KEERHOF: 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.
KEERHOF
Largest movements
- Tangible fixed assets +€644,875
up €644,875 (+29.9%), from €2.2m to €2.8m
- Cash -€43,765
down €43,765 (-65.5%), from €66,814 to €23,049
mainly Investment in fixed assets (net) (-€644,875) and Net result for the year (-€21,199)
- Trade debts +€610,329
up €610,329 (+9,728%), from €6,274 to €616,603
- Financial charges -€26,812
down €26,812 (-96.6%), from €27,760 to €949
- Gross operating margin -€20,013
down €20,013, from €8,927 to -€11,086
- Other operating charges +€4,184
up €4,184 (+75.3%), from €5,555 to €9,738
- Taxes -€115
down €115 (-100%), from €115 to €0
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,759,806 | €4,348,935 | +€589,129 | +15.7% |
| Fixed assets | 21/28 | €2,153,647 | €2,798,521 | +€644,875 | +29.9% |
| Tangible fixed assets | 22/27 | €2,153,647 | €2,798,521 | +€644,875 | +29.9% |
| Land and buildings | 22 | €2,153,647 | €2,798,521 | +€644,875 | +29.9% |
| Current assets | 29/58 | €1,606,159 | €1,550,414 | -€55,745 | -3.5% |
| Amounts receivable after more than one year | 29 | €1,375,000 | €1,375,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,375,000 | €1,375,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €161,885 | €149,407 | -€12,478 | -7.7% |
| Trade receivables | 40 | €560 | €495 | -€65 | -11.6% |
| Other amounts receivable | 41 | €161,325 | €148,912 | -€12,413 | -7.7% |
| Cash at bank and in hand | 54/58 | €66,814 | €23,049 | -€43,765 | -65.5% |
| Deferred charges and accrued income | 490/1 | €2,460 | €2,958 | +€497 | +20.2% |
| Total equity and liabilities | 10/49 | €3,759,806 | €4,348,935 | +€589,129 | +15.7% |
| Equity | 10/15 | €3,324,500 | €3,303,300 | -€21,199 | -0.6% |
| Contributions | 10/11 | €2,505,505 | €2,505,505 | = | 0.0% |
| Capital | 10 | €997,423 | €997,423 | = | 0.0% |
| Issued capital | 100 | €997,423 | €997,423 | = | 0.0% |
| Contributions outside capital | 11 | €1,508,083 | €1,508,083 | = | 0.0% |
| Share premium | 1100/10 | €1,508,083 | €1,508,083 | = | 0.0% |
| Reserves | 13 | €1,313,259 | €1,313,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,609 | €3,609 | = | 0.0% |
| Legal reserve | 130 | €3,609 | €3,609 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,287,096 | €1,287,096 | = | 0.0% |
| Distributable reserves | 133 | €22,554 | €22,554 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€494,265 | -€515,464 | -€21,199 | -4.3% |
| Provisions and deferred taxes | 16 | €429,032 | €429,032 | = | 0.0% |
| Deferred taxes | 168 | €429,032 | €429,032 | = | 0.0% |
| Amounts payable | 17/49 | €6,274 | €616,603 | +€610,329 | +9,728% |
| Amounts payable within one year | 42/48 | €6,274 | €616,603 | +€610,329 | +9,728% |
| Trade debts | 44 | €6,274 | €616,603 | +€610,329 | +9,728% |
| Suppliers | 440/4 | €6,274 | €616,603 | +€610,329 | +9,728% |
| Other operating charges | 640/8 | €5,555 | €9,738 | +€4,184 | +75.3% |
| Gross operating margin | 9900 | €8,927 | -€11,086 | -€20,013 | |
| Operating profit (loss) | 9901 | €3,372 | -€20,824 | -€24,196 | |
| Financial income | 75/76B | €491 | €574 | +€83 | +16.9% |
| Recurring financial income | 75 | €491 | €574 | +€83 | +16.9% |
| Financial charges | 65/66B | €27,760 | €949 | -€26,812 | -96.6% |
| Recurring financial charges | 65 | €27,760 | €949 | -€26,812 | -96.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,898 | -€21,199 | +€2,698 | +11.3% |
| Income taxes | 67/77 | €115 | €0 | -€115 | -100% |
| Profit (loss) for the period | 9904 | -€24,012 | -€21,199 | +€2,813 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,012 | -€21,199 | +€2,813 | +11.7% |
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 23 October 2026 via checked.be.