KEYDEV: 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.
What changed
KEYDEV
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€100
2024 · -€2,172+€2,072
Equity
€44,925
2024 · €45,025-€100
Cash
€432
2024 · €4,233-€3,802
Balance sheet total
€197,406
2024 · €206,235-€8,829
Largest movements
Assets
- Tangible fixed assets -€5,057
down €5,057 (-2.5%), from €200,822 to €195,765
of which Land and buildings: -€3,481
- Cash -€3,802
down €3,802 (-89.8%), from €4,233 to €432
mainly Investment in fixed assets (net) (-€15,271) and Other debts (-€8,023)
Equity and liabilities
- Other debts -€8,023
down €8,023 (-5.0%), from €159,341 to €151,319
Income statement
- Gross operating margin +€2,264
up €2,264 (+10.3%), from €21,882 to €24,146
- Purchases and services -€979
down €979 (-4.8%), from €20,400 to €19,421
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.
Result 2024
-€2,172
Gross operating margin
+€2,264
Depreciation
-€232
Other operating charges
+€32
Financial charges
+€26
Taxes
-€17
Result 2025
-€100
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.
From operations
+€11,469
Investment
-€15,271
Financing
€0
Cash 2024
€4,233
From operations (derived)
+€11,469
Net result for the year
-€100
Depreciation
+€20,327
Smaller working-capital items
-€29
Trade debts
-€707
Other debts
-€8,023
Investment (derived)
-€15,271
Investment in fixed assets (net)
-€15,271
Cash 2025
€432
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,235 | €197,406 | -€8,829 | -4.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €200,909 | €195,852 | -€5,057 | -2.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €200,822 | €195,765 | -€5,057 | -2.5% |
| Land and buildings | 22 | €194,834 | €191,353 | -€3,481 | -1.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €5,988 | €4,413 | -€1,575 | -26.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €5,326 | €1,554 | -€3,772 | -70.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €30 | €13 | -€17 | -57.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €30 | €13 | -€17 | -57.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,233 | €432 | -€3,802 | -89.8% |
| Deferred charges and accrued income | 490/1 | €1,062 | €1,109 | +€47 | +4.4% |
| Total equity and liabilities | 10/49 | €206,235 | €197,406 | -€8,829 | -4.3% |
| Equity | 10/15 | €45,025 | €44,925 | -€100 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €26,425 | €26,325 | -€100 | -0.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €24,565 | €24,465 | -€100 | -0.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €161,210 | €152,481 | -€8,729 | -5.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €161,210 | €152,481 | -€8,729 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,869 | €1,162 | -€707 | -37.8% |
| Suppliers | 440/4 | €1,869 | €1,162 | -€707 | -37.8% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €159,341 | €151,319 | -€8,023 | -5.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €20,400 | €19,421 | -€979 | -4.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,095 | €20,327 | +€232 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,462 | €3,430 | -€32 | -0.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €21,882 | €24,146 | +€2,264 | +10.3% |
| Operating profit (loss) | 9901 | -€1,675 | €388 | +€2,063 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €187 | €161 | -€26 | -13.9% |
| Recurring financial charges | 65 | €187 | €161 | -€26 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,862 | €227 | +€2,089 | |
| Income taxes | 67/77 | €310 | €327 | +€17 | +5.6% |
| Profit (loss) for the period | 9904 | -€2,172 | -€100 | +€2,072 | +95.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,172 | -€100 | +€2,072 | +95.4% |
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 30 September 2026 via checked.be.