | €22,140 | +€12,119 | +121% |
| Cash at bank and in hand | 54/58 | €69,050 | €65,261 | -€3,789 | -5.5% |
| Deferred charges and accrued income | 490/1 | €64 | €64 | = | 0.0% |
| Total equity and liabilities | 10/49 | €80,417 | €103,824 | +€23,407 | +29.1% |
| Equity | 10/15 | €55,087 | €66,736 | +€11,649 | +21.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | - | -€30,000 | |
| Other | 1109/19 | €30,000 | - | -€30,000 | |
| Reserves | 13 | €25,000 | €36,000 | +€11,000 | +44.0% |
| Distributable reserves | 133 | €25,000 | €36,000 | +€11,000 | +44.0% |
| Profit (loss) carried forward | 14 | €87 | €736 | +€649 | +750% |
| Amounts payable | 17/49 | €25,330 | €37,088 | +€11,758 | +46.4% |
| Amounts payable within one year | 42/48 | €25,330 | €37,088 | +€11,758 | +46.4% |
| Financial debts | 43 | - | €6,581 | +€6,581 | |
| Other loans | 439 | - | €6,581 | +€6,581 | |
| Trade debts | 44 | €8,127 | €16,619 | +€8,492 | +104% |
| Suppliers | 440/4 | €8,127 | €16,619 | +€8,492 | +104% |
| Taxes, remuneration and social security | 45 | €17,203 | €13,888 | -€3,315 | -19.3% |
| Taxes | 450/3 | €17,203 | €13,888 | -€3,315 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €317 | €533 | +€216 | +68.2% |
| Other operating charges | 640/8 | €502 | €635 | +€132 | +26.4% |
| Gross operating margin | 9900 | €36,863 | €18,843 | -€18,020 | -48.9% |
| Operating profit (loss) | 9901 | €36,044 | €17,676 | -€18,368 | -51.0% |
| Financial income | 75/76B | €347 | €1,027 | +€679 | +195% |
| Recurring financial income | 75 | €347 | €1,027 | +€679 | +195% |
| Financial charges | 65/66B | €1 | €476 | +€475 | +60,865% |
| Recurring financial charges | 65 | €1 | €476 | +€475 | +60,865% |
| Profit (loss) for the period before taxes | 9903 | €36,391 | €18,227 | -€18,164 | -49.9% |
| Income taxes | 67/77 | €11,304 | €6,578 | -€4,726 | -41.8% |
| Profit (loss) for the period | 9904 | €25,087 | €11,649 | -€13,438 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,087 | €11,649 | -€13,438 | -53.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.