KEYSTONE PARTNER: 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.
KEYSTONE PARTNER
Largest movements
- Receivables within one year -€25,035
down €25,035 (-63.1%), from €39,693 to €14,658
- Profit (loss) carried forward -€28,615
down €28,615 (-39.9%), from €71,650 to €43,035
- Advances received -€10,382
no longer reported in 2025 (was €10,382)
- Tax, wage and social debts +€7,783
up €7,783 (+17.1%), from €45,486 to €53,268
of which Remuneration and social security: +€8,375
- Other debts +€4,586
up €4,586 (+52.5%), from €8,736 to €13,322
- Trade debts +€2,044
up €2,044 (+55.7%), from €3,672 to €5,717
- Gross operating margin +€3,870
up €3,870 (+15.2%), from -€25,403 to -€21,533
- Depreciation +€2,742
up €2,742 (+77.4%), from €3,543 to €6,285
- Other operating charges -€2,537
down €2,537 (-96.2%), from €2,637 to €100
- Taxes -€1,665
no longer reported in 2025 (was €1,665)
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 | €200,387 | €175,803 | -€24,584 | -12.3% |
| Fixed assets | 21/28 | €19,893 | €21,834 | +€1,941 | +9.8% |
| Tangible fixed assets | 22/27 | €19,893 | €21,834 | +€1,941 | +9.8% |
| Furniture and vehicles | 24 | €303 | €5,635 | +€5,333 | +1,763% |
| Other tangible fixed assets | 26 | €19,591 | €16,199 | -€3,392 | -17.3% |
| Current assets | 29/58 | €180,494 | €153,969 | -€26,524 | -14.7% |
| Amounts receivable within one year | 40/41 | €39,693 | €14,658 | -€25,035 | -63.1% |
| Trade receivables | 40 | €39,693 | €14,658 | -€25,035 | -63.1% |
| Current investments | 50/53 | €127,000 | €127,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,783 | €12,294 | -€1,489 | -10.8% |
| Deferred charges and accrued income | 490/1 | €18 | €18 | = | 0.0% |
| Total equity and liabilities | 10/49 | €200,387 | €175,803 | -€24,584 | -12.3% |
| Equity | 10/15 | €132,111 | €103,496 | -€28,615 | -21.7% |
| Contributions | 10/11 | €18,601 | €18,601 | = | 0.0% |
| Contributions outside capital | 11 | €18,601 | €18,601 | = | 0.0% |
| Other | 1109/19 | €18,601 | €18,601 | = | 0.0% |
| Reserves | 13 | €41,860 | €41,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,650 | €43,035 | -€28,615 | -39.9% |
| Amounts payable | 17/49 | €68,276 | €72,307 | +€4,032 | +5.9% |
| Amounts payable within one year | 42/48 | €68,276 | €72,307 | +€4,032 | +5.9% |
| Trade debts | 44 | €3,672 | €5,717 | +€2,044 | +55.7% |
| Suppliers | 440/4 | €3,672 | €5,717 | +€2,044 | +55.7% |
| Advances received on contracts in progress | 46 | €10,382 | - | -€10,382 | |
| Taxes, remuneration and social security | 45 | €45,486 | €53,268 | +€7,783 | +17.1% |
| Taxes | 450/3 | €11,986 | €11,393 | -€592 | -4.9% |
| Remuneration and social security | 454/9 | €33,500 | €41,875 | +€8,375 | +25.0% |
| Other amounts payable | 47/48 | €8,736 | €13,322 | +€4,586 | +52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,543 | €6,285 | +€2,742 | +77.4% |
| Other operating charges | 640/8 | €2,637 | €100 | -€2,537 | -96.2% |
| Gross operating margin | 9900 | -€25,403 | -€21,533 | +€3,870 | +15.2% |
| Operating profit (loss) | 9901 | -€31,583 | -€27,918 | +€3,665 | +11.6% |
| Financial charges | 65/66B | €457 | €697 | +€240 | +52.5% |
| Recurring financial charges | 65 | €457 | €697 | +€240 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | -€32,040 | -€28,615 | +€3,425 | +10.7% |
| Income taxes | 67/77 | €1,665 | - | -€1,665 | |
| Profit (loss) for the period | 9904 | -€33,706 | -€28,615 | +€5,090 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,706 | -€28,615 | +€5,090 | +15.1% |
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 28 October 2026 via checked.be.