KEENMAN: what changed
Two fiscal 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.
KEENMAN
Largest movements
- Cash +€168,907
up €168,907 (+105.2%), from €160,554 to €329,461
mainly Net result for the year (+€288,405) and Tax, wage and social debts (+€20,527)
- Receivables within one year +€154,127
up €154,127 (+166.6%), from €92,495 to €246,623
of which Trade receivables: +€120,878
- Tangible fixed assets -€15,043
down €15,043 (-34.1%), from €44,163 to €29,120
- Profit (loss) carried forward +€288,405
up €288,405 (+232.5%), from €124,020 to €412,425
- Tax, wage and social debts +€20,527
up €20,527 (+14.7%), from €139,555 to €160,082
of which Taxes: +€20,527
- Gross operating margin +€161,060
up €161,060 (+67.8%), from €237,630 to €398,691
- Taxes -€21,398
down €21,398 (-18.6%), from €114,765 to €93,366
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.
Cash bridge derived
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 | €299,773 | €607,832 | +€308,059 | +102.8% |
| Fixed assets | 21/28 | €44,163 | €29,120 | -€15,043 | -34.1% |
| Tangible fixed assets | 22/27 | €44,163 | €29,120 | -€15,043 | -34.1% |
| Furniture and vehicles | 24 | €44,163 | €29,120 | -€15,043 | -34.1% |
| Current assets | 29/58 | €255,610 | €578,712 | +€323,102 | +126.4% |
| Amounts receivable within one year | 40/41 | €92,495 | €246,623 | +€154,127 | +166.6% |
| Trade receivables | 40 | €92,495 | €213,373 | +€120,878 | +130.7% |
| Other amounts receivable | 41 | €0 | €33,250 | +€33,250 | |
| Cash at bank and in hand | 54/58 | €160,554 | €329,461 | +€168,907 | +105.2% |
| Deferred charges and accrued income | 490/1 | €2,561 | €2,628 | +€67 | +2.6% |
| Total equity and liabilities | 10/49 | €299,773 | €607,832 | +€308,059 | +102.8% |
| Equity | 10/15 | €154,020 | €442,425 | +€288,405 | +187.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,020 | €412,425 | +€288,405 | +232.5% |
| Amounts payable | 17/49 | €145,754 | €165,407 | +€19,654 | +13.5% |
| Amounts payable within one year | 42/48 | €142,254 | €161,907 | +€19,654 | +13.8% |
| Trade debts | 44 | €1,725 | €1,650 | -€76 | -4.4% |
| Suppliers | 440/4 | €1,725 | €1,650 | -€76 | -4.4% |
| Taxes, remuneration and social security | 45 | €139,555 | €160,082 | +€20,527 | +14.7% |
| Taxes | 450/3 | €139,555 | €160,082 | +€20,527 | +14.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €973 | €175 | -€798 | -82.0% |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,043 | €15,043 | = | 0.0% |
| Other operating charges | 640/8 | €1,449 | €1,831 | +€383 | +26.4% |
| Gross operating margin | 9900 | €237,630 | €398,691 | +€161,060 | +67.8% |
| Operating profit (loss) | 9901 | €221,139 | €381,816 | +€160,677 | +72.7% |
| Financial income | 75/76B | €965 | €241 | -€725 | -75.1% |
| Recurring financial income | 75 | €965 | €241 | -€725 | -75.1% |
| Financial charges | 65/66B | €690 | €285 | -€404 | -58.6% |
| Recurring financial charges | 65 | €690 | €285 | -€404 | -58.6% |
| Profit (loss) for the period before taxes | 9903 | €221,415 | €381,772 | +€160,357 | +72.4% |
| Income taxes | 67/77 | €114,765 | €93,366 | -€21,398 | -18.6% |
| Profit (loss) for the period | 9904 | €106,650 | €288,405 | +€181,755 | +170.4% |
| Profit (loss) for the period to be appropriated | 9905 | €106,650 | €288,405 | +€181,755 | +170.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.