KEYSTONE: what changed
Two fiscal 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.
KEYSTONE
Largest movements
- Cash -€42,095
down €42,095 (-48.9%), from €85,997 to €43,903
mainly Contributions, distributions and other (-€83,759) and Other debts (-€70,202)
- Tangible fixed assets -€11,343
down €11,343 (-30.5%), from €37,224 to €25,881
of which Furniture and vehicles: -€15,692
- Deferred charges and accrued income -€6,875
down €6,875 (-65.9%), from €10,427 to €3,552
- Financial fixed assets +€5,165
up €5,165 (+44.5%), from €11,600 to €16,765
- Receivables within one year +€4,207
up €4,207 (+5.7%), from €73,410 to €77,617
of which Trade receivables: +€3,210
- Other debts -€70,202
down €70,202 (-40.8%), from €171,928 to €101,727
- Reserves +€30,241
up €30,241 (+1625.9%), from €1,860 to €32,101
- Debts after one year -€8,056
no longer reported in 2025 (was €8,056)
- Tax, wage and social debts -€2,824
down €2,824 (-34.3%), from €8,226 to €5,402
- Taxes +€6,211
up €6,211 (+18.8%), from €33,070 to €39,281
- Gross operating margin +€3,569
up €3,569 (+2.1%), from €172,163 to €175,732
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.
Cash bridge derived
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 | €218,659 | €167,718 | -€50,940 | -23.3% |
| Fixed assets | 21/28 | €48,824 | €42,646 | -€6,178 | -12.7% |
| Tangible fixed assets | 22/27 | €37,224 | €25,881 | -€11,343 | -30.5% |
| Plant, machinery and equipment | 23 | €1,358 | €905 | -€453 | -33.3% |
| Furniture and vehicles | 24 | €18,421 | €2,729 | -€15,692 | -85.2% |
| Other tangible fixed assets | 26 | €17,446 | €22,247 | +€4,801 | +27.5% |
| Financial fixed assets | 28 | €11,600 | €16,765 | +€5,165 | +44.5% |
| Current assets | 29/58 | €169,834 | €125,072 | -€44,762 | -26.4% |
| Amounts receivable within one year | 40/41 | €73,410 | €77,617 | +€4,207 | +5.7% |
| Trade receivables | 40 | €73,410 | €76,620 | +€3,210 | +4.4% |
| Other amounts receivable | 41 | - | €997 | +€997 | |
| Cash at bank and in hand | 54/58 | €85,997 | €43,903 | -€42,095 | -48.9% |
| Deferred charges and accrued income | 490/1 | €10,427 | €3,552 | -€6,875 | -65.9% |
| Total equity and liabilities | 10/49 | €218,659 | €167,718 | -€50,940 | -23.3% |
| Equity | 10/15 | €20,963 | €51,696 | +€30,733 | +146.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €32,101 | +€30,241 | +1625.9% |
| Distributable reserves | 133 | €1,860 | €32,101 | +€30,241 | +1625.9% |
| Profit (loss) carried forward | 14 | €503 | €994 | +€492 | +97.8% |
| Amounts payable | 17/49 | €197,696 | €116,023 | -€81,673 | -41.3% |
| Amounts payable after more than one year | 17 | €8,056 | - | -€8,056 | |
| Financial debts | 170/4 | €8,056 | - | -€8,056 | |
| Amounts payable within one year | 42/48 | €187,827 | €116,023 | -€71,805 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €7,673 | €8,056 | +€383 | +5.0% |
| Trade debts | 44 | - | €838 | +€838 | |
| Suppliers | 440/4 | - | €838 | +€838 | |
| Taxes, remuneration and social security | 45 | €8,226 | €5,402 | -€2,824 | -34.3% |
| Taxes | 450/3 | €8,226 | €5,402 | -€2,824 | -34.3% |
| Other amounts payable | 47/48 | €171,928 | €101,727 | -€70,202 | -40.8% |
| Accrued charges and deferred income | 492/3 | €1,812 | - | -€1,812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,248 | €19,713 | -€1,535 | -7.2% |
| Other operating charges | 640/8 | €486 | €571 | +€86 | +17.6% |
| Non-recurring operating charges | 66A | - | €159 | +€159 | |
| Gross operating margin | 9900 | €172,163 | €175,732 | +€3,569 | +2.1% |
| Operating profit (loss) | 9901 | €150,430 | €155,289 | +€4,859 | +3.2% |
| Financial income | 75/76B | €3 | €64 | +€61 | +1884.2% |
| Recurring financial income | 75 | €3 | €64 | +€61 | +1884.2% |
| Financial charges | 65/66B | €1,122 | €1,580 | +€458 | +40.8% |
| Recurring financial charges | 65 | €1,122 | €1,580 | +€458 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €149,311 | €153,773 | +€4,461 | +3.0% |
| Income taxes | 67/77 | €33,070 | €39,281 | +€6,211 | +18.8% |
| Profit (loss) for the period | 9904 | €116,241 | €114,492 | -€1,750 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €116,241 | €114,492 | -€1,750 | -1.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.