KEULEN BVO: 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.
KEULEN BVO
Largest movements
- Receivables within one year +€32,585
up €32,585 (+1,551%), from €2,100 to €34,685
of which Trade receivables: +€34,573
- Tangible fixed assets -€20,226
down €20,226 (-2.2%), from €938,867 to €918,641
of which Land and buildings: -€12,015
- Debts after one year +€73,465
up €73,465 (+289%), from €25,400 to €98,865
- Provisions -€42,518
down €42,518 (-6.8%), from €622,373 to €579,856
- Reserves -€16,287
down €16,287 (-11.0%), from €148,144 to €131,857
- Financial charges -€66,769
down €66,769 (-59.3%), from €112,501 to €45,732
- Gross operating margin +€51,101
up €51,101 (+2,040%), from €2,505 to €53,606
- Other operating charges -€10,203
down €10,203 (-79.8%), from €12,783 to €2,580
- Depreciation +€4,022
up €4,022 (+22.9%), from €17,558 to €21,580
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 | €978,568 | €995,793 | +€17,225 | +1.8% |
| Fixed assets | 21/28 | €938,867 | €918,641 | -€20,226 | -2.2% |
| Tangible fixed assets | 22/27 | €938,867 | €918,641 | -€20,226 | -2.2% |
| Land and buildings | 22 | €902,329 | €890,313 | -€12,015 | -1.3% |
| Plant, machinery and equipment | 23 | €9,925 | €6,719 | -€3,207 | -32.3% |
| Furniture and vehicles | 24 | €26,613 | €21,609 | -€5,004 | -18.8% |
| Current assets | 29/58 | €39,701 | €77,152 | +€37,451 | +94.3% |
| Stocks and contracts in progress | 3 | €26,327 | €26,327 | = | 0.0% |
| Stocks | 30/36 | €26,327 | €26,327 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,100 | €34,685 | +€32,585 | +1,551% |
| Trade receivables | 40 | €112 | €34,685 | +€34,573 | +30,944% |
| Other amounts receivable | 41 | €1,989 | €0 | -€1,989 | -100% |
| Cash at bank and in hand | 54/58 | €11,052 | €14,019 | +€2,967 | +26.8% |
| Deferred charges and accrued income | 490/1 | €222 | €2,122 | +€1,900 | +858% |
| Total equity and liabilities | 10/49 | €978,568 | €995,793 | +€17,225 | +1.8% |
| Equity | 10/15 | €276,082 | €259,796 | -€16,287 | -5.9% |
| Contributions | 10/11 | €127,939 | €127,939 | = | 0.0% |
| Reserves | 13 | €148,144 | €131,857 | -€16,287 | -11.0% |
| Distributable reserves | 133 | €148,144 | €131,857 | -€16,287 | -11.0% |
| Provisions and deferred taxes | 16 | €622,373 | €579,856 | -€42,518 | -6.8% |
| Provisions for liabilities and charges | 160/5 | €622,373 | €579,856 | -€42,518 | -6.8% |
| Other liabilities and charges | 164/5 | €622,373 | €579,856 | -€42,518 | -6.8% |
| Amounts payable | 17/49 | €80,113 | €156,142 | +€76,029 | +94.9% |
| Amounts payable after more than one year | 17 | €25,400 | €98,865 | +€73,465 | +289% |
| Financial debts | 170/4 | €25,400 | €98,865 | +€73,465 | +289% |
| Amounts payable within one year | 42/48 | €52,776 | €53,811 | +€1,035 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €4,969 | €5,035 | +€65 | +1.3% |
| Trade debts | 44 | €699 | €111 | -€588 | -84.1% |
| Suppliers | 440/4 | €699 | €111 | -€588 | -84.1% |
| Taxes, remuneration and social security | 45 | €10,297 | €4,605 | -€5,692 | -55.3% |
| Taxes | 450/3 | €10,297 | €4,605 | -€5,692 | -55.3% |
| Other amounts payable | 47/48 | €36,810 | €44,060 | +€7,250 | +19.7% |
| Accrued charges and deferred income | 492/3 | €1,937 | €3,465 | +€1,529 | +78.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,558 | €21,580 | +€4,022 | +22.9% |
| Other operating charges | 640/8 | €12,783 | €2,580 | -€10,203 | -79.8% |
| Gross operating margin | 9900 | €2,505 | €53,606 | +€51,101 | +2,040% |
| Operating profit (loss) | 9901 | -€27,836 | €29,446 | +€57,282 | |
| Financial income | 75/76B | €109 | €0 | -€109 | -100.0% |
| Recurring financial income | 75 | €109 | €0 | -€109 | -100.0% |
| Financial charges | 65/66B | €112,501 | €45,732 | -€66,769 | -59.3% |
| Recurring financial charges | 65 | €112,501 | €45,732 | -€66,769 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | -€140,228 | -€16,287 | +€123,942 | +88.4% |
| Profit (loss) for the period | 9904 | -€140,228 | -€16,287 | +€123,942 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,228 | -€16,287 | +€123,942 | +88.4% |
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 19 October 2026 via checked.be.