VAN DE KEERE-TRINQUET: 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-TRINQUET
Largest movements
- Receivables within one year +€164,659
up €164,659 (+24.6%), from €668,687 to €833,346
of which Trade receivables: +€253,611
- Cash -€129,401
down €129,401 (-23.0%), from €563,832 to €434,432
mainly Contributions, distributions and other (-€279,471) and Receivables within one year (-€164,659)
- Financial fixed assets +€93,101
new in 2025: €93,101
- Tangible fixed assets -€70,716
down €70,716 (-14.0%), from €506,021 to €435,305
of which Plant, machinery and equipment: -€39,238
- Other debts +€349,896
up €349,896 (+21,226%), from €1,648 to €351,544
- Reserves -€228,275
down €228,275 (-16.6%), from €1.4m to €1.1m
of which Distributable reserves: -€224,226
- Tax, wage and social debts -€43,939
down €43,939 (-43.1%), from €101,899 to €57,960
of which Remuneration and social security: -€29,404
- Debts after one year -€29,813
down €29,813 (-16.3%), from €183,269 to €153,457
- Gross operating margin -€400,498
down €400,498 (-79.7%), from €502,747 to €102,248
- Staff costs -€247,063
down €247,063, from €226,873 to -€20,190
- Taxes -€45,122
down €45,122 (-59.6%), from €75,662 to €30,540
- Depreciation -€11,550
down €11,550 (-19.3%), from €59,792 to €48,242
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 | €1,821,261 | €1,874,428 | +€53,168 | +2.9% |
| Fixed assets | 21/28 | €506,021 | €528,406 | +€22,385 | +4.4% |
| Tangible fixed assets | 22/27 | €506,021 | €435,305 | -€70,716 | -14.0% |
| Land and buildings | 22 | €375,914 | €356,603 | -€19,311 | -5.1% |
| Plant, machinery and equipment | 23 | €65,789 | €26,551 | -€39,238 | -59.6% |
| Furniture and vehicles | 24 | €64,318 | €45,651 | -€18,667 | -29.0% |
| Other tangible fixed assets | 26 | - | €6,500 | +€6,500 | |
| Financial fixed assets | 28 | - | €93,101 | +€93,101 | |
| Current assets | 29/58 | €1,315,240 | €1,346,022 | +€30,783 | +2.3% |
| Amounts receivable within one year | 40/41 | €668,687 | €833,346 | +€164,659 | +24.6% |
| Trade receivables | 40 | €49,270 | €302,880 | +€253,611 | +515% |
| Other amounts receivable | 41 | €619,417 | €530,465 | -€88,952 | -14.4% |
| Current investments | 50/53 | €75,896 | €75,896 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €563,832 | €434,432 | -€129,401 | -23.0% |
| Deferred charges and accrued income | 490/1 | €6,824 | €2,349 | -€4,475 | -65.6% |
| Total equity and liabilities | 10/49 | €1,821,261 | €1,874,428 | +€53,168 | +2.9% |
| Equity | 10/15 | €1,480,076 | €1,251,802 | -€228,275 | -15.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,373,871 | €1,145,596 | -€228,275 | -16.6% |
| Tax-exempt reserves | 132 | €96,965 | €92,916 | -€4,049 | -4.2% |
| Distributable reserves | 133 | €1,276,906 | €1,052,680 | -€224,226 | -17.6% |
| Profit (loss) carried forward | 14 | €100,000 | €100,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €15,304 | €14,291 | -€1,012 | -6.6% |
| Deferred taxes | 168 | €15,304 | €14,291 | -€1,012 | -6.6% |
| Amounts payable | 17/49 | €325,881 | €608,336 | +€282,455 | +86.7% |
| Amounts payable after more than one year | 17 | €183,269 | €153,457 | -€29,813 | -16.3% |
| Financial debts | 170/4 | €183,269 | €153,457 | -€29,813 | -16.3% |
| Amounts payable within one year | 42/48 | €142,611 | €444,279 | +€301,668 | +212% |
| Current portion of amounts payable after more than one year | 42 | €29,008 | €29,813 | +€805 | +2.8% |
| Trade debts | 44 | €10,056 | €4,962 | -€5,094 | -50.7% |
| Suppliers | 440/4 | €10,056 | €4,962 | -€5,094 | -50.7% |
| Taxes, remuneration and social security | 45 | €101,899 | €57,960 | -€43,939 | -43.1% |
| Taxes | 450/3 | €72,495 | €57,960 | -€14,535 | -20.0% |
| Remuneration and social security | 454/9 | €29,404 | €0 | -€29,404 | -100% |
| Other amounts payable | 47/48 | €1,648 | €351,544 | +€349,896 | +21,226% |
| Accrued charges and deferred income | 492/3 | - | €10,600 | +€10,600 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €226,873 | -€20,190 | -€247,063 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,792 | €48,242 | -€11,550 | -19.3% |
| Other operating charges | 640/8 | €7,425 | €10,425 | +€3,000 | +40.4% |
| Gross operating margin | 9900 | €502,747 | €102,248 | -€400,498 | -79.7% |
| Operating profit (loss) | 9901 | €208,657 | €63,772 | -€144,885 | -69.4% |
| Financial income | 75/76B | €28,456 | €25,274 | -€3,183 | -11.2% |
| Recurring financial income | 75 | €28,456 | €25,274 | -€3,183 | -11.2% |
| Financial charges | 65/66B | €10,465 | €8,322 | -€2,143 | -20.5% |
| Recurring financial charges | 65 | €10,465 | €8,322 | -€2,143 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €226,648 | €80,724 | -€145,924 | -64.4% |
| Transfer from deferred taxes | 780 | €1,213 | €1,012 | -€200 | -16.5% |
| Income taxes | 67/77 | €75,662 | €30,540 | -€45,122 | -59.6% |
| Profit (loss) for the period | 9904 | €152,199 | €51,196 | -€101,003 | -66.4% |
| Transfer from tax-exempt reserves | 789 | €3,849 | €4,049 | +€200 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €156,048 | €55,245 | -€100,802 | -64.6% |
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.