Kerbzuid: 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.
Kerbzuid
Largest movements
- Current investments +€335,940
up €335,940 (+62.4%), from €538,777 to €874,717
- Tangible fixed assets -€134,167
down €134,167 (-6.0%), from €2.2m to €2.1m
- Cash -€76,427
down €76,427 (-40.1%), from €190,552 to €114,125
mainly Current investments (-€335,940) and Provisions (-€17,894)
- Profit (loss) carried forward +€209,638
up €209,638 (+14.5%), from €1.4m to €1.7m
- Reserves -€70,869
down €70,869 (-3.2%), from €2.2m to €2.2m
of which Tax-exempt reserves: -€70,869
- Financial income -€458,763
down €458,763 (-97.8%), from €468,948 to €10,186
- Gross operating margin -€418,788
down €418,788 (-62.2%), from €672,941 to €254,153
- Taxes -€79,349
down €79,349 (-52.9%), from €149,894 to €70,545
- Financial charges -€29,888
down €29,888 (-90.6%), from €32,995 to €3,107
- Other operating charges -€8,458
down €8,458 (-30.6%), from €27,601 to €19,142
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 | €5,476,313 | €5,606,625 | +€130,312 | +2.4% |
| Fixed assets | 21/28 | €4,732,627 | €4,598,460 | -€134,167 | -2.8% |
| Tangible fixed assets | 22/27 | €2,232,553 | €2,098,385 | -€134,167 | -6.0% |
| Land and buildings | 22 | €2,232,553 | €2,098,385 | -€134,167 | -6.0% |
| Financial fixed assets | 28 | €2,500,074 | €2,500,074 | = | 0.0% |
| Current assets | 29/58 | €743,686 | €1,008,165 | +€264,480 | +35.6% |
| Amounts receivable within one year | 40/41 | €237 | €3,351 | +€3,114 | +1315.4% |
| Trade receivables | 40 | - | €3,351 | +€3,351 | |
| Other amounts receivable | 41 | €237 | €0 | -€237 | -100.0% |
| Current investments | 50/53 | €538,777 | €874,717 | +€335,940 | +62.4% |
| Cash at bank and in hand | 54/58 | €190,552 | €114,125 | -€76,427 | -40.1% |
| Deferred charges and accrued income | 490/1 | €14,120 | €15,973 | +€1,853 | +13.1% |
| Total equity and liabilities | 10/49 | €5,476,313 | €5,606,625 | +€130,312 | +2.4% |
| Equity | 10/15 | €5,298,687 | €5,437,456 | +€138,769 | +2.6% |
| Contributions | 10/11 | €1,600,000 | €1,600,000 | = | 0.0% |
| Capital | 10 | €1,600,000 | €1,600,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Reserves | 13 | €2,249,342 | €2,178,472 | -€70,869 | -3.2% |
| Non-distributable reserves | 130/1 | €160,000 | €160,000 | = | 0.0% |
| Legal reserve | 130 | €160,000 | €160,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €389,342 | €318,472 | -€70,869 | -18.2% |
| Distributable reserves | 133 | €1,700,000 | €1,700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,449,346 | €1,658,984 | +€209,638 | +14.5% |
| Provisions and deferred taxes | 16 | €122,575 | €104,681 | -€17,894 | -14.6% |
| Deferred taxes | 168 | €122,575 | €104,681 | -€17,894 | -14.6% |
| Amounts payable | 17/49 | €55,050 | €64,488 | +€9,438 | +17.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €51,090 | €60,931 | +€9,841 | +19.3% |
| Trade debts | 44 | €239 | €1,995 | +€1,756 | +734.3% |
| Suppliers | 440/4 | €239 | €1,995 | +€1,756 | +734.3% |
| Taxes, remuneration and social security | 45 | €50,851 | €58,936 | +€8,085 | +15.9% |
| Taxes | 450/3 | €50,851 | €58,936 | +€8,085 | +15.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,960 | €3,557 | -€403 | -10.2% |
| Non-recurring operating income | 76A | €524,550 | €137,442 | -€387,108 | -73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,517 | €50,670 | +€153 | +0.3% |
| Other operating charges | 640/8 | €27,601 | €19,142 | -€8,458 | -30.6% |
| Gross operating margin | 9900 | €672,941 | €254,153 | -€418,788 | -62.2% |
| Operating profit (loss) | 9901 | €594,824 | €184,341 | -€410,483 | -69.0% |
| Financial income | 75/76B | €468,948 | €10,186 | -€458,763 | -97.8% |
| Recurring financial income | 75 | €468,948 | €10,186 | -€458,763 | -97.8% |
| Financial charges | 65/66B | €32,995 | €3,107 | -€29,888 | -90.6% |
| Recurring financial charges | 65 | €32,995 | €3,107 | -€29,888 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | €1,030,777 | €191,420 | -€839,358 | -81.4% |
| Transfer from deferred taxes | 780 | €5,132 | €17,894 | +€12,763 | +248.7% |
| Income taxes | 67/77 | €149,894 | €70,545 | -€79,349 | -52.9% |
| Profit (loss) for the period | 9904 | €886,015 | €138,769 | -€747,246 | -84.3% |
| Transfer from tax-exempt reserves | 789 | €15,395 | €70,869 | +€55,474 | +360.3% |
| Profit (loss) for the period to be appropriated | 9905 | €901,410 | €209,638 | -€691,772 | -76.7% |
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.