KEULEERS: 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.
KEULEERS
Largest movements
- Receivables within one year -€35,601
down €35,601 (-47.3%), from €75,335 to €39,734
of which Trade receivables: -€45,676
- Profit (loss) carried forward -€23,070
down €23,070 (-58.9%), from -€39,181 to -€62,252
- Trade debts -€9,143
down €9,143 (-16.7%), from €54,910 to €45,767
- Other debts -€2,213
down €2,213 (-8.4%), from €26,446 to €24,233
- Tax, wage and social debts -€2,117
down €2,117 (-55.8%), from €3,792 to €1,674
of which Remuneration and social security: -€2,117
- Short-term financial debts +€806
up €806 (+6.7%), from €12,098 to €12,904
- Staff costs -€37,209
down €37,209 (-55.3%), from €67,236 to €30,027
- Gross operating margin -€29,204
down €29,204 (-70.1%), from €41,661 to €12,457
- Other operating charges -€2,096
down €2,096 (-51.6%), from €4,064 to €1,968
- Financial charges +€679
up €679 (+26.4%), from €2,567 to €3,245
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,676 | €43,938 | -€35,738 | -44.9% |
| Fixed assets | 21/28 | €1,916 | €1,629 | -€287 | -15.0% |
| Tangible fixed assets | 22/27 | €287 | - | -€287 | |
| Plant, machinery and equipment | 23 | €287 | - | -€287 | |
| Financial fixed assets | 28 | €1,629 | €1,629 | = | 0.0% |
| Current assets | 29/58 | €77,760 | €42,309 | -€35,451 | -45.6% |
| Amounts receivable within one year | 40/41 | €75,335 | €39,734 | -€35,601 | -47.3% |
| Trade receivables | 40 | €72,109 | €26,433 | -€45,676 | -63.3% |
| Other amounts receivable | 41 | €3,226 | €13,301 | +€10,075 | +312% |
| Deferred charges and accrued income | 490/1 | €2,425 | €2,575 | +€150 | +6.2% |
| Total equity and liabilities | 10/49 | €79,676 | €43,938 | -€35,738 | -44.9% |
| Equity | 10/15 | -€17,569 | -€40,640 | -€23,070 | -131% |
| Contributions | 10/11 | €18,612 | €18,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,181 | -€62,252 | -€23,070 | -58.9% |
| Investment grants | 15 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €97,246 | €84,578 | -€12,668 | -13.0% |
| Amounts payable within one year | 42/48 | €97,246 | €84,578 | -€12,668 | -13.0% |
| Financial debts | 43 | €12,098 | €12,904 | +€806 | +6.7% |
| Credit institutions | 430/8 | €12,098 | €12,904 | +€806 | +6.7% |
| Trade debts | 44 | €54,910 | €45,767 | -€9,143 | -16.7% |
| Suppliers | 440/4 | €54,910 | €45,767 | -€9,143 | -16.7% |
| Taxes, remuneration and social security | 45 | €3,792 | €1,674 | -€2,117 | -55.8% |
| Taxes | 450/3 | €1,080 | €1,080 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,711 | €594 | -€2,117 | -78.1% |
| Other amounts payable | 47/48 | €26,446 | €24,233 | -€2,213 | -8.4% |
| Remuneration, social security and pensions | 62 | €67,236 | €30,027 | -€37,209 | -55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €558 | €287 | -€271 | -48.5% |
| Other operating charges | 640/8 | €4,064 | €1,968 | -€2,096 | -51.6% |
| Gross operating margin | 9900 | €41,661 | €12,457 | -€29,204 | -70.1% |
| Operating profit (loss) | 9901 | -€30,197 | -€19,826 | +€10,372 | +34.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,040% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,040% |
| Financial charges | 65/66B | €2,567 | €3,245 | +€679 | +26.4% |
| Recurring financial charges | 65 | €2,567 | €3,245 | +€679 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | -€32,764 | -€23,070 | +€9,693 | +29.6% |
| Income taxes | 67/77 | -€147 | - | +€147 | |
| Profit (loss) for the period | 9904 | -€32,617 | -€23,070 | +€9,547 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,617 | -€23,070 | +€9,547 | +29.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.