KEYSTONE PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€50,877
up €50,877 (+614.7%), from €8,277 to €59,154
- Cash -€30,446
down €30,446 (-54.6%), from €55,785 to €25,339
mainly Investment in fixed assets (net) (-€64,291) and Receivables within one year (-€29,819)
- Receivables within one year +€29,819
up €29,819 (+117.7%), from €25,328 to €55,147
of which Other amounts receivable: +€26,117
- Reserves +€33,242
up €33,242 (+136.0%), from €24,443 to €57,685
- Tax, wage and social debts +€9,946
up €9,946 (+33.9%), from €29,318 to €39,263
of which Taxes: +€9,561
- Trade debts +€5,817
up €5,817 (+51.9%), from €11,209 to €17,026
- Financial income -€39,360
down €39,360 (-97.6%), from €40,348 to €988
- Depreciation +€12,167
up €12,167 (+975.6%), from €1,247 to €13,414
- Taxes -€6,089
down €6,089 (-30.9%), from €19,679 to €13,590
- Gross operating margin -€4,998
down €4,998 (-7.6%), from €65,755 to €60,757
- Other operating charges -€1,526
down €1,526 (-56.3%), from €2,713 to €1,187
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 | €90,427 | €139,888 | +€49,460 | +54.7% |
| Fixed assets | 21/28 | €8,277 | €59,154 | +€50,877 | +614.7% |
| Tangible fixed assets | 22/27 | €8,277 | €59,154 | +€50,877 | +614.7% |
| Furniture and vehicles | 24 | €8,277 | €59,154 | +€50,877 | +614.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €82,151 | €80,734 | -€1,416 | -1.7% |
| Amounts receivable within one year | 40/41 | €25,328 | €55,147 | +€29,819 | +117.7% |
| Trade receivables | 40 | €24,786 | €28,487 | +€3,701 | +14.9% |
| Other amounts receivable | 41 | €542 | €26,660 | +€26,117 | +4816.1% |
| Cash at bank and in hand | 54/58 | €55,785 | €25,339 | -€30,446 | -54.6% |
| Deferred charges and accrued income | 490/1 | €1,038 | €249 | -€789 | -76.1% |
| Total equity and liabilities | 10/49 | €90,427 | €139,888 | +€49,460 | +54.7% |
| Equity | 10/15 | €49,443 | €82,685 | +€33,242 | +67.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €24,443 | €57,685 | +€33,242 | +136.0% |
| Distributable reserves | 133 | €24,443 | €57,685 | +€33,242 | +136.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €40,984 | €57,203 | +€16,219 | +39.6% |
| Amounts payable within one year | 42/48 | €40,984 | €57,167 | +€16,183 | +39.5% |
| Financial debts | 43 | €458 | €877 | +€420 | +91.7% |
| Other loans | 439 | €458 | €877 | +€420 | +91.7% |
| Trade debts | 44 | €11,209 | €17,026 | +€5,817 | +51.9% |
| Suppliers | 440/4 | €11,209 | €17,026 | +€5,817 | +51.9% |
| Taxes, remuneration and social security | 45 | €29,318 | €39,263 | +€9,946 | +33.9% |
| Taxes | 450/3 | €27,181 | €36,742 | +€9,561 | +35.2% |
| Remuneration and social security | 454/9 | €2,136 | €2,521 | +€385 | +18.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €36 | +€36 | |
| Non-recurring operating income | 76A | €300 | €27 | -€273 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,247 | €13,414 | +€12,167 | +975.6% |
| Other operating charges | 640/8 | €2,713 | €1,187 | -€1,526 | -56.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €65,755 | €60,757 | -€4,998 | -7.6% |
| Operating profit (loss) | 9901 | €61,795 | €46,157 | -€15,638 | -25.3% |
| Financial income | 75/76B | €40,348 | €988 | -€39,360 | -97.6% |
| Recurring financial income | 75 | €40,348 | €988 | -€39,360 | -97.6% |
| Financial charges | 65/66B | €173 | €313 | +€140 | +80.8% |
| Recurring financial charges | 65 | €173 | €313 | +€140 | +80.8% |
| Profit (loss) for the period before taxes | 9903 | €101,970 | €46,832 | -€55,138 | -54.1% |
| Income taxes | 67/77 | €19,679 | €13,590 | -€6,089 | -30.9% |
| Profit (loss) for the period | 9904 | €82,291 | €33,242 | -€49,049 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,291 | €33,242 | -€49,049 | -59.6% |
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 7 October 2026 via checked.be.