KERATOR: 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.
KERATOR
Largest movements
- Receivables within one year +€26,937
up €26,937 (+8.6%), from €314,657 to €341,594
- Reserves +€50,000
up €50,000 (+15.0%), from €332,310 to €382,310
of which Distributable reserves: +€50,000
- Other debts -€20,589
no longer reported in 2025 (was €20,589)
- Financial income +€2,094
up €2,094 (+4.5%), from €46,200 to €48,294
- Financial charges +€450
up €450 (+971.5%), from €46 to €496
- Gross operating margin -€56
down €56 (-25.9%), from -€216 to -€272
- Other operating charges +€15
up €15 (+2.2%), from €692 to €707
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 | €648,909 | €675,138 | +€26,229 | +4.0% |
| Fixed assets | 21/28 | €297,793 | €297,793 | = | 0.0% |
| Financial fixed assets | 28 | €297,793 | €297,793 | = | 0.0% |
| Current assets | 29/58 | €351,117 | €377,346 | +€26,229 | +7.5% |
| Amounts receivable within one year | 40/41 | €314,657 | €341,594 | +€26,937 | +8.6% |
| Other amounts receivable | 41 | €314,657 | €341,594 | +€26,937 | +8.6% |
| Cash at bank and in hand | 54/58 | €36,460 | €35,752 | -€708 | -1.9% |
| Total equity and liabilities | 10/49 | €648,909 | €675,138 | +€26,229 | +4.0% |
| Equity | 10/15 | €628,101 | €674,918 | +€46,818 | +7.5% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €332,310 | €382,310 | +€50,000 | +15.0% |
| Non-distributable reserves | 130/1 | €22,310 | €22,310 | = | 0.0% |
| Legal reserve | 130 | €22,310 | €22,310 | = | 0.0% |
| Distributable reserves | 133 | €310,000 | €360,000 | +€50,000 | +16.1% |
| Profit (loss) carried forward | 14 | €72,686 | €69,504 | -€3,182 | -4.4% |
| Amounts payable | 17/49 | €20,809 | €220 | -€20,589 | -98.9% |
| Amounts payable within one year | 42/48 | €20,809 | €220 | -€20,589 | -98.9% |
| Trade debts | 44 | €220 | €220 | = | 0.0% |
| Suppliers | 440/4 | €220 | €220 | = | 0.0% |
| Other amounts payable | 47/48 | €20,589 | - | -€20,589 | |
| Other operating charges | 640/8 | €692 | €707 | +€15 | +2.2% |
| Gross operating margin | 9900 | -€216 | -€272 | -€56 | -25.9% |
| Operating profit (loss) | 9901 | -€909 | -€980 | -€71 | -7.8% |
| Financial income | 75/76B | €46,200 | €48,294 | +€2,094 | +4.5% |
| Recurring financial income | 75 | €46,200 | €48,294 | +€2,094 | +4.5% |
| Financial charges | 65/66B | €46 | €496 | +€450 | +971.5% |
| Recurring financial charges | 65 | €46 | €496 | +€450 | +971.5% |
| Profit (loss) for the period before taxes | 9903 | €45,245 | €46,818 | +€1,573 | +3.5% |
| Profit (loss) for the period | 9904 | €45,245 | €46,818 | +€1,573 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,245 | €46,818 | +€1,573 | +3.5% |
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 8 October 2026 via checked.be.