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 +€407,995
up €407,995 (+1779.0%), from €22,935 to €430,930
of which Land and buildings: +€411,984
- Cash +€94,998
up €94,998 (+256.9%), from €36,978 to €131,976
mainly Debts after one year (+€235,714) and Net result for the year (+€230,221)
- Debts after one year +€235,714
up €235,714 (+157.1%), from €150,000 to €385,714
- Reserves +€173,055
up €173,055 (+39.8%), from €434,706 to €607,762
of which Distributable reserves: +€109,905
- Other debts +€80,061
up €80,061 (+236.7%), from €33,825 to €113,885
- Current portion of long-term debt +€42,857
new in 2025: €42,857
- Tax, wage and social debts -€18,005
down €18,005 (-47.8%), from €37,669 to €19,664
of which Taxes: -€12,152
- Gross operating margin +€265,612
up €265,612 (+174.6%), from €152,105 to €417,717
- Depreciation +€63,468
up €63,468 (+1279.8%), from €4,959 to €68,427
- Taxes +€60,349
up €60,349 (+173.9%), from €34,706 to €95,054
- Financial charges +€9,825
up €9,825 (+71.0%), from €13,836 to €23,662
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 | €686,950 | €1,199,487 | +€512,537 | +74.6% |
| Fixed assets | 21/28 | €493,499 | €901,494 | +€407,995 | +82.7% |
| Tangible fixed assets | 22/27 | €22,935 | €430,930 | +€407,995 | +1779.0% |
| Land and buildings | 22 | - | €411,984 | +€411,984 | |
| Plant, machinery and equipment | 23 | €10,728 | €9,917 | -€810 | -7.6% |
| Furniture and vehicles | 24 | €1,028 | €975 | -€52 | -5.1% |
| Other tangible fixed assets | 26 | €11,179 | €8,053 | -€3,126 | -28.0% |
| Financial fixed assets | 28 | €470,564 | €470,564 | = | 0.0% |
| Current assets | 29/58 | €193,451 | €297,993 | +€104,542 | +54.0% |
| Amounts receivable within one year | 40/41 | €149,769 | €159,186 | +€9,417 | +6.3% |
| Trade receivables | 40 | €59,761 | €69,098 | +€9,336 | +15.6% |
| Other amounts receivable | 41 | €90,008 | €90,088 | +€80 | +0.1% |
| Cash at bank and in hand | 54/58 | €36,978 | €131,976 | +€94,998 | +256.9% |
| Deferred charges and accrued income | 490/1 | €6,704 | €6,832 | +€127 | +1.9% |
| Total equity and liabilities | 10/49 | €686,950 | €1,199,487 | +€512,537 | +74.6% |
| Equity | 10/15 | €447,106 | €620,162 | +€173,055 | +38.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €434,706 | €607,762 | +€173,055 | +39.8% |
| Tax-exempt reserves | 132 | €60,974 | €124,124 | +€63,150 | +103.6% |
| Distributable reserves | 133 | €373,733 | €483,638 | +€109,905 | +29.4% |
| Amounts payable | 17/49 | €239,844 | €579,326 | +€339,482 | +141.5% |
| Amounts payable after more than one year | 17 | €150,000 | €385,714 | +€235,714 | +157.1% |
| Financial debts | 170/4 | €150,000 | €385,714 | +€235,714 | +157.1% |
| Amounts payable within one year | 42/48 | €80,844 | €179,500 | +€98,656 | +122.0% |
| Current portion of amounts payable after more than one year | 42 | - | €42,857 | +€42,857 | |
| Financial debts | 43 | €3,385 | - | -€3,385 | |
| Other loans | 439 | €3,385 | - | -€3,385 | |
| Trade debts | 44 | €5,966 | €3,094 | -€2,872 | -48.1% |
| Suppliers | 440/4 | €5,966 | €3,094 | -€2,872 | -48.1% |
| Taxes, remuneration and social security | 45 | €37,669 | €19,664 | -€18,005 | -47.8% |
| Taxes | 450/3 | €31,816 | €19,664 | -€12,152 | -38.2% |
| Remuneration and social security | 454/9 | €5,852 | - | -€5,852 | |
| Other amounts payable | 47/48 | €33,825 | €113,885 | +€80,061 | +236.7% |
| Accrued charges and deferred income | 492/3 | €9,000 | €14,112 | +€5,112 | +56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,959 | €68,427 | +€63,468 | +1279.8% |
| Other operating charges | 640/8 | €1,476 | €2,154 | +€678 | +45.9% |
| Gross operating margin | 9900 | €152,105 | €417,717 | +€265,612 | +174.6% |
| Operating profit (loss) | 9901 | €145,670 | €347,137 | +€201,467 | +138.3% |
| Financial income | 75/76B | €1,800 | €1,800 | -€0 | 0.0% |
| Recurring financial income | 75 | €1,800 | €1,800 | -€0 | 0.0% |
| Financial charges | 65/66B | €13,836 | €23,662 | +€9,825 | +71.0% |
| Recurring financial charges | 65 | €13,836 | €23,662 | +€9,825 | +71.0% |
| Profit (loss) for the period before taxes | 9903 | €133,634 | €325,275 | +€191,641 | +143.4% |
| Income taxes | 67/77 | €34,706 | €95,054 | +€60,349 | +173.9% |
| Profit (loss) for the period | 9904 | €98,929 | €230,221 | +€131,293 | +132.7% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €63,150 | +€21,050 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,829 | €167,071 | +€110,243 | +194.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.