KEEP ON RUNNING: 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 ON RUNNING
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-37.1%), from €4.2m to €2.6m
of which Trade receivables: -€982,557
- Stocks and contracts +€612,043
up €612,043 (+57.8%), from €1.1m to €1.7m
- Cash +€212,726
up €212,726 (+247%), from €86,157 to €298,883
mainly Receivables within one year (+€1.6m) and Net result for the year (+€393,387)
- Tangible fixed assets +€178,939
up €178,939 (+12.3%), from €1.5m to €1.6m
of which Plant, machinery and equipment: +€120,285
- Trade debts -€1.1m
down €1.1m (-38.7%), from €3.0m to €1.8m
- Profit (loss) carried forward +€393,387
up €393,387 (+22.4%), from €1.8m to €2.2m
- Other debts +€255,154
up €255,154 (+72.7%), from €351,202 to €606,356
- Tax, wage and social debts -€102,993
down €102,993 (-34.2%), from €301,037 to €198,044
of which Taxes: -€160,548
- Gross operating margin -€241,544
down €241,544 (-14.2%), from €1.7m to €1.5m
- Taxes -€165,922
down €165,922 (-52.2%), from €318,073 to €152,150
- Staff costs -€102,974
down €102,974 (-10.8%), from €957,716 to €854,743
- Financial income -€57,158
down €57,158 (-19.2%), from €298,341 to €241,184
- Other operating charges +€28,616
up €28,616 (+87.2%), from €32,808 to €61,425
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 | €7,735,040 | €7,083,979 | -€651,061 | -8.4% |
| Fixed assets | 21/28 | €2,200,190 | €2,386,033 | +€185,843 | +8.4% |
| Intangible fixed assets | 21 | €67,192 | - | -€67,192 | |
| Tangible fixed assets | 22/27 | €1,453,551 | €1,632,490 | +€178,939 | +12.3% |
| Land and buildings | 22 | €1,215,485 | €1,196,995 | -€18,491 | -1.5% |
| Plant, machinery and equipment | 23 | €106,737 | €227,022 | +€120,285 | +113% |
| Furniture and vehicles | 24 | €131,328 | €208,473 | +€77,145 | +58.7% |
| Financial fixed assets | 28 | €679,448 | €753,543 | +€74,095 | +10.9% |
| Current assets | 29/58 | €5,534,850 | €4,697,946 | -€836,904 | -15.1% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Stocks and contracts in progress | 3 | €1,059,082 | €1,671,126 | +€612,043 | +57.8% |
| Stocks | 30/36 | €1,059,082 | €1,671,126 | +€612,043 | +57.8% |
| Amounts receivable within one year | 40/41 | €4,211,191 | €2,647,937 | -€1.6m | -37.1% |
| Trade receivables | 40 | €2,287,887 | €1,305,330 | -€982,557 | -42.9% |
| Other amounts receivable | 41 | €1,923,304 | €1,342,607 | -€580,697 | -30.2% |
| Current investments | 50/53 | €80,000 | €80,000 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €86,157 | €298,883 | +€212,726 | +247% |
| Deferred charges and accrued income | 490/1 | €48,419 | - | -€48,419 | |
| Total equity and liabilities | 10/49 | €7,735,040 | €7,083,979 | -€651,061 | -8.4% |
| Equity | 10/15 | €3,961,923 | €4,355,310 | +€393,387 | +9.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,104,000 | €2,104,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | - | -€10,000 | |
| Reserves not available under the articles | 1311 | €10,000 | - | -€10,000 | |
| Tax-exempt reserves | 132 | €350,000 | €350,000 | = | 0.0% |
| Distributable reserves | 133 | €1,744,000 | €1,754,000 | +€10,000 | +0.6% |
| Profit (loss) carried forward | 14 | €1,757,923 | €2,151,310 | +€393,387 | +22.4% |
| Amounts payable | 17/49 | €3,773,117 | €2,728,669 | -€1.0m | -27.7% |
| Amounts payable after more than one year | 17 | €105,833 | €53,939 | -€51,894 | -49.0% |
| Financial debts | 170/4 | €105,833 | €53,939 | -€51,894 | -49.0% |
| Amounts payable within one year | 42/48 | €3,667,284 | €2,674,730 | -€992,554 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €49,925 | €51,894 | +€1,968 | +3.9% |
| Trade debts | 44 | €2,965,119 | €1,818,436 | -€1.1m | -38.7% |
| Suppliers | 440/4 | €2,965,119 | €1,818,436 | -€1.1m | -38.7% |
| Taxes, remuneration and social security | 45 | €301,037 | €198,044 | -€102,993 | -34.2% |
| Taxes | 450/3 | €201,048 | €40,500 | -€160,548 | -79.9% |
| Remuneration and social security | 454/9 | €99,990 | €157,544 | +€57,554 | +57.6% |
| Other amounts payable | 47/48 | €351,202 | €606,356 | +€255,154 | +72.7% |
| Remuneration, social security and pensions | 62 | €957,716 | €854,743 | -€102,974 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,775 | €231,481 | +€25,706 | +12.5% |
| Other operating charges | 640/8 | €32,808 | €61,425 | +€28,616 | +87.2% |
| Gross operating margin | 9900 | €1,704,315 | €1,462,771 | -€241,544 | -14.2% |
| Operating profit (loss) | 9901 | €508,016 | €315,123 | -€192,893 | -38.0% |
| Financial income | 75/76B | €298,341 | €241,184 | -€57,158 | -19.2% |
| Recurring financial income | 75 | €298,341 | €241,184 | -€57,158 | -19.2% |
| Financial charges | 65/66B | €16,411 | €10,769 | -€5,641 | -34.4% |
| Recurring financial charges | 65 | €16,411 | €10,769 | -€5,641 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €789,946 | €545,537 | -€244,409 | -30.9% |
| Income taxes | 67/77 | €318,073 | €152,150 | -€165,922 | -52.2% |
| Profit (loss) for the period | 9904 | €471,873 | €393,387 | -€78,487 | -16.6% |
| Transfer to tax-exempt reserves | 689 | €100,000 | - | -€100,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €371,873 | €393,387 | +€21,513 | +5.8% |
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.