KEIZERSPLEIN 39: 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.
KEIZERSPLEIN 39
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-11.1%), from €10.0m to €8.9m
- Receivables within one year +€537,965
up €537,965 (+62.5%), from €861,370 to €1.4m
- Cash -€423,235
down €423,235 (-76.8%), from €551,365 to €128,129
mainly Debts after one year (-€1.1m) and Receivables within one year (-€537,965)
- Debts after one year -€1.1m
down €1.1m (-13.2%), from €8.1m to €7.0m
- Profit (loss) carried forward +€313,572
up €313,572 (+17.1%), from €1.8m to €2.1m
- Other debts -€263,599
down €263,599 (-67.8%), from €388,599 to €125,000
- Taxes +€33,224
up €33,224 (+43.8%), from €75,787 to €109,011
- Other operating charges -€32,427
down €32,427 (-27.5%), from €117,753 to €85,326
- Financial charges -€30,040
down €30,040 (-14.9%), from €201,003 to €170,964
- Gross operating margin +€19,931
up €19,931 (+1.7%), from €1.2m to €1.2m
- Depreciation -€19,056
down €19,056 (-3.0%), from €633,967 to €614,911
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 | €13,433,923 | €12,444,252 | -€989,670 | -7.4% |
| Fixed assets | 21/28 | €12,004,876 | €10,895,457 | -€1.1m | -9.2% |
| Tangible fixed assets | 22/27 | €10,023,019 | €8,913,600 | -€1.1m | -11.1% |
| Land and buildings | 22 | €10,023,019 | €8,913,600 | -€1.1m | -11.1% |
| Financial fixed assets | 28 | €1,981,857 | €1,981,857 | = | 0.0% |
| Current assets | 29/58 | €1,429,046 | €1,548,795 | +€119,749 | +8.4% |
| Amounts receivable within one year | 40/41 | €861,370 | €1,399,335 | +€537,965 | +62.5% |
| Other amounts receivable | 41 | €861,370 | €1,399,335 | +€537,965 | +62.5% |
| Cash at bank and in hand | 54/58 | €551,365 | €128,129 | -€423,235 | -76.8% |
| Deferred charges and accrued income | 490/1 | €16,311 | €21,330 | +€5,019 | +30.8% |
| Total equity and liabilities | 10/49 | €13,433,923 | €12,444,252 | -€989,670 | -7.4% |
| Equity | 10/15 | €3,768,968 | €4,003,850 | +€234,882 | +6.2% |
| Contributions | 10/11 | €90,599 | €90,599 | = | 0.0% |
| Capital | 10 | €90,599 | €90,599 | = | 0.0% |
| Issued capital | 100 | €90,599 | €90,599 | = | 0.0% |
| Reserves | 13 | €1,849,024 | €1,770,334 | -€78,691 | -4.3% |
| Non-distributable reserves | 130/1 | €9,060 | €9,060 | = | 0.0% |
| Legal reserve | 130 | €9,060 | €9,060 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,839,964 | €1,761,274 | -€78,691 | -4.3% |
| Profit (loss) carried forward | 14 | €1,829,345 | €2,142,917 | +€313,572 | +17.1% |
| Amounts payable | 17/49 | €9,664,954 | €8,440,402 | -€1.2m | -12.7% |
| Amounts payable after more than one year | 17 | €8,078,193 | €7,008,111 | -€1.1m | -13.2% |
| Financial debts | 170/4 | €8,078,193 | €7,008,111 | -€1.1m | -13.2% |
| Amounts payable within one year | 42/48 | €1,518,846 | €1,367,728 | -€151,118 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €1,050,194 | €1,093,780 | +€43,587 | +4.2% |
| Trade debts | 44 | €51,809 | €92,969 | +€41,160 | +79.4% |
| Suppliers | 440/4 | €51,809 | €92,969 | +€41,160 | +79.4% |
| Taxes, remuneration and social security | 45 | €28,244 | €55,978 | +€27,734 | +98.2% |
| Taxes | 450/3 | €28,244 | €55,978 | +€27,734 | +98.2% |
| Other amounts payable | 47/48 | €388,599 | €125,000 | -€263,599 | -67.8% |
| Accrued charges and deferred income | 492/3 | €67,916 | €64,563 | -€3,353 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €633,967 | €614,911 | -€19,056 | -3.0% |
| Other operating charges | 640/8 | €117,753 | €85,326 | -€32,427 | -27.5% |
| Non-recurring operating charges | 66A | - | €4,032 | +€4,032 | |
| Gross operating margin | 9900 | €1,192,554 | €1,212,485 | +€19,931 | +1.7% |
| Operating profit (loss) | 9901 | €440,834 | €508,216 | +€67,382 | +15.3% |
| Financial income | 75/76B | €10,821 | €6,640 | -€4,182 | -38.6% |
| Recurring financial income | 75 | €10,821 | €6,640 | -€4,182 | -38.6% |
| Financial charges | 65/66B | €201,003 | €170,964 | -€30,040 | -14.9% |
| Recurring financial charges | 65 | €201,003 | €170,964 | -€30,040 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €250,653 | €343,893 | +€93,240 | +37.2% |
| Income taxes | 67/77 | €75,787 | €109,011 | +€33,224 | +43.8% |
| Profit (loss) for the period | 9904 | €174,866 | €234,882 | +€60,016 | +34.3% |
| Transfer from tax-exempt reserves | 789 | €78,691 | €78,691 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €253,556 | €313,572 | +€60,016 | +23.7% |
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 29 October 2026 via checked.be.