Keysers Seppe: 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.
Keysers Seppe
Largest movements
- Tangible fixed assets +€34,698
up €34,698 (+58.3%), from €59,475 to €94,173
of which Furniture and vehicles: +€35,100
- Cash +€11,283
up €11,283 (+108%), from €10,463 to €21,746
mainly Net result for the year (+€19,311) and Tax, wage and social debts (+€17,530)
- Reserves +€19,311
up €19,311 (+121%), from €16,021 to €35,332
- Tax, wage and social debts +€17,530
up €17,530 (+641%), from €2,735 to €20,265
of which Remuneration and social security: +€14,400
- Trade debts +€9,429
up €9,429 (+98.0%), from €9,622 to €19,051
- Debts after one year -€7,752
down €7,752 (-25.2%), from €30,733 to €22,981
- Other debts +€7,734
up €7,734 (+135%), from €5,728 to €13,463
- Gross operating margin +€25,402
up €25,402 (+153%), from €16,577 to €41,979
- Depreciation +€12,395
up €12,395 (+308%), from €4,025 to €16,420
- Taxes +€3,162
up €3,162 (+234%), from €1,351 to €4,514
- Financial charges +€1,018
up €1,018 (+171%), from €596 to €1,614
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 | €74,089 | €120,643 | +€46,555 | +62.8% |
| Fixed assets | 21/28 | €61,650 | €96,348 | +€34,698 | +56.3% |
| Tangible fixed assets | 22/27 | €59,475 | €94,173 | +€34,698 | +58.3% |
| Plant, machinery and equipment | 23 | €59,475 | €59,073 | -€402 | -0.7% |
| Furniture and vehicles | 24 | - | €35,100 | +€35,100 | |
| Financial fixed assets | 28 | €2,175 | €2,175 | = | 0.0% |
| Current assets | 29/58 | €12,439 | €24,296 | +€11,857 | +95.3% |
| Amounts receivable within one year | 40/41 | €1,547 | €2,550 | +€1,003 | +64.8% |
| Trade receivables | 40 | €319 | €1,746 | +€1,427 | +447% |
| Other amounts receivable | 41 | €1,228 | €804 | -€424 | -34.6% |
| Cash at bank and in hand | 54/58 | €10,463 | €21,746 | +€11,283 | +108% |
| Deferred charges and accrued income | 490/1 | €429 | €0 | -€429 | -100% |
| Total equity and liabilities | 10/49 | €74,089 | €120,643 | +€46,555 | +62.8% |
| Equity | 10/15 | €17,821 | €37,132 | +€19,311 | +108% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Reserves | 13 | €16,021 | €35,332 | +€19,311 | +121% |
| Distributable reserves | 133 | €16,021 | €35,332 | +€19,311 | +121% |
| Amounts payable | 17/49 | €56,268 | €83,512 | +€27,243 | +48.4% |
| Amounts payable after more than one year | 17 | €30,733 | €22,981 | -€7,752 | -25.2% |
| Financial debts | 170/4 | €30,733 | €22,981 | -€7,752 | -25.2% |
| Amounts payable within one year | 42/48 | €25,535 | €60,531 | +€34,996 | +137% |
| Current portion of amounts payable after more than one year | 42 | €7,450 | €7,752 | +€303 | +4.1% |
| Trade debts | 44 | €9,622 | €19,051 | +€9,429 | +98.0% |
| Suppliers | 440/4 | €9,622 | €19,051 | +€9,429 | +98.0% |
| Taxes, remuneration and social security | 45 | €2,735 | €20,265 | +€17,530 | +641% |
| Taxes | 450/3 | €2,735 | €5,865 | +€3,130 | +114% |
| Remuneration and social security | 454/9 | - | €14,400 | +€14,400 | |
| Other amounts payable | 47/48 | €5,728 | €13,463 | +€7,734 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,025 | €16,420 | +€12,395 | +308% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €16,577 | €41,979 | +€25,402 | +153% |
| Operating profit (loss) | 9901 | €12,434 | €25,439 | +€13,005 | +105% |
| Financial charges | 65/66B | €596 | €1,614 | +€1,018 | +171% |
| Recurring financial charges | 65 | €596 | €1,614 | +€1,018 | +171% |
| Profit (loss) for the period before taxes | 9903 | €11,837 | €23,825 | +€11,988 | +101% |
| Income taxes | 67/77 | €1,351 | €4,514 | +€3,162 | +234% |
| Profit (loss) for the period | 9904 | €10,486 | €19,311 | +€8,825 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,486 | €19,311 | +€8,825 | +84.2% |
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 22 October 2026 via checked.be.