KEYSERS VM CONCEPT: 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 VM CONCEPT
Largest movements
- Receivables within one year +€36,637
up €36,637 (+26.0%), from €141,139 to €177,776
of which Trade receivables: +€27,417
- Profit (loss) carried forward +€52,120
up €52,120 (+55.7%), from €93,636 to €145,755
- Other debts -€17,224
down €17,224 (-11.7%), from €147,776 to €130,552
- Debts after one year -€11,695
down €11,695 (-9.7%), from €120,369 to €108,674
- Trade debts +€10,129
up €10,129 (+105%), from €9,645 to €19,773
- Gross operating margin +€46,737
up €46,737 (+216%), from €21,657 to €68,394
- Financial charges -€8,980
down €8,980 (-74.6%), from €12,043 to €3,063
- Taxes +€8,005
up €8,005 (+6,359%), from €126 to €8,131
- Financial income -€2,511
down €2,511 (-100.0%), from €2,512 to €1
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 | €499,649 | €533,487 | +€33,838 | +6.8% |
| Fixed assets | 21/28 | €352,585 | €349,391 | -€3,194 | -0.9% |
| Tangible fixed assets | 22/27 | €191,315 | €188,121 | -€3,194 | -1.7% |
| Land and buildings | 22 | €191,315 | €188,121 | -€3,194 | -1.7% |
| Financial fixed assets | 28 | €161,270 | €161,270 | = | 0.0% |
| Current assets | 29/58 | €147,064 | €184,096 | +€37,032 | +25.2% |
| Amounts receivable within one year | 40/41 | €141,139 | €177,776 | +€36,637 | +26.0% |
| Trade receivables | 40 | €94,555 | €121,972 | +€27,417 | +29.0% |
| Other amounts receivable | 41 | €46,584 | €55,804 | +€9,220 | +19.8% |
| Cash at bank and in hand | 54/58 | €621 | €4,030 | +€3,410 | +549% |
| Deferred charges and accrued income | 490/1 | €5,304 | €2,289 | -€3,015 | -56.8% |
| Total equity and liabilities | 10/49 | €499,649 | €533,487 | +€33,838 | +6.8% |
| Equity | 10/15 | €181,636 | €233,755 | +€52,120 | +28.7% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,636 | €145,755 | +€52,120 | +55.7% |
| Amounts payable | 17/49 | €318,013 | €299,732 | -€18,282 | -5.7% |
| Amounts payable after more than one year | 17 | €120,369 | €108,674 | -€11,695 | -9.7% |
| Financial debts | 170/4 | €120,369 | €108,674 | -€11,695 | -9.7% |
| Amounts payable within one year | 42/48 | €197,353 | €191,058 | -€6,295 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €11,529 | €11,695 | +€166 | +1.4% |
| Trade debts | 44 | €9,645 | €19,773 | +€10,129 | +105% |
| Suppliers | 440/4 | €9,645 | €19,773 | +€10,129 | +105% |
| Taxes, remuneration and social security | 45 | €28,402 | €29,037 | +€635 | +2.2% |
| Taxes | 450/3 | €24,759 | €29,037 | +€4,278 | +17.3% |
| Remuneration and social security | 454/9 | €3,643 | - | -€3,643 | |
| Other amounts payable | 47/48 | €147,776 | €130,552 | -€17,224 | -11.7% |
| Accrued charges and deferred income | 492/3 | €291 | - | -€291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,152 | €3,194 | +€42 | +1.3% |
| Other operating charges | 640/8 | €2,347 | €1,887 | -€460 | -19.6% |
| Gross operating margin | 9900 | €21,657 | €68,394 | +€46,737 | +216% |
| Operating profit (loss) | 9901 | €16,159 | €63,313 | +€47,155 | +292% |
| Financial income | 75/76B | €2,512 | €1 | -€2,511 | -100.0% |
| Recurring financial income | 75 | €2,512 | €1 | -€2,511 | -100.0% |
| Financial charges | 65/66B | €12,043 | €3,063 | -€8,980 | -74.6% |
| Recurring financial charges | 65 | €12,043 | €3,063 | -€8,980 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €6,628 | €60,251 | +€53,623 | +809% |
| Income taxes | 67/77 | €126 | €8,131 | +€8,005 | +6,359% |
| Profit (loss) for the period | 9904 | €6,502 | €52,120 | +€45,618 | +702% |
| Profit (loss) for the period to be appropriated | 9905 | €6,502 | €52,120 | +€45,618 | +702% |
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 24 October 2026 via checked.be.