Keraf: 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.
Keraf
Largest movements
- Stocks and contracts -€202,893
down €202,893 (-12.1%), from €1.7m to €1.5m
- Receivables within one year -€82,168
down €82,168 (-21.6%), from €380,242 to €298,074
of which Trade receivables: -€95,228
- Cash -€60,217
down €60,217 (-40.1%), from €150,224 to €90,007
mainly Trade debts (-€421,313) and Tax, wage and social debts (-€7,791)
- Trade debts -€421,313
down €421,313 (-84.5%), from €498,493 to €77,180
- Profit (loss) carried forward +€66,877
up €66,877 (+4.0%), from €1.7m to €1.7m
- Gross operating margin -€107,696
down €107,696 (-19.1%), from €563,218 to €455,522
- Staff costs +€57,175
up €57,175 (+20.0%), from €285,725 to €342,900
- Taxes -€41,831
down €41,831 (-61.2%), from €68,330 to €26,500
- Financial charges +€9,157
up €9,157 (+2181.6%), from €420 to €9,577
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 | €2,292,410 | €1,928,839 | -€363,572 | -15.9% |
| Fixed assets | 21/28 | €86,446 | €69,627 | -€16,819 | -19.5% |
| Tangible fixed assets | 22/27 | €52,541 | €35,722 | -€16,819 | -32.0% |
| Plant, machinery and equipment | 23 | €10,898 | €6,045 | -€4,853 | -44.5% |
| Furniture and vehicles | 24 | €26,087 | €18,125 | -€7,961 | -30.5% |
| Other tangible fixed assets | 26 | €15,556 | €11,552 | -€4,005 | -25.7% |
| Financial fixed assets | 28 | €33,905 | €33,905 | = | 0.0% |
| Current assets | 29/58 | €2,205,964 | €1,859,212 | -€346,753 | -15.7% |
| Stocks and contracts in progress | 3 | €1,670,722 | €1,467,829 | -€202,893 | -12.1% |
| Stocks | 30/36 | €1,670,722 | €1,467,829 | -€202,893 | -12.1% |
| Amounts receivable within one year | 40/41 | €380,242 | €298,074 | -€82,168 | -21.6% |
| Trade receivables | 40 | €369,802 | €274,574 | -€95,228 | -25.8% |
| Other amounts receivable | 41 | €10,440 | €23,501 | +€13,061 | +125.1% |
| Cash at bank and in hand | 54/58 | €150,224 | €90,007 | -€60,217 | -40.1% |
| Deferred charges and accrued income | 490/1 | €4,776 | €3,301 | -€1,475 | -30.9% |
| Total equity and liabilities | 10/49 | €2,292,410 | €1,928,839 | -€363,572 | -15.9% |
| Equity | 10/15 | €1,724,605 | €1,791,482 | +€66,877 | +3.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,656,405 | €1,723,282 | +€66,877 | +4.0% |
| Amounts payable | 17/49 | €567,806 | €137,357 | -€430,449 | -75.8% |
| Amounts payable within one year | 42/48 | €566,465 | €137,357 | -€429,108 | -75.8% |
| Trade debts | 44 | €498,493 | €77,180 | -€421,313 | -84.5% |
| Suppliers | 440/4 | €498,493 | €77,180 | -€421,313 | -84.5% |
| Advances received on contracts in progress | 46 | €4 | €0 | -€4 | -100.0% |
| Taxes, remuneration and social security | 45 | €67,968 | €60,177 | -€7,791 | -11.5% |
| Taxes | 450/3 | €41,483 | €29,938 | -€11,545 | -27.8% |
| Remuneration and social security | 454/9 | €26,485 | €30,240 | +€3,755 | +14.2% |
| Accrued charges and deferred income | 492/3 | €1,340 | €0 | -€1,340 | -100.0% |
| Non-recurring operating income | 76A | €1,240 | €0 | -€1,240 | -100.0% |
| Remuneration, social security and pensions | 62 | €285,725 | €342,900 | +€57,175 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,001 | €16,819 | +€818 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,412 | €3,100 | -€313 | -9.2% |
| Gross operating margin | 9900 | €563,218 | €455,522 | -€107,696 | -19.1% |
| Operating profit (loss) | 9901 | €258,080 | €92,703 | -€165,377 | -64.1% |
| Financial income | 75/76B | €10,227 | €10,251 | +€24 | +0.2% |
| Recurring financial income | 75 | €10,227 | €10,251 | +€24 | +0.2% |
| Financial charges | 65/66B | €420 | €9,577 | +€9,157 | +2181.6% |
| Recurring financial charges | 65 | €420 | €9,577 | +€9,157 | +2181.6% |
| Profit (loss) for the period before taxes | 9903 | €267,887 | €93,377 | -€174,511 | -65.1% |
| Income taxes | 67/77 | €68,330 | €26,500 | -€41,831 | -61.2% |
| Profit (loss) for the period | 9904 | €199,557 | €66,877 | -€132,680 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €199,557 | €66,877 | -€132,680 | -66.5% |
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.