KEY-WEST: 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.
KEY-WEST
Largest movements
- Cash +€27,690
up €27,690 (+273.6%), from €10,121 to €37,811
- Receivables within one year -€27,084
down €27,084 (-89.3%), from €30,313 to €3,229
- Tangible fixed assets +€21,390
new in 2025: €21,390
of which Other tangible fixed assets: +€10,765
- Deferred charges and accrued income +€2,151
up €2,151 (+169.3%), from €1,271 to €3,422
- Reserves +€40,796
up €40,796 (+1560.8%), from €2,614 to €43,410
- Other debts -€9,186
no longer reported in 2025 (was €9,186)
- Accrued charges and deferred income -€6,000
no longer reported in 2025 (was €6,000)
- Tax, wage and social debts -€3,857
down €3,857 (-55.9%), from €6,896 to €3,039
- Trade debts +€2,765
up €2,765 (+753.8%), from €367 to €3,132
- Staff costs -€24,683
down €24,683 (-78.2%), from €31,550 to €6,867
- Gross operating margin -€8,030
down €8,030 (-11.2%), from €71,957 to €63,927
- Taxes -€6,677
down €6,677 (-43.7%), from €15,274 to €8,597
- Other operating charges +€2,594
up €2,594 (+137.8%), from €1,882 to €4,477
- Depreciation +€1,812
new in 2025: €1,812
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,317 | €75,720 | +€24,403 | +47.6% |
| Fixed assets | 21/28 | €4,834 | €26,223 | +€21,390 | +442.5% |
| Tangible fixed assets | 22/27 | - | €21,390 | +€21,390 | |
| Plant, machinery and equipment | 23 | - | €9,293 | +€9,293 | |
| Furniture and vehicles | 24 | - | €1,332 | +€1,332 | |
| Other tangible fixed assets | 26 | - | €10,765 | +€10,765 | |
| Financial fixed assets | 28 | €4,834 | €4,834 | = | 0.0% |
| Current assets | 29/58 | €46,483 | €49,497 | +€3,013 | +6.5% |
| Stocks and contracts in progress | 3 | €2,302 | €2,558 | +€255 | +11.1% |
| Stocks | 30/36 | €2,302 | €2,558 | +€255 | +11.1% |
| Amounts receivable within one year | 40/41 | €30,313 | €3,229 | -€27,084 | -89.3% |
| Other amounts receivable | 41 | €30,313 | €3,229 | -€27,084 | -89.3% |
| Current investments | 50/53 | €2,476 | €2,476 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,121 | €37,811 | +€27,690 | +273.6% |
| Deferred charges and accrued income | 490/1 | €1,271 | €3,422 | +€2,151 | +169.3% |
| Total equity and liabilities | 10/49 | €51,317 | €75,720 | +€24,403 | +47.6% |
| Equity | 10/15 | €28,869 | €69,549 | +€40,680 | +140.9% |
| Contributions | 10/11 | €26,139 | €26,139 | = | 0.0% |
| Reserves | 13 | €2,614 | €43,410 | +€40,796 | +1560.8% |
| Distributable reserves | 133 | €2,614 | €43,410 | +€40,796 | +1560.8% |
| Profit (loss) carried forward | 14 | €116 | - | -€116 | |
| Amounts payable | 17/49 | €22,449 | €6,171 | -€16,278 | -72.5% |
| Amounts payable within one year | 42/48 | €16,449 | €6,171 | -€10,278 | -62.5% |
| Trade debts | 44 | €367 | €3,132 | +€2,765 | +753.8% |
| Suppliers | 440/4 | €367 | €3,132 | +€2,765 | +753.8% |
| Taxes, remuneration and social security | 45 | €6,896 | €3,039 | -€3,857 | -55.9% |
| Taxes | 450/3 | €6,896 | €3,039 | -€3,857 | -55.9% |
| Other amounts payable | 47/48 | €9,186 | - | -€9,186 | |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Remuneration, social security and pensions | 62 | €31,550 | €6,867 | -€24,683 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,812 | +€1,812 | |
| Other operating charges | 640/8 | €1,882 | €4,477 | +€2,594 | +137.8% |
| Gross operating margin | 9900 | €71,957 | €63,927 | -€8,030 | -11.2% |
| Operating profit (loss) | 9901 | €38,525 | €50,771 | +€12,247 | +31.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €128 | €1,495 | +€1,367 | +1070.7% |
| Recurring financial charges | 65 | €128 | €1,495 | +€1,367 | +1070.7% |
| Profit (loss) for the period before taxes | 9903 | €38,397 | €49,277 | +€10,880 | +28.3% |
| Income taxes | 67/77 | €15,274 | €8,597 | -€6,677 | -43.7% |
| Profit (loss) for the period | 9904 | €23,123 | €40,680 | +€17,557 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,123 | €40,680 | +€17,557 | +75.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.