Keser: what changed
Two fiscal 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.
Keser
Largest movements
- Intangible fixed assets -€18,250
down €18,250 (-10.5%), from €173,300 to €155,050
- Cash +€6,068
up €6,068 (+223.9%), from €2,710 to €8,778
mainly Depreciation (+€25,754) and Trade debts (+€24,669)
- Stocks and contracts +€2,800
up €2,800 (+5.0%), from €55,450 to €58,250
- Trade debts +€24,669
up €24,669 (+63.2%), from €39,012 to €63,680
- Debts after one year -€23,563
down €23,563 (-15.5%), from €152,073 to €128,509
- Short-term financial debts -€8,793
down €8,793 (-27.7%), from €31,698 to €22,905
- Profit (loss) carried forward -€5,525
new in 2025: -€5,525
- Other debts +€4,391
up €4,391 (+62.7%), from €7,001 to €11,392
- Gross operating margin +€13,400
up €13,400 (+42.9%), from €31,219 to €44,620
- Depreciation +€13,220
up €13,220 (+105.5%), from €12,534 to €25,754
- Financial charges +€12,245
up €12,245 (+157.4%), from €7,780 to €20,024
- Taxes -€1,346
no longer reported in 2025 (was €1,346)
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.
Cash bridge derived
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 | €279,791 | €270,914 | -€8,877 | -3.2% |
| Formation expenses | 20 | €4,348 | €3,106 | -€1,242 | -28.6% |
| Fixed assets | 21/28 | €198,088 | €179,195 | -€18,892 | -9.5% |
| Intangible fixed assets | 21 | €173,300 | €155,050 | -€18,250 | -10.5% |
| Tangible fixed assets | 22/27 | €24,788 | €24,145 | -€642 | -2.6% |
| Plant, machinery and equipment | 23 | €15,736 | €17,093 | +€1,358 | +8.6% |
| Furniture and vehicles | 24 | €9,052 | €7,052 | -€2,000 | -22.1% |
| Current assets | 29/58 | €77,355 | €88,613 | +€11,258 | +14.6% |
| Stocks and contracts in progress | 3 | €55,450 | €58,250 | +€2,800 | +5.0% |
| Stocks | 30/36 | €55,450 | €58,250 | +€2,800 | +5.0% |
| Amounts receivable within one year | 40/41 | €14,709 | €16,716 | +€2,007 | +13.6% |
| Trade receivables | 40 | €4,209 | €6,216 | +€2,007 | +47.7% |
| Other amounts receivable | 41 | €10,500 | €10,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,710 | €8,778 | +€6,068 | +223.9% |
| Deferred charges and accrued income | 490/1 | €4,486 | €4,869 | +€383 | +8.5% |
| Total equity and liabilities | 10/49 | €279,791 | €270,914 | -€8,877 | -3.2% |
| Equity | 10/15 | €25,583 | €20,058 | -€5,525 | -21.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €5,583 | €5,583 | = | 0.0% |
| Distributable reserves | 133 | €5,583 | €5,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€5,525 | -€5,525 | |
| Amounts payable | 17/49 | €254,208 | €250,856 | -€3,352 | -1.3% |
| Amounts payable after more than one year | 17 | €152,073 | €128,509 | -€23,563 | -15.5% |
| Financial debts | 170/4 | €152,073 | €128,509 | -€23,563 | -15.5% |
| Amounts payable within one year | 42/48 | €102,136 | €122,347 | +€20,211 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €22,473 | €23,563 | +€1,090 | +4.8% |
| Financial debts | 43 | €31,698 | €22,905 | -€8,793 | -27.7% |
| Credit institutions | 430/8 | €31,698 | €22,905 | -€8,793 | -27.7% |
| Trade debts | 44 | €39,012 | €63,680 | +€24,669 | +63.2% |
| Suppliers | 440/4 | €39,012 | €63,680 | +€24,669 | +63.2% |
| Taxes, remuneration and social security | 45 | €1,951 | €806 | -€1,145 | -58.7% |
| Taxes | 450/3 | €1,951 | €806 | -€1,145 | -58.7% |
| Other amounts payable | 47/48 | €7,001 | €11,392 | +€4,391 | +62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,534 | €25,754 | +€13,220 | +105.5% |
| Other operating charges | 640/8 | €3,978 | €4,387 | +€409 | +10.3% |
| Gross operating margin | 9900 | €31,219 | €44,620 | +€13,400 | +42.9% |
| Operating profit (loss) | 9901 | €14,708 | €14,479 | -€229 | -1.6% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €7,780 | €20,024 | +€12,245 | +157.4% |
| Recurring financial charges | 65 | €7,780 | €20,024 | +€12,245 | +157.4% |
| Profit (loss) for the period before taxes | 9903 | €6,929 | -€5,525 | -€12,454 | |
| Income taxes | 67/77 | €1,346 | - | -€1,346 | |
| Profit (loss) for the period | 9904 | €5,583 | -€5,525 | -€11,108 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,583 | -€5,525 | -€11,108 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.