OLIVIER DE KEYSER: 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.
OLIVIER DE KEYSER
Largest movements
- Tangible fixed assets -€16,592
down €16,592 (-21.4%), from €77,362 to €60,770
of which Furniture and vehicles: -€16,470
- Cash -€7,735
down €7,735 (-68.4%), from €11,317 to €3,582
mainly Debts after one year (-€13,910) and Trade debts (-€7,467)
- Receivables within one year +€4,826
up €4,826 (+7.7%), from €62,712 to €67,539
of which Other amounts receivable: +€12,260
- Debts after one year -€13,910
down €13,910 (-32.5%), from €42,769 to €28,859
- Trade debts -€7,467
down €7,467 (-97.5%), from €7,661 to €194
- Gross operating margin -€19,217
down €19,217 (-42.7%), from €45,007 to €25,790
- Depreciation +€6,716
up €6,716 (+60.4%), from €11,115 to €17,831
- Taxes -€4,495
down €4,495 (-59.3%), from €7,583 to €3,087
- Other operating charges -€1,771
down €1,771 (-42.7%), from €4,152 to €2,381
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 | €152,899 | €132,407 | -€20,492 | -13.4% |
| Fixed assets | 21/28 | €77,362 | €60,770 | -€16,592 | -21.4% |
| Tangible fixed assets | 22/27 | €77,362 | €60,770 | -€16,592 | -21.4% |
| Furniture and vehicles | 24 | €77,240 | €60,770 | -€16,470 | -21.3% |
| Other tangible fixed assets | 26 | €122 | - | -€122 | |
| Current assets | 29/58 | €75,538 | €71,638 | -€3,900 | -5.2% |
| Amounts receivable within one year | 40/41 | €62,712 | €67,539 | +€4,826 | +7.7% |
| Trade receivables | 40 | €27,790 | €20,357 | -€7,434 | -26.7% |
| Other amounts receivable | 41 | €34,922 | €47,182 | +€12,260 | +35.1% |
| Cash at bank and in hand | 54/58 | €11,317 | €3,582 | -€7,735 | -68.4% |
| Deferred charges and accrued income | 490/1 | €1,508 | €517 | -€991 | -65.7% |
| Total equity and liabilities | 10/49 | €152,899 | €132,407 | -€20,492 | -13.4% |
| Equity | 10/15 | €79,657 | €79,539 | -€118 | -0.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €56,493 | €56,493 | = | 0.0% |
| Distributable reserves | 133 | €56,493 | €56,493 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,966 | €16,849 | -€118 | -0.7% |
| Amounts payable | 17/49 | €73,243 | €52,868 | -€20,374 | -27.8% |
| Amounts payable after more than one year | 17 | €42,769 | €28,859 | -€13,910 | -32.5% |
| Financial debts | 170/4 | €42,769 | €28,859 | -€13,910 | -32.5% |
| Amounts payable within one year | 42/48 | €30,473 | €24,009 | -€6,464 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €13,373 | €13,910 | +€538 | +4.0% |
| Trade debts | 44 | €7,661 | €194 | -€7,467 | -97.5% |
| Suppliers | 440/4 | €7,661 | €194 | -€7,467 | -97.5% |
| Taxes, remuneration and social security | 45 | €9,439 | €9,904 | +€465 | +4.9% |
| Taxes | 450/3 | €9,439 | €9,904 | +€465 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,115 | €17,831 | +€6,716 | +60.4% |
| Other operating charges | 640/8 | €4,152 | €2,381 | -€1,771 | -42.7% |
| Gross operating margin | 9900 | €45,007 | €25,790 | -€19,217 | -42.7% |
| Operating profit (loss) | 9901 | €29,740 | €5,578 | -€24,162 | -81.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €2,532 | €2,609 | +€77 | +3.0% |
| Recurring financial charges | 65 | €2,532 | €2,609 | +€77 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €27,208 | €2,970 | -€24,238 | -89.1% |
| Income taxes | 67/77 | €7,583 | €3,087 | -€4,495 | -59.3% |
| Profit (loss) for the period | 9904 | €19,625 | -€118 | -€19,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,625 | -€118 | -€19,743 |
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 30 October 2026 via checked.be.