KEYKO: 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.
KEYKO
Largest movements
- Stocks and contracts +€345,027
up €345,027 (+30.7%), from €1.1m to €1.5m
- Cash +€62,694
up €62,694 (+228.7%), from €27,413 to €90,108
mainly Short-term financial debts (+€1.0m) and Other debts (+€150,488)
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Debts after one year -€727,084
down €727,084 (-74.4%), from €977,084 to €250,000
- Other debts +€150,488
up €150,488 (+91.0%), from €165,424 to €315,912
- Profit (loss) carried forward -€42,892
down €42,892 (-72.8%), from -€58,890 to -€101,782
- Gross operating margin -€25,138
down €25,138 (-85.1%), from €29,539 to €4,401
- Financial charges +€10,724
up €10,724 (+35.3%), from €30,405 to €41,129
- Depreciation +€307
up €307 (+41.9%), from €732 to €1,039
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 | €1,230,608 | €1,638,217 | +€407,609 | +33.1% |
| Fixed assets | 21/28 | €3,531 | €2,492 | -€1,039 | -29.4% |
| Tangible fixed assets | 22/27 | €3,255 | €2,216 | -€1,039 | -31.9% |
| Furniture and vehicles | 24 | €3,255 | €2,216 | -€1,039 | -31.9% |
| Financial fixed assets | 28 | €276 | €276 | = | 0.0% |
| Current assets | 29/58 | €1,227,077 | €1,635,725 | +€408,649 | +33.3% |
| Stocks and contracts in progress | 3 | €1,123,593 | €1,468,620 | +€345,027 | +30.7% |
| Stocks | 30/36 | €1,123,593 | €1,468,620 | +€345,027 | +30.7% |
| Amounts receivable within one year | 40/41 | €74,877 | €75,431 | +€554 | +0.7% |
| Trade receivables | 40 | €5,427 | €4,651 | -€776 | -14.3% |
| Other amounts receivable | 41 | €69,451 | €70,780 | +€1,329 | +1.9% |
| Cash at bank and in hand | 54/58 | €27,413 | €90,108 | +€62,694 | +228.7% |
| Deferred charges and accrued income | 490/1 | €1,193 | €1,567 | +€374 | +31.4% |
| Total equity and liabilities | 10/49 | €1,230,608 | €1,638,217 | +€407,609 | +33.1% |
| Equity | 10/15 | €67,310 | €24,418 | -€42,892 | -63.7% |
| Contributions | 10/11 | €126,200 | €126,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,890 | -€101,782 | -€42,892 | -72.8% |
| Amounts payable | 17/49 | €1,163,298 | €1,613,799 | +€450,502 | +38.7% |
| Amounts payable after more than one year | 17 | €977,084 | €250,000 | -€727,084 | -74.4% |
| Financial debts | 170/4 | €977,084 | €250,000 | -€727,084 | -74.4% |
| Amounts payable within one year | 42/48 | €186,125 | €1,362,641 | +€1.2m | +632.1% |
| Financial debts | 43 | - | €1,041,064 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,041,064 | +€1.0m | |
| Trade debts | 44 | €13,298 | €2,377 | -€10,921 | -82.1% |
| Suppliers | 440/4 | €13,298 | €2,377 | -€10,921 | -82.1% |
| Taxes, remuneration and social security | 45 | €7,403 | €3,288 | -€4,115 | -55.6% |
| Taxes | 450/3 | €7,403 | €3,288 | -€4,115 | -55.6% |
| Other amounts payable | 47/48 | €165,424 | €315,912 | +€150,488 | +91.0% |
| Accrued charges and deferred income | 492/3 | €88 | €1,158 | +€1,070 | +1209.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €732 | €1,039 | +€307 | +41.9% |
| Other operating charges | 640/8 | €4,804 | €4,932 | +€128 | +2.7% |
| Gross operating margin | 9900 | €29,539 | €4,401 | -€25,138 | -85.1% |
| Operating profit (loss) | 9901 | €24,002 | -€1,571 | -€25,573 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €30,405 | €41,129 | +€10,724 | +35.3% |
| Recurring financial charges | 65 | €30,405 | €41,129 | +€10,724 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,403 | -€42,699 | -€36,297 | -566.9% |
| Income taxes | 67/77 | €146 | €193 | +€47 | +32.3% |
| Profit (loss) for the period | 9904 | -€6,548 | -€42,892 | -€36,344 | -555.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,548 | -€42,892 | -€36,344 | -555.0% |
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.