KEYSTONES: 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.
KEYSTONES
Largest movements
- Tangible fixed assets -€45,308
down €45,308 (-53.5%), from €84,647 to €39,339
of which Other tangible fixed assets: -€30,785
- Receivables within one year +€7,691
up €7,691 (+3.9%), from €196,916 to €204,607
of which Other amounts receivable: +€6,345
- Cash +€4,409
new in 2025: €4,409
mainly Contributions, distributions and other (+€99,520) and Net result for the year (+€41,226)
- Intangible fixed assets +€3,084
up €3,084 (+260%), from €1,184 to €4,268
- Profit (loss) carried forward +€140,747
up €140,747 (+64.3%), from -€218,977 to -€78,230
- Trade debts -€129,294
down €129,294 (-85.1%), from €151,918 to €22,624
- Short-term financial debts -€46,157
no longer reported in 2025 (was €46,157)
- Debts after one year -€31,002
down €31,002 (-17.4%), from €178,315 to €147,313
- Other debts +€15,872
up €15,872 (+704%), from €2,253 to €18,125
- Gross operating margin +€87,939
up €87,939 (+341%), from €25,810 to €113,748
- Staff costs -€34,067
down €34,067 (-59.5%), from €57,257 to €23,190
- Financial income -€25,194
down €25,194 (-88.0%), from €28,630 to €3,436
of which Non-recurring financial income: -€28,210
- Financial charges -€20,570
down €20,570 (-68.8%), from €29,884 to €9,314
of which Financial charges: -€17,772
- Depreciation -€3,471
down €3,471 (-9.1%), from €38,032 to €34,562
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 | €283,231 | €252,623 | -€30,608 | -10.8% |
| Fixed assets | 21/28 | €85,831 | €43,607 | -€42,224 | -49.2% |
| Intangible fixed assets | 21 | €1,184 | €4,268 | +€3,084 | +260% |
| Tangible fixed assets | 22/27 | €84,647 | €39,339 | -€45,308 | -53.5% |
| Land and buildings | 22 | €2,282 | €2,028 | -€254 | -11.1% |
| Plant, machinery and equipment | 23 | €1,003 | €537 | -€466 | -46.5% |
| Furniture and vehicles | 24 | €20,582 | €6,778 | -€13,804 | -67.1% |
| Other tangible fixed assets | 26 | €60,781 | €29,996 | -€30,785 | -50.6% |
| Current assets | 29/58 | €197,400 | €209,016 | +€11,616 | +5.9% |
| Amounts receivable within one year | 40/41 | €196,916 | €204,607 | +€7,691 | +3.9% |
| Trade receivables | 40 | €190,916 | €192,262 | +€1,346 | +0.7% |
| Other amounts receivable | 41 | €6,000 | €12,345 | +€6,345 | +106% |
| Cash at bank and in hand | 54/58 | - | €4,409 | +€4,409 | |
| Deferred charges and accrued income | 490/1 | €484 | - | -€484 | |
| Total equity and liabilities | 10/49 | €283,231 | €252,623 | -€30,608 | -10.8% |
| Equity | 10/15 | -€154,920 | -€14,174 | +€140,747 | +90.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €57,756 | €57,756 | = | 0.0% |
| Distributable reserves | 133 | €57,756 | €57,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€218,977 | -€78,230 | +€140,747 | +64.3% |
| Amounts payable | 17/49 | €438,151 | €266,796 | -€171,355 | -39.1% |
| Amounts payable after more than one year | 17 | €178,315 | €147,313 | -€31,002 | -17.4% |
| Financial debts | 170/4 | €178,315 | €147,313 | -€31,002 | -17.4% |
| Amounts payable within one year | 42/48 | €259,836 | €119,483 | -€140,353 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €28,830 | €29,568 | +€738 | +2.6% |
| Financial debts | 43 | €46,157 | - | -€46,157 | |
| Credit institutions | 430/8 | €46,157 | - | -€46,157 | |
| Trade debts | 44 | €151,918 | €22,624 | -€129,294 | -85.1% |
| Suppliers | 440/4 | €151,918 | €22,624 | -€129,294 | -85.1% |
| Advances received on contracts in progress | 46 | €11,675 | €23,283 | +€11,607 | +99.4% |
| Taxes, remuneration and social security | 45 | €19,003 | €25,883 | +€6,880 | +36.2% |
| Taxes | 450/3 | €15,837 | €24,399 | +€8,562 | +54.1% |
| Remuneration and social security | 454/9 | €3,165 | €1,484 | -€1,682 | -53.1% |
| Other amounts payable | 47/48 | €2,253 | €18,125 | +€15,872 | +704% |
| Non-recurring operating income | 76A | €1,571 | €4,962 | +€3,391 | +216% |
| Remuneration, social security and pensions | 62 | €57,257 | €23,190 | -€34,067 | -59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,032 | €34,562 | -€3,471 | -9.1% |
| Other operating charges | 640/8 | €1,994 | €4,224 | +€2,230 | +112% |
| Non-recurring operating charges | 66A | - | €4,430 | +€4,430 | |
| Gross operating margin | 9900 | €25,810 | €113,748 | +€87,939 | +341% |
| Operating profit (loss) | 9901 | -€71,474 | €47,342 | +€118,817 | |
| Financial income | 75/76B | €28,630 | €3,436 | -€25,194 | -88.0% |
| Recurring financial income | 75 | €421 | €3,436 | +€3,016 | +717% |
| Non-recurring financial income | 76B | €28,210 | €0 | -€28,210 | -100% |
| Financial charges | 65/66B | €29,884 | €9,314 | -€20,570 | -68.8% |
| Recurring financial charges | 65 | €27,086 | €9,314 | -€17,772 | -65.6% |
| Non-recurring financial charges | 66B | €2,799 | €0 | -€2,799 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€72,728 | €41,465 | +€114,193 | |
| Income taxes | 67/77 | €197 | €239 | +€42 | +21.4% |
| Profit (loss) for the period | 9904 | -€72,925 | €41,226 | +€114,151 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,925 | €41,226 | +€114,151 |
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 25 October 2026 via checked.be.