KEYWAVE: 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.
KEYWAVE
Largest movements
- Cash +€13,035
up €13,035 (+52.9%), from €24,621 to €37,655
mainly Net result for the year (+€18,354) and Receivables within one year (+€2,484)
- Receivables within one year -€2,484
down €2,484 (-12.5%), from €19,879 to €17,396
of which Trade receivables: -€5,583
- Deferred charges and accrued income +€708
up €708 (+887%), from €80 to €788
- Reserves +€18,354
up €18,354 (+58.6%), from €31,347 to €49,701
- Tax, wage and social debts -€6,746
down €6,746 (-51.0%), from €13,228 to €6,482
- Trade debts -€814
no longer reported in 2025 (was €814)
- Gross operating margin -€22,170
down €22,170 (-46.7%), from €47,426 to €25,256
- Taxes -€3,250
down €3,250 (-40.5%), from €8,020 to €4,769
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 | €45,488 | €56,283 | +€10,794 | +23.7% |
| Fixed assets | 21/28 | €909 | €444 | -€465 | -51.1% |
| Tangible fixed assets | 22/27 | €909 | €444 | -€465 | -51.1% |
| Plant, machinery and equipment | 23 | €909 | €444 | -€465 | -51.1% |
| Current assets | 29/58 | €44,580 | €55,839 | +€11,259 | +25.3% |
| Amounts receivable within one year | 40/41 | €19,879 | €17,396 | -€2,484 | -12.5% |
| Trade receivables | 40 | €19,559 | €13,976 | -€5,583 | -28.5% |
| Other amounts receivable | 41 | €320 | €3,419 | +€3,099 | +969% |
| Cash at bank and in hand | 54/58 | €24,621 | €37,655 | +€13,035 | +52.9% |
| Deferred charges and accrued income | 490/1 | €80 | €788 | +€708 | +887% |
| Total equity and liabilities | 10/49 | €45,488 | €56,283 | +€10,794 | +23.7% |
| Equity | 10/15 | €31,447 | €49,801 | +€18,354 | +58.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €31,347 | €49,701 | +€18,354 | +58.6% |
| Distributable reserves | 133 | €31,347 | €49,701 | +€18,354 | +58.6% |
| Amounts payable | 17/49 | €14,041 | €6,482 | -€7,560 | -53.8% |
| Amounts payable within one year | 42/48 | €14,041 | €6,482 | -€7,560 | -53.8% |
| Trade debts | 44 | €814 | - | -€814 | |
| Suppliers | 440/4 | €814 | - | -€814 | |
| Taxes, remuneration and social security | 45 | €13,228 | €6,482 | -€6,746 | -51.0% |
| Taxes | 450/3 | €13,228 | €6,482 | -€6,746 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465 | €465 | = | 0.0% |
| Other operating charges | 640/8 | €118 | €281 | +€163 | +138% |
| Gross operating margin | 9900 | €47,426 | €25,256 | -€22,170 | -46.7% |
| Operating profit (loss) | 9901 | €46,843 | €24,510 | -€22,333 | -47.7% |
| Financial income | 75/76B | - | €76 | +€76 | |
| Recurring financial income | 75 | - | €76 | +€76 | |
| Financial charges | 65/66B | €1,857 | €1,463 | -€394 | -21.2% |
| Recurring financial charges | 65 | €1,857 | €1,463 | -€394 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €44,986 | €23,123 | -€21,863 | -48.6% |
| Income taxes | 67/77 | €8,020 | €4,769 | -€3,250 | -40.5% |
| Profit (loss) for the period | 9904 | €36,966 | €18,354 | -€18,612 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,966 | €18,354 | -€18,612 | -50.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.