Robert Keuleers: what changed
Two fiscal 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.
Robert Keuleers
Largest movements
- Cash +€257
up €257 (+369.3%), from €70 to €327
mainly Other debts (+€1,566) and Receivables within one year (+€16)
- Other debts +€1,566
up €1,566 (+314.8%), from €497 to €2,063
- Reserves -€1,325
down €1,325 (-29.5%), from €4,490 to €3,165
of which Distributable reserves: -€1,325
- Taxes +€925
new in 2025: €925
- Other operating charges -€326
down €326 (-41.2%), from €791 to €465
- Gross operating margin +€44
up €44 (+25.0%), from €175 to €218
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.
Cash bridge derived
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 | €11,184 | €11,425 | +€241 | +2.2% |
| Current assets | 29/58 | €11,184 | €11,425 | +€241 | +2.2% |
| Amounts receivable within one year | 40/41 | €16 | - | -€16 | |
| Other amounts receivable | 41 | €16 | - | -€16 | |
| Cash at bank and in hand | 54/58 | €70 | €327 | +€257 | +369.3% |
| Deferred charges and accrued income | 490/1 | €11,098 | €11,098 | = | 0.0% |
| Total equity and liabilities | 10/49 | €11,184 | €11,425 | +€241 | +2.2% |
| Equity | 10/15 | €10,687 | €9,362 | -€1,325 | -12.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €4,490 | €3,165 | -€1,325 | -29.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €2,630 | €1,305 | -€1,325 | -50.4% |
| Amounts payable | 17/49 | €497 | €2,063 | +€1,566 | +314.8% |
| Amounts payable within one year | 42/48 | €497 | €2,063 | +€1,566 | +314.8% |
| Other amounts payable | 47/48 | €497 | €2,063 | +€1,566 | +314.8% |
| Other operating charges | 640/8 | €791 | €465 | -€326 | -41.2% |
| Gross operating margin | 9900 | €175 | €218 | +€44 | +25.0% |
| Operating profit (loss) | 9901 | -€617 | -€247 | +€370 | +59.9% |
| Financial charges | 65/66B | €154 | €153 | -€0 | -0.3% |
| Recurring financial charges | 65 | €154 | €153 | -€0 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€770 | -€400 | +€370 | +48.0% |
| Income taxes | 67/77 | - | €925 | +€925 | |
| Profit (loss) for the period | 9904 | -€770 | -€1,325 | -€555 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€770 | -€1,325 | -€555 | -72.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.