KEEP GOING: 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.
KEEP GOING
Largest movements
- Tangible fixed assets -€692,488
down €692,488 (-99.9%), from €692,988 to €500
of which Land and buildings: -€669,127
- Cash +€387,959
new in 2025: €387,959
mainly Investment in fixed assets (net) (+€691,854) and Net result for the year (+€280,469)
- Receivables within one year +€284,113
up €284,113 (+2,829%), from €10,044 to €294,157
of which Other amounts receivable: +€253,097
- Debts after one year -€246,481
no longer reported in 2025 (was €246,481)
- Reserves +€244,714
up €244,714 (+280%), from €87,259 to €331,973
of which Distributable reserves: +€270,000
- Current portion of long-term debt -€50,133
no longer reported in 2025 (was €50,133)
- Other debts -€45,328
down €45,328 (-69.2%), from €65,457 to €20,129
- Profit (loss) carried forward +€35,755
up €35,755, from -€34,737 to €1,018
- Gross operating margin +€304,073
up €304,073 (+250%), from €121,545 to €425,618
- Taxes +€136,019
up €136,019 (+6,446%), from €2,110 to €138,129
- Depreciation -€70,091
down €70,091 (-99.1%), from €70,725 to €634
- Staff costs -€28,126
down €28,126 (-99.8%), from €28,170 to €44
- Other operating charges +€6,798
up €6,798 (+94.0%), from €7,232 to €14,030
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 | €771,615 | €745,799 | -€25,816 | -3.3% |
| Fixed assets | 21/28 | €692,988 | €500 | -€692,488 | -99.9% |
| Tangible fixed assets | 22/27 | €692,988 | €500 | -€692,488 | -99.9% |
| Land and buildings | 22 | €669,127 | - | -€669,127 | |
| Plant, machinery and equipment | 23 | €15,246 | - | -€15,246 | |
| Furniture and vehicles | 24 | €8,615 | €500 | -€8,115 | -94.2% |
| Current assets | 29/58 | €78,627 | €745,299 | +€666,672 | +848% |
| Amounts receivable within one year | 40/41 | €10,044 | €294,157 | +€284,113 | +2,829% |
| Trade receivables | 40 | €9,872 | €40,888 | +€31,016 | +314% |
| Other amounts receivable | 41 | €172 | €253,269 | +€253,097 | +147,149% |
| Current investments | 50/53 | €61,973 | €61,973 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €387,959 | +€387,959 | |
| Deferred charges and accrued income | 490/1 | €6,610 | €1,210 | -€5,400 | -81.7% |
| Total equity and liabilities | 10/49 | €771,615 | €745,799 | -€25,816 | -3.3% |
| Equity | 10/15 | €362,389 | €642,858 | +€280,469 | +77.4% |
| Contributions | 10/11 | €309,867 | €309,867 | = | 0.0% |
| Capital | 10 | €309,867 | €309,867 | = | 0.0% |
| Issued capital | 100 | €309,867 | €309,867 | = | 0.0% |
| Reserves | 13 | €87,259 | €331,973 | +€244,714 | +280% |
| Non-distributable reserves | 130/1 | €61,973 | €61,973 | = | 0.0% |
| Own shares acquired | 1312 | €61,973 | €61,973 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,286 | - | -€25,286 | |
| Distributable reserves | 133 | - | €270,000 | +€270,000 | |
| Profit (loss) carried forward | 14 | -€34,737 | €1,018 | +€35,755 | |
| Provisions and deferred taxes | 16 | €12,267 | - | -€12,267 | |
| Deferred taxes | 168 | €12,267 | - | -€12,267 | |
| Amounts payable | 17/49 | €396,959 | €102,941 | -€294,018 | -74.1% |
| Amounts payable after more than one year | 17 | €246,481 | - | -€246,481 | |
| Financial debts | 170/4 | €246,481 | - | -€246,481 | |
| Amounts payable within one year | 42/48 | €142,981 | €95,850 | -€47,131 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €50,133 | - | -€50,133 | |
| Financial debts | 43 | €4,161 | - | -€4,161 | |
| Credit institutions | 430/8 | €4,161 | - | -€4,161 | |
| Trade debts | 44 | €19,756 | €42,656 | +€22,900 | +116% |
| Suppliers | 440/4 | €19,756 | €42,656 | +€22,900 | +116% |
| Advances received on contracts in progress | 46 | €585 | - | -€585 | |
| Taxes, remuneration and social security | 45 | €2,889 | €33,065 | +€30,176 | +1,045% |
| Taxes | 450/3 | €2,889 | €33,065 | +€30,176 | +1,045% |
| Other amounts payable | 47/48 | €65,457 | €20,129 | -€45,328 | -69.2% |
| Accrued charges and deferred income | 492/3 | €7,497 | €7,091 | -€406 | -5.4% |
| Non-recurring operating income | 76A | - | €1,253 | +€1,253 | |
| Remuneration, social security and pensions | 62 | €28,170 | €44 | -€28,126 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,725 | €634 | -€70,091 | -99.1% |
| Other operating charges | 640/8 | €7,232 | €14,030 | +€6,798 | +94.0% |
| Gross operating margin | 9900 | €121,545 | €425,618 | +€304,073 | +250% |
| Operating profit (loss) | 9901 | €15,418 | €410,910 | +€395,492 | +2,565% |
| Financial income | 75/76B | €206 | €3,084 | +€2,878 | +1,397% |
| Recurring financial income | 75 | €206 | €3,084 | +€2,878 | +1,397% |
| Financial charges | 65/66B | €7,165 | €7,663 | +€498 | +7.0% |
| Recurring financial charges | 65 | €7,165 | €7,663 | +€498 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €8,459 | €406,331 | +€397,872 | +4,704% |
| Transfer from deferred taxes | 780 | €4,152 | €12,267 | +€8,115 | +195% |
| Income taxes | 67/77 | €2,110 | €138,129 | +€136,019 | +6,446% |
| Profit (loss) for the period | 9904 | €10,501 | €280,469 | +€269,968 | +2,571% |
| Transfer from tax-exempt reserves | 789 | €8,429 | €25,286 | +€16,857 | +200% |
| Profit (loss) for the period to be appropriated | 9905 | €18,930 | €305,755 | +€286,825 | +1,515% |
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 15 October 2026 via checked.be.