't KEYSERKE: 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.
't KEYSERKE
Largest movements
- Receivables within one year -€54,889
down €54,889 (-36.6%), from €149,914 to €95,025
of which Trade receivables: -€34,289
- Stocks and contracts +€50,529
up €50,529 (+772%), from €6,542 to €57,071
- Tangible fixed assets +€21,509
up €21,509 (+55.5%), from €38,754 to €60,263
of which Other tangible fixed assets: +€26,319
- Cash +€6,945
up €6,945 (+7.3%), from €94,915 to €101,860
mainly Receivables within one year (+€54,889) and Net result for the year (+€42,496)
- Reserves +€42,496
up €42,496 (+18.4%), from €230,603 to €273,099
- Short-term financial debts -€22,000
no longer reported in 2025 (was €22,000)
- Trade debts +€5,670
up €5,670 (+71.7%), from €7,907 to €13,577
- Gross operating margin -€2,746
down €2,746 (-1.8%), from €155,025 to €152,279
- Taxes -€2,100
down €2,100 (-9.2%), from €22,934 to €20,834
- Staff costs +€1,900
up €1,900 (+3.6%), from €52,455 to €54,356
- Depreciation +€1,828
up €1,828 (+22.3%), from €8,195 to €10,023
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 | €292,945 | €317,281 | +€24,336 | +8.3% |
| Fixed assets | 21/28 | €38,754 | €60,263 | +€21,509 | +55.5% |
| Tangible fixed assets | 22/27 | €38,754 | €60,263 | +€21,509 | +55.5% |
| Plant, machinery and equipment | 23 | €31,510 | €25,229 | -€6,281 | -19.9% |
| Furniture and vehicles | 24 | €3,504 | €4,974 | +€1,471 | +42.0% |
| Other tangible fixed assets | 26 | €3,741 | €30,060 | +€26,319 | +704% |
| Current assets | 29/58 | €254,191 | €257,018 | +€2,827 | +1.1% |
| Stocks and contracts in progress | 3 | €6,542 | €57,071 | +€50,529 | +772% |
| Stocks | 30/36 | €6,542 | €57,071 | +€50,529 | +772% |
| Amounts receivable within one year | 40/41 | €149,914 | €95,025 | -€54,889 | -36.6% |
| Trade receivables | 40 | €43,136 | €8,847 | -€34,289 | -79.5% |
| Other amounts receivable | 41 | €106,778 | €86,179 | -€20,600 | -19.3% |
| Cash at bank and in hand | 54/58 | €94,915 | €101,860 | +€6,945 | +7.3% |
| Deferred charges and accrued income | 490/1 | €2,819 | €3,062 | +€242 | +8.6% |
| Total equity and liabilities | 10/49 | €292,945 | €317,281 | +€24,336 | +8.3% |
| Equity | 10/15 | €250,603 | €293,099 | +€42,496 | +17.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €230,603 | €273,099 | +€42,496 | +18.4% |
| Distributable reserves | 133 | €230,603 | €273,099 | +€42,496 | +18.4% |
| Amounts payable | 17/49 | €42,342 | €24,182 | -€18,160 | -42.9% |
| Amounts payable within one year | 42/48 | €42,342 | €24,182 | -€18,160 | -42.9% |
| Financial debts | 43 | €22,000 | - | -€22,000 | |
| Credit institutions | 430/8 | €22,000 | - | -€22,000 | |
| Trade debts | 44 | €7,907 | €13,577 | +€5,670 | +71.7% |
| Suppliers | 440/4 | €7,907 | €13,577 | +€5,670 | +71.7% |
| Taxes, remuneration and social security | 45 | €12,435 | €10,605 | -€1,830 | -14.7% |
| Taxes | 450/3 | €4,835 | €4,461 | -€375 | -7.7% |
| Remuneration and social security | 454/9 | €7,599 | €6,144 | -€1,455 | -19.1% |
| Remuneration, social security and pensions | 62 | €52,455 | €54,356 | +€1,900 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,195 | €10,023 | +€1,828 | +22.3% |
| Other operating charges | 640/8 | €2,686 | €3,419 | +€733 | +27.3% |
| Non-recurring operating charges | 66A | €23 | - | -€23 | |
| Gross operating margin | 9900 | €155,025 | €152,279 | -€2,746 | -1.8% |
| Operating profit (loss) | 9901 | €91,665 | €84,481 | -€7,184 | -7.8% |
| Financial income | 75/76B | €160 | €3 | -€158 | -98.3% |
| Recurring financial income | 75 | €160 | €3 | -€158 | -98.3% |
| Financial charges | 65/66B | €21,717 | €21,154 | -€564 | -2.6% |
| Recurring financial charges | 65 | €21,717 | €21,154 | -€564 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €70,108 | €63,330 | -€6,777 | -9.7% |
| Income taxes | 67/77 | €22,934 | €20,834 | -€2,100 | -9.2% |
| Profit (loss) for the period | 9904 | €47,174 | €42,496 | -€4,678 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,174 | €42,496 | -€4,678 | -9.9% |
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 21 October 2026 via checked.be.