DR. BART KERENS: 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.
DR. BART KERENS
Largest movements
- Cash -€732,313
down €732,313 (-77.0%), from €950,479 to €218,166
mainly Contributions, distributions and other (-€1.0m) and Current portion of long-term debt (-€11,346)
- Tangible fixed assets -€14,712
no longer reported in 2025 (was €14,712)
- Profit (loss) carried forward -€758,347
down €758,347 (-70.1%), from €1.1m to €323,647
- Other debts +€21,991
new in 2025: €21,991
- Current portion of long-term debt -€11,346
down €11,346 (-91.6%), from €12,383 to €1,037
- Gross operating margin -€47,198
down €47,198 (-12.7%), from €372,162 to €324,964
- Taxes -€10,560
down €10,560 (-12.4%), from €85,472 to €74,911
- Financial income +€4,249
up €4,249 (+96.0%), from €4,426 to €8,675
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 | €1,119,840 | €368,961 | -€750,880 | -67.1% |
| Fixed assets | 21/28 | €14,712 | - | -€14,712 | |
| Tangible fixed assets | 22/27 | €14,712 | - | -€14,712 | |
| Furniture and vehicles | 24 | €14,712 | - | -€14,712 | |
| Current assets | 29/58 | €1,105,129 | €368,961 | -€736,168 | -66.6% |
| Amounts receivable within one year | 40/41 | €43,480 | €34,674 | -€8,806 | -20.3% |
| Trade receivables | 40 | €19,585 | €19,585 | = | 0.0% |
| Other amounts receivable | 41 | €23,895 | €15,089 | -€8,806 | -36.9% |
| Cash at bank and in hand | 54/58 | €950,479 | €218,166 | -€732,313 | -77.0% |
| Deferred charges and accrued income | 490/1 | €111,170 | €116,121 | +€4,951 | +4.5% |
| Total equity and liabilities | 10/49 | €1,119,840 | €368,961 | -€750,880 | -67.1% |
| Equity | 10/15 | €1,102,454 | €344,107 | -€758,347 | -68.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,081,994 | €323,647 | -€758,347 | -70.1% |
| Amounts payable | 17/49 | €17,387 | €24,854 | +€7,467 | +42.9% |
| Amounts payable after more than one year | 17 | €1,037 | - | -€1,037 | |
| Financial debts | 170/4 | €1,037 | - | -€1,037 | |
| Amounts payable within one year | 42/48 | €16,349 | €24,854 | +€8,504 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €12,383 | €1,037 | -€11,346 | -91.6% |
| Financial debts | 43 | - | €40 | +€40 | |
| Credit institutions | 430/8 | - | €40 | +€40 | |
| Trade debts | 44 | €3,966 | €1,785 | -€2,182 | -55.0% |
| Suppliers | 440/4 | €3,966 | €1,785 | -€2,182 | -55.0% |
| Other amounts payable | 47/48 | - | €21,991 | +€21,991 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,676 | €14,712 | +€35 | +0.2% |
| Other operating charges | 640/8 | €836 | €1,460 | +€623 | +74.5% |
| Gross operating margin | 9900 | €372,162 | €324,964 | -€47,198 | -12.7% |
| Operating profit (loss) | 9901 | €356,649 | €308,792 | -€47,857 | -13.4% |
| Financial income | 75/76B | €4,426 | €8,675 | +€4,249 | +96.0% |
| Recurring financial income | 75 | €4,426 | €8,675 | +€4,249 | +96.0% |
| Financial charges | 65/66B | €1,040 | €903 | -€137 | -13.1% |
| Recurring financial charges | 65 | €1,040 | €903 | -€137 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €360,036 | €316,565 | -€43,471 | -12.1% |
| Income taxes | 67/77 | €85,472 | €74,911 | -€10,560 | -12.4% |
| Profit (loss) for the period | 9904 | €274,564 | €241,653 | -€32,911 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €274,564 | €241,653 | -€32,911 | -12.0% |
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 29 October 2026 via checked.be.