VERENIGING KEURTECH: 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.
VERENIGING KEURTECH
Largest movements
- Tangible fixed assets -€698,091
down €698,091 (-85.2%), from €819,722 to €121,631
of which Land and buildings: -€658,296
- Receivables after one year +€277,500
new in 2025: €277,500
- Cash +€83,972
up €83,972 (+53.1%), from €158,020 to €241,992
mainly Investment in fixed assets (net) (+€656,191) and Net result for the year (+€64,576)
- Receivables within one year +€34,207
up €34,207 (+23.6%), from €145,156 to €179,363
of which Other amounts receivable: +€54,166
- Intangible fixed assets -€18,794
down €18,794 (-71.5%), from €26,290 to €7,496
- Debts after one year -€345,417
down €345,417 (-85.1%), from €405,874 to €60,457
- Profit (loss) carried forward +€64,576
up €64,576 (+11.5%), from €562,949 to €627,525
- Debts within one year -€29,767
down €29,767 (-16.0%), from €186,559 to €156,792
of which Current portion of long-term debt: -€27,434
- Staff costs -€135,986
down €135,986 (-29.8%), from €455,955 to €319,969
- Gross operating margin -€98,670
down €98,670 (-16.6%), from €594,462 to €495,792
- Depreciation -€30,849
down €30,849 (-33.7%), from €91,543 to €60,694
- Taxes +€17,661
up €17,661 (+203%), from €8,705 to €26,366
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 | €1,155,382 | €844,774 | -€310,608 | -26.9% |
| Fixed assets | 21/28 | €846,132 | €129,247 | -€716,885 | -84.7% |
| Intangible fixed assets | 21 | €26,290 | €7,496 | -€18,794 | -71.5% |
| Tangible fixed assets | 22/27 | €819,722 | €121,631 | -€698,091 | -85.2% |
| Land and buildings | 22 | €658,296 | €0 | -€658,296 | -100% |
| Plant, machinery and equipment | 23 | €5,095 | €6,629 | +€1,534 | +30.1% |
| Furniture and vehicles | 24 | €156,331 | €115,002 | -€41,329 | -26.4% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €309,250 | €715,527 | +€406,277 | +131% |
| Amounts receivable after more than one year | 29 | - | €277,500 | +€277,500 | |
| Other amounts receivable | 291 | - | €277,500 | +€277,500 | |
| Amounts receivable within one year | 40/41 | €145,156 | €179,363 | +€34,207 | +23.6% |
| Trade receivables | 40 | €131,894 | €111,935 | -€19,959 | -15.1% |
| Other amounts receivable | 41 | €13,262 | €67,428 | +€54,166 | +408% |
| Cash at bank and in hand | 54/58 | €158,020 | €241,992 | +€83,972 | +53.1% |
| Deferred charges and accrued income | 490/1 | €6,074 | €16,672 | +€10,598 | +174% |
| Total equity and liabilities | 10/49 | €1,155,382 | €844,774 | -€310,608 | -26.9% |
| Equity | 10/15 | €562,949 | €627,525 | +€64,576 | +11.5% |
| Profit (loss) carried forward | 14 | €562,949 | €627,525 | +€64,576 | +11.5% |
| Amounts payable | 17/49 | €592,433 | €217,249 | -€375,184 | -63.3% |
| Amounts payable after more than one year | 17 | €405,874 | €60,457 | -€345,417 | -85.1% |
| Financial debts | 170/4 | €405,874 | €60,457 | -€345,417 | -85.1% |
| Amounts payable within one year | 42/48 | €186,559 | €156,792 | -€29,767 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €59,103 | €31,669 | -€27,434 | -46.4% |
| Trade debts | 44 | €49,916 | €45,028 | -€4,888 | -9.8% |
| Suppliers | 440/4 | €49,916 | €45,028 | -€4,888 | -9.8% |
| Taxes, remuneration and social security | 45 | €61,229 | €66,361 | +€5,132 | +8.4% |
| Taxes | 450/3 | €34,987 | €38,521 | +€3,534 | +10.1% |
| Remuneration and social security | 454/9 | €26,242 | €27,840 | +€1,598 | +6.1% |
| Non-recurring operating income | 76A | €1,050 | €102,530 | +€101,480 | +9,665% |
| Remuneration, social security and pensions | 62 | €455,955 | €319,969 | -€135,986 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,543 | €60,694 | -€30,849 | -33.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,200 | - | -€1,200 | |
| Other operating charges | 640/8 | €16,685 | €12,714 | -€3,971 | -23.8% |
| Non-recurring operating charges | 66A | €7,964 | €2,086 | -€5,878 | -73.8% |
| Gross operating margin | 9900 | €594,462 | €495,792 | -€98,670 | -16.6% |
| Operating profit (loss) | 9901 | €21,115 | €100,329 | +€79,214 | +375% |
| Financial income | 75/76B | €520 | €3,669 | +€3,149 | +606% |
| Recurring financial income | 75 | €520 | €3,669 | +€3,149 | +606% |
| Financial charges | 65/66B | €12,948 | €13,056 | +€108 | +0.8% |
| Recurring financial charges | 65 | €12,948 | €13,056 | +€108 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €8,687 | €90,942 | +€82,255 | +947% |
| Income taxes | 67/77 | €8,705 | €26,366 | +€17,661 | +203% |
| Profit (loss) for the period | 9904 | -€18 | €64,576 | +€64,594 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18 | €64,576 | +€64,594 |
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 20 October 2026 via checked.be.