Keutgen BST: 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.
Keutgen BST
Largest movements
- Tangible fixed assets -€33,507
down €33,507 (-3.3%), from €1.0m to €996,676
- Receivables within one year +€13,867
up €13,867 (+22.0%), from €63,047 to €76,914
of which Trade receivables: +€13,921
- Debts after one year -€59,421
down €59,421 (-6.6%), from €893,722 to €834,302
- Trade debts +€40,059
up €40,059 (+102%), from €39,171 to €79,230
- Tax, wage and social debts -€20,026
down €20,026 (-66.4%), from €30,166 to €10,140
of which Remuneration and social security: -€18,005
- Profit (loss) carried forward +€15,468
up €15,468 (+26.5%), from €58,332 to €73,800
- Other debts +€14,269
up €14,269 (+14.2%), from €100,745 to €115,014
- Staff costs -€60,465
down €60,465 (-64.8%), from €93,328 to €32,863
- Gross operating margin +€46,156
up €46,156 (+41.3%), from €111,631 to €157,787
- Depreciation +€22,592
up €22,592 (+56.0%), from €40,317 to €62,909
- Financial charges +€12,910
up €12,910 (+49.3%), from €26,195 to €39,104
of which Financial charges: +€22,239
- Other operating charges +€3,333
up €3,333 (+82.6%), from €4,034 to €7,367
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 | €1,191,036 | €1,178,160 | -€12,875 | -1.1% |
| Fixed assets | 21/28 | €1,084,725 | €1,042,368 | -€42,357 | -3.9% |
| Intangible fixed assets | 21 | €54,542 | €45,693 | -€8,849 | -16.2% |
| Tangible fixed assets | 22/27 | €1,030,183 | €996,676 | -€33,507 | -3.3% |
| Land and buildings | 22 | €959,281 | €942,546 | -€16,736 | -1.7% |
| Plant, machinery and equipment | 23 | €16,646 | €14,776 | -€1,870 | -11.2% |
| Furniture and vehicles | 24 | €54,256 | €39,354 | -€14,902 | -27.5% |
| Current assets | 29/58 | €106,311 | €135,792 | +€29,481 | +27.7% |
| Stocks and contracts in progress | 3 | €22,187 | €31,105 | +€8,919 | +40.2% |
| Stocks | 30/36 | €22,187 | €31,105 | +€8,919 | +40.2% |
| Amounts receivable within one year | 40/41 | €63,047 | €76,914 | +€13,867 | +22.0% |
| Trade receivables | 40 | €61,330 | €75,251 | +€13,921 | +22.7% |
| Other amounts receivable | 41 | €1,717 | €1,663 | -€54 | -3.1% |
| Cash at bank and in hand | 54/58 | €18,806 | €25,400 | +€6,594 | +35.1% |
| Deferred charges and accrued income | 490/1 | €2,271 | €2,373 | +€102 | +4.5% |
| Total equity and liabilities | 10/49 | €1,191,036 | €1,178,160 | -€12,875 | -1.1% |
| Equity | 10/15 | €63,332 | €78,800 | +€15,468 | +24.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,332 | €73,800 | +€15,468 | +26.5% |
| Amounts payable | 17/49 | €1,127,703 | €1,099,360 | -€28,344 | -2.5% |
| Amounts payable after more than one year | 17 | €893,722 | €834,302 | -€59,421 | -6.6% |
| Financial debts | 170/4 | €893,722 | €834,302 | -€59,421 | -6.6% |
| Amounts payable within one year | 42/48 | €233,981 | €265,058 | +€31,077 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €63,900 | €60,674 | -€3,225 | -5.0% |
| Trade debts | 44 | €39,171 | €79,230 | +€40,059 | +102% |
| Suppliers | 440/4 | €39,171 | €79,230 | +€40,059 | +102% |
| Taxes, remuneration and social security | 45 | €30,166 | €10,140 | -€20,026 | -66.4% |
| Taxes | 450/3 | €8,756 | €6,735 | -€2,021 | -23.1% |
| Remuneration and social security | 454/9 | €21,410 | €3,405 | -€18,005 | -84.1% |
| Other amounts payable | 47/48 | €100,745 | €115,014 | +€14,269 | +14.2% |
| Remuneration, social security and pensions | 62 | €93,328 | €32,863 | -€60,465 | -64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,317 | €62,909 | +€22,592 | +56.0% |
| Other operating charges | 640/8 | €4,034 | €7,367 | +€3,333 | +82.6% |
| Non-recurring operating charges | 66A | €190 | - | -€190 | |
| Gross operating margin | 9900 | €111,631 | €157,787 | +€46,156 | +41.3% |
| Operating profit (loss) | 9901 | -€26,238 | €54,648 | +€80,886 | |
| Financial income | 75/76B | €621 | €193 | -€428 | -68.9% |
| Recurring financial income | 75 | €621 | €193 | -€428 | -68.9% |
| Financial charges | 65/66B | €26,195 | €39,104 | +€12,910 | +49.3% |
| Recurring financial charges | 65 | €16,865 | €39,104 | +€22,239 | +132% |
| Non-recurring financial charges | 66B | €9,329 | - | -€9,329 | |
| Profit (loss) for the period before taxes | 9903 | -€51,812 | €15,737 | +€67,549 | |
| Income taxes | 67/77 | €0 | €269 | +€269 | +2,690,200% |
| Profit (loss) for the period | 9904 | -€51,812 | €15,468 | +€67,280 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,812 | €15,468 | +€67,280 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.