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
- Cash -€96,704
down €96,704 (-37.7%), from €256,210 to €159,506
mainly Contributions, distributions and other (-€77,568) and Receivables within one year (-€36,329)
- Receivables within one year +€36,329
up €36,329 (+183%), from €19,825 to €56,154
of which Trade receivables: +€31,103
- Stocks and contracts +€19,917
up €19,917 (+39.7%), from €50,218 to €70,135
- Other debts -€32,401
down €32,401 (-26.1%), from €124,224 to €91,823
- Tax, wage and social debts -€9,209
down €9,209 (-39.5%), from €23,304 to €14,095
of which Taxes: -€12,400
- Gross operating margin -€64,347
down €64,347 (-28.9%), from €222,797 to €158,450
- Taxes -€15,229
down €15,229 (-27.6%), from €55,238 to €40,009
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 | €644,253 | €606,359 | -€37,894 | -5.9% |
| Fixed assets | 21/28 | €312,395 | €314,723 | +€2,329 | +0.7% |
| Tangible fixed assets | 22/27 | €312,395 | €314,723 | +€2,329 | +0.7% |
| Land and buildings | 22 | €255,642 | €248,355 | -€7,287 | -2.9% |
| Plant, machinery and equipment | 23 | €49,430 | €66,368 | +€16,938 | +34.3% |
| Furniture and vehicles | 24 | €7,322 | €0 | -€7,322 | -100% |
| Current assets | 29/58 | €331,859 | €291,636 | -€40,223 | -12.1% |
| Stocks and contracts in progress | 3 | €50,218 | €70,135 | +€19,917 | +39.7% |
| Stocks | 30/36 | €50,218 | €70,135 | +€19,917 | +39.7% |
| Amounts receivable within one year | 40/41 | €19,825 | €56,154 | +€36,329 | +183% |
| Trade receivables | 40 | €19,825 | €50,928 | +€31,103 | +157% |
| Other amounts receivable | 41 | - | €5,226 | +€5,226 | |
| Cash at bank and in hand | 54/58 | €256,210 | €159,506 | -€96,704 | -37.7% |
| Deferred charges and accrued income | 490/1 | €5,605 | €5,841 | +€236 | +4.2% |
| Total equity and liabilities | 10/49 | €644,253 | €606,359 | -€37,894 | -5.9% |
| Equity | 10/15 | €489,290 | €494,857 | +€5,567 | +1.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €483,085 | €488,652 | +€5,567 | +1.2% |
| Tax-exempt reserves | 132 | €6,692 | €4,442 | -€2,250 | -33.6% |
| Distributable reserves | 133 | €476,393 | €484,210 | +€7,817 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,231 | €1,481 | -€750 | -33.6% |
| Deferred taxes | 168 | €2,231 | €1,481 | -€750 | -33.6% |
| Amounts payable | 17/49 | €152,732 | €110,022 | -€42,711 | -28.0% |
| Amounts payable within one year | 42/48 | €150,627 | €109,322 | -€41,306 | -27.4% |
| Trade debts | 44 | €3,100 | €3,404 | +€304 | +9.8% |
| Suppliers | 440/4 | €3,100 | €3,404 | +€304 | +9.8% |
| Taxes, remuneration and social security | 45 | €23,304 | €14,095 | -€9,209 | -39.5% |
| Taxes | 450/3 | €23,304 | €10,904 | -€12,400 | -53.2% |
| Remuneration and social security | 454/9 | - | €3,191 | +€3,191 | |
| Other amounts payable | 47/48 | €124,224 | €91,823 | -€32,401 | -26.1% |
| Accrued charges and deferred income | 492/3 | €2,105 | €700 | -€1,405 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,791 | €32,972 | +€1,181 | +3.7% |
| Other operating charges | 640/8 | €2,712 | €2,851 | +€140 | +5.1% |
| Gross operating margin | 9900 | €222,797 | €158,450 | -€64,347 | -28.9% |
| Operating profit (loss) | 9901 | €188,294 | €122,626 | -€65,668 | -34.9% |
| Financial income | 75/76B | €402 | €600 | +€198 | +49.1% |
| Recurring financial income | 75 | €402 | €600 | +€198 | +49.1% |
| Financial charges | 65/66B | €2,030 | €833 | -€1,196 | -58.9% |
| Recurring financial charges | 65 | €2,030 | €833 | -€1,196 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €186,667 | €122,393 | -€64,274 | -34.4% |
| Transfer from deferred taxes | 780 | €750 | €750 | = | 0.0% |
| Income taxes | 67/77 | €55,238 | €40,009 | -€15,229 | -27.6% |
| Profit (loss) for the period | 9904 | €132,179 | €83,134 | -€49,044 | -37.1% |
| Transfer from tax-exempt reserves | 789 | €2,250 | €2,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €134,429 | €85,384 | -€49,044 | -36.5% |
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 25 October 2026 via checked.be.