KEEMAT: 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.
KEEMAT
Largest movements
- Tangible fixed assets +€206,449
up €206,449 (+117%), from €175,918 to €382,367
of which Furniture and vehicles: +€215,379
- Cash -€18,373
down €18,373 (-97.9%), from €18,764 to €391
mainly Investment in fixed assets (net) (-€270,870)
- Receivables within one year -€10,645
down €10,645 (-5.9%), from €181,646 to €171,000
of which Trade receivables: -€28,859
- Current portion of long-term debt +€136,142
up €136,142 (+213%), from €63,858 to €200,000
- Other debts +€14,236
up €14,236 (+194%), from €7,348 to €21,585
- Trade debts +€11,569
up €11,569 (+130%), from €8,868 to €20,437
- Other operating charges -€101,475
down €101,475 (-99.2%), from €102,319 to €844
- Gross operating margin +€56,279
up €56,279 (+240%), from €23,495 to €79,774
- Depreciation +€11,725
up €11,725 (+22.3%), from €52,696 to €64,421
- Financial charges +€1,478
up €1,478 (+13.8%), from €10,695 to €12,174
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 | €399,351 | €571,659 | +€172,307 | +43.1% |
| Fixed assets | 21/28 | €175,918 | €382,367 | +€206,449 | +117% |
| Tangible fixed assets | 22/27 | €175,918 | €382,367 | +€206,449 | +117% |
| Plant, machinery and equipment | 23 | €81,325 | €72,394 | -€8,930 | -11.0% |
| Furniture and vehicles | 24 | €94,593 | €309,973 | +€215,379 | +228% |
| Current assets | 29/58 | €223,433 | €189,292 | -€34,142 | -15.3% |
| Stocks and contracts in progress | 3 | €19,252 | €16,750 | -€2,502 | -13.0% |
| Stocks | 30/36 | €19,252 | €16,750 | -€2,502 | -13.0% |
| Amounts receivable within one year | 40/41 | €181,646 | €171,000 | -€10,645 | -5.9% |
| Trade receivables | 40 | €36,026 | €7,167 | -€28,859 | -80.1% |
| Other amounts receivable | 41 | €145,620 | €163,834 | +€18,214 | +12.5% |
| Cash at bank and in hand | 54/58 | €18,764 | €391 | -€18,373 | -97.9% |
| Deferred charges and accrued income | 490/1 | €3,772 | €1,150 | -€2,622 | -69.5% |
| Total equity and liabilities | 10/49 | €399,351 | €571,659 | +€172,307 | +43.1% |
| Equity | 10/15 | €244,277 | €248,517 | +€4,240 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €122,517 | €122,517 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €120,658 | €120,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,168 | €107,408 | +€4,240 | +4.1% |
| Amounts payable | 17/49 | €155,074 | €323,142 | +€168,068 | +108% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €155,074 | €317,808 | +€162,734 | +105% |
| Current portion of amounts payable after more than one year | 42 | €63,858 | €200,000 | +€136,142 | +213% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €8,868 | €20,437 | +€11,569 | +130% |
| Suppliers | 440/4 | €8,868 | €20,437 | +€11,569 | +130% |
| Taxes, remuneration and social security | 45 | - | €787 | +€787 | |
| Taxes | 450/3 | - | €787 | +€787 | |
| Other amounts payable | 47/48 | €7,348 | €21,585 | +€14,236 | +194% |
| Accrued charges and deferred income | 492/3 | - | €5,333 | +€5,333 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,696 | €64,421 | +€11,725 | +22.3% |
| Other operating charges | 640/8 | €102,319 | €844 | -€101,475 | -99.2% |
| Gross operating margin | 9900 | €23,495 | €79,774 | +€56,279 | +240% |
| Operating profit (loss) | 9901 | -€131,520 | €14,508 | +€146,029 | |
| Financial income | 75/76B | €1,589 | €1,905 | +€316 | +19.9% |
| Recurring financial income | 75 | €1,589 | €1,905 | +€316 | +19.9% |
| Financial charges | 65/66B | €10,695 | €12,174 | +€1,478 | +13.8% |
| Recurring financial charges | 65 | €10,695 | €12,174 | +€1,478 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | -€140,626 | €4,240 | +€144,866 | |
| Profit (loss) for the period | 9904 | -€140,626 | €4,240 | +€144,866 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140,626 | €4,240 | +€144,866 |
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 16 October 2026 via checked.be.