KENNETH BERARD: 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.
KENNETH BERARD
Largest movements
- Current investments +€36,060
up €36,060 (+12.7%), from €285,000 to €321,060
- Receivables within one year +€17,354
up €17,354 (+52.6%), from €33,000 to €50,354
of which Trade receivables: +€17,354
- Cash +€4,871
up €4,871 (+18.0%), from €27,002 to €31,872
mainly Net result for the year (+€80,752) and Other debts (+€42,030)
- Other debts +€42,030
up €42,030 (+156%), from €26,933 to €68,963
- Reserves +€18,130
up €18,130 (+6.8%), from €265,797 to €283,927
- Current portion of long-term debt -€7,421
down €7,421 (-100%), from €7,421 to €0
- Gross operating margin +€15,127
up €15,127 (+16.1%), from €94,013 to €109,140
- Taxes +€7,515
up €7,515 (+29.2%), from €25,719 to €33,235
- Depreciation -€6,561
down €6,561 (-74.2%), from €8,848 to €2,287
- Financial income +€2,341
up €2,341 (+36.9%), from €6,347 to €8,688
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 | €355,078 | €410,296 | +€55,218 | +15.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €6,654 | €4,367 | -€2,287 | -34.4% |
| Tangible fixed assets | 22/27 | €6,619 | €4,332 | -€2,287 | -34.5% |
| Land and buildings | 22 | €863 | €0 | -€863 | -100% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €1,422 | €470 | -€952 | -66.9% |
| Other tangible fixed assets | 26 | €4,334 | €3,862 | -€472 | -10.9% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €348,424 | €405,929 | +€57,504 | +16.5% |
| Amounts receivable within one year | 40/41 | €33,000 | €50,354 | +€17,354 | +52.6% |
| Trade receivables | 40 | €33,000 | €50,354 | +€17,354 | +52.6% |
| Other amounts receivable | 41 | - | €0 | = | |
| Current investments | 50/53 | €285,000 | €321,060 | +€36,060 | +12.7% |
| Cash at bank and in hand | 54/58 | €27,002 | €31,872 | +€4,871 | +18.0% |
| Deferred charges and accrued income | 490/1 | €3,423 | €2,642 | -€781 | -22.8% |
| Total equity and liabilities | 10/49 | €355,078 | €410,296 | +€55,218 | +15.6% |
| Equity | 10/15 | €299,518 | €317,648 | +€18,130 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €265,797 | €283,927 | +€18,130 | +6.8% |
| Distributable reserves | 133 | €265,797 | €283,927 | +€18,130 | +6.8% |
| Profit (loss) carried forward | 14 | €27,521 | €27,521 | = | 0.0% |
| Amounts payable | 17/49 | €55,561 | €92,648 | +€37,087 | +66.8% |
| Amounts payable within one year | 42/48 | €55,561 | €92,648 | +€37,087 | +66.8% |
| Current portion of amounts payable after more than one year | 42 | €7,421 | €0 | -€7,421 | -100% |
| Trade debts | 44 | €3,294 | €3,178 | -€116 | -3.5% |
| Suppliers | 440/4 | €3,294 | €3,178 | -€116 | -3.5% |
| Taxes, remuneration and social security | 45 | €17,913 | €20,507 | +€2,594 | +14.5% |
| Taxes | 450/3 | €17,913 | €20,507 | +€2,594 | +14.5% |
| Other amounts payable | 47/48 | €26,933 | €68,963 | +€42,030 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,848 | €2,287 | -€6,561 | -74.2% |
| Other operating charges | 640/8 | €1,210 | €1,183 | -€27 | -2.2% |
| Gross operating margin | 9900 | €94,013 | €109,140 | +€15,127 | +16.1% |
| Operating profit (loss) | 9901 | €83,955 | €105,670 | +€21,715 | +25.9% |
| Financial income | 75/76B | €6,347 | €8,688 | +€2,341 | +36.9% |
| Recurring financial income | 75 | €6,347 | €8,688 | +€2,341 | +36.9% |
| Financial charges | 65/66B | €642 | €372 | -€270 | -42.1% |
| Recurring financial charges | 65 | €642 | €372 | -€270 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €89,660 | €113,986 | +€24,326 | +27.1% |
| Income taxes | 67/77 | €25,719 | €33,235 | +€7,515 | +29.2% |
| Profit (loss) for the period | 9904 | €63,941 | €80,752 | +€16,811 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,941 | €80,752 | +€16,811 | +26.3% |
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 21 October 2026 via checked.be.