KEY ADVISORS: 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.
KEY ADVISORS
Largest movements
- Tangible fixed assets +€175,044
up €175,044 (+34.5%), from €506,946 to €681,990
of which Assets under construction and advance payments: +€175,118
- Current investments +€80,212
up €80,212 (+24.4%), from €329,230 to €409,442
- Cash -€36,177
down €36,177 (-48.1%), from €75,285 to €39,108
mainly Investment in fixed assets (net) (-€200,661) and Current investments (-€80,212)
- Debts after one year +€152,000
up €152,000 (+168.9%), from €90,000 to €242,000
- Reserves +€60,383
up €60,383 (+7.7%), from €787,593 to €847,976
- Gross operating margin +€16,684
up €16,684 (+12.8%), from €130,659 to €147,343
- Other operating charges +€14,318
up €14,318 (+55.9%), from €25,603 to €39,921
- Depreciation +€8,931
up €8,931 (+53.5%), from €16,686 to €25,618
- Financial charges +€7,021
up €7,021 (+402.0%), from €1,747 to €8,768
- Taxes -€2,881
down €2,881 (-14.9%), from €19,389 to €16,508
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €928,883 | €1,158,471 | +€229,588 | +24.7% |
| Fixed assets | 21/28 | €506,946 | €681,990 | +€175,044 | +34.5% |
| Tangible fixed assets | 22/27 | €506,946 | €681,990 | +€175,044 | +34.5% |
| Land and buildings | 22 | €383,758 | €379,747 | -€4,011 | -1.0% |
| Plant, machinery and equipment | 23 | €1,565 | €1,288 | -€277 | -17.7% |
| Furniture and vehicles | 24 | €30,464 | €35,522 | +€5,057 | +16.6% |
| Other tangible fixed assets | 26 | €3,583 | €2,739 | -€843 | -23.5% |
| Assets under construction and advance payments | 27 | €87,576 | €262,694 | +€175,118 | +200.0% |
| Current assets | 29/58 | €421,937 | €476,481 | +€54,544 | +12.9% |
| Amounts receivable within one year | 40/41 | €15,826 | €24,871 | +€9,045 | +57.2% |
| Trade receivables | 40 | - | €14,957 | +€14,957 | |
| Other amounts receivable | 41 | €15,826 | €9,914 | -€5,912 | -37.4% |
| Current investments | 50/53 | €329,230 | €409,442 | +€80,212 | +24.4% |
| Cash at bank and in hand | 54/58 | €75,285 | €39,108 | -€36,177 | -48.1% |
| Deferred charges and accrued income | 490/1 | €1,596 | €3,061 | +€1,464 | +91.7% |
| Total equity and liabilities | 10/49 | €928,883 | €1,158,471 | +€229,588 | +24.7% |
| Equity | 10/15 | €806,193 | €866,576 | +€60,383 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €787,593 | €847,976 | +€60,383 | +7.7% |
| Distributable reserves | 133 | €787,593 | €847,976 | +€60,383 | +7.7% |
| Amounts payable | 17/49 | €122,690 | €291,895 | +€169,206 | +137.9% |
| Amounts payable after more than one year | 17 | €90,000 | €242,000 | +€152,000 | +168.9% |
| Other amounts payable | 178/9 | €90,000 | €242,000 | +€152,000 | +168.9% |
| Amounts payable within one year | 42/48 | €28,940 | €40,931 | +€11,991 | +41.4% |
| Financial debts | 43 | - | €8,333 | +€8,333 | |
| Other loans | 439 | - | €8,333 | +€8,333 | |
| Trade debts | 44 | €1,929 | €6,398 | +€4,469 | +231.7% |
| Suppliers | 440/4 | €1,929 | €6,398 | +€4,469 | +231.7% |
| Taxes, remuneration and social security | 45 | €8,212 | €8,002 | -€210 | -2.6% |
| Taxes | 450/3 | €5,692 | €8,002 | +€2,310 | +40.6% |
| Remuneration and social security | 454/9 | €2,520 | - | -€2,520 | |
| Other amounts payable | 47/48 | €18,799 | €18,198 | -€601 | -3.2% |
| Accrued charges and deferred income | 492/3 | €3,750 | €8,964 | +€5,215 | +139.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,686 | €25,618 | +€8,931 | +53.5% |
| Other operating charges | 640/8 | €25,603 | €39,921 | +€14,318 | +55.9% |
| Gross operating margin | 9900 | €130,659 | €147,343 | +€16,684 | +12.8% |
| Operating profit (loss) | 9901 | €88,370 | €81,805 | -€6,565 | -7.4% |
| Financial income | 75/76B | €1,461 | €3,854 | +€2,392 | +163.7% |
| Recurring financial income | 75 | €1,461 | €3,854 | +€2,392 | +163.7% |
| Financial charges | 65/66B | €1,747 | €8,768 | +€7,021 | +402.0% |
| Recurring financial charges | 65 | €1,747 | €8,768 | +€7,021 | +402.0% |
| Profit (loss) for the period before taxes | 9903 | €88,084 | €76,891 | -€11,194 | -12.7% |
| Income taxes | 67/77 | €19,389 | €16,508 | -€2,881 | -14.9% |
| Profit (loss) for the period | 9904 | €68,695 | €60,383 | -€8,312 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,695 | €60,383 | -€8,312 | -12.1% |
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 11 October 2026 via checked.be.