KEIRSEBILCK: 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.
KEIRSEBILCK
Largest movements
- Stocks and contracts -€41,641
down €41,641 (-46.0%), from €90,561 to €48,920
- Receivables within one year +€26,907
up €26,907 (+63.8%), from €42,169 to €69,075
of which Trade receivables: +€21,322
- Tangible fixed assets -€13,130
down €13,130 (-20.1%), from €65,220 to €52,090
- Cash -€5,720
down €5,720 (-61.2%), from €9,346 to €3,626
mainly Receivables within one year (-€26,907) and Trade debts (-€11,849)
- Trade debts -€11,849
down €11,849 (-17.8%), from €66,557 to €54,708
- Reserves -€8,279
down €8,279 (-9.6%), from €86,642 to €78,363
of which Distributable reserves: -€8,279
- Debts after one year -€7,919
down €7,919 (-100%), from €7,919 to €0
- Current portion of long-term debt -€3,629
down €3,629 (-31.4%), from €11,548 to €7,919
- Other debts -€2,726
down €2,726 (-12.6%), from €21,616 to €18,890
- Gross operating margin -€67,763
down €67,763 (-72.3%), from €93,736 to €25,974
- Staff costs -€45,919
down €45,919 (-74.1%), from €61,976 to €16,058
- Financial charges -€5,253
down €5,253 (-61.0%), from €8,608 to €3,356
- Depreciation -€2,380
down €2,380 (-15.3%), from €15,510 to €13,130
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 | €211,183 | €177,204 | -€33,979 | -16.1% |
| Fixed assets | 21/28 | €65,479 | €52,399 | -€13,080 | -20.0% |
| Tangible fixed assets | 22/27 | €65,220 | €52,090 | -€13,130 | -20.1% |
| Land and buildings | 22 | €51,387 | €46,716 | -€4,672 | -9.1% |
| Plant, machinery and equipment | 23 | €2,181 | €534 | -€1,647 | -75.5% |
| Furniture and vehicles | 24 | €5,775 | €0 | -€5,775 | -100% |
| Other tangible fixed assets | 26 | €5,877 | €4,841 | -€1,037 | -17.6% |
| Financial fixed assets | 28 | €259 | €309 | +€50 | +19.3% |
| Current assets | 29/58 | €145,704 | €124,805 | -€20,899 | -14.3% |
| Stocks and contracts in progress | 3 | €90,561 | €48,920 | -€41,641 | -46.0% |
| Stocks | 30/36 | €90,561 | €48,920 | -€41,641 | -46.0% |
| Amounts receivable within one year | 40/41 | €42,169 | €69,075 | +€26,907 | +63.8% |
| Trade receivables | 40 | €36,097 | €57,419 | +€21,322 | +59.1% |
| Other amounts receivable | 41 | €6,071 | €11,656 | +€5,585 | +92.0% |
| Cash at bank and in hand | 54/58 | €9,346 | €3,626 | -€5,720 | -61.2% |
| Deferred charges and accrued income | 490/1 | €3,628 | €3,183 | -€445 | -12.3% |
| Total equity and liabilities | 10/49 | €211,183 | €177,204 | -€33,979 | -16.1% |
| Equity | 10/15 | €99,042 | €90,763 | -€8,279 | -8.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €86,642 | €78,363 | -€8,279 | -9.6% |
| Tax-exempt reserves | 132 | €29,434 | €29,434 | = | 0.0% |
| Distributable reserves | 133 | €57,208 | €48,929 | -€8,279 | -14.5% |
| Amounts payable | 17/49 | €112,141 | €86,441 | -€25,700 | -22.9% |
| Amounts payable after more than one year | 17 | €7,919 | €0 | -€7,919 | -100% |
| Financial debts | 170/4 | €7,919 | €0 | -€7,919 | -100% |
| Amounts payable within one year | 42/48 | €102,356 | €84,899 | -€17,457 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €11,548 | €7,919 | -€3,629 | -31.4% |
| Trade debts | 44 | €66,557 | €54,708 | -€11,849 | -17.8% |
| Suppliers | 440/4 | €66,557 | €54,708 | -€11,849 | -17.8% |
| Taxes, remuneration and social security | 45 | €2,635 | €3,382 | +€747 | +28.3% |
| Taxes | 450/3 | €2,635 | €28 | -€2,607 | -98.9% |
| Remuneration and social security | 454/9 | - | €3,354 | +€3,354 | |
| Other amounts payable | 47/48 | €21,616 | €18,890 | -€2,726 | -12.6% |
| Accrued charges and deferred income | 492/3 | €1,866 | €1,542 | -€323 | -17.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €61,976 | €16,058 | -€45,919 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,510 | €13,130 | -€2,380 | -15.3% |
| Other operating charges | 640/8 | €2,379 | €1,848 | -€530 | -22.3% |
| Gross operating margin | 9900 | €93,736 | €25,974 | -€67,763 | -72.3% |
| Operating profit (loss) | 9901 | €13,872 | -€5,062 | -€18,934 | |
| Financial income | 75/76B | €13 | €139 | +€126 | +999% |
| Recurring financial income | 75 | €13 | €139 | +€126 | +999% |
| Financial charges | 65/66B | €8,608 | €3,356 | -€5,253 | -61.0% |
| Recurring financial charges | 65 | €8,608 | €3,356 | -€5,253 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €5,276 | -€8,279 | -€13,555 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €5,276 | -€8,279 | -€13,555 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,276 | -€8,279 | -€13,555 |
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 26 October 2026 via checked.be.