Michiel De Keyzer: what changed
What changed
Michiel De Keyzer
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€105,622
2024 · €76,616+€29,005
Equity
€10,622
2024 · €264,294-€253,672
Cash
€282,849
2024 · €140,737+€142,113
Balance sheet total
€375,635
2024 · €361,630+€14,005
Largest movements
Assets
- Cash +€142,113
up €142,113 (+101%), from €140,737 to €282,849
mainly Other debts (+€288,926) and Current investments (+€113,042)
- Current investments -€113,042
down €113,042 (-70.7%), from €160,000 to €46,958
- Tangible fixed assets -€15,258
down €15,258 (-27.4%), from €55,620 to €40,362
of which Leasing and similar rights: -€9,387
Equity and liabilities
- Other debts +€288,926
new in 2025: €288,926
- Reserves -€253,672
down €253,672 (-97.8%), from €259,294 to €5,622
- Tax, wage and social debts -€10,089
down €10,089 (-16.3%), from €62,080 to €51,990
- Debts after one year -€9,692
down €9,692 (-41.3%), from €23,459 to €13,767
Income statement
- Gross operating margin +€41,875
up €41,875 (+37.6%), from €111,490 to €153,364
- Taxes +€16,597
up €16,597 (+79.9%), from €20,776 to €37,372
- Financial income +€3,500
up €3,500 (+109%), from €3,220 to €6,720
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€76,616
Gross operating margin
+€41,875
Depreciation
-€261
Other operating charges
-€78
Financial income
+€3,500
Financial charges
+€566
Taxes
-€16,597
Result 2025
€105,622
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€397,545
Investment
+€113,042
Financing
-€368,474
Cash 2024
€140,737
From operations (derived)
+€397,545
Net result for the year
+€105,622
Depreciation
+€15,258
Receivables within one year
-€1,371
Deferred charges and accrued income
+€1,178
Trade debts
-€1,638
Tax, wage and social debts
-€10,089
Other debts
+€288,926
Accrued charges and deferred income
-€341
Investment (derived)
+€113,042
Current investments
+€113,042
Financing
-€368,474
Debts after one year
-€9,692
Current portion of long-term debt
+€382
Short-term financial debts
+€129
Contributions, distributions and other
-€359,294
Cash 2025
€282,849
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €361,630 | €375,635 | +€14,005 | +3.9% |
| Fixed assets | 21/28 | €55,620 | €40,362 | -€15,258 | -27.4% |
| Tangible fixed assets | 22/27 | €55,620 | €40,362 | -€15,258 | -27.4% |
| Furniture and vehicles | 24 | €18,404 | €13,114 | -€5,290 | -28.7% |
| Leasing and similar rights | 25 | €32,768 | €23,381 | -€9,387 | -28.6% |
| Other tangible fixed assets | 26 | €4,448 | €3,867 | -€581 | -13.1% |
| Current assets | 29/58 | €306,010 | €335,273 | +€29,263 | +9.6% |
| Amounts receivable within one year | 40/41 | €2,733 | €4,105 | +€1,371 | +50.2% |
| Trade receivables | 40 | €0 | €4,105 | +€4,105 | |
| Other amounts receivable | 41 | €2,733 | €0 | -€2,733 | -100% |
| Current investments | 50/53 | €160,000 | €46,958 | -€113,042 | -70.7% |
| Cash at bank and in hand | 54/58 | €140,737 | €282,849 | +€142,113 | +101% |
| Deferred charges and accrued income | 490/1 | €2,540 | €1,361 | -€1,178 | -46.4% |
| Total equity and liabilities | 10/49 | €361,630 | €375,635 | +€14,005 | +3.9% |
| Equity | 10/15 | €264,294 | €10,622 | -€253,672 | -96.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €259,294 | €5,622 | -€253,672 | -97.8% |
| Distributable reserves | 133 | €259,294 | €5,622 | -€253,672 | -97.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €97,336 | €365,013 | +€267,677 | +275% |
| Amounts payable after more than one year | 17 | €23,459 | €13,767 | -€9,692 | -41.3% |
| Financial debts | 170/4 | €23,459 | €13,767 | -€9,692 | -41.3% |
| Amounts payable within one year | 42/48 | €73,537 | €351,246 | +€277,709 | +378% |
| Current portion of amounts payable after more than one year | 42 | €9,309 | €9,692 | +€382 | +4.1% |
| Financial debts | 43 | €123 | €252 | +€129 | +104% |
| Credit institutions | 430/8 | €123 | €252 | +€129 | +104% |
| Trade debts | 44 | €2,024 | €386 | -€1,638 | -80.9% |
| Suppliers | 440/4 | €2,024 | €386 | -€1,638 | -80.9% |
| Taxes, remuneration and social security | 45 | €62,080 | €51,990 | -€10,089 | -16.3% |
| Taxes | 450/3 | €62,080 | €51,990 | -€10,089 | -16.3% |
| Other amounts payable | 47/48 | - | €288,926 | +€288,926 | |
| Accrued charges and deferred income | 492/3 | €341 | €0 | -€341 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,997 | €15,258 | +€261 | +1.7% |
| Other operating charges | 640/8 | €513 | €591 | +€78 | +15.2% |
| Gross operating margin | 9900 | €111,490 | €153,364 | +€41,875 | +37.6% |
| Operating profit (loss) | 9901 | €95,979 | €137,515 | +€41,536 | +43.3% |
| Financial income | 75/76B | €3,220 | €6,720 | +€3,500 | +109% |
| Recurring financial income | 75 | €3,220 | €6,720 | +€3,500 | +109% |
| Financial charges | 65/66B | €1,806 | €1,241 | -€566 | -31.3% |
| Recurring financial charges | 65 | €1,806 | €1,241 | -€566 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €97,392 | €142,994 | +€45,602 | +46.8% |
| Income taxes | 67/77 | €20,776 | €37,372 | +€16,597 | +79.9% |
| Profit (loss) for the period | 9904 | €76,616 | €105,622 | +€29,005 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,616 | €105,622 | +€29,005 | +37.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.