KERASI: 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.
KERASI
Largest movements
- Cash +€90,538
up €90,538 (+109%), from €83,390 to €173,929
mainly Tax, wage and social debts (+€47,113) and Net result for the year (+€21,346)
- Tangible fixed assets -€9,726
down €9,726 (-18.8%), from €51,795 to €42,069
of which Plant, machinery and equipment: -€8,403
- Receivables within one year -€8,825
down €8,825 (-22.3%), from €39,602 to €30,777
of which Trade receivables: -€8,109
- Tax, wage and social debts +€47,113
up €47,113 (+86.9%), from €54,215 to €101,327
of which Remuneration and social security: +€33,650
- Profit (loss) carried forward +€21,346
up €21,346 (+25.7%), from €83,064 to €104,410
- Debts after one year -€9,454
down €9,454 (-51.0%), from €18,525 to €9,071
- Trade debts +€8,032
up €8,032 (+97.4%), from €8,250 to €16,283
- Advances received +€3,900
new in 2025: €3,900
- Gross operating margin +€56,507
up €56,507 (+33.4%), from €169,403 to €225,910
- Staff costs +€44,249
up €44,249 (+40.8%), from €108,424 to €152,673
- Financial income -€4,040
down €4,040 (-99.8%), from €4,046 to €6
- Taxes +€2,524
up €2,524 (+25.0%), from €10,086 to €12,610
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.
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 | €191,669 | €263,375 | +€71,706 | +37.4% |
| Fixed assets | 21/28 | €63,245 | €53,519 | -€9,726 | -15.4% |
| Tangible fixed assets | 22/27 | €51,795 | €42,069 | -€9,726 | -18.8% |
| Plant, machinery and equipment | 23 | €31,156 | €22,753 | -€8,403 | -27.0% |
| Furniture and vehicles | 24 | - | €2,404 | +€2,404 | |
| Other tangible fixed assets | 26 | €20,639 | €16,911 | -€3,728 | -18.1% |
| Financial fixed assets | 28 | €11,450 | €11,450 | = | 0.0% |
| Current assets | 29/58 | €128,424 | €209,856 | +€81,432 | +63.4% |
| Stocks and contracts in progress | 3 | €5,017 | €4,722 | -€295 | -5.9% |
| Stocks | 30/36 | €5,017 | €4,722 | -€295 | -5.9% |
| Amounts receivable within one year | 40/41 | €39,602 | €30,777 | -€8,825 | -22.3% |
| Trade receivables | 40 | €14,396 | €6,288 | -€8,109 | -56.3% |
| Other amounts receivable | 41 | €25,205 | €24,489 | -€716 | -2.8% |
| Cash at bank and in hand | 54/58 | €83,390 | €173,929 | +€90,538 | +109% |
| Deferred charges and accrued income | 490/1 | €414 | €428 | +€14 | +3.3% |
| Total equity and liabilities | 10/49 | €191,669 | €263,375 | +€71,706 | +37.4% |
| Equity | 10/15 | €101,664 | €123,010 | +€21,346 | +21.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,064 | €104,410 | +€21,346 | +25.7% |
| Amounts payable | 17/49 | €90,005 | €140,365 | +€50,360 | +56.0% |
| Amounts payable after more than one year | 17 | €18,525 | €9,071 | -€9,454 | -51.0% |
| Financial debts | 170/4 | €18,525 | €9,071 | -€9,454 | -51.0% |
| Amounts payable within one year | 42/48 | €71,480 | €130,964 | +€59,484 | +83.2% |
| Current portion of amounts payable after more than one year | 42 | €9,015 | €9,454 | +€439 | +4.9% |
| Trade debts | 44 | €8,250 | €16,283 | +€8,032 | +97.4% |
| Suppliers | 440/4 | €8,250 | €16,283 | +€8,032 | +97.4% |
| Advances received on contracts in progress | 46 | - | €3,900 | +€3,900 | |
| Taxes, remuneration and social security | 45 | €54,215 | €101,327 | +€47,113 | +86.9% |
| Taxes | 450/3 | €17,226 | €30,689 | +€13,463 | +78.2% |
| Remuneration and social security | 454/9 | €36,989 | €70,638 | +€33,650 | +91.0% |
| Accrued charges and deferred income | 492/3 | - | €330 | +€330 | |
| Remuneration, social security and pensions | 62 | €108,424 | €152,673 | +€44,249 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,261 | €16,626 | +€365 | +2.2% |
| Other operating charges | 640/8 | €83 | €837 | +€754 | +914% |
| Non-recurring operating charges | 66A | - | €9,579 | +€9,579 | |
| Gross operating margin | 9900 | €169,403 | €225,910 | +€56,507 | +33.4% |
| Operating profit (loss) | 9901 | €44,635 | €46,195 | +€1,560 | +3.5% |
| Financial income | 75/76B | €4,046 | €6 | -€4,040 | -99.8% |
| Recurring financial income | 75 | €4,046 | €6 | -€4,040 | -99.8% |
| Financial charges | 65/66B | €13,206 | €12,246 | -€961 | -7.3% |
| Recurring financial charges | 65 | €13,206 | €12,246 | -€961 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €35,476 | €33,956 | -€1,519 | -4.3% |
| Income taxes | 67/77 | €10,086 | €12,610 | +€2,524 | +25.0% |
| Profit (loss) for the period | 9904 | €25,390 | €21,346 | -€4,044 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,390 | €21,346 | -€4,044 | -15.9% |
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 21 October 2026 via checked.be.