Key Estate: 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 Estate
Largest movements
- Cash -€475,974
down €475,974 (-71.1%), from €669,271 to €193,298
mainly Net result for the year (-€161,934) and Current investments (-€152,549)
- Current investments +€152,549
up €152,549 (+15.7%), from €968,677 to €1.1m
- Deferred charges and accrued income -€67,948
down €67,948 (-93.0%), from €73,090 to €5,142
- Receivables within one year +€47,087
up €47,087 (+22.1%), from €213,253 to €260,340
of which Trade receivables: +€56,511
- Tangible fixed assets -€35,138
down €35,138 (-9.5%), from €370,044 to €334,906
of which Land and buildings: -€31,233
- Profit (loss) carried forward -€161,934
new in 2025: -€161,934
- Reserves -€124,739
down €124,739 (-6.9%), from €1.8m to €1.7m
- Tax, wage and social debts -€56,475
down €56,475 (-74.1%), from €76,233 to €19,758
of which Taxes: -€56,766
- Gross operating margin -€117,469
down €117,469, from €30,809 to -€86,660
- Financial income -€51,282
down €51,282 (-58.9%), from €87,003 to €35,721
of which Non-recurring financial income: -€31,313
- Depreciation -€2,535
down €2,535 (-6.3%), from €40,357 to €37,822
- Staff costs +€2,150
up €2,150 (+3.6%), from €60,353 to €62,503
- Financial charges -€1,709
down €1,709 (-21.2%), from €8,071 to €6,361
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 | €2,308,863 | €1,928,534 | -€380,329 | -16.5% |
| Fixed assets | 21/28 | €382,733 | €347,627 | -€35,105 | -9.2% |
| Tangible fixed assets | 22/27 | €370,044 | €334,906 | -€35,138 | -9.5% |
| Land and buildings | 22 | €297,505 | €266,272 | -€31,233 | -10.5% |
| Plant, machinery and equipment | 23 | €11,468 | €9,337 | -€2,131 | -18.6% |
| Furniture and vehicles | 24 | €9,521 | €7,747 | -€1,774 | -18.6% |
| Other tangible fixed assets | 26 | €51,550 | €51,550 | = | 0.0% |
| Financial fixed assets | 28 | €12,689 | €12,722 | +€32 | +0.3% |
| Current assets | 29/58 | €1,926,130 | €1,580,907 | -€345,223 | -17.9% |
| Amounts receivable after more than one year | 29 | €1,839 | €901 | -€937 | -51.0% |
| Other amounts receivable | 291 | €1,839 | €901 | -€937 | -51.0% |
| Amounts receivable within one year | 40/41 | €213,253 | €260,340 | +€47,087 | +22.1% |
| Trade receivables | 40 | €76,962 | €133,473 | +€56,511 | +73.4% |
| Other amounts receivable | 41 | €136,292 | €126,867 | -€9,425 | -6.9% |
| Current investments | 50/53 | €968,677 | €1,121,226 | +€152,549 | +15.7% |
| Cash at bank and in hand | 54/58 | €669,271 | €193,298 | -€475,974 | -71.1% |
| Deferred charges and accrued income | 490/1 | €73,090 | €5,142 | -€67,948 | -93.0% |
| Total equity and liabilities | 10/49 | €2,308,863 | €1,928,534 | -€380,329 | -16.5% |
| Equity | 10/15 | €1,813,932 | €1,527,260 | -€286,672 | -15.8% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,807,727 | €1,682,988 | -€124,739 | -6.9% |
| Distributable reserves | 133 | €1,807,727 | €1,682,988 | -€124,739 | -6.9% |
| Profit (loss) carried forward | 14 | - | -€161,934 | -€161,934 | |
| Amounts payable | 17/49 | €494,931 | €401,275 | -€93,656 | -18.9% |
| Amounts payable after more than one year | 17 | €136,686 | €122,211 | -€14,476 | -10.6% |
| Financial debts | 170/4 | €136,686 | €122,211 | -€14,476 | -10.6% |
| Amounts payable within one year | 42/48 | €358,245 | €279,064 | -€79,181 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €14,246 | €14,476 | +€229 | +1.6% |
| Trade debts | 44 | €122,816 | €99,882 | -€22,935 | -18.7% |
| Suppliers | 440/4 | €122,816 | €99,882 | -€22,935 | -18.7% |
| Advances received on contracts in progress | 46 | €142,349 | €142,349 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €76,233 | €19,758 | -€56,475 | -74.1% |
| Taxes | 450/3 | €69,310 | €12,544 | -€56,766 | -81.9% |
| Remuneration and social security | 454/9 | €6,923 | €7,214 | +€291 | +4.2% |
| Other amounts payable | 47/48 | €2,600 | €2,600 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €60,353 | €62,503 | +€2,150 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,357 | €37,822 | -€2,535 | -6.3% |
| Other operating charges | 640/8 | €2,457 | €2,502 | +€45 | +1.8% |
| Gross operating margin | 9900 | €30,809 | -€86,660 | -€117,469 | |
| Operating profit (loss) | 9901 | -€72,358 | -€189,487 | -€117,129 | -162% |
| Financial income | 75/76B | €87,003 | €35,721 | -€51,282 | -58.9% |
| Recurring financial income | 75 | €55,690 | €35,721 | -€19,969 | -35.9% |
| Non-recurring financial income | 76B | €31,313 | €0 | -€31,313 | -100% |
| Financial charges | 65/66B | €8,071 | €6,361 | -€1,709 | -21.2% |
| Recurring financial charges | 65 | €8,071 | €6,361 | -€1,709 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €6,575 | -€160,127 | -€166,702 | |
| Income taxes | 67/77 | €2,613 | €1,806 | -€806 | -30.9% |
| Profit (loss) for the period | 9904 | €3,962 | -€161,934 | -€165,895 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,962 | -€161,934 | -€165,895 |
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 23 October 2026 via checked.be.