KEYSTONE SOLUTIONS: 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 SOLUTIONS
Largest movements
- Receivables within one year -€400,610
down €400,610 (-19.9%), from €2.0m to €1.6m
of which Trade receivables: -€453,930
- Deferred charges and accrued income +€74,251
up €74,251 (+245.7%), from €30,223 to €104,474
- Cash -€48,720
down €48,720 (-24.3%), from €200,654 to €151,933
mainly Tax, wage and social debts (-€162,259) and Short-term financial debts (-€116,042)
- Tax, wage and social debts -€162,259
down €162,259 (-24.7%), from €655,759 to €493,499
of which Taxes: -€83,720
- Short-term financial debts -€116,042
down €116,042 (-17.4%), from €666,453 to €550,411
- Trade debts -€28,182
down €28,182 (-6.5%), from €433,106 to €404,925
- Current portion of long-term debt -€25,221
down €25,221 (-93.9%), from €26,864 to €1,643
- Other debts -€24,859
down €24,859 (-15.6%), from €159,859 to €135,000
- Gross operating margin -€693,899
down €693,899 (-17.3%), from €4.0m to €3.3m
- Staff costs -€439,972
down €439,972 (-12.4%), from €3.5m to €3.1m
- Taxes -€89,697
down €89,697 (-54.6%), from €164,242 to €74,545
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,350,198 | €1,996,390 | -€353,808 | -15.1% |
| Fixed assets | 21/28 | €104,978 | €126,250 | +€21,272 | +20.3% |
| Tangible fixed assets | 22/27 | €69,529 | €80,800 | +€11,272 | +16.2% |
| Furniture and vehicles | 24 | €26,429 | €45,684 | +€19,256 | +72.9% |
| Other tangible fixed assets | 26 | €43,100 | €35,116 | -€7,984 | -18.5% |
| Financial fixed assets | 28 | €35,449 | €45,449 | +€10,000 | +28.2% |
| Current assets | 29/58 | €2,245,220 | €1,870,140 | -€375,080 | -16.7% |
| Amounts receivable within one year | 40/41 | €2,014,344 | €1,613,733 | -€400,610 | -19.9% |
| Trade receivables | 40 | €1,428,744 | €974,814 | -€453,930 | -31.8% |
| Other amounts receivable | 41 | €585,600 | €638,919 | +€53,319 | +9.1% |
| Cash at bank and in hand | 54/58 | €200,654 | €151,933 | -€48,720 | -24.3% |
| Deferred charges and accrued income | 490/1 | €30,223 | €104,474 | +€74,251 | +245.7% |
| Total equity and liabilities | 10/49 | €2,350,198 | €1,996,390 | -€353,808 | -15.1% |
| Equity | 10/15 | €404,680 | €409,344 | +€4,664 | +1.2% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Outside capital | 11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Other | 1109/19 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €4,702 | €6,562 | +€1,860 | +39.6% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €4,702 | €4,702 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,518 | €384,182 | +€4,664 | +1.2% |
| Amounts payable | 17/49 | €1,945,518 | €1,587,046 | -€358,472 | -18.4% |
| Amounts payable after more than one year | 17 | €3,339 | €1,568 | -€1,771 | -53.1% |
| Financial debts | 170/4 | €3,339 | €1,568 | -€1,771 | -53.1% |
| Amounts payable within one year | 42/48 | €1,942,041 | €1,585,478 | -€356,562 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €26,864 | €1,643 | -€25,221 | -93.9% |
| Financial debts | 43 | €666,453 | €550,411 | -€116,042 | -17.4% |
| Credit institutions | 430/8 | €666,453 | €550,411 | -€116,042 | -17.4% |
| Trade debts | 44 | €433,106 | €404,925 | -€28,182 | -6.5% |
| Suppliers | 440/4 | €433,106 | €404,925 | -€28,182 | -6.5% |
| Taxes, remuneration and social security | 45 | €655,759 | €493,499 | -€162,259 | -24.7% |
| Taxes | 450/3 | €293,648 | €209,927 | -€83,720 | -28.5% |
| Remuneration and social security | 454/9 | €362,111 | €283,572 | -€78,539 | -21.7% |
| Other amounts payable | 47/48 | €159,859 | €135,000 | -€24,859 | -15.6% |
| Accrued charges and deferred income | 492/3 | €138 | - | -€138 | |
| Non-recurring operating income | 76A | €451 | - | -€451 | |
| Remuneration, social security and pensions | 62 | €3,541,069 | €3,101,097 | -€439,972 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,648 | €23,729 | +€2,081 | +9.6% |
| Other operating charges | 640/8 | €59,763 | €52,248 | -€7,515 | -12.6% |
| Non-recurring operating charges | 66A | €9,404 | - | -€9,404 | |
| Gross operating margin | 9900 | €4,011,575 | €3,317,676 | -€693,899 | -17.3% |
| Operating profit (loss) | 9901 | €379,691 | €140,603 | -€239,089 | -63.0% |
| Financial income | 75/76B | €3,963 | - | -€3,963 | |
| Recurring financial income | 75 | €3,963 | - | -€3,963 | |
| Financial charges | 65/66B | €46,032 | €61,394 | +€15,362 | +33.4% |
| Recurring financial charges | 65 | €46,032 | €61,394 | +€15,362 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €337,622 | €79,209 | -€258,413 | -76.5% |
| Income taxes | 67/77 | €164,242 | €74,545 | -€89,697 | -54.6% |
| Profit (loss) for the period | 9904 | €173,380 | €4,664 | -€168,716 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €173,380 | €4,664 | -€168,716 | -97.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.