KEUST: 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.
What changed
KEUST
NACE 10.711, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,029
2024 · €203,603-€202,575
Equity
€380,932
2024 · €379,903+€1,029
Cash
€255,910
2024 · €365,728-€109,818
Balance sheet total
€729,032
2024 · €843,548-€114,517
Largest movements
Assets
- Cash -€109,818
down €109,818 (-30.0%), from €365,728 to €255,910
mainly Other debts (-€138,252) and Investment in fixed assets (net) (-€52,826)
- Tangible fixed assets -€41,459
down €41,459 (-12.4%), from €335,089 to €293,630
of which Plant, machinery and equipment: -€33,911
- Receivables within one year +€28,985
up €28,985 (+26.5%), from €109,189 to €138,174
of which Trade receivables: +€14,683
Equity and liabilities
- Other debts -€138,252
down €138,252 (-92.7%), from €149,079 to €10,827
- Debts after one year +€17,002
up €17,002 (+25.1%), from €67,864 to €84,865
Income statement
- Gross operating margin -€204,127
down €204,127 (-26.1%), from €782,364 to €578,237
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.
Result 2024
€203,603
Gross operating margin
-€204,127
Staff costs
+€5,721
Depreciation
-€2,080
Other operating charges
-€442
Financial income
-€1,053
Financial charges
-€806
Taxes
+€212
Result 2025
€1,029
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.
From operations
-€73,933
Investment
-€52,826
Financing
+€16,941
Cash 2024
€365,728
From operations (derived)
-€73,933
Net result for the year
+€1,029
Depreciation
+€97,618
Stocks and contracts
-€5,959
Receivables within one year
-€28,985
Deferred charges and accrued income
-€5,150
Trade debts
+€1,863
Tax, wage and social debts
+€3,000
Other debts
-€138,252
Accrued charges and deferred income
+€903
Investment (derived)
-€52,826
Investment in fixed assets (net)
-€52,826
Financing
+€16,941
Debts after one year
+€17,002
Current portion of long-term debt
-€61
Cash 2025
€255,910
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €843,548 | €729,032 | -€114,517 | -13.6% |
| Fixed assets | 21/28 | €344,561 | €299,769 | -€44,792 | -13.0% |
| Intangible fixed assets | 21 | €9,472 | €6,138 | -€3,333 | -35.2% |
| Tangible fixed assets | 22/27 | €335,089 | €293,630 | -€41,459 | -12.4% |
| Plant, machinery and equipment | 23 | €253,840 | €219,929 | -€33,911 | -13.4% |
| Furniture and vehicles | 24 | €12,784 | €14,541 | +€1,757 | +13.7% |
| Other tangible fixed assets | 26 | €68,465 | €59,160 | -€9,305 | -13.6% |
| Current assets | 29/58 | €498,987 | €429,263 | -€69,724 | -14.0% |
| Stocks and contracts in progress | 3 | €20,000 | €25,959 | +€5,959 | +29.8% |
| Stocks | 30/36 | €20,000 | €25,959 | +€5,959 | +29.8% |
| Amounts receivable within one year | 40/41 | €109,189 | €138,174 | +€28,985 | +26.5% |
| Trade receivables | 40 | €71,971 | €86,654 | +€14,683 | +20.4% |
| Other amounts receivable | 41 | €37,218 | €51,520 | +€14,302 | +38.4% |
| Cash at bank and in hand | 54/58 | €365,728 | €255,910 | -€109,818 | -30.0% |
| Deferred charges and accrued income | 490/1 | €4,070 | €9,220 | +€5,150 | +126.5% |
| Total equity and liabilities | 10/49 | €843,548 | €729,032 | -€114,517 | -13.6% |
| Equity | 10/15 | €379,903 | €380,932 | +€1,029 | +0.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €185,296 | €185,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €183,436 | €183,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | €184,608 | €185,636 | +€1,029 | +0.6% |
| Amounts payable | 17/49 | €463,645 | €348,100 | -€115,545 | -24.9% |
| Amounts payable after more than one year | 17 | €67,864 | €84,865 | +€17,002 | +25.1% |
| Financial debts | 170/4 | €67,864 | €84,865 | +€17,002 | +25.1% |
| Amounts payable within one year | 42/48 | €394,291 | €260,842 | -€133,450 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €14,873 | €14,812 | -€61 | -0.4% |
| Trade debts | 44 | €162,545 | €164,407 | +€1,863 | +1.1% |
| Suppliers | 440/4 | €162,545 | €164,407 | +€1,863 | +1.1% |
| Taxes, remuneration and social security | 45 | €67,795 | €70,795 | +€3,000 | +4.4% |
| Taxes | 450/3 | €4,962 | €6,499 | +€1,538 | +31.0% |
| Remuneration and social security | 454/9 | €62,833 | €64,296 | +€1,462 | +2.3% |
| Other amounts payable | 47/48 | €149,079 | €10,827 | -€138,252 | -92.7% |
| Accrued charges and deferred income | 492/3 | €1,490 | €2,393 | +€903 | +60.6% |
| Non-recurring operating income | 76A | €15,520 | €0 | -€15,520 | -100.0% |
| Remuneration, social security and pensions | 62 | €471,115 | €465,394 | -€5,721 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,538 | €97,618 | +€2,080 | +2.2% |
| Other operating charges | 640/8 | €2,831 | €3,273 | +€442 | +15.6% |
| Gross operating margin | 9900 | €782,364 | €578,237 | -€204,127 | -26.1% |
| Operating profit (loss) | 9901 | €212,880 | €11,952 | -€200,928 | -94.4% |
| Financial income | 75/76B | €1,923 | €870 | -€1,053 | -54.8% |
| Recurring financial income | 75 | €1,923 | €870 | -€1,053 | -54.8% |
| Financial charges | 65/66B | €10,988 | €11,793 | +€806 | +7.3% |
| Recurring financial charges | 65 | €10,988 | €11,793 | +€806 | +7.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €203,815 | €1,029 | -€202,786 | -99.5% |
| Income taxes | 67/77 | €212 | €0 | -€212 | -100.0% |
| Profit (loss) for the period | 9904 | €203,603 | €1,029 | -€202,575 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €203,603 | €1,029 | -€202,575 | -99.5% |
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 1 October 2026 via checked.be.