KEIZER KAREL: 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.
KEIZER KAREL
Largest movements
- Cash +€16,890
up €16,890 (+255%), from €6,631 to €23,521
mainly Other debts (+€6,644) and Receivables within one year (+€5,357)
- Receivables within one year -€5,357
down €5,357 (-50.1%), from €10,690 to €5,334
of which Other amounts receivable: -€6,004
- Tangible fixed assets +€2,508
up €2,508 (+9.4%), from €26,621 to €29,128
of which Plant, machinery and equipment: +€3,118
- Other debts +€6,644
up €6,644, from €0 to €6,644
- Trade debts +€3,574
up €3,574 (+108%), from €3,298 to €6,872
- Reserves +€3,384
up €3,384 (+9.5%), from €35,748 to €39,132
- Tax, wage and social debts +€1,776
up €1,776 (+52.3%), from €3,393 to €5,169
- Accrued charges and deferred income -€821
down €821 (-100%), from €821 to €0
- Gross operating margin +€6,613
up €6,613 (+47.7%), from €13,857 to €20,470
- Depreciation -€2,670
down €2,670 (-34.1%), from €7,841 to €5,171
- Other operating charges +€1,304
up €1,304 (+16.5%), from €7,910 to €9,214
- Taxes +€338
new in 2025: €338
- Financial income -€268
down €268 (-100%), from €268 to €0
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 | €49,458 | €64,015 | +€14,557 | +29.4% |
| Fixed assets | 21/28 | €26,621 | €29,128 | +€2,508 | +9.4% |
| Tangible fixed assets | 22/27 | €26,621 | €29,128 | +€2,508 | +9.4% |
| Plant, machinery and equipment | 23 | €16,671 | €19,789 | +€3,118 | +18.7% |
| Furniture and vehicles | 24 | €3,715 | €3,112 | -€604 | -16.2% |
| Other tangible fixed assets | 26 | €6,234 | €6,228 | -€6 | -0.1% |
| Current assets | 29/58 | €22,838 | €34,886 | +€12,049 | +52.8% |
| Stocks and contracts in progress | 3 | €3,583 | €4,018 | +€435 | +12.1% |
| Stocks | 30/36 | €3,583 | €4,018 | +€435 | +12.1% |
| Amounts receivable within one year | 40/41 | €10,690 | €5,334 | -€5,357 | -50.1% |
| Trade receivables | 40 | €4,687 | €5,334 | +€647 | +13.8% |
| Other amounts receivable | 41 | €6,004 | €0 | -€6,004 | -100% |
| Cash at bank and in hand | 54/58 | €6,631 | €23,521 | +€16,890 | +255% |
| Deferred charges and accrued income | 490/1 | €1,933 | €2,014 | +€80 | +4.1% |
| Total equity and liabilities | 10/49 | €49,458 | €64,015 | +€14,557 | +29.4% |
| Equity | 10/15 | €41,945 | €45,330 | +€3,384 | +8.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €35,748 | €39,132 | +€3,384 | +9.5% |
| Distributable reserves | 133 | €35,748 | €39,132 | +€3,384 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,513 | €18,685 | +€11,172 | +149% |
| Amounts payable within one year | 42/48 | €6,691 | €18,685 | +€11,994 | +179% |
| Trade debts | 44 | €3,298 | €6,872 | +€3,574 | +108% |
| Suppliers | 440/4 | €3,298 | €6,872 | +€3,574 | +108% |
| Taxes, remuneration and social security | 45 | €3,393 | €5,169 | +€1,776 | +52.3% |
| Taxes | 450/3 | €3,393 | €5,169 | +€1,776 | +52.3% |
| Other amounts payable | 47/48 | €0 | €6,644 | +€6,644 | |
| Accrued charges and deferred income | 492/3 | €821 | €0 | -€821 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,841 | €5,171 | -€2,670 | -34.1% |
| Other operating charges | 640/8 | €7,910 | €9,214 | +€1,304 | +16.5% |
| Gross operating margin | 9900 | €13,857 | €20,470 | +€6,613 | +47.7% |
| Operating profit (loss) | 9901 | -€1,893 | €6,085 | +€7,978 | |
| Financial income | 75/76B | €268 | €0 | -€268 | -100% |
| Recurring financial income | 75 | €268 | €0 | -€268 | -100% |
| Financial charges | 65/66B | €1,581 | €1,529 | -€52 | -3.3% |
| Recurring financial charges | 65 | €1,581 | €1,529 | -€52 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,206 | €4,556 | +€7,762 | |
| Income taxes | 67/77 | - | €338 | +€338 | |
| Profit (loss) for the period | 9904 | -€3,206 | €4,217 | +€7,423 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,206 | €4,217 | +€7,423 |
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.