KEESING BELGIUM: 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.
What changed
KEESING BELGIUM
NACE 58.190, Other publishing activities, excluding software publishing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.4m
2024 · €3.9m+€537,435
Equity
€1.8m
2024 · €5.7m-€3.9m
Cash
€204,801
2024 · €288,350-€83,549
Balance sheet total
€14.8m
2024 · €10.1m+€4.7m
Largest movements
Assets
- Receivables within one year +€5.0m
up €5.0m (+58.2%), from €8.6m to €13.6m
of which Other amounts receivable: +€5.2m
- Intangible fixed assets -€219,154
down €219,154 (-23.8%), from €922,292 to €703,139
Equity and liabilities
- Other debts +€8.3m
up €8.3m, from €0 to €8.3m
- Profit (loss) carried forward -€3.9m
down €3.9m (-71.1%), from €5.5m to €1.6m
- Trade debts +€350,279
up €350,279 (+261%), from €134,162 to €484,441
- Accrued charges and deferred income -€169,069
down €169,069 (-7.4%), from €2.3m to €2.1m
Income statement
- Services and other goods -€489,876
down €489,876 (-11.2%), from €4.4m to €3.9m
- Turnover +€420,252
up €420,252 (+3.7%), from €11.4m to €11.8m
- Staff costs +€222,629
up €222,629 (+21.6%), from €1.0m to €1.3m
- Taxes +€159,445
up €159,445 (+10.4%), from €1.5m to €1.7m
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.
Result 2024
€3.9m
Turnover
+€420,252
Other operating income
+€55,472
Goods and materials
-€32,550
Services and other goods
+€489,876
Staff costs
-€222,629
Depreciation
-€21,648
Write-downs
+€3,402
Other operating charges
-€7,372
Financial income
+€21,350
Financial charges
-€9,273
Taxes
-€159,445
Result 2025
€4.4m
raises the resultlowers the result
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.
From operations
+€8.2m
Investment
-€35,265
Financing
-€8.3m
Cash 2024
€288,350
From operations (derived)
+€8.2m
Net result for the year
+€4.4m
Depreciation
+€267,347
Receivables within one year
-€5.0m
Smaller working-capital items
-€31,791
Trade debts
+€350,279
Tax, wage and social debts
+€119,744
Other debts
+€8.3m
Accrued charges and deferred income
-€169,069
Investment (derived)
-€35,265
Investment in fixed assets (net)
-€35,265
Financing
-€8.3m
Contributions, distributions and other
-€8.3m
Cash 2025
€204,801
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,094,837 | €14,794,124 | +€4.7m | +46.6% |
| Fixed assets | 21/28 | €1,018,274 | €786,193 | -€232,081 | -22.8% |
| Intangible fixed assets | 21 | €922,292 | €703,139 | -€219,154 | -23.8% |
| Tangible fixed assets | 22/27 | €87,605 | €74,677 | -€12,928 | -14.8% |
| Plant, machinery and equipment | 23 | €1,071 | €325 | -€745 | -69.6% |
| Furniture and vehicles | 24 | €4,752 | €3,283 | -€1,470 | -30.9% |
| Other tangible fixed assets | 26 | €81,782 | €71,069 | -€10,713 | -13.1% |
| Financial fixed assets | 28 | €8,378 | €8,378 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,378 | €8,378 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €8,378 | €8,378 | = | 0.0% |
| Current assets | 29/58 | €9,076,563 | €14,007,931 | +€4.9m | +54.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,581,059 | €13,578,817 | +€5.0m | +58.2% |
| Trade receivables | 40 | €3,071,286 | €2,869,045 | -€202,241 | -6.6% |
| Other amounts receivable | 41 | €5,509,772 | €10,709,772 | +€5.2m | +94.4% |
| Cash at bank and in hand | 54/58 | €288,350 | €204,801 | -€83,549 | -29.0% |
| Deferred charges and accrued income | 490/1 | €207,155 | €224,313 | +€17,158 | +8.3% |
| Total equity and liabilities | 10/49 | €10,094,837 | €14,794,124 | +€4.7m | +46.6% |
| Equity | 10/15 | €5,696,351 | €1,820,821 | -€3.9m | -68.0% |
| Contributions | 10/11 | €196,500 | €196,500 | = | 0.0% |
| Capital | 10 | €196,500 | €196,500 | = | 0.0% |
| Issued capital | 100 | €196,500 | €196,500 | = | 0.0% |
| Reserves | 13 | €49,718 | €49,718 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,650 | €19,650 | = | 0.0% |
| Legal reserve | 130 | €19,650 | €19,650 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,068 | €30,068 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,450,134 | €1,574,603 | -€3.9m | -71.1% |
| Amounts payable | 17/49 | €4,398,486 | €12,973,303 | +€8.6m | +195% |
| Amounts payable within one year | 42/48 | €2,113,080 | €10,856,965 | +€8.7m | +414% |
| Trade debts | 44 | €134,162 | €484,441 | +€350,279 | +261% |
| Suppliers | 440/4 | €134,162 | €484,441 | +€350,279 | +261% |
| Advances received on contracts in progress | 46 | €218,783 | €204,151 | -€14,632 | -6.7% |
| Taxes, remuneration and social security | 45 | €1,760,134 | €1,879,878 | +€119,744 | +6.8% |
| Taxes | 450/3 | €1,587,797 | €1,732,390 | +€144,593 | +9.1% |
| Remuneration and social security | 454/9 | €172,337 | €147,488 | -€24,849 | -14.4% |
| Other amounts payable | 47/48 | €0 | €8,288,496 | +€8.3m | |
| Accrued charges and deferred income | 492/3 | €2,285,406 | €2,116,338 | -€169,069 | -7.4% |
| Operating income | 70/76A | €12,797,340 | €13,273,063 | +€475,723 | +3.7% |
| Turnover | 70 | €11,371,977 | €11,792,228 | +€420,252 | +3.7% |
| Other operating income | 74 | €1,425,363 | €1,480,835 | +€55,472 | +3.9% |
| Operating charges | 60/66A | €7,622,233 | €7,413,153 | -€209,080 | -2.7% |
| Goods for resale, raw materials and consumables | 60 | €1,946,257 | €1,978,807 | +€32,550 | +1.7% |
| Purchases | 600/8 | €1,946,257 | €1,978,807 | +€32,550 | +1.7% |
| Services and other goods | 61 | €4,388,369 | €3,898,493 | -€489,876 | -11.2% |
| Remuneration, social security and pensions | 62 | €1,028,659 | €1,251,289 | +€222,629 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,699 | €267,347 | +€21,648 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,425 | €8,023 | -€3,402 | -29.8% |
| Other operating charges | 640/8 | €1,823 | €9,195 | +€7,372 | +404% |
| Operating profit (loss) | 9901 | €5,175,107 | €5,859,911 | +€684,804 | +13.2% |
| Financial income | 75/76B | €236,209 | €257,559 | +€21,350 | +9.0% |
| Recurring financial income | 75 | €236,209 | €257,559 | +€21,350 | +9.0% |
| Income from current assets | 751 | €234,766 | €257,559 | +€22,793 | +9.7% |
| Other financial income | 752/9 | €1,443 | €0 | -€1,443 | -100% |
| Financial charges | 65/66B | €2,665 | €11,939 | +€9,273 | +348% |
| Recurring financial charges | 65 | €2,665 | €11,939 | +€9,273 | +348% |
| Other financial charges | 652/9 | €2,665 | €11,939 | +€9,273 | +348% |
| Profit (loss) for the period before taxes | 9903 | €5,408,650 | €6,105,530 | +€696,880 | +12.9% |
| Income taxes | 67/77 | €1,533,120 | €1,692,565 | +€159,445 | +10.4% |
| Taxes | 670/3 | €1,533,120 | €1,692,565 | +€159,445 | +10.4% |
| Profit (loss) for the period | 9904 | €3,875,531 | €4,412,965 | +€537,435 | +13.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €3,875,531 | €4,412,965 | +€537,435 | +13.9% |
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 14 October 2026 via checked.be.