DENIS KERGER: 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.
DENIS KERGER
Largest movements
- Cash +€281,708
up €281,708 (+273%), from €103,301 to €385,009
mainly Net result for the year (+€237,395) and Depreciation (+€135,711)
- Tangible fixed assets -€98,109
down €98,109 (-11.0%), from €894,417 to €796,308
of which Land and buildings: -€74,403
- Receivables within one year -€26,461
down €26,461 (-10.1%), from €262,893 to €236,432
of which Trade receivables: -€35,421
- Reserves +€131,847
up €131,847 (+18.8%), from €703,164 to €835,011
- Debts after one year -€104,286
down €104,286 (-42.8%), from €243,822 to €139,536
- Other debts +€66,905
up €66,905 (+50.2%), from €133,331 to €200,236
- Tax, wage and social debts +€56,411
up €56,411 (+61.9%), from €91,062 to €147,473
of which Taxes: +€36,025
- Trade debts -€25,120
down €25,120 (-15.6%), from €160,875 to €135,755
- Gross operating margin +€156,865
up €156,865 (+20.6%), from €763,307 to €920,172
- Taxes +€48,500
up €48,500 (+67.5%), from €71,851 to €120,351
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 | €1,496,162 | €1,645,827 | +€149,666 | +10.0% |
| Fixed assets | 21/28 | €895,028 | €796,919 | -€98,109 | -11.0% |
| Tangible fixed assets | 22/27 | €894,417 | €796,308 | -€98,109 | -11.0% |
| Land and buildings | 22 | €687,785 | €613,381 | -€74,403 | -10.8% |
| Plant, machinery and equipment | 23 | €2,853 | €14,038 | +€11,185 | +392% |
| Furniture and vehicles | 24 | €203,779 | €168,889 | -€34,890 | -17.1% |
| Financial fixed assets | 28 | €611 | €611 | = | 0.0% |
| Current assets | 29/58 | €601,134 | €848,908 | +€247,774 | +41.2% |
| Stocks and contracts in progress | 3 | €220,752 | €213,495 | -€7,257 | -3.3% |
| Stocks | 30/36 | €220,752 | €213,495 | -€7,257 | -3.3% |
| Amounts receivable within one year | 40/41 | €262,893 | €236,432 | -€26,461 | -10.1% |
| Trade receivables | 40 | €235,962 | €200,541 | -€35,421 | -15.0% |
| Other amounts receivable | 41 | €26,931 | €35,891 | +€8,960 | +33.3% |
| Cash at bank and in hand | 54/58 | €103,301 | €385,009 | +€281,708 | +273% |
| Deferred charges and accrued income | 490/1 | €14,188 | €13,972 | -€216 | -1.5% |
| Total equity and liabilities | 10/49 | €1,496,162 | €1,645,827 | +€149,666 | +10.0% |
| Equity | 10/15 | €720,514 | €851,311 | +€130,797 | +18.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €703,164 | €835,011 | +€131,847 | +18.8% |
| Distributable reserves | 133 | €703,164 | €835,011 | +€131,847 | +18.8% |
| Investment grants | 15 | €7,350 | €6,300 | -€1,050 | -14.3% |
| Amounts payable | 17/49 | €775,648 | €794,517 | +€18,869 | +2.4% |
| Amounts payable after more than one year | 17 | €243,822 | €139,536 | -€104,286 | -42.8% |
| Financial debts | 170/4 | €243,822 | €139,536 | -€104,286 | -42.8% |
| Amounts payable within one year | 42/48 | €529,325 | €637,751 | +€108,425 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €144,058 | €154,286 | +€10,229 | +7.1% |
| Trade debts | 44 | €160,875 | €135,755 | -€25,120 | -15.6% |
| Suppliers | 440/4 | €160,875 | €135,755 | -€25,120 | -15.6% |
| Taxes, remuneration and social security | 45 | €91,062 | €147,473 | +€56,411 | +61.9% |
| Taxes | 450/3 | €35,222 | €71,248 | +€36,025 | +102% |
| Remuneration and social security | 454/9 | €55,839 | €76,225 | +€20,386 | +36.5% |
| Other amounts payable | 47/48 | €133,331 | €200,236 | +€66,905 | +50.2% |
| Accrued charges and deferred income | 492/3 | €2,500 | €17,230 | +€14,730 | +589% |
| Remuneration, social security and pensions | 62 | €366,958 | €374,973 | +€8,015 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,599 | €135,711 | -€5,888 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,230 | -€6,230 | |
| Other operating charges | 640/8 | €31,461 | €33,690 | +€2,229 | +7.1% |
| Gross operating margin | 9900 | €763,307 | €920,172 | +€156,865 | +20.6% |
| Operating profit (loss) | 9901 | €223,289 | €382,028 | +€158,739 | +71.1% |
| Financial income | 75/76B | €5,522 | €7,970 | +€2,448 | +44.3% |
| Recurring financial income | 75 | €5,522 | €7,970 | +€2,448 | +44.3% |
| Financial charges | 65/66B | €26,260 | €32,252 | +€5,992 | +22.8% |
| Recurring financial charges | 65 | €26,260 | €32,252 | +€5,992 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €202,551 | €357,746 | +€155,195 | +76.6% |
| Income taxes | 67/77 | €71,851 | €120,351 | +€48,500 | +67.5% |
| Profit (loss) for the period | 9904 | €130,700 | €237,395 | +€106,695 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,700 | €237,395 | +€106,695 | +81.6% |
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 15 October 2026 via checked.be.