W. VAN DEN KEYBUS: 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.
W. VAN DEN KEYBUS
Largest movements
- Receivables within one year -€20,886
down €20,886 (-22.8%), from €91,763 to €70,877
of which Trade receivables: -€43,940
- Tangible fixed assets -€7,219
no longer reported in 2025 (was €7,219)
of which Furniture and vehicles: -€6,809
- Deferred charges and accrued income -€1,499
down €1,499 (-27.3%), from €5,489 to €3,990
- Trade debts -€33,010
down €33,010 (-89.8%), from €36,768 to €3,759
- Other debts +€22,345
up €22,345 (+142%), from €15,752 to €38,097
- Profit (loss) carried forward -€16,191
down €16,191 (-17.6%), from -€91,912 to -€108,103
- Tax, wage and social debts +€13,057
up €13,057 (+14.0%), from €92,972 to €106,029
of which Taxes: +€9,745
- Accrued charges and deferred income -€6,716
no longer reported in 2025 (was €6,716)
- Gross operating margin +€33,281
up €33,281 (+204%), from €16,278 to €49,559
- Write-downs +€25,626
new in 2025: €25,626
- Depreciation -€15,098
down €15,098 (-67.7%), from €22,318 to €7,219
- Taxes +€1,386
new in 2025: €1,386
- Financial charges +€623
up €623 (+51.7%), from €1,204 to €1,827
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,471 | €74,867 | -€29,605 | -28.3% |
| Fixed assets | 21/28 | €7,219 | - | -€7,219 | |
| Tangible fixed assets | 22/27 | €7,219 | - | -€7,219 | |
| Plant, machinery and equipment | 23 | €410 | - | -€410 | |
| Furniture and vehicles | 24 | €6,809 | - | -€6,809 | |
| Current assets | 29/58 | €97,252 | €74,867 | -€22,386 | -23.0% |
| Amounts receivable within one year | 40/41 | €91,763 | €70,877 | -€20,886 | -22.8% |
| Trade receivables | 40 | €68,905 | €24,964 | -€43,940 | -63.8% |
| Other amounts receivable | 41 | €22,858 | €45,912 | +€23,054 | +101% |
| Deferred charges and accrued income | 490/1 | €5,489 | €3,990 | -€1,499 | -27.3% |
| Total equity and liabilities | 10/49 | €104,471 | €74,867 | -€29,605 | -28.3% |
| Equity | 10/15 | -€64,412 | -€80,603 | -€16,191 | -25.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,912 | -€108,103 | -€16,191 | -17.6% |
| Amounts payable | 17/49 | €168,883 | €155,469 | -€13,414 | -7.9% |
| Amounts payable within one year | 42/48 | €162,167 | €155,469 | -€6,698 | -4.1% |
| Financial debts | 43 | €10,961 | €7,584 | -€3,378 | -30.8% |
| Credit institutions | 430/8 | €10,961 | €7,584 | -€3,378 | -30.8% |
| Trade debts | 44 | €36,768 | €3,759 | -€33,010 | -89.8% |
| Suppliers | 440/4 | €36,768 | €3,759 | -€33,010 | -89.8% |
| Advances received on contracts in progress | 46 | €5,713 | - | -€5,713 | |
| Taxes, remuneration and social security | 45 | €92,972 | €106,029 | +€13,057 | +14.0% |
| Taxes | 450/3 | €89,101 | €98,846 | +€9,745 | +10.9% |
| Remuneration and social security | 454/9 | €3,871 | €7,183 | +€3,312 | +85.6% |
| Other amounts payable | 47/48 | €15,752 | €38,097 | +€22,345 | +142% |
| Accrued charges and deferred income | 492/3 | €6,716 | - | -€6,716 | |
| Remuneration, social security and pensions | 62 | €28,343 | €28,240 | -€102 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,318 | €7,219 | -€15,098 | -67.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,626 | +€25,626 | |
| Other operating charges | 640/8 | €1,715 | €1,703 | -€12 | -0.7% |
| Gross operating margin | 9900 | €16,278 | €49,559 | +€33,281 | +204% |
| Operating profit (loss) | 9901 | -€36,097 | -€13,229 | +€22,868 | +63.4% |
| Financial income | 75/76B | - | €251 | +€251 | |
| Recurring financial income | 75 | - | €251 | +€251 | |
| Financial charges | 65/66B | €1,204 | €1,827 | +€623 | +51.7% |
| Recurring financial charges | 65 | €1,204 | €1,827 | +€623 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | -€37,301 | -€14,805 | +€22,496 | +60.3% |
| Income taxes | 67/77 | - | €1,386 | +€1,386 | |
| Profit (loss) for the period | 9904 | -€37,301 | -€16,191 | +€21,110 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,301 | -€16,191 | +€21,110 | +56.6% |
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 24 October 2026 via checked.be.