Keustermans: 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.
Keustermans
Largest movements
- Receivables within one year -€519,584
down €519,584 (-92.0%), from €564,698 to €45,114
of which Other amounts receivable: -€560,921
- Cash +€162,593
up €162,593 (+1,448%), from €11,225 to €173,818
mainly Receivables within one year (+€519,584) and Depreciation (+€334,694)
- Tangible fixed assets -€152,188
down €152,188 (-7.1%), from €2.1m to €2.0m
of which Land and buildings: -€166,843
- Stocks and contracts -€98,759
down €98,759 (-25.0%), from €395,115 to €296,356
- Other debts -€389,974
down €389,974 (-46.4%), from €840,000 to €450,026
- Debts after one year -€246,148
down €246,148 (-21.7%), from €1.1m to €888,694
- Accrued charges and deferred income +€96,310
up €96,310 (+143%), from €67,430 to €163,740
- Trade debts -€61,716
down €61,716 (-30.2%), from €204,550 to €142,834
- Gross operating margin +€83,152
up €83,152 (+28.0%), from €297,364 to €380,516
- Depreciation +€60,661
up €60,661 (+22.1%), from €274,033 to €334,694
- Financial income -€20,203
down €20,203 (-89.3%), from €22,633 to €2,430
- Financial charges -€12,894
down €12,894 (-24.0%), from €53,668 to €40,774
- Other operating charges -€5,804
down €5,804 (-25.9%), from €22,401 to €16,598
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 | €3,140,169 | €2,512,210 | -€627,958 | -20.0% |
| Fixed assets | 21/28 | €2,133,888 | €1,981,700 | -€152,188 | -7.1% |
| Tangible fixed assets | 22/27 | €2,133,778 | €1,981,590 | -€152,188 | -7.1% |
| Land and buildings | 22 | €1,897,074 | €1,730,231 | -€166,843 | -8.8% |
| Plant, machinery and equipment | 23 | €189,954 | €230,109 | +€40,155 | +21.1% |
| Furniture and vehicles | 24 | €46,750 | €21,250 | -€25,500 | -54.5% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €1,006,281 | €530,510 | -€475,770 | -47.3% |
| Stocks and contracts in progress | 3 | €395,115 | €296,356 | -€98,759 | -25.0% |
| Stocks | 30/36 | €395,115 | €296,356 | -€98,759 | -25.0% |
| Amounts receivable within one year | 40/41 | €564,698 | €45,114 | -€519,584 | -92.0% |
| Trade receivables | 40 | - | €41,337 | +€41,337 | |
| Other amounts receivable | 41 | €564,698 | €3,777 | -€560,921 | -99.3% |
| Cash at bank and in hand | 54/58 | €11,225 | €173,818 | +€162,593 | +1,448% |
| Deferred charges and accrued income | 490/1 | €35,242 | €15,223 | -€20,020 | -56.8% |
| Total equity and liabilities | 10/49 | €3,140,169 | €2,512,210 | -€627,958 | -20.0% |
| Equity | 10/15 | €629,888 | €620,769 | -€9,119 | -1.4% |
| Revaluation surpluses | 12 | €740,175 | €740,175 | = | 0.0% |
| Reserves | 13 | €2,195 | €2,195 | = | 0.0% |
| Distributable reserves | 133 | €2,195 | €2,195 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,482 | -€121,602 | -€9,119 | -8.1% |
| Amounts payable | 17/49 | €2,510,280 | €1,891,441 | -€618,839 | -24.7% |
| Amounts payable after more than one year | 17 | €1,134,842 | €888,694 | -€246,148 | -21.7% |
| Financial debts | 170/4 | €1,134,842 | €888,694 | -€246,148 | -21.7% |
| Amounts payable within one year | 42/48 | €1,308,009 | €839,008 | -€469,001 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €263,459 | €246,148 | -€17,311 | -6.6% |
| Trade debts | 44 | €204,550 | €142,834 | -€61,716 | -30.2% |
| Suppliers | 440/4 | €204,550 | €142,834 | -€61,716 | -30.2% |
| Other amounts payable | 47/48 | €840,000 | €450,026 | -€389,974 | -46.4% |
| Accrued charges and deferred income | 492/3 | €67,430 | €163,740 | +€96,310 | +143% |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,033 | €334,694 | +€60,661 | +22.1% |
| Other operating charges | 640/8 | €22,401 | €16,598 | -€5,804 | -25.9% |
| Gross operating margin | 9900 | €297,364 | €380,516 | +€83,152 | +28.0% |
| Operating profit (loss) | 9901 | €930 | €29,224 | +€28,295 | +3,044% |
| Financial income | 75/76B | €22,633 | €2,430 | -€20,203 | -89.3% |
| Recurring financial income | 75 | €22,633 | €2,430 | -€20,203 | -89.3% |
| Financial charges | 65/66B | €53,668 | €40,774 | -€12,894 | -24.0% |
| Recurring financial charges | 65 | €53,668 | €40,774 | -€12,894 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,105 | -€9,119 | +€20,986 | +69.7% |
| Profit (loss) for the period | 9904 | -€30,105 | -€9,119 | +€20,986 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,105 | -€9,119 | +€20,986 | +69.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.