Keyserhof: 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.
Keyserhof
Largest movements
- Tangible fixed assets -€12,471
down €12,471 (-19.0%), from €65,536 to €53,065
of which Plant, machinery and equipment: -€16,393
- Cash +€7,756
up €7,756 (+7.8%), from €99,678 to €107,434
mainly Depreciation (+€27,843) and Net result for the year (+€19,983)
- Receivables within one year +€1,961
up €1,961 (+56.8%), from €3,450 to €5,412
of which Other amounts receivable: +€4,491
- Debts after one year -€25,520
down €25,520 (-55.8%), from €45,775 to €20,255
- Reserves +€19,983
up €19,983 (+24.3%), from €82,377 to €102,360
- Tax, wage and social debts +€5,496
up €5,496 (+15.4%), from €35,627 to €41,123
of which Taxes: +€4,454
- Trade debts -€1,975
down €1,975 (-39.6%), from €4,986 to €3,011
- Staff costs +€40,873
up €40,873 (+50.3%), from €81,253 to €122,126
- Gross operating margin +€9,701
up €9,701 (+5.7%), from €171,310 to €181,011
- Taxes -€8,841
down €8,841 (-51.4%), from €17,201 to €8,360
- Depreciation +€2,316
up €2,316 (+9.1%), from €25,527 to €27,843
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 | €191,700 | €188,747 | -€2,953 | -1.5% |
| Fixed assets | 21/28 | €79,033 | €65,284 | -€13,749 | -17.4% |
| Intangible fixed assets | 21 | €7,937 | €6,659 | -€1,278 | -16.1% |
| Tangible fixed assets | 22/27 | €65,536 | €53,065 | -€12,471 | -19.0% |
| Plant, machinery and equipment | 23 | €42,234 | €25,840 | -€16,393 | -38.8% |
| Furniture and vehicles | 24 | €14,599 | €10,185 | -€4,414 | -30.2% |
| Other tangible fixed assets | 26 | €8,703 | €17,040 | +€8,337 | +95.8% |
| Financial fixed assets | 28 | €5,559 | €5,559 | = | 0.0% |
| Current assets | 29/58 | €112,667 | €123,463 | +€10,796 | +9.6% |
| Stocks and contracts in progress | 3 | €8,294 | €9,750 | +€1,456 | +17.6% |
| Stocks | 30/36 | €8,294 | €9,750 | +€1,456 | +17.6% |
| Amounts receivable within one year | 40/41 | €3,450 | €5,412 | +€1,961 | +56.8% |
| Trade receivables | 40 | €3,450 | €921 | -€2,530 | -73.3% |
| Other amounts receivable | 41 | - | €4,491 | +€4,491 | |
| Cash at bank and in hand | 54/58 | €99,678 | €107,434 | +€7,756 | +7.8% |
| Deferred charges and accrued income | 490/1 | €1,245 | €868 | -€377 | -30.3% |
| Total equity and liabilities | 10/49 | €191,700 | €188,747 | -€2,953 | -1.5% |
| Equity | 10/15 | €85,377 | €105,360 | +€19,983 | +23.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €82,377 | €102,360 | +€19,983 | +24.3% |
| Distributable reserves | 133 | €82,377 | €102,360 | +€19,983 | +24.3% |
| Amounts payable | 17/49 | €106,323 | €83,387 | -€22,935 | -21.6% |
| Amounts payable after more than one year | 17 | €45,775 | €20,255 | -€25,520 | -55.8% |
| Financial debts | 170/4 | €45,775 | €20,255 | -€25,520 | -55.8% |
| Amounts payable within one year | 42/48 | €60,547 | €63,132 | +€2,585 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €13,445 | €13,770 | +€325 | +2.4% |
| Trade debts | 44 | €4,986 | €3,011 | -€1,975 | -39.6% |
| Suppliers | 440/4 | €4,986 | €3,011 | -€1,975 | -39.6% |
| Advances received on contracts in progress | 46 | €5,400 | €4,550 | -€850 | -15.7% |
| Taxes, remuneration and social security | 45 | €35,627 | €41,123 | +€5,496 | +15.4% |
| Taxes | 450/3 | €29,168 | €33,623 | +€4,454 | +15.3% |
| Remuneration and social security | 454/9 | €6,459 | €7,500 | +€1,041 | +16.1% |
| Other amounts payable | 47/48 | €1,090 | €679 | -€411 | -37.7% |
| Remuneration, social security and pensions | 62 | €81,253 | €122,126 | +€40,873 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,527 | €27,843 | +€2,316 | +9.1% |
| Other operating charges | 640/8 | €735 | €1,247 | +€512 | +69.6% |
| Gross operating margin | 9900 | €171,310 | €181,011 | +€9,701 | +5.7% |
| Operating profit (loss) | 9901 | €63,795 | €29,795 | -€34,000 | -53.3% |
| Financial income | 75/76B | €180 | €233 | +€53 | +29.8% |
| Recurring financial income | 75 | €180 | €233 | +€53 | +29.8% |
| Financial charges | 65/66B | €1,912 | €1,685 | -€227 | -11.9% |
| Recurring financial charges | 65 | €1,912 | €1,685 | -€227 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €62,062 | €28,342 | -€33,720 | -54.3% |
| Income taxes | 67/77 | €17,201 | €8,360 | -€8,841 | -51.4% |
| Profit (loss) for the period | 9904 | €44,861 | €19,983 | -€24,879 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,861 | €19,983 | -€24,879 | -55.5% |
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 30 October 2026 via checked.be.