KEYAN: 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.
KEYAN
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year +€43,617
up €43,617 (+12.1%), from €360,303 to €403,920
of which Financial debts: +€77,530
- Current portion of long-term debt -€23,646
down €23,646 (-65.2%), from €36,292 to €12,646
- Reserves -€15,137
down €15,137 (-7.5%), from €202,833 to €187,695
of which Distributable reserves: -€15,137
- Taxes -€22,639
down €22,639 (-100.0%), from €22,639 to €0
- Gross operating margin -€20,074
down €20,074 (-32.0%), from €62,683 to €42,609
- Depreciation +€2,418
up €2,418 (+7.2%), from €33,473 to €35,890
- Financial charges +€2,298
up €2,298 (+16.8%), from €13,714 to €16,012
- Other operating charges +€687
up €687 (+13.3%), from €5,157 to €5,844
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 | €764,464 | €767,183 | +€2,719 | +0.4% |
| Fixed assets | 21/28 | €761,685 | €764,016 | +€2,331 | +0.3% |
| Tangible fixed assets | 22/27 | €761,685 | €764,016 | +€2,331 | +0.3% |
| Land and buildings | 22 | €750,987 | €746,661 | -€4,325 | -0.6% |
| Plant, machinery and equipment | 23 | €10,698 | €10,454 | -€244 | -2.3% |
| Furniture and vehicles | 24 | - | €6,901 | +€6,901 | |
| Current assets | 29/58 | €2,779 | €3,167 | +€388 | +14.0% |
| Cash at bank and in hand | 54/58 | €2,740 | €3,167 | +€427 | +15.6% |
| Deferred charges and accrued income | 490/1 | €38 | €0 | -€38 | -100.0% |
| Total equity and liabilities | 10/49 | €764,464 | €767,183 | +€2,719 | +0.4% |
| Equity | 10/15 | €302,195 | €287,058 | -€15,137 | -5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €80,762 | €80,762 | = | 0.0% |
| Reserves | 13 | €202,833 | €187,695 | -€15,137 | -7.5% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €202,833 | €187,695 | -€15,137 | -7.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €462,268 | €480,125 | +€17,857 | +3.9% |
| Amounts payable after more than one year | 17 | €360,303 | €403,920 | +€43,617 | +12.1% |
| Financial debts | 170/4 | €159,015 | €236,545 | +€77,530 | +48.8% |
| Other amounts payable | 178/9 | €201,288 | €167,375 | -€33,913 | -16.8% |
| Amounts payable within one year | 42/48 | €99,565 | €75,305 | -€24,260 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €36,292 | €12,646 | -€23,646 | -65.2% |
| Financial debts | 43 | €526 | €0 | -€526 | -100.0% |
| Credit institutions | 430/8 | €526 | €0 | -€526 | -100.0% |
| Trade debts | 44 | €985 | €4,992 | +€4,007 | +406.6% |
| Suppliers | 440/4 | €985 | €4,992 | +€4,007 | +406.6% |
| Taxes, remuneration and social security | 45 | €25,871 | €22,639 | -€3,232 | -12.5% |
| Taxes | 450/3 | €25,871 | €22,639 | -€3,232 | -12.5% |
| Other amounts payable | 47/48 | €35,890 | €35,027 | -€863 | -2.4% |
| Accrued charges and deferred income | 492/3 | €2,400 | €900 | -€1,500 | -62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,473 | €35,890 | +€2,418 | +7.2% |
| Other operating charges | 640/8 | €5,157 | €5,844 | +€687 | +13.3% |
| Gross operating margin | 9900 | €62,683 | €42,609 | -€20,074 | -32.0% |
| Operating profit (loss) | 9901 | €24,053 | €874 | -€23,179 | -96.4% |
| Financial income | 75/76B | €1 | €1 | -€0 | -10.5% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -10.5% |
| Financial charges | 65/66B | €13,714 | €16,012 | +€2,298 | +16.8% |
| Recurring financial charges | 65 | €13,714 | €16,012 | +€2,298 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €10,340 | -€15,137 | -€25,477 | |
| Transfer from deferred taxes | 780 | €17,268 | €0 | -€17,268 | -100.0% |
| Income taxes | 67/77 | €22,639 | €0 | -€22,639 | -100.0% |
| Profit (loss) for the period | 9904 | €4,968 | -€15,137 | -€20,106 | |
| Transfer from tax-exempt reserves | 789 | €51,803 | €0 | -€51,803 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,771 | -€15,137 | -€71,909 |
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 3 October 2026 via checked.be.