Keiberg: 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
Keiberg
NACE 14.210, Manufacture of outerwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€104,945
2024 · €67,252+€37,694
Equity
€932,981
2024 · €829,702+€103,279
Cash
€37,272
2024 · €37,281-€9
Balance sheet total
€1.7m
2024 · €1.7m+€14,954
Largest movements
Assets
- Tangible fixed assets +€18,048
up €18,048 (+5.1%), from €356,390 to €374,438
of which Furniture and vehicles: +€31,595
Equity and liabilities
- Reserves +€104,940
up €104,940 (+25.4%), from €412,474 to €517,414
of which Distributable reserves: +€104,940
- Other debts -€74,830
down €74,830 (-8.8%), from €849,746 to €774,916
Income statement
- Financial income +€37,743
up €37,743 (+27.7%), from €136,287 to €174,030
- Gross operating margin +€9,651
up €9,651 (+34.1%), from -€28,331 to -€18,681
- Depreciation +€6,590
up €6,590 (+22.8%), from €28,913 to €35,503
- Taxes +€3,224
up €3,224 (+42.5%), from €7,578 to €10,802
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
€67,252
Gross operating margin
+€9,651
Depreciation
-€6,590
Other operating charges
-€65
Financial income
+€37,743
Financial charges
+€179
Taxes
-€3,224
Result 2025
€104,945
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
+€65,440
Investment
-€53,551
Financing
-€11,899
Cash 2024
€37,281
From operations (derived)
+€65,440
Net result for the year
+€104,945
Depreciation
+€35,503
Receivables within one year
+€5,080
Deferred charges and accrued income
-€1,996
Trade debts
-€2,425
Tax, wage and social debts
-€837
Other debts
-€74,830
Investment (derived)
-€53,551
Investment in fixed assets (net)
-€53,551
Financing
-€11,899
Current portion of long-term debt
-€10,233
Short-term financial debts
+€0
Contributions, distributions and other
-€1,666
Cash 2025
€37,272
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,701,533 | €1,716,487 | +€14,954 | +0.9% |
| Fixed assets | 21/28 | €1,347,568 | €1,365,615 | +€18,048 | +1.3% |
| Tangible fixed assets | 22/27 | €356,390 | €374,438 | +€18,048 | +5.1% |
| Land and buildings | 22 | €294,378 | €281,136 | -€13,241 | -4.5% |
| Plant, machinery and equipment | 23 | €1,461 | €1,155 | -€306 | -20.9% |
| Furniture and vehicles | 24 | €60,552 | €92,146 | +€31,595 | +52.2% |
| Financial fixed assets | 28 | €991,177 | €991,177 | = | 0.0% |
| Current assets | 29/58 | €353,965 | €350,872 | -€3,093 | -0.9% |
| Amounts receivable within one year | 40/41 | €10,711 | €5,630 | -€5,080 | -47.4% |
| Trade receivables | 40 | €5,084 | €5,084 | = | 0.0% |
| Other amounts receivable | 41 | €5,627 | €546 | -€5,080 | -90.3% |
| Current investments | 50/53 | €302,382 | €302,382 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,281 | €37,272 | -€9 | 0.0% |
| Deferred charges and accrued income | 490/1 | €3,591 | €5,587 | +€1,996 | +55.6% |
| Total equity and liabilities | 10/49 | €1,701,533 | €1,716,487 | +€14,954 | +0.9% |
| Equity | 10/15 | €829,702 | €932,981 | +€103,279 | +12.4% |
| Contributions | 10/11 | €404,000 | €404,000 | = | 0.0% |
| Capital | 10 | €404,000 | €404,000 | = | 0.0% |
| Issued capital | 100 | €404,000 | €404,000 | = | 0.0% |
| Reserves | 13 | €412,474 | €517,414 | +€104,940 | +25.4% |
| Non-distributable reserves | 130/1 | €28,509 | €28,509 | = | 0.0% |
| Legal reserve | 130 | €28,509 | €28,509 | = | 0.0% |
| Distributable reserves | 133 | €383,965 | €488,905 | +€104,940 | +27.3% |
| Profit (loss) carried forward | 14 | €13,227 | €11,567 | -€1,661 | -12.6% |
| Amounts payable | 17/49 | €871,831 | €783,506 | -€88,325 | -10.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €871,831 | €783,506 | -€88,325 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €10,233 | €0 | -€10,233 | -100% |
| Financial debts | 43 | €358 | €359 | +€0 | +0.1% |
| Credit institutions | 430/8 | €358 | €359 | +€0 | +0.1% |
| Trade debts | 44 | €4,266 | €1,841 | -€2,425 | -56.9% |
| Suppliers | 440/4 | €4,266 | €1,841 | -€2,425 | -56.9% |
| Taxes, remuneration and social security | 45 | €7,227 | €6,390 | -€837 | -11.6% |
| Taxes | 450/3 | €7,227 | €6,390 | -€837 | -11.6% |
| Other amounts payable | 47/48 | €849,746 | €774,916 | -€74,830 | -8.8% |
| Non-recurring operating income | 76A | €8,127 | €17,051 | +€8,924 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,913 | €35,503 | +€6,590 | +22.8% |
| Other operating charges | 640/8 | €3,788 | €3,852 | +€65 | +1.7% |
| Gross operating margin | 9900 | -€28,331 | -€18,681 | +€9,651 | +34.1% |
| Operating profit (loss) | 9901 | -€61,032 | -€58,036 | +€2,996 | +4.9% |
| Financial income | 75/76B | €136,287 | €174,030 | +€37,743 | +27.7% |
| Recurring financial income | 75 | €136,287 | €174,030 | +€37,743 | +27.7% |
| Financial charges | 65/66B | €425 | €247 | -€179 | -42.0% |
| Recurring financial charges | 65 | €425 | €247 | -€179 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €74,829 | €115,747 | +€40,918 | +54.7% |
| Income taxes | 67/77 | €7,578 | €10,802 | +€3,224 | +42.5% |
| Profit (loss) for the period | 9904 | €67,252 | €104,945 | +€37,694 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,252 | €104,945 | +€37,694 | +56.0% |
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 28 October 2026 via checked.be.