KERA'TINE: 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.
KERA'TINE
Largest movements
- Tangible fixed assets +€25,867
up €25,867 (+104%), from €24,884 to €50,751
of which Plant, machinery and equipment: +€21,535
- Intangible fixed assets -€10,000
down €10,000 (-25.0%), from €40,000 to €30,000
- Cash -€7,666
down €7,666 (-24.4%), from €31,432 to €23,765
mainly Investment in fixed assets (net) (-€32,583) and Contributions, distributions and other (-€17,150)
- Stocks and contracts -€1,705
down €1,705 (-13.5%), from €12,629 to €10,924
- Reserves -€10,000
down €10,000 (-25.1%), from €39,800 to €29,800
of which Distributable reserves: -€10,000
- Debts after one year +€9,339
new in 2025: €9,339
- Other debts +€5,976
up €5,976 (+37.2%), from €16,045 to €22,021
- Current portion of long-term debt +€4,865
new in 2025: €4,865
- Tax, wage and social debts -€1,703
down €1,703 (-10.9%), from €15,686 to €13,983
of which Taxes: -€967
- Gross operating margin -€11,830
down €11,830 (-17.5%), from €67,692 to €55,862
- Staff costs -€8,596
down €8,596 (-22.8%), from €37,755 to €29,158
- Taxes -€2,109
down €2,109 (-56.9%), from €3,710 to €1,600
- Depreciation +€836
up €836 (+5.3%), from €15,929 to €16,765
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 | €111,641 | €119,274 | +€7,633 | +6.8% |
| Fixed assets | 21/28 | €65,031 | €80,849 | +€15,818 | +24.3% |
| Intangible fixed assets | 21 | €40,000 | €30,000 | -€10,000 | -25.0% |
| Tangible fixed assets | 22/27 | €24,884 | €50,751 | +€25,867 | +104% |
| Plant, machinery and equipment | 23 | €21,121 | €42,656 | +€21,535 | +102% |
| Other tangible fixed assets | 26 | €3,763 | €8,095 | +€4,332 | +115% |
| Financial fixed assets | 28 | €147 | €98 | -€49 | -33.3% |
| Current assets | 29/58 | €46,609 | €38,425 | -€8,185 | -17.6% |
| Stocks and contracts in progress | 3 | €12,629 | €10,924 | -€1,705 | -13.5% |
| Stocks | 30/36 | €12,629 | €10,924 | -€1,705 | -13.5% |
| Amounts receivable within one year | 40/41 | €2,349 | €3,130 | +€781 | +33.3% |
| Trade receivables | 40 | €85 | €1,988 | +€1,903 | +2,252% |
| Other amounts receivable | 41 | €2,264 | €1,142 | -€1,122 | -49.6% |
| Cash at bank and in hand | 54/58 | €31,432 | €23,765 | -€7,666 | -24.4% |
| Deferred charges and accrued income | 490/1 | €200 | €605 | +€405 | +203% |
| Total equity and liabilities | 10/49 | €111,641 | €119,274 | +€7,633 | +6.8% |
| Equity | 10/15 | €78,971 | €68,996 | -€9,975 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,800 | €29,800 | -€10,000 | -25.1% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €39,700 | €29,700 | -€10,000 | -25.2% |
| Profit (loss) carried forward | 14 | €20,571 | €20,596 | +€25 | +0.1% |
| Amounts payable | 17/49 | €32,670 | €50,278 | +€17,608 | +53.9% |
| Amounts payable after more than one year | 17 | - | €9,339 | +€9,339 | |
| Financial debts | 170/4 | - | €9,339 | +€9,339 | |
| Amounts payable within one year | 42/48 | €32,107 | €40,939 | +€8,831 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,865 | +€4,865 | |
| Trade debts | 44 | €376 | €70 | -€306 | -81.4% |
| Suppliers | 440/4 | €376 | €70 | -€306 | -81.4% |
| Taxes, remuneration and social security | 45 | €15,686 | €13,983 | -€1,703 | -10.9% |
| Taxes | 450/3 | €13,164 | €12,197 | -€967 | -7.3% |
| Remuneration and social security | 454/9 | €2,523 | €1,786 | -€736 | -29.2% |
| Other amounts payable | 47/48 | €16,045 | €22,021 | +€5,976 | +37.2% |
| Accrued charges and deferred income | 492/3 | €562 | €0 | -€562 | -100% |
| Non-recurring operating income | 76A | €0 | €2,020 | +€2,020 | |
| Remuneration, social security and pensions | 62 | €37,755 | €29,158 | -€8,596 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,929 | €16,765 | +€836 | +5.3% |
| Other operating charges | 640/8 | €443 | €434 | -€8 | -1.9% |
| Non-recurring operating charges | 66A | €25 | - | -€25 | |
| Gross operating margin | 9900 | €67,692 | €55,862 | -€11,830 | -17.5% |
| Operating profit (loss) | 9901 | €13,541 | €9,505 | -€4,037 | -29.8% |
| Financial charges | 65/66B | €184 | €730 | +€546 | +297% |
| Recurring financial charges | 65 | €184 | €730 | +€546 | +297% |
| Profit (loss) for the period before taxes | 9903 | €13,358 | €8,775 | -€4,583 | -34.3% |
| Income taxes | 67/77 | €3,710 | €1,600 | -€2,109 | -56.9% |
| Profit (loss) for the period | 9904 | €9,648 | €7,175 | -€2,473 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,648 | €7,175 | -€2,473 | -25.6% |
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 20 October 2026 via checked.be.