KEYFICO: 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
KEYFICO
NACE 69.201, Certified accountants and tax accountants
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€248,455
2024 · €8,531+€239,924
Equity
€230,257
2024 · -€18,198+€248,455
Cash
€1,035
2024 · €95+€940
Balance sheet total
€669,659
2024 · €326,504+€343,155
Largest movements
Assets
- Receivables within one year +€310,233
up €310,233 (+472.9%), from €65,598 to €375,832
of which Trade receivables: +€345,445
- Tangible fixed assets +€43,708
up €43,708 (+18.1%), from €241,598 to €285,306
of which Land and buildings: +€56,942
- Intangible fixed assets -€15,440
no longer reported in 2025 (was €15,440)
Equity and liabilities
- Reserves +€235,213
up €235,213 (+784.0%), from €30,000 to €265,213
of which Tax-exempt reserves: +€229,213
- Debts after one year -€81,156
down €81,156 (-33.8%), from €239,859 to €158,703
- Provisions +€76,404
new in 2025: €76,404
- Other debts +€62,164
up €62,164 (+594.8%), from €10,452 to €72,615
- Trade debts +€30,753
up €30,753 (+195.4%), from €15,739 to €46,492
Income statement
- Gross operating margin +€315,299
up €315,299 (+262.3%), from €120,228 to €435,527
- Staff costs -€4,706
down €4,706 (-8.1%), from €57,975 to €53,268
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
€8,531
Gross operating margin
+€315,299
Staff costs
+€4,706
Depreciation
-€3,747
Other operating charges
-€25
Other operating items
+€1,350
Financial income
+€58
Financial charges
+€1,170
Taxes
-€2,482
Deferred taxes and other
-€76,404
Result 2025
€248,455
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
+€139,208
Investment
-€61,574
Financing
-€76,694
Cash 2024
€95
From operations (derived)
+€139,208
Net result for the year
+€248,455
Depreciation
+€30,806
Receivables within one year
-€310,233
Deferred charges and accrued income
-€1,213
Provisions
+€76,404
Trade debts
+€30,753
Tax, wage and social debts
+€1,681
Other debts
+€62,164
Accrued charges and deferred income
+€392
Investment (derived)
-€61,574
Investment in fixed assets (net)
-€61,574
Financing
-€76,694
Debts after one year
-€81,156
Current portion of long-term debt
-€3,958
Short-term financial debts
+€8,420
Cash 2025
€1,035
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €326,504 | €669,659 | +€343,155 | +105.1% |
| Fixed assets | 21/28 | €257,063 | €287,831 | +€30,768 | +12.0% |
| Intangible fixed assets | 21 | €15,440 | - | -€15,440 | |
| Tangible fixed assets | 22/27 | €241,598 | €285,306 | +€43,708 | +18.1% |
| Land and buildings | 22 | €223,059 | €280,001 | +€56,942 | +25.5% |
| Furniture and vehicles | 24 | €17,933 | €4,851 | -€13,083 | -73.0% |
| Other tangible fixed assets | 26 | €606 | €455 | -€152 | -25.0% |
| Financial fixed assets | 28 | €25 | €2,525 | +€2,500 | +10000.0% |
| Current assets | 29/58 | €69,442 | €381,828 | +€312,387 | +449.9% |
| Amounts receivable within one year | 40/41 | €65,598 | €375,832 | +€310,233 | +472.9% |
| Trade receivables | 40 | €30,303 | €375,748 | +€345,445 | +1140.0% |
| Other amounts receivable | 41 | €35,295 | €83 | -€35,212 | -99.8% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €95 | €1,035 | +€940 | +994.6% |
| Deferred charges and accrued income | 490/1 | €3,749 | €4,962 | +€1,213 | +32.4% |
| Total equity and liabilities | 10/49 | €326,504 | €669,659 | +€343,155 | +105.1% |
| Equity | 10/15 | -€18,198 | €230,257 | +€248,455 | |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €265,213 | +€235,213 | +784.0% |
| Tax-exempt reserves | 132 | - | €229,213 | +€229,213 | |
| Distributable reserves | 133 | €30,000 | €36,000 | +€6,000 | +20.0% |
| Profit (loss) carried forward | 14 | -€70,198 | -€56,956 | +€13,242 | +18.9% |
| Provisions and deferred taxes | 16 | - | €76,404 | +€76,404 | |
| Deferred taxes | 168 | - | €76,404 | +€76,404 | |
| Amounts payable | 17/49 | €344,702 | €362,997 | +€18,295 | +5.3% |
| Amounts payable after more than one year | 17 | €239,859 | €158,703 | -€81,156 | -33.8% |
| Financial debts | 170/4 | €239,859 | €158,703 | -€81,156 | -33.8% |
| Amounts payable within one year | 42/48 | €104,843 | €203,902 | +€99,060 | +94.5% |
| Current portion of amounts payable after more than one year | 42 | €17,638 | €13,680 | -€3,958 | -22.4% |
| Financial debts | 43 | €26,371 | €34,791 | +€8,420 | +31.9% |
| Credit institutions | 430/8 | €26,371 | €34,791 | +€8,420 | +31.9% |
| Trade debts | 44 | €15,739 | €46,492 | +€30,753 | +195.4% |
| Suppliers | 440/4 | €15,739 | €46,492 | +€30,753 | +195.4% |
| Taxes, remuneration and social security | 45 | €34,643 | €36,323 | +€1,681 | +4.9% |
| Taxes | 450/3 | €17,329 | €17,954 | +€625 | +3.6% |
| Remuneration and social security | 454/9 | €17,314 | €18,369 | +€1,055 | +6.1% |
| Other amounts payable | 47/48 | €10,452 | €72,615 | +€62,164 | +594.8% |
| Accrued charges and deferred income | 492/3 | - | €392 | +€392 | |
| Non-recurring operating income | 76A | €359 | €306,572 | +€306,213 | +85227.1% |
| Remuneration, social security and pensions | 62 | €57,975 | €53,268 | -€4,706 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,059 | €30,806 | +€3,747 | +13.8% |
| Other operating charges | 640/8 | €5,352 | €5,377 | +€25 | +0.5% |
| Non-recurring operating charges | 66A | €1,500 | €150 | -€1,350 | -90.0% |
| Gross operating margin | 9900 | €120,228 | €435,527 | +€315,299 | +262.3% |
| Operating profit (loss) | 9901 | €28,343 | €345,925 | +€317,582 | +1120.5% |
| Financial income | 75/76B | €199 | €257 | +€58 | +29.1% |
| Recurring financial income | 75 | €199 | €257 | +€58 | +29.1% |
| Financial charges | 65/66B | €13,487 | €12,317 | -€1,170 | -8.7% |
| Recurring financial charges | 65 | €13,487 | €12,317 | -€1,170 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €15,055 | €333,865 | +€318,810 | +2117.7% |
| Transfer from deferred taxes | 780 | - | €238 | +€238 | |
| Transfer to deferred taxes | 680 | - | €76,643 | +€76,643 | |
| Income taxes | 67/77 | €6,524 | €9,005 | +€2,482 | +38.0% |
| Profit (loss) for the period | 9904 | €8,531 | €248,455 | +€239,924 | +2812.5% |
| Transfer from tax-exempt reserves | 789 | - | €715 | +€715 | |
| Transfer to tax-exempt reserves | 689 | - | €229,929 | +€229,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,531 | €19,242 | +€10,711 | +125.6% |
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.