KEYAERTS PROJECTS: 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.
KEYAERTS PROJECTS
Largest movements
- Cash +€13,959
up €13,959 (+43.8%), from €31,850 to €45,809
mainly Net result for the year (+€11,747) and Trade debts (+€10,153)
- Tangible fixed assets -€4,708
down €4,708 (-86.9%), from €5,419 to €711
of which Furniture and vehicles: -€5,419
- Receivables within one year +€2,552
up €2,552 (+31.8%), from €8,018 to €10,571
of which Other amounts receivable: +€1,819
- Reserves +€11,747
up €11,747 (+35.1%), from €33,442 to €45,189
- Trade debts +€10,153
up €10,153 (+80577.5%), from €13 to €10,165
- Tax, wage and social debts -€10,052
down €10,052 (-100.0%), from €10,052 to €0
- Gross operating margin -€42,272
down €42,272 (-54.7%), from €77,329 to €35,058
- Depreciation -€10,914
down €10,914 (-65.4%), from €16,681 to €5,767
- Taxes -€5,976
down €5,976 (-59.4%), from €10,052 to €4,076
- Staff costs -€2,550
down €2,550 (-17.1%), from €14,933 to €12,383
- Other operating charges -€1,078
down €1,078 (-56.1%), from €1,922 to €843
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 | €46,602 | €58,393 | +€11,791 | +25.3% |
| Fixed assets | 21/28 | €5,419 | €711 | -€4,708 | -86.9% |
| Tangible fixed assets | 22/27 | €5,419 | €711 | -€4,708 | -86.9% |
| Plant, machinery and equipment | 23 | - | €711 | +€711 | |
| Furniture and vehicles | 24 | €5,419 | €0 | -€5,419 | -100.0% |
| Current assets | 29/58 | €41,183 | €57,682 | +€16,500 | +40.1% |
| Amounts receivable within one year | 40/41 | €8,018 | €10,571 | +€2,552 | +31.8% |
| Trade receivables | 40 | €6,560 | €7,293 | +€733 | +11.2% |
| Other amounts receivable | 41 | €1,458 | €3,278 | +€1,819 | +124.8% |
| Cash at bank and in hand | 54/58 | €31,850 | €45,809 | +€13,959 | +43.8% |
| Deferred charges and accrued income | 490/1 | €1,315 | €1,302 | -€12 | -0.9% |
| Total equity and liabilities | 10/49 | €46,602 | €58,393 | +€11,791 | +25.3% |
| Equity | 10/15 | €36,442 | €48,189 | +€11,747 | +32.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,442 | €45,189 | +€11,747 | +35.1% |
| Distributable reserves | 133 | €33,442 | €45,189 | +€11,747 | +35.1% |
| Amounts payable | 17/49 | €10,160 | €10,204 | +€44 | +0.4% |
| Amounts payable within one year | 42/48 | €10,160 | €10,204 | +€44 | +0.4% |
| Trade debts | 44 | €13 | €10,165 | +€10,153 | +80577.5% |
| Suppliers | 440/4 | €13 | €10,165 | +€10,153 | +80577.5% |
| Taxes, remuneration and social security | 45 | €10,052 | €0 | -€10,052 | -100.0% |
| Taxes | 450/3 | €10,052 | €0 | -€10,052 | -100.0% |
| Other amounts payable | 47/48 | €95 | €39 | -€57 | -59.5% |
| Remuneration, social security and pensions | 62 | €14,933 | €12,383 | -€2,550 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,681 | €5,767 | -€10,914 | -65.4% |
| Other operating charges | 640/8 | €1,922 | €843 | -€1,078 | -56.1% |
| Gross operating margin | 9900 | €77,329 | €35,058 | -€42,272 | -54.7% |
| Operating profit (loss) | 9901 | €43,794 | €16,065 | -€27,729 | -63.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €301 | €241 | -€60 | -19.8% |
| Recurring financial charges | 65 | €301 | €241 | -€60 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €43,494 | €15,824 | -€27,670 | -63.6% |
| Income taxes | 67/77 | €10,052 | €4,076 | -€5,976 | -59.4% |
| Profit (loss) for the period | 9904 | €33,442 | €11,747 | -€21,694 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,442 | €11,747 | -€21,694 | -64.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.