KEYROS: 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.
KEYROS
Largest movements
- Receivables within one year +€13,146
up €13,146 (+27.4%), from €48,023 to €61,169
of which Trade receivables: +€14,874
- Deferred charges and accrued income +€7,200
new in 2025: €7,200
- Cash -€6,056
down €6,056 (-23.5%), from €25,754 to €19,698
mainly Receivables within one year (-€13,146) and Tax, wage and social debts (-€12,953)
- Tangible fixed assets +€5,174
up €5,174 (+73.6%), from €7,027 to €12,201
- Intangible fixed assets -€2,500
down €2,500 (-72.8%), from €3,432 to €932
- Trade debts +€29,022
new in 2025: €29,022
- Tax, wage and social debts -€12,953
down €12,953 (-27.3%), from €47,482 to €34,529
of which Remuneration and social security: -€15,139
- Current portion of long-term debt -€5,307
down €5,307 (-62.1%), from €8,552 to €3,245
- Advances received +€4,823
new in 2025: €4,823
- Staff costs +€28,374
up €28,374 (+15.9%), from €178,000 to €206,375
- Taxes +€5,295
up €5,295 (+3,543%), from €149 to €5,445
- Financial charges +€3,464
up €3,464 (+120%), from €2,891 to €6,355
- Gross operating margin +€3,361
up €3,361 (+1.5%), from €222,092 to €225,453
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 | €104,402 | €120,535 | +€16,133 | +15.5% |
| Fixed assets | 21/28 | €12,059 | €14,733 | +€2,674 | +22.2% |
| Intangible fixed assets | 21 | €3,432 | €932 | -€2,500 | -72.8% |
| Tangible fixed assets | 22/27 | €7,027 | €12,201 | +€5,174 | +73.6% |
| Plant, machinery and equipment | 23 | €7,027 | €12,201 | +€5,174 | +73.6% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €92,343 | €105,802 | +€13,459 | +14.6% |
| Stocks and contracts in progress | 3 | €18,566 | €17,736 | -€831 | -4.5% |
| Stocks | 30/36 | €18,566 | €17,736 | -€831 | -4.5% |
| Amounts receivable within one year | 40/41 | €48,023 | €61,169 | +€13,146 | +27.4% |
| Trade receivables | 40 | €46,295 | €61,169 | +€14,874 | +32.1% |
| Other amounts receivable | 41 | €1,728 | - | -€1,728 | |
| Cash at bank and in hand | 54/58 | €25,754 | €19,698 | -€6,056 | -23.5% |
| Deferred charges and accrued income | 490/1 | - | €7,200 | +€7,200 | |
| Total equity and liabilities | 10/49 | €104,402 | €120,535 | +€16,133 | +15.5% |
| Equity | 10/15 | €48,368 | €48,917 | +€548 | +1.1% |
| Contributions | 10/11 | €118,500 | €118,500 | = | 0.0% |
| Capital | 10 | €118,500 | €118,500 | = | 0.0% |
| Issued capital | 100 | €118,500 | €118,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,132 | -€69,583 | +€548 | +0.8% |
| Amounts payable | 17/49 | €56,034 | €71,618 | +€15,584 | +27.8% |
| Amounts payable within one year | 42/48 | €56,034 | €71,618 | +€15,584 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €8,552 | €3,245 | -€5,307 | -62.1% |
| Trade debts | 44 | - | €29,022 | +€29,022 | |
| Suppliers | 440/4 | - | €29,022 | +€29,022 | |
| Advances received on contracts in progress | 46 | - | €4,823 | +€4,823 | |
| Taxes, remuneration and social security | 45 | €47,482 | €34,529 | -€12,953 | -27.3% |
| Taxes | 450/3 | €11,549 | €13,735 | +€2,186 | +18.9% |
| Remuneration and social security | 454/9 | €35,933 | €20,794 | -€15,139 | -42.1% |
| Remuneration, social security and pensions | 62 | €178,000 | €206,375 | +€28,374 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,603 | €6,260 | +€1,657 | +36.0% |
| Other operating charges | 640/8 | €467 | €470 | +€3 | +0.6% |
| Gross operating margin | 9900 | €222,092 | €225,453 | +€3,361 | +1.5% |
| Operating profit (loss) | 9901 | €39,022 | €12,348 | -€26,674 | -68.4% |
| Financial charges | 65/66B | €2,891 | €6,355 | +€3,464 | +120% |
| Recurring financial charges | 65 | €2,891 | €6,355 | +€3,464 | +120% |
| Profit (loss) for the period before taxes | 9903 | €36,131 | €5,993 | -€30,138 | -83.4% |
| Income taxes | 67/77 | €149 | €5,445 | +€5,295 | +3,543% |
| Profit (loss) for the period | 9904 | €35,981 | €548 | -€35,433 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,981 | €548 | -€35,433 | -98.5% |
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 20 October 2026 via checked.be.