LENNERT KEYEN: 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.
LENNERT KEYEN
Largest movements
- Receivables within one year -€13,722
down €13,722 (-98.0%), from €13,996 to €275
of which Other amounts receivable: -€13,722
- Cash -€9,481
down €9,481 (-16.5%), from €57,517 to €48,036
mainly Debts after one year (-€19,055) and Short-term financial debts (-€16,728)
- Debts after one year -€19,055
down €19,055 (-8.9%), from €214,490 to €195,435
- Short-term financial debts -€16,728
no longer reported in 2025 (was €16,728)
- Tax, wage and social debts +€13,909
up €13,909 (+229%), from €6,063 to €19,972
- Reserves +€9,756
up €9,756 (+9.2%), from €106,251 to €116,007
- Other debts -€7,078
down €7,078 (-5.7%), from €123,617 to €116,539
- Taxes +€5,915
up €5,915 (+94.2%), from €6,278 to €12,194
- Gross operating margin -€2,258
down €2,258 (-7.2%), from €31,559 to €29,302
- Financial charges -€443
down €443 (-7.8%), from €5,648 to €5,205
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 | €514,080 | €489,340 | -€24,740 | -4.8% |
| Fixed assets | 21/28 | €442,567 | €441,030 | -€1,538 | -0.3% |
| Tangible fixed assets | 22/27 | €2,567 | €1,030 | -€1,538 | -59.9% |
| Furniture and vehicles | 24 | €2,567 | €1,030 | -€1,538 | -59.9% |
| Financial fixed assets | 28 | €440,000 | €440,000 | = | 0.0% |
| Current assets | 29/58 | €71,513 | €48,310 | -€23,203 | -32.4% |
| Amounts receivable within one year | 40/41 | €13,996 | €275 | -€13,722 | -98.0% |
| Trade receivables | 40 | €275 | €275 | = | 0.0% |
| Other amounts receivable | 41 | €13,722 | - | -€13,722 | |
| Cash at bank and in hand | 54/58 | €57,517 | €48,036 | -€9,481 | -16.5% |
| Total equity and liabilities | 10/49 | €514,080 | €489,340 | -€24,740 | -4.8% |
| Equity | 10/15 | €126,251 | €136,007 | +€9,756 | +7.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €106,251 | €116,007 | +€9,756 | +9.2% |
| Distributable reserves | 133 | €106,251 | €116,007 | +€9,756 | +9.2% |
| Amounts payable | 17/49 | €387,829 | €353,333 | -€34,496 | -8.9% |
| Amounts payable after more than one year | 17 | €214,490 | €195,435 | -€19,055 | -8.9% |
| Financial debts | 170/4 | €214,490 | €195,435 | -€19,055 | -8.9% |
| Amounts payable within one year | 42/48 | €172,079 | €156,390 | -€15,690 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €18,679 | €19,055 | +€375 | +2.0% |
| Financial debts | 43 | €16,728 | - | -€16,728 | |
| Credit institutions | 430/8 | €16,728 | - | -€16,728 | |
| Trade debts | 44 | €1,245 | €825 | -€420 | -33.8% |
| Suppliers | 440/4 | €1,245 | €825 | -€420 | -33.8% |
| Advances received on contracts in progress | 46 | €5,748 | - | -€5,748 | |
| Taxes, remuneration and social security | 45 | €6,063 | €19,972 | +€13,909 | +229% |
| Taxes | 450/3 | €6,063 | €19,972 | +€13,909 | +229% |
| Other amounts payable | 47/48 | €123,617 | €116,539 | -€7,078 | -5.7% |
| Accrued charges and deferred income | 492/3 | €1,260 | €1,508 | +€248 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,490 | €1,538 | +€48 | +3.2% |
| Other operating charges | 640/8 | €534 | €610 | +€76 | +14.2% |
| Gross operating margin | 9900 | €31,559 | €29,302 | -€2,258 | -7.2% |
| Operating profit (loss) | 9901 | €29,535 | €27,154 | -€2,381 | -8.1% |
| Financial charges | 65/66B | €5,648 | €5,205 | -€443 | -7.8% |
| Recurring financial charges | 65 | €5,648 | €5,205 | -€443 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €23,888 | €21,950 | -€1,938 | -8.1% |
| Income taxes | 67/77 | €6,278 | €12,194 | +€5,915 | +94.2% |
| Profit (loss) for the period | 9904 | €17,609 | €9,756 | -€7,853 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,609 | €9,756 | -€7,853 | -44.6% |
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 29 October 2026 via checked.be.