B.KERNRETAIL: 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.
What changed
B.KERNRETAIL
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€286,492
2024 · €205,388+€81,104
Equity
€4.9m
2024 · €4.9m+€36,492
Cash
€16,664
2024 · €48,243-€31,579
Balance sheet total
€7.1m
2024 · €7.3m-€192,248
Largest movements
Assets
- Tangible fixed assets -€177,320
down €177,320 (-2.5%), from €7.2m to €7.1m
of which Land and buildings: -€199,050
Equity and liabilities
- Debts after one year -€470,000
down €470,000 (-30.8%), from €1.5m to €1.1m
- Other debts +€217,501
up €217,501 (+52.1%), from €417,499 to €635,000
Income statement
- Gross operating margin +€115,373
up €115,373 (+18.3%), from €630,412 to €745,785
- Taxes +€27,434
up €27,434 (+39.1%), from €70,089 to €97,522
- Other operating charges +€8,122
up €8,122 (+13.8%), from €59,054 to €67,176
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.
Result 2024
€205,388
Gross operating margin
+€115,373
Depreciation
-€3,044
Other operating charges
-€8,122
Financial income
-€1,424
Financial charges
+€5,754
Taxes
-€27,434
Result 2025
€286,492
raises the resultlowers the result
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.
From operations
+€730,669
Investment
-€42,248
Financing
-€720,000
Cash 2024
€48,243
From operations (derived)
+€730,669
Net result for the year
+€286,492
Depreciation
+€219,794
Receivables within one year
-€14,218
Deferred charges and accrued income
-€2,659
Trade debts
+€8,636
Tax, wage and social debts
+€12,272
Advances received
+€101
Other debts
+€217,501
Accrued charges and deferred income
+€2,749
Investment (derived)
-€42,248
Investment in fixed assets (net)
-€42,248
Financing
-€720,000
Debts after one year
-€470,000
Contributions, distributions and other
-€250,000
Cash 2025
€16,664
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,309,485 | €7,117,237 | -€192,248 | -2.6% |
| Fixed assets | 21/28 | €7,235,429 | €7,057,884 | -€177,545 | -2.5% |
| Tangible fixed assets | 22/27 | €7,230,912 | €7,053,592 | -€177,320 | -2.5% |
| Land and buildings | 22 | €7,158,392 | €6,959,341 | -€199,050 | -2.8% |
| Plant, machinery and equipment | 23 | €72,520 | €94,251 | +€21,730 | +30.0% |
| Financial fixed assets | 28 | €4,517 | €4,292 | -€225 | -5.0% |
| Current assets | 29/58 | €74,056 | €59,353 | -€14,703 | -19.9% |
| Amounts receivable within one year | 40/41 | €24,251 | €38,468 | +€14,218 | +58.6% |
| Trade receivables | 40 | €24,216 | €37,976 | +€13,760 | +56.8% |
| Other amounts receivable | 41 | €34 | €492 | +€458 | +1,333% |
| Cash at bank and in hand | 54/58 | €48,243 | €16,664 | -€31,579 | -65.5% |
| Deferred charges and accrued income | 490/1 | €1,562 | €4,221 | +€2,659 | +170% |
| Total equity and liabilities | 10/49 | €7,309,485 | €7,117,237 | -€192,248 | -2.6% |
| Equity | 10/15 | €4,879,812 | €4,916,304 | +€36,492 | +0.7% |
| Contributions | 10/11 | €3,854,000 | €3,854,000 | = | 0.0% |
| Capital | 10 | €3,854,000 | €3,854,000 | = | 0.0% |
| Issued capital | 100 | €3,854,000 | €3,854,000 | = | 0.0% |
| Revaluation surpluses | 12 | €779,402 | €779,402 | = | 0.0% |
| Reserves | 13 | €246,410 | €282,902 | +€36,492 | +14.8% |
| Non-distributable reserves | 130/1 | €105,265 | €119,665 | +€14,400 | +13.7% |
| Legal reserve | 130 | €105,265 | €119,665 | +€14,400 | +13.7% |
| Distributable reserves | 133 | €141,145 | €163,237 | +€22,092 | +15.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,429,673 | €2,200,933 | -€228,741 | -9.4% |
| Amounts payable after more than one year | 17 | €1,527,500 | €1,057,500 | -€470,000 | -30.8% |
| Financial debts | 170/4 | €1,527,500 | €1,057,500 | -€470,000 | -30.8% |
| Amounts payable within one year | 42/48 | €901,041 | €1,139,551 | +€238,510 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €470,000 | €470,000 | = | 0.0% |
| Trade debts | 44 | €9,162 | €17,798 | +€8,636 | +94.3% |
| Suppliers | 440/4 | €9,162 | €17,798 | +€8,636 | +94.3% |
| Advances received on contracts in progress | 46 | €4,290 | €4,392 | +€101 | +2.4% |
| Taxes, remuneration and social security | 45 | €89 | €12,361 | +€12,272 | +13,836% |
| Taxes | 450/3 | €89 | €12,361 | +€12,272 | +13,836% |
| Other amounts payable | 47/48 | €417,499 | €635,000 | +€217,501 | +52.1% |
| Accrued charges and deferred income | 492/3 | €1,133 | €3,882 | +€2,749 | +243% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,750 | €219,794 | +€3,044 | +1.4% |
| Other operating charges | 640/8 | €59,054 | €67,176 | +€8,122 | +13.8% |
| Gross operating margin | 9900 | €630,412 | €745,785 | +€115,373 | +18.3% |
| Operating profit (loss) | 9901 | €354,608 | €458,816 | +€104,207 | +29.4% |
| Financial income | 75/76B | €1,424 | €0 | -€1,424 | -100.0% |
| Recurring financial income | 75 | €1,424 | €0 | -€1,424 | -100.0% |
| Financial charges | 65/66B | €80,555 | €74,801 | -€5,754 | -7.1% |
| Recurring financial charges | 65 | €80,555 | €74,801 | -€5,754 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €275,477 | €384,014 | +€108,538 | +39.4% |
| Income taxes | 67/77 | €70,089 | €97,522 | +€27,434 | +39.1% |
| Profit (loss) for the period | 9904 | €205,388 | €286,492 | +€81,104 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €205,388 | €286,492 | +€81,104 | +39.5% |
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 18 October 2026 via checked.be.