KEYROCK: 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.
What changed
KEYROCK
NACE 66.129, Activities auxiliary to financial services and insurance activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · -€11.4m+€13.2m
Equity
€30.8m
2024 · €28.9m+€1.9m
Cash
€26.2m
2024 · €26.4m-€137,753
Balance sheet total
€250.2m
2024 · €192.7m+€57.5m
Largest movements
Assets
- Receivables within one year +€54.1m
up €54.1m (+34.7%), from €155.9m to €210.0m
of which Other amounts receivable: +€54.0m
- Intangible fixed assets +€2.5m
up €2.5m (+29.6%), from €8.5m to €11.1m
Equity and liabilities
- Short-term financial debts +€36.7m
up €36.7m (+23.5%), from €156.3m to €193.0m
- Debts after one year +€8.5m
up €8.5m, from €0 to €8.5m
- Other debts +€6.3m
up €6.3m (+1,403%), from €449,601 to €6.8m
Income statement
- Turnover +€14.8m
up €14.8m (+47.6%), from €31.2m to €46.0m
- Financial charges +€2.5m
up €2.5m (+266%), from €932,207 to €3.4m
- Services and other goods -€2.3m
down €2.3m (-6.2%), from €36.3m to €34.1m
- Staff costs -€1.8m
down €1.8m (-46.2%), from €4.0m to €2.1m
- Other operating charges +€1.5m
up €1.5m (+35.7%), from €4.2m to €5.7m
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
-€11.4m
Turnover
+€14.8m
Other operating income
+€128,151
Goods and materials
+€852,621
Services and other goods
+€2.3m
Staff costs
+€1.8m
Depreciation
-€726,005
Write-downs
-€1.5m
Other operating charges
-€1.5m
Other operating items
-€291,424
Financial income
-€100,415
Financial charges
-€2.5m
Taxes
-€139,992
Result 2025
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€37.0m
Investment
-€8.4m
Financing
+€45.3m
Cash 2024
€26.4m
From operations (derived)
-€37.0m
Net result for the year
+€1.8m
Depreciation
+€5.2m
Receivables within one year
-€54.1m
Deferred charges and accrued income
-€331,465
Trade debts
+€1.8m
Tax, wage and social debts
+€36,852
Other debts
+€6.3m
Accrued charges and deferred income
+€2.2m
Investment (derived)
-€8.4m
Investment in fixed assets (net)
-€8.4m
Financing
+€45.3m
Debts after one year
+€8.5m
Current portion of long-term debt
-€6,531
Short-term financial debts
+€36.7m
Contributions, distributions and other
+€47,809
Cash 2025
€26.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,691,276 | €250,158,023 | +€57.5m | +29.8% |
| Fixed assets | 21/28 | €10,168,662 | €13,345,796 | +€3.2m | +31.2% |
| Intangible fixed assets | 21 | €8,528,822 | €11,053,017 | +€2.5m | +29.6% |
| Tangible fixed assets | 22/27 | €850,522 | €775,730 | -€74,792 | -8.8% |
| Furniture and vehicles | 24 | €374,610 | €340,717 | -€33,893 | -9.0% |
| Other tangible fixed assets | 26 | €475,912 | €435,013 | -€40,899 | -8.6% |
| Financial fixed assets | 28 | €789,319 | €1,517,049 | +€727,730 | +92.2% |
| Affiliated companies | 280/1 | €28,789 | €492,126 | +€463,337 | +1,609% |
| Participating interests | 280 | €28,789 | €492,126 | +€463,337 | +1,609% |
| Companies linked by participating interests | 282/3 | €45,168 | €0 | -€45,168 | -100% |
| Participating interests | 282 | €45,168 | €0 | -€45,168 | -100% |
| Other financial fixed assets | 284/8 | €715,361 | €1,024,923 | +€309,562 | +43.3% |
| Shares | 284 | €554,221 | €863,783 | +€309,562 | +55.9% |
| Amounts receivable and cash guarantees | 285/8 | €161,140 | €161,140 | = | 0.0% |
| Current assets | 29/58 | €182,522,614 | €236,812,227 | +€54.3m | +29.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €155,911,975 | €210,007,876 | +€54.1m | +34.7% |
| Trade receivables | 40 | €1,906,820 | €2,030,057 | +€123,237 | +6.5% |
| Other amounts receivable | 41 | €154,005,155 | €207,977,819 | +€54.0m | +35.0% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,366,168 | €26,228,415 | -€137,753 | -0.5% |
| Deferred charges and accrued income | 490/1 | €244,471 | €575,936 | +€331,465 | +136% |
| Total equity and liabilities | 10/49 | €192,691,276 | €250,158,023 | +€57.5m | +29.8% |
| Equity | 10/15 | €28,929,873 | €30,797,017 | +€1.9m | +6.5% |
| Contributions | 10/11 | €36,213,068 | €36,260,878 | +€47,810 | +0.1% |
| Capital | 10 | €1,275,309 | €1,323,119 | +€47,810 | +3.7% |
| Issued capital | 100 | €1,287,709 | €1,335,519 | +€47,810 | +3.7% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €34,937,759 | €34,937,759 | -€0 | 0.0% |
| Share premium | 1100/10 | €34,937,759 | €34,937,759 | -€0 | 0.0% |
| Reserves | 13 | €272,493 | €363,460 | +€90,967 | +33.4% |
| Non-distributable reserves | 130/1 | €272,493 | €363,460 | +€90,967 | +33.4% |
| Legal reserve | 130 | €272,493 | €363,460 | +€90,967 | +33.4% |
| Profit (loss) carried forward | 14 | -€7,555,689 | -€5,827,321 | +€1.7m | +22.9% |
| Amounts payable | 17/49 | €163,761,404 | €219,361,006 | +€55.6m | +34.0% |
| Amounts payable after more than one year | 17 | €0 | €8,529,670 | +€8.5m | |
| Financial debts | 170/4 | €0 | €8,529,670 | +€8.5m | |
| Subordinated loans | 170 | - | €8,529,670 | +€8.5m | |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €160,729,016 | €205,577,912 | +€44.8m | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €6,531 | €0 | -€6,531 | -100% |
| Financial debts | 43 | €156,276,344 | €192,974,807 | +€36.7m | +23.5% |
| Other loans | 439 | €156,276,344 | €192,974,807 | +€36.7m | +23.5% |
| Trade debts | 44 | €3,537,849 | €5,351,631 | +€1.8m | +51.3% |
| Suppliers | 440/4 | €3,537,849 | €5,351,631 | +€1.8m | +51.3% |
| Taxes, remuneration and social security | 45 | €458,689 | €495,541 | +€36,852 | +8.0% |
| Taxes | 450/3 | €135,471 | €227,972 | +€92,501 | +68.3% |
| Remuneration and social security | 454/9 | €323,218 | €267,569 | -€55,649 | -17.2% |
| Other amounts payable | 47/48 | €449,601 | €6,755,933 | +€6.3m | +1,403% |
| Accrued charges and deferred income | 492/3 | €3,032,388 | €5,253,424 | +€2.2m | +73.2% |
| Operating income | 70/76A | €38,260,752 | €55,431,840 | +€17.2m | +44.9% |
| Turnover | 70 | €31,193,599 | €46,027,676 | +€14.8m | +47.6% |
| Own construction capitalised | 72 | €5,821,877 | €7,615,372 | +€1.8m | +30.8% |
| Other operating income | 74 | €1,245,276 | €1,373,427 | +€128,151 | +10.3% |
| Non-recurring operating income | 76A | - | €415,365 | +€415,365 | |
| Operating charges | 60/66A | €49,346,258 | €50,576,515 | +€1.2m | +2.5% |
| Goods for resale, raw materials and consumables | 60 | €1,699,079 | €846,458 | -€852,621 | -50.2% |
| Purchases | 600/8 | €1,699,079 | €846,458 | -€852,621 | -50.2% |
| Services and other goods | 61 | €36,333,936 | €34,069,517 | -€2.3m | -6.2% |
| Remuneration, social security and pensions | 62 | €3,980,432 | €2,140,725 | -€1.8m | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,520,762 | €5,246,767 | +€726,005 | +16.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,451,146 | €0 | +€1.5m | |
| Other operating charges | 640/8 | €4,231,354 | €5,740,924 | +€1.5m | +35.7% |
| Non-recurring operating charges | 66A | €31,840 | €2,532,124 | +€2.5m | +7,853% |
| Operating profit (loss) | 9901 | -€11,085,506 | €4,855,325 | +€15.9m | |
| Financial income | 75/76B | €620,348 | €519,933 | -€100,415 | -16.2% |
| Recurring financial income | 75 | €620,348 | €519,933 | -€100,415 | -16.2% |
| Income from financial fixed assets | 750 | €99,117 | €0 | -€99,117 | -100% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €521,231 | €519,933 | -€1,298 | -0.2% |
| Financial charges | 65/66B | €932,207 | €3,409,984 | +€2.5m | +266% |
| Recurring financial charges | 65 | €932,207 | €3,409,984 | +€2.5m | +266% |
| Debt charges | 650 | €29,413 | €765,019 | +€735,606 | +2,501% |
| Other financial charges | 652/9 | €902,794 | €2,644,965 | +€1.7m | +193% |
| Profit (loss) for the period before taxes | 9903 | -€11,397,365 | €1,965,274 | +€13.4m | |
| Income taxes | 67/77 | €5,947 | €145,939 | +€139,992 | +2,354% |
| Taxes | 670/3 | €5,947 | €145,939 | +€139,992 | +2,354% |
| Profit (loss) for the period | 9904 | -€11,403,312 | €1,819,335 | +€13.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,403,312 | €1,819,335 | +€13.2m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.