Steven Keirse: 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.
Steven Keirse
Largest movements
- Cash -€2,689
down €2,689 (-16.3%), from €16,454 to €13,765
mainly Contributions, distributions and other (-€47,382) and Investment in fixed assets (net) (-€5,495)
- Receivables within one year +€978
up €978 (+3.1%), from €31,976 to €32,954
of which Trade receivables: +€2,181
- Tax, wage and social debts -€3,212
down €3,212 (-13.4%), from €24,018 to €20,806
- Other debts +€2,227
up €2,227 (+6.9%), from €32,437 to €34,664
- Gross operating margin -€4,974
down €4,974 (-7.0%), from €70,945 to €65,971
- Depreciation +€1,678
up €1,678 (+53.0%), from €3,168 to €4,846
- Taxes -€1,230
down €1,230 (-8.8%), from €13,983 to €12,753
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 | €76,513 | €75,470 | -€1,043 | -1.4% |
| Fixed assets | 21/28 | €27,116 | €27,765 | +€649 | +2.4% |
| Tangible fixed assets | 22/27 | €27,116 | €27,765 | +€649 | +2.4% |
| Plant, machinery and equipment | 23 | €24,370 | €25,417 | +€1,047 | +4.3% |
| Furniture and vehicles | 24 | €2,746 | €2,348 | -€398 | -14.5% |
| Current assets | 29/58 | €49,398 | €47,705 | -€1,692 | -3.4% |
| Amounts receivable within one year | 40/41 | €31,976 | €32,954 | +€978 | +3.1% |
| Trade receivables | 40 | €30,438 | €32,619 | +€2,181 | +7.2% |
| Other amounts receivable | 41 | €1,538 | €335 | -€1,203 | -78.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €16,454 | €13,765 | -€2,689 | -16.3% |
| Deferred charges and accrued income | 490/1 | €968 | €986 | +€19 | +1.9% |
| Total equity and liabilities | 10/49 | €76,513 | €75,470 | -€1,043 | -1.4% |
| Equity | 10/15 | €20,000 | €20,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,513 | €55,470 | -€1,043 | -1.8% |
| Amounts payable within one year | 42/48 | €56,513 | €55,470 | -€1,043 | -1.8% |
| Trade debts | 44 | €59 | €0 | -€59 | -100% |
| Suppliers | 440/4 | €59 | €0 | -€59 | -100% |
| Taxes, remuneration and social security | 45 | €24,018 | €20,806 | -€3,212 | -13.4% |
| Taxes | 450/3 | €24,018 | €20,806 | -€3,212 | -13.4% |
| Other amounts payable | 47/48 | €32,437 | €34,664 | +€2,227 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,168 | €4,846 | +€1,678 | +53.0% |
| Other operating charges | 640/8 | €1,481 | €1,120 | -€361 | -24.4% |
| Gross operating margin | 9900 | €70,945 | €65,971 | -€4,974 | -7.0% |
| Operating profit (loss) | 9901 | €66,297 | €60,005 | -€6,292 | -9.5% |
| Financial income | 75/76B | €670 | €201 | -€469 | -70.0% |
| Recurring financial income | 75 | €670 | €201 | -€469 | -70.0% |
| Financial charges | 65/66B | €238 | €71 | -€167 | -70.1% |
| Recurring financial charges | 65 | €238 | €71 | -€167 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €66,730 | €60,135 | -€6,594 | -9.9% |
| Income taxes | 67/77 | €13,983 | €12,753 | -€1,230 | -8.8% |
| Profit (loss) for the period | 9904 | €52,747 | €47,382 | -€5,365 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,747 | €47,382 | -€5,365 | -10.2% |
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.