KERAT: 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.
KERAT
Largest movements
- Current investments +€32,185
up €32,185 (+9.4%), from €342,610 to €374,795
- Cash -€14,803
down €14,803 (-23.0%), from €64,372 to €49,570
mainly Current investments (-€32,185) and Receivables within one year (-€3,331)
- Reserves +€10,806
up €10,806 (+18.2%), from €59,285 to €70,091
of which Distributable reserves: +€10,806
- Other debts +€9,433
up €9,433 (+9.5%), from €99,429 to €108,861
- Gross operating margin -€52,471
down €52,471 (-80.9%), from €64,884 to €12,413
- Taxes -€12,727
down €12,727 (-90.6%), from €14,042 to €1,315
- Financial income +€10,913
up €10,913 (+201.8%), from €5,409 to €16,321
- Financial charges -€1,445
down €1,445 (-13.3%), from €10,879 to €9,434
- Depreciation -€1,037
down €1,037 (-15.0%), from €6,916 to €5,878
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 | €431,427 | €447,179 | +€15,752 | +3.7% |
| Fixed assets | 21/28 | €15,213 | €11,991 | -€3,221 | -21.2% |
| Tangible fixed assets | 22/27 | €15,213 | €11,991 | -€3,221 | -21.2% |
| Land and buildings | 22 | €1,432 | €716 | -€716 | -50.0% |
| Plant, machinery and equipment | 23 | €9,102 | €5,568 | -€3,534 | -38.8% |
| Furniture and vehicles | 24 | €4,678 | €5,707 | +€1,029 | +22.0% |
| Current assets | 29/58 | €416,215 | €435,188 | +€18,973 | +4.6% |
| Stocks and contracts in progress | 3 | €800 | €700 | -€100 | -12.5% |
| Stocks | 30/36 | €800 | €700 | -€100 | -12.5% |
| Amounts receivable within one year | 40/41 | €5,912 | €9,243 | +€3,331 | +56.3% |
| Trade receivables | 40 | €1,796 | €574 | -€1,223 | -68.1% |
| Other amounts receivable | 41 | €4,116 | €8,669 | +€4,554 | +110.6% |
| Current investments | 50/53 | €342,610 | €374,795 | +€32,185 | +9.4% |
| Cash at bank and in hand | 54/58 | €64,372 | €49,570 | -€14,803 | -23.0% |
| Deferred charges and accrued income | 490/1 | €2,520 | €880 | -€1,640 | -65.1% |
| Total equity and liabilities | 10/49 | €431,427 | €447,179 | +€15,752 | +3.7% |
| Equity | 10/15 | €192,145 | €202,121 | +€9,976 | +5.2% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €59,285 | €70,091 | +€10,806 | +18.2% |
| Non-distributable reserves | 130/1 | €2,900 | €2,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,900 | €2,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €258 | €258 | = | 0.0% |
| Distributable reserves | 133 | €56,127 | €66,933 | +€10,806 | +19.3% |
| Profit (loss) carried forward | 14 | €2,860 | €2,030 | -€830 | -29.0% |
| Amounts payable | 17/49 | €239,283 | €245,058 | +€5,775 | +2.4% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Other amounts payable | 178/9 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,659 | €116,562 | +€6,903 | +6.3% |
| Trade debts | 44 | €1,652 | €163 | -€1,489 | -90.1% |
| Suppliers | 440/4 | €1,652 | €163 | -€1,489 | -90.1% |
| Taxes, remuneration and social security | 45 | €8,578 | €7,537 | -€1,040 | -12.1% |
| Taxes | 450/3 | €8,578 | €7,537 | -€1,040 | -12.1% |
| Other amounts payable | 47/48 | €99,429 | €108,861 | +€9,433 | +9.5% |
| Accrued charges and deferred income | 492/3 | €9,624 | €8,496 | -€1,128 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,916 | €5,878 | -€1,037 | -15.0% |
| Other operating charges | 640/8 | €1,361 | €1,301 | -€60 | -4.4% |
| Gross operating margin | 9900 | €64,884 | €12,413 | -€52,471 | -80.9% |
| Operating profit (loss) | 9901 | €56,607 | €5,234 | -€51,373 | -90.8% |
| Financial income | 75/76B | €5,409 | €16,321 | +€10,913 | +201.8% |
| Recurring financial income | 75 | €5,409 | €16,321 | +€10,913 | +201.8% |
| Financial charges | 65/66B | €10,879 | €9,434 | -€1,445 | -13.3% |
| Recurring financial charges | 65 | €10,879 | €9,434 | -€1,445 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €51,136 | €12,121 | -€39,015 | -76.3% |
| Income taxes | 67/77 | €14,042 | €1,315 | -€12,727 | -90.6% |
| Profit (loss) for the period | 9904 | €37,095 | €10,806 | -€26,289 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,095 | €10,806 | -€26,289 | -70.9% |
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 8 October 2026 via checked.be.