KEIFENS: 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
KEIFENS
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€44,236
2024 · €5,497-€49,733
Equity
€33,588
2024 · €77,824-€44,236
Cash
€2,161
2024 · €1,024+€1,138
Balance sheet total
€444,298
2024 · €729,910-€285,612
Largest movements
Assets
- Receivables within one year -€275,174
down €275,174 (-46.1%), from €597,096 to €321,922
of which Trade receivables: -€266,444
- Stocks and contracts -€14,485
down €14,485 (-15.0%), from €96,567 to €82,082
Equity and liabilities
- Trade debts -€238,178
down €238,178 (-51.9%), from €458,985 to €220,806
of which Suppliers: -€270,939
- Profit (loss) carried forward -€44,236
down €44,236 (-72.7%), from €60,855 to €16,619
Income statement
- Gross operating margin -€60,683
down €60,683 (-15.1%), from €402,756 to €342,074
- Staff costs -€55,840
down €55,840 (-15.5%), from €361,143 to €305,303
- Other operating charges +€20,158
up €20,158 (+446%), from €4,522 to €24,681
- Financial charges +€11,414
up €11,414 (+71.2%), from €16,035 to €27,448
of which Financial charges: +€7,907
- Write-downs -€7,658
down €7,658 (-81.4%), from €9,407 to €1,749
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
€5,497
Gross operating margin
-€60,683
Staff costs
+€55,840
Depreciation
-€803
Write-downs
+€7,658
Other operating charges
-€20,158
Other operating items
-€18,367
Financial income
-€1,156
Financial charges
-€11,414
Taxes
-€651
Result 2025
-€44,236
raises the resultlowers the resultnot broken down further in the accounts
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
+€11,590
Investment
-€9,710
Financing
-€743
Cash 2024
€1,024
From operations (derived)
+€11,590
Net result for the year
-€44,236
Depreciation
+€10,287
Stocks and contracts
+€14,485
Receivables within one year
+€275,174
Deferred charges and accrued income
-€3,486
Trade debts
-€238,178
Tax, wage and social debts
-€5,995
Other debts
-€378
Accrued charges and deferred income
+€3,918
Investment (derived)
-€9,710
Investment in fixed assets (net)
-€9,710
Financing
-€743
Debts after one year
-€5,120
Current portion of long-term debt
-€202
Short-term financial debts
+€4,580
Cash 2025
€2,161
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €729,910 | €444,298 | -€285,612 | -39.1% |
| Fixed assets | 21/28 | €34,343 | €33,765 | -€577 | -1.7% |
| Tangible fixed assets | 22/27 | €34,343 | €33,765 | -€577 | -1.7% |
| Plant, machinery and equipment | 23 | €49 | - | -€49 | |
| Furniture and vehicles | 24 | €23,009 | €21,207 | -€1,801 | -7.8% |
| Other tangible fixed assets | 26 | €11,285 | €12,558 | +€1,273 | +11.3% |
| Current assets | 29/58 | €695,568 | €410,532 | -€285,035 | -41.0% |
| Stocks and contracts in progress | 3 | €96,567 | €82,082 | -€14,485 | -15.0% |
| Stocks | 30/36 | €96,567 | €82,082 | -€14,485 | -15.0% |
| Amounts receivable within one year | 40/41 | €597,096 | €321,922 | -€275,174 | -46.1% |
| Trade receivables | 40 | €582,970 | €316,526 | -€266,444 | -45.7% |
| Other amounts receivable | 41 | €14,126 | €5,396 | -€8,730 | -61.8% |
| Cash at bank and in hand | 54/58 | €1,024 | €2,161 | +€1,138 | +111% |
| Deferred charges and accrued income | 490/1 | €881 | €4,367 | +€3,486 | +396% |
| Total equity and liabilities | 10/49 | €729,910 | €444,298 | -€285,612 | -39.1% |
| Equity | 10/15 | €77,824 | €33,588 | -€44,236 | -56.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,770 | €10,770 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,910 | €8,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,855 | €16,619 | -€44,236 | -72.7% |
| Amounts payable | 17/49 | €652,086 | €410,709 | -€241,376 | -37.0% |
| Amounts payable after more than one year | 17 | €13,474 | €8,354 | -€5,120 | -38.0% |
| Financial debts | 170/4 | €13,474 | €8,354 | -€5,120 | -38.0% |
| Amounts payable within one year | 42/48 | €638,611 | €398,438 | -€240,174 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €5,778 | €5,575 | -€202 | -3.5% |
| Financial debts | 43 | €25,424 | €30,004 | +€4,580 | +18.0% |
| Credit institutions | 430/8 | €25,424 | €30,004 | +€4,580 | +18.0% |
| Trade debts | 44 | €458,985 | €220,806 | -€238,178 | -51.9% |
| Suppliers | 440/4 | €458,985 | €188,046 | -€270,939 | -59.0% |
| Bills of exchange payable | 441 | - | €32,761 | +€32,761 | |
| Taxes, remuneration and social security | 45 | €109,732 | €103,736 | -€5,995 | -5.5% |
| Taxes | 450/3 | €39,317 | €18,441 | -€20,876 | -53.1% |
| Remuneration and social security | 454/9 | €70,414 | €85,295 | +€14,881 | +21.1% |
| Other amounts payable | 47/48 | €38,694 | €38,316 | -€378 | -1.0% |
| Accrued charges and deferred income | 492/3 | - | €3,918 | +€3,918 | |
| Remuneration, social security and pensions | 62 | €361,143 | €305,303 | -€55,840 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,484 | €10,287 | +€803 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,407 | €1,749 | -€7,658 | -81.4% |
| Other operating charges | 640/8 | €4,522 | €24,681 | +€20,158 | +446% |
| Non-recurring operating charges | 66A | - | €18,367 | +€18,367 | |
| Gross operating margin | 9900 | €402,756 | €342,074 | -€60,683 | -15.1% |
| Operating profit (loss) | 9901 | €18,200 | -€18,312 | -€36,512 | |
| Financial income | 75/76B | €3,332 | €2,175 | -€1,156 | -34.7% |
| Recurring financial income | 75 | €1,638 | €685 | -€952 | -58.1% |
| Non-recurring financial income | 76B | €1,694 | €1,490 | -€204 | -12.0% |
| Financial charges | 65/66B | €16,035 | €27,448 | +€11,414 | +71.2% |
| Recurring financial charges | 65 | €12,779 | €20,687 | +€7,907 | +61.9% |
| Non-recurring financial charges | 66B | €3,255 | €6,762 | +€3,506 | +108% |
| Profit (loss) for the period before taxes | 9903 | €5,497 | -€43,585 | -€49,082 | |
| Income taxes | 67/77 | - | €651 | +€651 | |
| Profit (loss) for the period | 9904 | €5,497 | -€44,236 | -€49,733 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,497 | -€44,236 | -€49,733 |
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 19 October 2026 via checked.be.