Van de Keere: 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.
Van de Keere
Largest movements
- Receivables within one year +€54,918
up €54,918 (+31.9%), from €171,902 to €226,820
of which Other amounts receivable: +€67,093
- Cash -€22,385
down €22,385 (-63.3%), from €35,369 to €12,983
mainly Receivables within one year (-€54,918) and Trade debts (-€26,013)
- Stocks and contracts -€17,618
down €17,618 (-16.2%), from €109,057 to €91,439
- Deferred charges and accrued income -€8,541
down €8,541 (-73.1%), from €11,684 to €3,143
- Trade debts -€26,013
down €26,013 (-24.2%), from €107,309 to €81,296
- Reserves +€23,087
up €23,087 (+18.2%), from €126,764 to €149,850
of which Distributable reserves: +€23,087
- Tax, wage and social debts -€19,732
down €19,732 (-98.0%), from €20,125 to €393
of which Taxes: -€15,464
- Debts after one year +€16,782
up €16,782 (+87.0%), from €19,288 to €36,070
- Current portion of long-term debt +€12,227
up €12,227 (+57.8%), from €21,163 to €33,390
- Gross operating margin -€43,946
down €43,946 (-56.7%), from €77,477 to €33,532
- Taxes -€11,221
down €11,221 (-59.7%), from €18,788 to €7,568
- Financial charges +€2,227
up €2,227 (+82.0%), from €2,717 to €4,944
- Depreciation -€1,080
down €1,080 (-17.6%), from €6,125 to €5,045
- Other operating charges -€982
down €982 (-35.1%), from €2,797 to €1,815
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 | €360,367 | €366,717 | +€6,350 | +1.8% |
| Fixed assets | 21/28 | €32,355 | €32,331 | -€24 | -0.1% |
| Tangible fixed assets | 22/27 | €31,355 | €31,331 | -€24 | -0.1% |
| Land and buildings | 22 | €17,005 | €15,224 | -€1,781 | -10.5% |
| Plant, machinery and equipment | 23 | €12,620 | €15,605 | +€2,985 | +23.7% |
| Furniture and vehicles | 24 | €1,731 | €502 | -€1,228 | -71.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €328,012 | €334,385 | +€6,374 | +1.9% |
| Stocks and contracts in progress | 3 | €109,057 | €91,439 | -€17,618 | -16.2% |
| Stocks | 30/36 | €109,057 | €91,439 | -€17,618 | -16.2% |
| Amounts receivable within one year | 40/41 | €171,902 | €226,820 | +€54,918 | +31.9% |
| Trade receivables | 40 | €32,550 | €20,375 | -€12,175 | -37.4% |
| Other amounts receivable | 41 | €139,352 | €206,445 | +€67,093 | +48.1% |
| Cash at bank and in hand | 54/58 | €35,369 | €12,983 | -€22,385 | -63.3% |
| Deferred charges and accrued income | 490/1 | €11,684 | €3,143 | -€8,541 | -73.1% |
| Total equity and liabilities | 10/49 | €360,367 | €366,717 | +€6,350 | +1.8% |
| Equity | 10/15 | €188,764 | €211,850 | +€23,087 | +12.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €126,764 | €149,850 | +€23,087 | +18.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €120,564 | €143,650 | +€23,087 | +19.1% |
| Provisions and deferred taxes | 16 | €3,718 | €3,718 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,718 | €3,718 | = | 0.0% |
| Pensions and similar obligations | 160 | €3,718 | €3,718 | = | 0.0% |
| Amounts payable | 17/49 | €167,885 | €151,148 | -€16,736 | -10.0% |
| Amounts payable after more than one year | 17 | €19,288 | €36,070 | +€16,782 | +87.0% |
| Financial debts | 170/4 | €19,288 | €36,070 | +€16,782 | +87.0% |
| Amounts payable within one year | 42/48 | €148,597 | €115,079 | -€33,518 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €21,163 | €33,390 | +€12,227 | +57.8% |
| Trade debts | 44 | €107,309 | €81,296 | -€26,013 | -24.2% |
| Suppliers | 440/4 | €107,309 | €81,296 | -€26,013 | -24.2% |
| Taxes, remuneration and social security | 45 | €20,125 | €393 | -€19,732 | -98.0% |
| Taxes | 450/3 | €15,857 | €393 | -€15,464 | -97.5% |
| Remuneration and social security | 454/9 | €4,268 | - | -€4,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,125 | €5,045 | -€1,080 | -17.6% |
| Other operating charges | 640/8 | €2,797 | €1,815 | -€982 | -35.1% |
| Gross operating margin | 9900 | €77,477 | €33,532 | -€43,946 | -56.7% |
| Operating profit (loss) | 9901 | €68,556 | €26,673 | -€41,883 | -61.1% |
| Financial income | 75/76B | €8,895 | €8,926 | +€31 | +0.4% |
| Recurring financial income | 75 | €8,895 | €8,926 | +€31 | +0.4% |
| Financial charges | 65/66B | €2,717 | €4,944 | +€2,227 | +82.0% |
| Recurring financial charges | 65 | €2,717 | €4,944 | +€2,227 | +82.0% |
| Profit (loss) for the period before taxes | 9903 | €74,733 | €30,654 | -€44,079 | -59.0% |
| Income taxes | 67/77 | €18,788 | €7,568 | -€11,221 | -59.7% |
| Profit (loss) for the period | 9904 | €55,945 | €23,087 | -€32,858 | -58.7% |
| Transfer from tax-exempt reserves | 789 | €14,516 | - | -€14,516 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,461 | €23,087 | -€47,374 | -67.2% |
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 17 October 2026 via checked.be.