KER INVEST: what changed
What changed
KER INVEST
filed annual accounts (NBB)
Net result for the year
€18,193
2024 · €9,095+€9,098
Equity
€386,531
2024 · €368,338+€18,193
Cash
€77,847
2024 · €22,397+€55,451
Balance sheet total
€547,506
2024 · €526,442+€21,064
Largest movements
Assets
- Cash +€55,451
up €55,451 (+248%), from €22,397 to €77,847
mainly Depreciation (+€36,771) and Net result for the year (+€18,193)
- Tangible fixed assets -€32,745
down €32,745 (-6.5%), from €500,179 to €467,434
Equity and liabilities
- Profit (loss) carried forward +€18,193
up €18,193 (+65.8%), from -€27,662 to -€9,469
Income statement
- Gross operating margin +€16,183
up €16,183 (+27.5%), from €58,772 to €74,955
- Taxes +€4,464
new in 2025: €4,464
- Depreciation +€2,378
up €2,378 (+6.9%), from €34,393 to €36,771
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9,095
Gross operating margin
+€16,183
Depreciation
-€2,378
Other operating charges
-€295
Financial income
-€30
Financial charges
+€81
Taxes
-€4,464
Result 2025
€18,193
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€59,476
Investment
-€4,026
Financing
€0
Cash 2024
€22,397
From operations (derived)
+€59,476
Net result for the year
+€18,193
Depreciation
+€36,771
Deferred charges and accrued income
+€1,642
Trade debts
-€1,839
Tax, wage and social debts
+€4,464
Other debts
+€896
Accrued charges and deferred income
-€650
Investment (derived)
-€4,026
Investment in fixed assets (net)
-€4,026
Cash 2025
€77,847
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €526,442 | €547,506 | +€21,064 | +4.0% |
| Fixed assets | 21/28 | €500,179 | €467,434 | -€32,745 | -6.5% |
| Tangible fixed assets | 22/27 | €500,179 | €467,434 | -€32,745 | -6.5% |
| Land and buildings | 22 | €500,179 | €467,434 | -€32,745 | -6.5% |
| Current assets | 29/58 | €26,263 | €80,073 | +€53,809 | +205% |
| Cash at bank and in hand | 54/58 | €22,397 | €77,847 | +€55,451 | +248% |
| Deferred charges and accrued income | 490/1 | €3,867 | €2,225 | -€1,642 | -42.5% |
| Total equity and liabilities | 10/49 | €526,442 | €547,506 | +€21,064 | +4.0% |
| Equity | 10/15 | €368,338 | €386,531 | +€18,193 | +4.9% |
| Contributions | 10/11 | €360,000 | €360,000 | = | 0.0% |
| Reserves | 13 | €36,000 | €36,000 | = | 0.0% |
| Distributable reserves | 133 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,662 | -€9,469 | +€18,193 | +65.8% |
| Amounts payable | 17/49 | €158,104 | €160,975 | +€2,871 | +1.8% |
| Amounts payable within one year | 42/48 | €157,454 | €160,975 | +€3,521 | +2.2% |
| Trade debts | 44 | €2,140 | €301 | -€1,839 | -85.9% |
| Suppliers | 440/4 | €2,140 | €301 | -€1,839 | -85.9% |
| Taxes, remuneration and social security | 45 | - | €4,464 | +€4,464 | |
| Taxes | 450/3 | - | €4,464 | +€4,464 | |
| Other amounts payable | 47/48 | €155,314 | €156,210 | +€896 | +0.6% |
| Accrued charges and deferred income | 492/3 | €650 | - | -€650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,393 | €36,771 | +€2,378 | +6.9% |
| Other operating charges | 640/8 | €9,386 | €9,681 | +€295 | +3.1% |
| Gross operating margin | 9900 | €58,772 | €74,955 | +€16,183 | +27.5% |
| Operating profit (loss) | 9901 | €14,993 | €28,503 | +€13,510 | +90.1% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €5,927 | €5,846 | -€81 | -1.4% |
| Recurring financial charges | 65 | €5,927 | €5,846 | -€81 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €9,095 | €22,657 | +€13,562 | +149% |
| Income taxes | 67/77 | - | €4,464 | +€4,464 | |
| Profit (loss) for the period | 9904 | €9,095 | €18,193 | +€9,098 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €9,095 | €18,193 | +€9,098 | +100% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.