Keiro: 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.
Keiro
Largest movements
- Receivables within one year +€396,498
up €396,498 (+106%), from €374,527 to €771,025
of which Trade receivables: +€442,605
- Cash -€76,647
down €76,647 (-89.9%), from €85,235 to €8,588
mainly Receivables within one year (-€396,498) and Net result for the year (-€346,396)
- Other debts +€531,958
up €531,958 (+92.2%), from €577,061 to €1.1m
- Profit (loss) carried forward -€346,396
down €346,396 (-59.0%), from -€587,509 to -€933,905
- Trade debts +€96,687
up €96,687 (+46.7%), from €206,945 to €303,632
- Tax, wage and social debts +€34,205
up €34,205 (+67.9%), from €50,403 to €84,608
of which Taxes: +€26,921
- Turnover +€1.1m
up €1.1m (+73.9%), from €1.5m to €2.6m
- Purchases and services +€870,851
up €870,851 (+55.4%), from €1.6m to €2.4m
- Gross operating margin +€268,454
up €268,454, from -€51,161 to €217,293
- Staff costs +€82,475
up €82,475 (+19.4%), from €424,421 to €506,896
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 | €496,900 | €813,354 | +€316,454 | +63.7% |
| Fixed assets | 21/28 | €28,051 | €24,603 | -€3,448 | -12.3% |
| Tangible fixed assets | 22/27 | €28,051 | €24,603 | -€3,448 | -12.3% |
| Plant, machinery and equipment | 23 | €28,051 | €24,603 | -€3,448 | -12.3% |
| Current assets | 29/58 | €468,849 | €788,751 | +€319,902 | +68.2% |
| Amounts receivable within one year | 40/41 | €374,527 | €771,025 | +€396,498 | +106% |
| Trade receivables | 40 | €328,419 | €771,025 | +€442,605 | +135% |
| Other amounts receivable | 41 | €46,107 | - | -€46,107 | |
| Cash at bank and in hand | 54/58 | €85,235 | €8,588 | -€76,647 | -89.9% |
| Deferred charges and accrued income | 490/1 | €9,087 | €9,138 | +€51 | +0.6% |
| Total equity and liabilities | 10/49 | €496,900 | €813,354 | +€316,454 | +63.7% |
| Equity | 10/15 | -€337,509 | -€683,905 | -€346,396 | -103% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€587,509 | -€933,905 | -€346,396 | -59.0% |
| Amounts payable | 17/49 | €834,409 | €1,497,258 | +€662,850 | +79.4% |
| Amounts payable within one year | 42/48 | €834,409 | €1,497,258 | +€662,850 | +79.4% |
| Trade debts | 44 | €206,945 | €303,632 | +€96,687 | +46.7% |
| Suppliers | 440/4 | €206,945 | €303,632 | +€96,687 | +46.7% |
| Taxes, remuneration and social security | 45 | €50,403 | €84,608 | +€34,205 | +67.9% |
| Taxes | 450/3 | €776 | €27,697 | +€26,921 | +3,468% |
| Remuneration and social security | 454/9 | €49,627 | €56,910 | +€7,284 | +14.7% |
| Other amounts payable | 47/48 | €577,061 | €1,109,019 | +€531,958 | +92.2% |
| Turnover | 70 | €1,519,571 | €2,642,977 | +€1.1m | +73.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,572,840 | €2,443,691 | +€870,851 | +55.4% |
| Remuneration, social security and pensions | 62 | €424,421 | €506,896 | +€82,475 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,499 | €14,021 | +€5,522 | +65.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€284 | - | +€284 | |
| Other operating charges | 640/8 | €1,201 | €1,977 | +€777 | +64.7% |
| Gross operating margin | 9900 | -€51,161 | €217,293 | +€268,454 | |
| Operating profit (loss) | 9901 | -€484,997 | -€305,601 | +€179,396 | +37.0% |
| Financial income | 75/76B | €16 | €9 | -€7 | -43.3% |
| Recurring financial income | 75 | €16 | €9 | -€7 | -43.3% |
| Financial charges | 65/66B | €15,125 | €40,804 | +€25,678 | +170% |
| Recurring financial charges | 65 | €15,125 | €40,804 | +€25,678 | +170% |
| Profit (loss) for the period before taxes | 9903 | -€500,106 | -€346,396 | +€153,711 | +30.7% |
| Income taxes | 67/77 | €825 | - | -€825 | |
| Profit (loss) for the period | 9904 | -€500,931 | -€346,396 | +€154,535 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€500,931 | -€346,396 | +€154,535 | +30.8% |
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 13 October 2026 via checked.be.