KEEN MANAGEMENT: 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.
KEEN MANAGEMENT
Largest movements
- Tangible fixed assets -€33,789
down €33,789 (-4.5%), from €756,241 to €722,452
of which Land and buildings: -€37,829
- Cash -€11,264
down €11,264 (-58.3%), from €19,330 to €8,066
mainly Current portion of long-term debt (-€74,733) and Net result for the year (-€7,808)
- Current portion of long-term debt -€74,733
down €74,733 (-14.1%), from €529,141 to €454,408
- Other debts +€40,300
up €40,300 (+10.0%), from €402,024 to €442,324
- Profit (loss) carried forward -€7,808
down €7,808 (-3.6%), from -€215,007 to -€222,816
- Gross operating margin +€6,203
up €6,203 (+12.2%), from €50,924 to €57,126
- Financial charges +€5,764
up €5,764 (+33.9%), from €16,989 to €22,753
- Other operating charges -€5,755
down €5,755 (-66.6%), from €8,647 to €2,892
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 | €778,906 | €734,500 | -€44,406 | -5.7% |
| Fixed assets | 21/28 | €756,241 | €722,452 | -€33,789 | -4.5% |
| Tangible fixed assets | 22/27 | €756,241 | €722,452 | -€33,789 | -4.5% |
| Land and buildings | 22 | €727,101 | €689,272 | -€37,829 | -5.2% |
| Other tangible fixed assets | 26 | €29,140 | €33,180 | +€4,040 | +13.9% |
| Current assets | 29/58 | €22,665 | €12,048 | -€10,617 | -46.8% |
| Amounts receivable within one year | 40/41 | €3,335 | €3,983 | +€648 | +19.4% |
| Other amounts receivable | 41 | €3,335 | €3,983 | +€648 | +19.4% |
| Cash at bank and in hand | 54/58 | €19,330 | €8,066 | -€11,264 | -58.3% |
| Total equity and liabilities | 10/49 | €778,906 | €734,500 | -€44,406 | -5.7% |
| Equity | 10/15 | -€155,007 | -€162,816 | -€7,808 | -5.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Contributions outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,007 | -€222,816 | -€7,808 | -3.6% |
| Amounts payable | 17/49 | €933,914 | €897,316 | -€36,598 | -3.9% |
| Amounts payable within one year | 42/48 | €933,914 | €897,316 | -€36,598 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €529,141 | €454,408 | -€74,733 | -14.1% |
| Trade debts | 44 | €2,749 | €584 | -€2,165 | -78.7% |
| Suppliers | 440/4 | €2,749 | €584 | -€2,165 | -78.7% |
| Other amounts payable | 47/48 | €402,024 | €442,324 | +€40,300 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,289 | €39,289 | = | 0.0% |
| Other operating charges | 640/8 | €8,647 | €2,892 | -€5,755 | -66.6% |
| Gross operating margin | 9900 | €50,924 | €57,126 | +€6,203 | +12.2% |
| Operating profit (loss) | 9901 | €2,987 | €14,945 | +€11,958 | +400% |
| Financial charges | 65/66B | €16,989 | €22,753 | +€5,764 | +33.9% |
| Recurring financial charges | 65 | €16,989 | €22,753 | +€5,764 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,002 | -€7,808 | +€6,193 | +44.2% |
| Profit (loss) for the period | 9904 | -€14,002 | -€7,808 | +€6,193 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,002 | -€7,808 | +€6,193 | +44.2% |
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 26 October 2026 via checked.be.