DE KERSELAAR: 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.
DE KERSELAAR
Largest movements
- Tangible fixed assets +€7.2m
up €7.2m, from €0 to €7.2m
of which Land and buildings: +€7.2m
- Cash +€6.1m
up €6.1m (+504%), from €1.2m to €7.3m
- Receivables within one year +€3.3m
up €3.3m (+174%), from €1.9m to €5.2m
of which Trade receivables: +€2.2m
- Debts after one year +€12.9m
new in 2025: €12.9m
- Trade debts +€1.5m
up €1.5m (+2,182%), from €67,441 to €1.5m
- Current portion of long-term debt +€1,000,000
new in 2025: €1,000,000
- Accrued charges and deferred income +€689,183
up €689,183 (+98.4%), from €700,312 to €1.4m
- Other debts +€398,687
up €398,687 (+4.1%), from €9.7m to €10.1m
- Gross operating margin +€2.3m
up €2.3m (+536%), from €424,415 to €2.7m
- Staff costs +€1.0m
new in 2025: €1.0m
- Financial charges +€968,405
up €968,405 (+215%), from €450,826 to €1.4m
- Depreciation +€216,070
up €216,070, from €0 to €216,070
- Financial income +€55,695
up €55,695 (+134%), from €41,560 to €97,255
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,200,110 | €37,846,651 | +€16.6m | +78.5% |
| Fixed assets | 21/28 | €18,056,897 | €25,244,231 | +€7.2m | +39.8% |
| Tangible fixed assets | 22/27 | €0 | €7,187,334 | +€7.2m | |
| Land and buildings | 22 | - | €7,187,334 | +€7.2m | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €18,056,897 | €18,056,897 | = | 0.0% |
| Current assets | 29/58 | €3,143,213 | €12,602,420 | +€9.5m | +301% |
| Amounts receivable within one year | 40/41 | €1,887,141 | €5,174,525 | +€3.3m | +174% |
| Trade receivables | 40 | €850,096 | €3,016,866 | +€2.2m | +255% |
| Other amounts receivable | 41 | €1,037,045 | €2,157,659 | +€1.1m | +108% |
| Cash at bank and in hand | 54/58 | €1,216,003 | €7,341,686 | +€6.1m | +504% |
| Deferred charges and accrued income | 490/1 | €40,069 | €86,209 | +€46,140 | +115% |
| Total equity and liabilities | 10/49 | €21,200,110 | €37,846,651 | +€16.6m | +78.5% |
| Equity | 10/15 | €10,657,408 | €10,771,182 | +€113,774 | +1.1% |
| Contributions | 10/11 | €8,392,219 | €8,392,219 | = | 0.0% |
| Capital | 10 | €8,392,219 | €8,392,219 | = | 0.0% |
| Issued capital | 100 | €8,392,219 | €8,392,219 | = | 0.0% |
| Reserves | 13 | €2,265,189 | €2,378,962 | +€113,774 | +5.0% |
| Non-distributable reserves | 130/1 | €420,340 | €426,028 | +€5,689 | +1.4% |
| Legal reserve | 130 | €420,340 | €426,028 | +€5,689 | +1.4% |
| Distributable reserves | 133 | €1,844,849 | €1,952,934 | +€108,085 | +5.9% |
| Amounts payable | 17/49 | €10,542,702 | €27,075,470 | +€16.5m | +157% |
| Amounts payable after more than one year | 17 | - | €12,916,667 | +€12.9m | |
| Financial debts | 170/4 | - | €12,916,667 | +€12.9m | |
| Amounts payable within one year | 42/48 | €9,842,390 | €12,769,308 | +€2.9m | +29.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,000,000 | +€1,000,000 | |
| Trade debts | 44 | €67,441 | €1,539,280 | +€1.5m | +2,182% |
| Suppliers | 440/4 | €67,441 | €1,539,280 | +€1.5m | +2,182% |
| Taxes, remuneration and social security | 45 | €83,814 | €140,205 | +€56,392 | +67.3% |
| Taxes | 450/3 | €83,814 | €11,483 | -€72,331 | -86.3% |
| Remuneration and social security | 454/9 | - | €128,723 | +€128,723 | |
| Other amounts payable | 47/48 | €9,691,135 | €10,089,823 | +€398,687 | +4.1% |
| Accrued charges and deferred income | 492/3 | €700,312 | €1,389,495 | +€689,183 | +98.4% |
| Non-recurring operating income | 76A | €9,934 | €0 | -€9,934 | -100% |
| Remuneration, social security and pensions | 62 | - | €1,007,028 | +€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €216,070 | +€216,070 | |
| Other operating charges | 640/8 | €772 | €573 | -€199 | -25.8% |
| Gross operating margin | 9900 | €424,415 | €2,700,409 | +€2.3m | +536% |
| Operating profit (loss) | 9901 | €423,643 | €1,476,738 | +€1.1m | +249% |
| Financial income | 75/76B | €41,560 | €97,255 | +€55,695 | +134% |
| Recurring financial income | 75 | €41,560 | €97,255 | +€55,695 | +134% |
| Financial charges | 65/66B | €450,826 | €1,419,232 | +€968,405 | +215% |
| Recurring financial charges | 65 | €450,826 | €1,419,232 | +€968,405 | +215% |
| Profit (loss) for the period before taxes | 9903 | €14,377 | €154,761 | +€140,384 | +976% |
| Income taxes | 67/77 | €2,008 | €40,987 | +€38,979 | +1,941% |
| Profit (loss) for the period | 9904 | €12,369 | €113,774 | +€101,405 | +820% |
| Profit (loss) for the period to be appropriated | 9905 | €12,369 | €113,774 | +€101,405 | +820% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.