KEYZER: 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.
KEYZER
Largest movements
- Tangible fixed assets -€145,385
down €145,385 (-2.8%), from €5.2m to €5.1m
- Deferred charges and accrued income -€104,056
no longer reported in 2025 (was €104,056)
- Receivables within one year +€87,090
up €87,090 (+323.8%), from €26,900 to €113,990
- Debts after one year -€200,000
down €200,000 (-13.9%), from €1.4m to €1.2m
- Current portion of long-term debt +€200,000
up €200,000 (+100.0%), from €200,000 to €400,000
- Profit (loss) carried forward -€58,945
down €58,945 (-2.2%), from €2.7m to €2.6m
- Financial income -€314,978
no longer reported in 2025 (was €314,978)
of which Financial income: -€314,978
- Gross operating margin +€55,257
up €55,257 (+61.8%), from €89,471 to €144,729
- Other operating charges +€22,894
up €22,894 (+224.6%), from €10,194 to €33,087
- Depreciation -€16,574
down €16,574 (-10.2%), from €161,958 to €145,385
- Financial charges -€5,383
down €5,383 (-17.6%), from €30,584 to €25,201
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,359,650 | €5,219,531 | -€140,119 | -2.6% |
| Fixed assets | 21/28 | €5,208,908 | €5,063,523 | -€145,385 | -2.8% |
| Tangible fixed assets | 22/27 | €5,208,908 | €5,063,523 | -€145,385 | -2.8% |
| Land and buildings | 22 | €5,208,908 | €5,063,523 | -€145,385 | -2.8% |
| Current assets | 29/58 | €150,742 | €156,008 | +€5,266 | +3.5% |
| Amounts receivable within one year | 40/41 | €26,900 | €113,990 | +€87,090 | +323.8% |
| Other amounts receivable | 41 | €26,900 | €113,990 | +€87,090 | +323.8% |
| Cash at bank and in hand | 54/58 | €19,787 | €42,018 | +€22,231 | +112.4% |
| Deferred charges and accrued income | 490/1 | €104,056 | - | -€104,056 | |
| Total equity and liabilities | 10/49 | €5,359,650 | €5,219,531 | -€140,119 | -2.6% |
| Equity | 10/15 | €3,531,209 | €3,472,264 | -€58,945 | -1.7% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €80,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,651,209 | €2,592,264 | -€58,945 | -2.2% |
| Amounts payable | 17/49 | €1,828,441 | €1,747,267 | -€81,174 | -4.4% |
| Amounts payable after more than one year | 17 | €1,440,000 | €1,240,000 | -€200,000 | -13.9% |
| Financial debts | 170/4 | €1,440,000 | €1,240,000 | -€200,000 | -13.9% |
| Amounts payable within one year | 42/48 | €356,174 | €482,697 | +€126,522 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €400,000 | +€200,000 | +100.0% |
| Trade debts | 44 | €36,174 | €1,046 | -€35,129 | -97.1% |
| Suppliers | 440/4 | €36,174 | €1,046 | -€35,129 | -97.1% |
| Other amounts payable | 47/48 | €120,000 | €81,651 | -€38,349 | -32.0% |
| Accrued charges and deferred income | 492/3 | €32,267 | €24,570 | -€7,697 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,958 | €145,385 | -€16,574 | -10.2% |
| Other operating charges | 640/8 | €10,194 | €33,087 | +€22,894 | +224.6% |
| Gross operating margin | 9900 | €89,471 | €144,729 | +€55,257 | +61.8% |
| Operating profit (loss) | 9901 | -€82,681 | -€33,743 | +€48,937 | +59.2% |
| Financial income | 75/76B | €314,978 | - | -€314,978 | |
| Recurring financial income | 75 | €314,978 | - | -€314,978 | |
| Non-recurring financial income | 76B | €314,978 | - | -€314,978 | |
| Financial charges | 65/66B | €30,584 | €25,201 | -€5,383 | -17.6% |
| Recurring financial charges | 65 | €30,584 | €25,201 | -€5,383 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €201,713 | -€58,945 | -€260,658 | |
| Profit (loss) for the period | 9904 | €201,713 | -€58,945 | -€260,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €201,713 | -€58,945 | -€260,658 |
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 10 October 2026 via checked.be.