KERA: what changed
Two fiscal 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.
KERA
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€94,893
up €94,893 (+68.9%), from €137,751 to €232,645
mainly Current investments (+€100,000) and Net result for the year (+€18,234)
- Tangible fixed assets +€22,374
up €22,374 (+16.9%), from €132,127 to €154,501
of which Land and buildings: +€23,494
- Reserves +€18,234
up €18,234 (+7.4%), from €245,559 to €263,793
of which Distributable reserves: +€18,234
- Financial income -€10,002
down €10,002 (-87.3%), from €11,460 to €1,458
- Gross operating margin +€4,584
up €4,584 (+13.4%), from €34,285 to €38,870
- Taxes -€2,994
down €2,994 (-32.2%), from €9,285 to €6,290
- Depreciation +€1,121
up €1,121 (+19.7%), from €5,682 to €6,804
- Other operating charges +€790
up €790 (+10.1%), from €7,844 to €8,634
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.
Cash bridge derived
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 | €372,955 | €389,331 | +€16,376 | +4.4% |
| Fixed assets | 21/28 | €132,127 | €154,501 | +€22,374 | +16.9% |
| Tangible fixed assets | 22/27 | €132,127 | €154,501 | +€22,374 | +16.9% |
| Land and buildings | 22 | €131,006 | €154,501 | +€23,494 | +17.9% |
| Plant, machinery and equipment | 23 | €1,121 | €0 | -€1,121 | -100.0% |
| Current assets | 29/58 | €240,828 | €234,831 | -€5,998 | -2.5% |
| Amounts receivable within one year | 40/41 | €0 | €147 | +€147 | |
| Other amounts receivable | 41 | €0 | €147 | +€147 | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €137,751 | €232,645 | +€94,893 | +68.9% |
| Deferred charges and accrued income | 490/1 | €3,077 | €2,039 | -€1,038 | -33.7% |
| Total equity and liabilities | 10/49 | €372,955 | €389,331 | +€16,376 | +4.4% |
| Equity | 10/15 | €366,532 | €384,765 | +€18,234 | +5.0% |
| Contributions | 10/11 | €105,746 | €105,746 | = | 0.0% |
| Capital | 10 | €105,746 | €105,746 | = | 0.0% |
| Issued capital | 100 | €105,746 | €105,746 | = | 0.0% |
| Reserves | 13 | €245,559 | €263,793 | +€18,234 | +7.4% |
| Non-distributable reserves | 130/1 | €14,424 | €14,424 | = | 0.0% |
| Legal reserve | 130 | €14,424 | €14,424 | = | 0.0% |
| Distributable reserves | 133 | €231,135 | €249,369 | +€18,234 | +7.9% |
| Profit (loss) carried forward | 14 | €15,227 | €15,227 | = | 0.0% |
| Amounts payable | 17/49 | €6,424 | €4,566 | -€1,857 | -28.9% |
| Amounts payable within one year | 42/48 | €5,818 | €4,357 | -€1,461 | -25.1% |
| Trade debts | 44 | €690 | €2,264 | +€1,573 | +227.8% |
| Suppliers | 440/4 | €690 | €2,264 | +€1,573 | +227.8% |
| Taxes, remuneration and social security | 45 | €1,038 | €0 | -€1,038 | -100.0% |
| Taxes | 450/3 | €1,038 | €0 | -€1,038 | -100.0% |
| Other amounts payable | 47/48 | €4,090 | €2,093 | -€1,996 | -48.8% |
| Accrued charges and deferred income | 492/3 | €605 | €209 | -€396 | -65.4% |
| Non-recurring operating income | 76A | €0 | €3,730 | +€3,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,682 | €6,804 | +€1,121 | +19.7% |
| Other operating charges | 640/8 | €7,844 | €8,634 | +€790 | +10.1% |
| Gross operating margin | 9900 | €34,285 | €38,870 | +€4,584 | +13.4% |
| Operating profit (loss) | 9901 | €20,759 | €23,432 | +€2,673 | +12.9% |
| Financial income | 75/76B | €11,460 | €1,458 | -€10,002 | -87.3% |
| Recurring financial income | 75 | €11,460 | €1,458 | -€10,002 | -87.3% |
| Financial charges | 65/66B | €372 | €366 | -€6 | -1.5% |
| Recurring financial charges | 65 | €372 | €366 | -€6 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €31,847 | €24,524 | -€7,323 | -23.0% |
| Income taxes | 67/77 | €9,285 | €6,290 | -€2,994 | -32.2% |
| Profit (loss) for the period | 9904 | €22,562 | €18,234 | -€4,328 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,562 | €18,234 | -€4,328 | -19.2% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.