THE KEYS MANAGEMENT: 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.
THE KEYS MANAGEMENT
Largest movements
- Receivables within one year -€189,466
down €189,466 (-57.5%), from €329,297 to €139,831
of which Trade receivables: -€194,750
- Intangible fixed assets -€40,395
down €40,395 (-24.7%), from €163,483 to €123,088
- Other debts +€178,489
up €178,489 (+56.0%), from €318,889 to €497,378
- Profit (loss) carried forward -€144,723
down €144,723 (-56.8%), from €254,589 to €109,866
- Current portion of long-term debt -€125,619
down €125,619 (-57.0%), from €220,196 to €94,577
- Debts after one year -€85,743
no longer reported in 2025 (was €85,743)
- Trade debts -€39,535
down €39,535 (-6.0%), from €658,534 to €618,999
- Gross operating margin -€415,663
down €415,663 (-36.6%), from €1.1m to €719,326
- Staff costs -€184,246
down €184,246 (-18.9%), from €973,253 to €789,007
- Taxes -€40,363
down €40,363 (-95.7%), from €42,159 to €1,796
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 | €1,714,240 | €1,480,468 | -€233,772 | -13.6% |
| Fixed assets | 21/28 | €1,332,823 | €1,279,615 | -€53,208 | -4.0% |
| Intangible fixed assets | 21 | €163,483 | €123,088 | -€40,395 | -24.7% |
| Tangible fixed assets | 22/27 | €24,684 | €19,856 | -€4,827 | -19.6% |
| Furniture and vehicles | 24 | €4,469 | €2,354 | -€2,115 | -47.3% |
| Other tangible fixed assets | 26 | €20,215 | €17,502 | -€2,713 | -13.4% |
| Financial fixed assets | 28 | €1,144,656 | €1,136,670 | -€7,986 | -0.7% |
| Current assets | 29/58 | €381,417 | €200,853 | -€180,564 | -47.3% |
| Amounts receivable within one year | 40/41 | €329,297 | €139,831 | -€189,466 | -57.5% |
| Trade receivables | 40 | €329,297 | €134,547 | -€194,750 | -59.1% |
| Other amounts receivable | 41 | - | €5,284 | +€5,284 | |
| Cash at bank and in hand | 54/58 | €35,652 | €50,384 | +€14,732 | +41.3% |
| Deferred charges and accrued income | 490/1 | €16,467 | €10,638 | -€5,829 | -35.4% |
| Total equity and liabilities | 10/49 | €1,714,240 | €1,480,468 | -€233,772 | -13.6% |
| Equity | 10/15 | €276,589 | €131,866 | -€144,723 | -52.3% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €254,589 | €109,866 | -€144,723 | -56.8% |
| Amounts payable | 17/49 | €1,437,651 | €1,348,602 | -€89,049 | -6.2% |
| Amounts payable after more than one year | 17 | €85,743 | - | -€85,743 | |
| Financial debts | 170/4 | €85,743 | - | -€85,743 | |
| Amounts payable within one year | 42/48 | €1,351,908 | €1,348,602 | -€3,306 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €220,196 | €94,577 | -€125,619 | -57.0% |
| Trade debts | 44 | €658,534 | €618,999 | -€39,535 | -6.0% |
| Suppliers | 440/4 | €658,534 | €618,999 | -€39,535 | -6.0% |
| Taxes, remuneration and social security | 45 | €154,289 | €137,648 | -€16,641 | -10.8% |
| Taxes | 450/3 | €82,665 | €41,993 | -€40,671 | -49.2% |
| Remuneration and social security | 454/9 | €71,624 | €95,655 | +€24,030 | +33.6% |
| Other amounts payable | 47/48 | €318,889 | €497,378 | +€178,489 | +56.0% |
| Remuneration, social security and pensions | 62 | €973,253 | €789,007 | -€184,246 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,263 | €45,222 | -€41 | -0.1% |
| Other operating charges | 640/8 | €3,468 | €14,010 | +€10,543 | +304% |
| Gross operating margin | 9900 | €1,134,989 | €719,326 | -€415,663 | -36.6% |
| Operating profit (loss) | 9901 | €113,006 | -€128,914 | -€241,919 | |
| Financial income | 75/76B | €149 | €30 | -€118 | -79.6% |
| Recurring financial income | 75 | €149 | €30 | -€118 | -79.6% |
| Financial charges | 65/66B | €20,244 | €14,044 | -€6,200 | -30.6% |
| Recurring financial charges | 65 | €20,244 | €14,044 | -€6,200 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €92,910 | -€142,928 | -€235,838 | |
| Income taxes | 67/77 | €42,159 | €1,796 | -€40,363 | -95.7% |
| Profit (loss) for the period | 9904 | €50,751 | -€144,723 | -€195,475 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,751 | -€144,723 | -€195,475 |
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 31 October 2026 via checked.be.