KERAMA: 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.
KERAMA
Largest movements
- Receivables within one year +€20,428
up €20,428 (+35.9%), from €56,838 to €77,266
of which Other amounts receivable: +€20,428
- Cash +€6,929
up €6,929 (+18.9%), from €36,597 to €43,526
mainly Net result for the year (+€38,162) and Depreciation (+€17,610)
- Tangible fixed assets +€4,174
up €4,174 (+5.9%), from €70,998 to €75,172
of which Plant, machinery and equipment: +€14,035
- Profit (loss) carried forward +€38,162
up €38,162 (+24.3%), from €157,216 to €195,378
- Current portion of long-term debt -€7,655
no longer reported in 2025 (was €7,655)
- Trade debts +€3,998
up €3,998 (+165.3%), from €2,418 to €6,417
- Tax, wage and social debts -€2,216
down €2,216 (-78.7%), from €2,816 to €600
of which Taxes: -€2,216
- Gross operating margin -€12,228
down €12,228 (-14.5%), from €84,116 to €71,888
- Taxes -€10,911
down €10,911 (-53.2%), from €20,516 to €9,605
- Staff costs -€6,255
down €6,255, from €6,116 to -€139
- Other operating charges -€2,951
down €2,951 (-81.4%), from €3,625 to €674
- Depreciation +€1,785
up €1,785 (+11.3%), from €15,825 to €17,610
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 | €174,396 | €205,880 | +€31,483 | +18.1% |
| Fixed assets | 21/28 | €80,913 | €85,088 | +€4,174 | +5.2% |
| Tangible fixed assets | 22/27 | €70,998 | €75,172 | +€4,174 | +5.9% |
| Land and buildings | 22 | €32,431 | €28,201 | -€4,230 | -13.0% |
| Plant, machinery and equipment | 23 | €17,623 | €31,658 | +€14,035 | +79.6% |
| Furniture and vehicles | 24 | €20,944 | €15,313 | -€5,631 | -26.9% |
| Financial fixed assets | 28 | €9,916 | €9,916 | = | 0.0% |
| Current assets | 29/58 | €93,483 | €120,792 | +€27,309 | +29.2% |
| Amounts receivable within one year | 40/41 | €56,838 | €77,266 | +€20,428 | +35.9% |
| Trade receivables | 40 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 41 | €16,838 | €37,266 | +€20,428 | +121.3% |
| Cash at bank and in hand | 54/58 | €36,597 | €43,526 | +€6,929 | +18.9% |
| Deferred charges and accrued income | 490/1 | €48 | - | -€48 | |
| Total equity and liabilities | 10/49 | €174,396 | €205,880 | +€31,483 | +18.1% |
| Equity | 10/15 | €160,697 | €198,859 | +€38,162 | +23.7% |
| Contributions | 10/11 | €382 | €382 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,216 | €195,378 | +€38,162 | +24.3% |
| Amounts payable | 17/49 | €13,700 | €7,021 | -€6,679 | -48.7% |
| Amounts payable within one year | 42/48 | €12,889 | €7,017 | -€5,872 | -45.6% |
| Current portion of amounts payable after more than one year | 42 | €7,655 | - | -€7,655 | |
| Trade debts | 44 | €2,418 | €6,417 | +€3,998 | +165.3% |
| Suppliers | 440/4 | €2,418 | €6,417 | +€3,998 | +165.3% |
| Taxes, remuneration and social security | 45 | €2,816 | €600 | -€2,216 | -78.7% |
| Taxes | 450/3 | €2,216 | - | -€2,216 | |
| Remuneration and social security | 454/9 | €600 | €600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €811 | €4 | -€807 | -99.4% |
| Remuneration, social security and pensions | 62 | €6,116 | -€139 | -€6,255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,825 | €17,610 | +€1,785 | +11.3% |
| Other operating charges | 640/8 | €3,625 | €674 | -€2,951 | -81.4% |
| Gross operating margin | 9900 | €84,116 | €71,888 | -€12,228 | -14.5% |
| Operating profit (loss) | 9901 | €58,550 | €53,743 | -€4,807 | -8.2% |
| Financial income | 75/76B | €22 | €74 | +€53 | +244.3% |
| Recurring financial income | 75 | €22 | €74 | +€53 | +244.3% |
| Financial charges | 65/66B | €6,640 | €6,051 | -€589 | -8.9% |
| Recurring financial charges | 65 | €6,640 | €6,051 | -€589 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €51,932 | €47,767 | -€4,165 | -8.0% |
| Income taxes | 67/77 | €20,516 | €9,605 | -€10,911 | -53.2% |
| Profit (loss) for the period | 9904 | €31,416 | €38,162 | +€6,746 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,416 | €38,162 | +€6,746 | +21.5% |
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 3 October 2026 via checked.be.