KEUSTERS-VANHAREN: 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.
KEUSTERS-VANHAREN
Largest movements
- Tangible fixed assets +€26,768
up €26,768 (+958%), from €2,795 to €29,563
of which Furniture and vehicles: +€27,204
- Receivables within one year +€14,849
up €14,849 (+1,273%), from €1,167 to €16,016
- Cash -€2,959
down €2,959 (-19.6%), from €15,058 to €12,099
mainly Investment in fixed assets (net) (-€33,274) and Receivables within one year (-€14,849)
- Deferred charges and accrued income +€1,823
new in 2025: €1,823
- Profit (loss) carried forward +€25,426
up €25,426, from -€24,162 to €1,264
- Debts after one year +€16,294
new in 2025: €16,294
- Other debts -€7,138
down €7,138 (-50.6%), from €14,119 to €6,981
- Current portion of long-term debt +€4,299
new in 2025: €4,299
- Trade debts +€1,696
up €1,696 (+104%), from €1,633 to €3,328
- Gross operating margin +€13,947
up €13,947 (+31.1%), from €44,790 to €58,737
- Taxes +€4,468
up €4,468 (+2,167%), from €206 to €4,675
- Staff costs +€1,405
up €1,405 (+8.2%), from €17,078 to €18,483
- Financial charges +€772
up €772 (+173%), from €447 to €1,219
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 | €20,500 | €60,981 | +€40,481 | +197% |
| Fixed assets | 21/28 | €4,275 | €31,043 | +€26,768 | +626% |
| Tangible fixed assets | 22/27 | €2,795 | €29,563 | +€26,768 | +958% |
| Plant, machinery and equipment | 23 | €1,050 | €614 | -€436 | -41.5% |
| Furniture and vehicles | 24 | €1,745 | €28,949 | +€27,204 | +1,559% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,480 | €1,480 | = | 0.0% |
| Current assets | 29/58 | €16,225 | €29,938 | +€13,713 | +84.5% |
| Amounts receivable within one year | 40/41 | €1,167 | €16,016 | +€14,849 | +1,273% |
| Other amounts receivable | 41 | €1,167 | €16,016 | +€14,849 | +1,273% |
| Cash at bank and in hand | 54/58 | €15,058 | €12,099 | -€2,959 | -19.6% |
| Deferred charges and accrued income | 490/1 | - | €1,823 | +€1,823 | |
| Total equity and liabilities | 10/49 | €20,500 | €60,981 | +€40,481 | +197% |
| Equity | 10/15 | €2,948 | €28,374 | +€25,426 | +863% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 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% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,162 | €1,264 | +€25,426 | |
| Amounts payable | 17/49 | €17,552 | €32,607 | +€15,054 | +85.8% |
| Amounts payable after more than one year | 17 | - | €16,294 | +€16,294 | |
| Financial debts | 170/4 | - | €16,294 | +€16,294 | |
| Amounts payable within one year | 42/48 | €17,552 | €16,312 | -€1,240 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | - | €4,299 | +€4,299 | |
| Trade debts | 44 | €1,633 | €3,328 | +€1,696 | +104% |
| Suppliers | 440/4 | €1,633 | €3,328 | +€1,696 | +104% |
| Taxes, remuneration and social security | 45 | €1,801 | €1,705 | -€96 | -5.3% |
| Taxes | 450/3 | €206 | €21 | -€185 | -89.8% |
| Remuneration and social security | 454/9 | €1,595 | €1,684 | +€89 | +5.6% |
| Other amounts payable | 47/48 | €14,119 | €6,981 | -€7,138 | -50.6% |
| Remuneration, social security and pensions | 62 | €17,078 | €18,483 | +€1,405 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,949 | €6,507 | -€442 | -6.4% |
| Other operating charges | 640/8 | €859 | €998 | +€139 | +16.2% |
| Non-recurring operating charges | 66A | - | €1,430 | +€1,430 | |
| Gross operating margin | 9900 | €44,790 | €58,737 | +€13,947 | +31.1% |
| Operating profit (loss) | 9901 | €19,904 | €31,320 | +€11,415 | +57.4% |
| Financial income | 75/76B | €61 | - | -€61 | |
| Recurring financial income | 75 | €61 | - | -€61 | |
| Financial charges | 65/66B | €447 | €1,219 | +€772 | +173% |
| Recurring financial charges | 65 | €447 | €1,219 | +€772 | +173% |
| Profit (loss) for the period before taxes | 9903 | €19,519 | €30,101 | +€10,582 | +54.2% |
| Income taxes | 67/77 | €206 | €4,675 | +€4,468 | +2,167% |
| Profit (loss) for the period | 9904 | €19,312 | €25,426 | +€6,114 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,312 | €25,426 | +€6,114 | +31.7% |
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 25 October 2026 via checked.be.