KEYERSHOF: 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.
KEYERSHOF
Largest movements
- Cash +€2.9m
up €2.9m (+377%), from €774,715 to €3.7m
mainly Current investments (+€1.7m) and Net result for the year (+€558,716)
- Current investments -€1.7m
down €1.7m (-92.1%), from €1.9m to €148,986
- Tangible fixed assets -€174,836
down €174,836 (-16.3%), from €1.1m to €899,738
of which Land and buildings: -€152,999
- Receivables within one year +€65,366
up €65,366 (+52.2%), from €125,162 to €190,528
of which Other amounts receivable: +€43,302
- Reserves +€558,716
up €558,716 (+15.6%), from €3.6m to €4.1m
- Trade debts +€376,193
up €376,193 (+265%), from €142,181 to €518,374
- Advances received +€109,124
up €109,124, from €0 to €109,124
- Gross operating margin -€262,923
down €262,923 (-22.9%), from €1.1m to €883,811
- Taxes -€76,826
down €76,826 (-29.9%), from €257,259 to €180,433
- Financial income -€24,109
down €24,109 (-31.7%), from €76,154 to €52,045
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 | €4,148,484 | €5,170,193 | +€1.0m | +24.6% |
| Fixed assets | 21/28 | €1,098,567 | €915,733 | -€182,833 | -16.6% |
| Intangible fixed assets | 21 | €23,993 | €15,995 | -€7,998 | -33.3% |
| Tangible fixed assets | 22/27 | €1,074,574 | €899,738 | -€174,836 | -16.3% |
| Land and buildings | 22 | €1,002,287 | €849,288 | -€152,999 | -15.3% |
| Plant, machinery and equipment | 23 | €72,287 | €50,451 | -€21,837 | -30.2% |
| Current assets | 29/58 | €3,049,917 | €4,254,459 | +€1.2m | +39.5% |
| Stocks and contracts in progress | 3 | €260,840 | €218,494 | -€42,346 | -16.2% |
| Stocks | 30/36 | €260,840 | €218,494 | -€42,346 | -16.2% |
| Amounts receivable within one year | 40/41 | €125,162 | €190,528 | +€65,366 | +52.2% |
| Trade receivables | 40 | €90,854 | €112,919 | +€22,064 | +24.3% |
| Other amounts receivable | 41 | €34,307 | €77,609 | +€43,302 | +126% |
| Current investments | 50/53 | €1,876,986 | €148,986 | -€1.7m | -92.1% |
| Cash at bank and in hand | 54/58 | €774,715 | €3,696,209 | +€2.9m | +377% |
| Deferred charges and accrued income | 490/1 | €12,215 | €242 | -€11,973 | -98.0% |
| Total equity and liabilities | 10/49 | €4,148,484 | €5,170,193 | +€1.0m | +24.6% |
| Equity | 10/15 | €3,958,364 | €4,496,892 | +€538,528 | +13.6% |
| Contributions | 10/11 | €308,700 | €308,700 | = | 0.0% |
| Reserves | 13 | €3,589,100 | €4,147,816 | +€558,716 | +15.6% |
| Distributable reserves | 133 | €3,589,100 | €4,147,816 | +€558,716 | +15.6% |
| Investment grants | 15 | €60,564 | €40,376 | -€20,188 | -33.3% |
| Provisions and deferred taxes | 16 | €3,188 | €2,125 | -€1,063 | -33.3% |
| Deferred taxes | 168 | €3,188 | €2,125 | -€1,063 | -33.3% |
| Amounts payable | 17/49 | €186,932 | €671,176 | +€484,243 | +259% |
| Amounts payable within one year | 42/48 | €185,859 | €671,176 | +€485,317 | +261% |
| Trade debts | 44 | €142,181 | €518,374 | +€376,193 | +265% |
| Suppliers | 440/4 | €142,181 | €518,374 | +€376,193 | +265% |
| Advances received on contracts in progress | 46 | €0 | €109,124 | +€109,124 | |
| Taxes, remuneration and social security | 45 | €41,348 | €41,348 | = | 0.0% |
| Taxes | 450/3 | €41,348 | €41,348 | = | 0.0% |
| Other amounts payable | 47/48 | €2,329 | €2,329 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,073 | €0 | -€1,073 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,001 | €187,008 | +€2,008 | +1.1% |
| Other operating charges | 640/8 | €9,609 | €10,276 | +€667 | +6.9% |
| Gross operating margin | 9900 | €1,146,734 | €883,811 | -€262,923 | -22.9% |
| Operating profit (loss) | 9901 | €952,124 | €686,526 | -€265,598 | -27.9% |
| Financial income | 75/76B | €76,154 | €52,045 | -€24,109 | -31.7% |
| Recurring financial income | 75 | €76,154 | €52,045 | -€24,109 | -31.7% |
| Financial charges | 65/66B | €1,980 | €485 | -€1,495 | -75.5% |
| Recurring financial charges | 65 | €1,980 | €485 | -€1,495 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | €1,026,299 | €738,086 | -€288,213 | -28.1% |
| Transfer from deferred taxes | 780 | €1,063 | €1,063 | = | 0.0% |
| Income taxes | 67/77 | €257,259 | €180,433 | -€76,826 | -29.9% |
| Profit (loss) for the period | 9904 | €770,103 | €558,716 | -€211,387 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €770,103 | €558,716 | -€211,387 | -27.4% |
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 24 October 2026 via checked.be.