KEYSTONE TRADING: 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 TRADING
Largest movements
- Receivables within one year +€27,618
up €27,618 (+62.5%), from €44,175 to €71,794
of which Trade receivables: +€34,027
- Cash -€15,202
down €15,202 (-85.9%), from €17,702 to €2,500
mainly Receivables within one year (-€27,618) and Debts after one year (-€8,811)
- Stocks and contracts -€3,189
down €3,189 (-11.5%), from €27,725 to €24,536
- Short-term financial debts +€10,727
new in 2025: €10,727
- Debts after one year -€8,811
down €8,811 (-9.2%), from €95,828 to €87,017
- Other debts +€7,433
new in 2025: €7,433
- Trade debts +€6,537
up €6,537 (+22.2%), from €29,400 to €35,937
- Accrued charges and deferred income -€4,700
no longer reported in 2025 (was €4,700)
- Purchases and services +€79,586
new in 2025: €79,586
- Gross operating margin +€6,689
up €6,689 (+226%), from €2,960 to €9,648
- Taxes +€5,535
new in 2025: €5,535
- Other operating charges +€3,680
up €3,680 (+3,491%), from €105 to €3,786
- Turnover +€2,470
up €2,470 (+2.9%), from €85,860 to €88,330
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 | €161,471 | €171,539 | +€10,068 | +6.2% |
| Fixed assets | 21/28 | €4,047 | €5,216 | +€1,169 | +28.9% |
| Tangible fixed assets | 22/27 | €674 | €443 | -€231 | -34.3% |
| Plant, machinery and equipment | 23 | €674 | €443 | -€231 | -34.3% |
| Financial fixed assets | 28 | €3,373 | €4,773 | +€1,400 | +41.5% |
| Current assets | 29/58 | €157,424 | €166,323 | +€8,899 | +5.7% |
| Amounts receivable after more than one year | 29 | €67,494 | €67,494 | = | 0.0% |
| Trade receivables | 290 | €67,494 | €67,494 | = | 0.0% |
| Stocks and contracts in progress | 3 | €27,725 | €24,536 | -€3,189 | -11.5% |
| Stocks | 30/36 | €27,725 | €24,536 | -€3,189 | -11.5% |
| Amounts receivable within one year | 40/41 | €44,175 | €71,794 | +€27,618 | +62.5% |
| Trade receivables | 40 | €37,767 | €71,794 | +€34,027 | +90.1% |
| Other amounts receivable | 41 | €6,408 | - | -€6,408 | |
| Cash at bank and in hand | 54/58 | €17,702 | €2,500 | -€15,202 | -85.9% |
| Deferred charges and accrued income | 490/1 | €328 | - | -€328 | |
| Total equity and liabilities | 10/49 | €161,471 | €171,539 | +€10,068 | +6.2% |
| Equity | 10/15 | €22,926 | €19,656 | -€3,271 | -14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,326 | €1,056 | -€3,271 | -75.6% |
| Amounts payable | 17/49 | €138,545 | €151,884 | +€13,339 | +9.6% |
| Amounts payable after more than one year | 17 | €95,828 | €87,017 | -€8,811 | -9.2% |
| Financial debts | 170/4 | €95,828 | €87,017 | -€8,811 | -9.2% |
| Amounts payable within one year | 42/48 | €38,017 | €64,867 | +€26,850 | +70.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,829 | +€3,829 | |
| Financial debts | 43 | - | €10,727 | +€10,727 | |
| Credit institutions | 430/8 | - | €10,727 | +€10,727 | |
| Trade debts | 44 | €29,400 | €35,937 | +€6,537 | +22.2% |
| Suppliers | 440/4 | €29,400 | €35,937 | +€6,537 | +22.2% |
| Advances received on contracts in progress | 46 | €697 | €697 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,921 | €6,244 | -€1,676 | -21.2% |
| Taxes | 450/3 | €7,921 | €6,244 | -€1,676 | -21.2% |
| Other amounts payable | 47/48 | - | €7,433 | +€7,433 | |
| Accrued charges and deferred income | 492/3 | €4,700 | - | -€4,700 | |
| Turnover | 70 | €85,860 | €88,330 | +€2,470 | +2.9% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €79,586 | +€79,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347 | €231 | -€116 | -33.3% |
| Other operating charges | 640/8 | €105 | €3,786 | +€3,680 | +3,491% |
| Gross operating margin | 9900 | €2,960 | €9,648 | +€6,689 | +226% |
| Operating profit (loss) | 9901 | €2,507 | €5,631 | +€3,124 | +125% |
| Financial income | 75/76B | €73 | €90 | +€17 | +22.8% |
| Recurring financial income | 75 | €73 | €90 | +€17 | +22.8% |
| Financial charges | 65/66B | €1,973 | €1,765 | -€209 | -10.6% |
| Recurring financial charges | 65 | €1,973 | €1,765 | -€209 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €607 | €3,956 | +€3,349 | +552% |
| Income taxes | 67/77 | - | €5,535 | +€5,535 | |
| Profit (loss) for the period | 9904 | €607 | -€1,579 | -€2,186 | |
| Profit (loss) for the period to be appropriated | 9905 | €607 | -€1,579 | -€2,186 |
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 14 October 2026 via checked.be.