KERCKHAERT MANAGEMENT: 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.
KERCKHAERT MANAGEMENT
Largest movements
- Cash +€408,147
up €408,147 (+174%), from €233,909 to €642,055
mainly Net result for the year (+€331,120) and Investment in fixed assets (net) (+€260,508)
- Financial fixed assets -€260,508
down €260,508 (-37.3%), from €697,598 to €437,091
- Tangible fixed assets -€101,005
down €101,005 (-4.2%), from €2.4m to €2.3m
- Reserves +€331,800
up €331,800 (+20.4%), from €1.6m to €2.0m
of which Distributable reserves: +€331,800
- Current portion of long-term debt -€186,666
down €186,666 (-66.7%), from €280,000 to €93,334
- Debts after one year -€93,334
down €93,334 (-15.7%), from €593,334 to €500,000
of which Financial debts: -€93,334
- Accrued charges and deferred income +€45,834
up €45,834 (+92.5%), from €49,558 to €95,391
- Tax, wage and social debts -€35,264
down €35,264 (-28.1%), from €125,288 to €90,023
- Gross operating margin +€64,861
up €64,861 (+10.5%), from €618,896 to €683,757
- Financial charges +€46,260
up €46,260 (+93.7%), from €49,391 to €95,652
- Financial income +€14,259
up €14,259 (+68.4%), from €20,840 to €35,099
of which Non-recurring financial income: +€17,000
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 | €3,426,454 | €3,492,102 | +€65,648 | +1.9% |
| Fixed assets | 21/28 | €3,107,409 | €2,745,896 | -€361,513 | -11.6% |
| Tangible fixed assets | 22/27 | €2,409,811 | €2,308,806 | -€101,005 | -4.2% |
| Land and buildings | 22 | €2,409,811 | €2,308,806 | -€101,005 | -4.2% |
| Financial fixed assets | 28 | €697,598 | €437,091 | -€260,508 | -37.3% |
| Current assets | 29/58 | €319,045 | €746,206 | +€427,161 | +134% |
| Amounts receivable within one year | 40/41 | €78,126 | €97,700 | +€19,574 | +25.1% |
| Trade receivables | 40 | €78,126 | €79,523 | +€1,397 | +1.8% |
| Other amounts receivable | 41 | €0 | €18,177 | +€18,177 | |
| Cash at bank and in hand | 54/58 | €233,909 | €642,055 | +€408,147 | +174% |
| Deferred charges and accrued income | 490/1 | €7,010 | €6,451 | -€560 | -8.0% |
| Total equity and liabilities | 10/49 | €3,426,454 | €3,492,102 | +€65,648 | +1.9% |
| Equity | 10/15 | €2,120,830 | €2,451,950 | +€331,120 | +15.6% |
| Contributions | 10/11 | €496,000 | €496,000 | = | 0.0% |
| Capital | 10 | €496,000 | €496,000 | = | 0.0% |
| Issued capital | 100 | €496,000 | €496,000 | = | 0.0% |
| Reserves | 13 | €1,624,050 | €1,955,850 | +€331,800 | +20.4% |
| Non-distributable reserves | 130/1 | €49,600 | €49,600 | = | 0.0% |
| Legal reserve | 130 | €49,600 | €49,600 | = | 0.0% |
| Distributable reserves | 133 | €1,574,450 | €1,906,250 | +€331,800 | +21.1% |
| Profit (loss) carried forward | 14 | €780 | €100 | -€680 | -87.2% |
| Amounts payable | 17/49 | €1,305,624 | €1,040,152 | -€265,472 | -20.3% |
| Amounts payable after more than one year | 17 | €593,334 | €500,000 | -€93,334 | -15.7% |
| Financial debts | 170/4 | €93,334 | €0 | -€93,334 | -100% |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €662,732 | €444,760 | -€217,972 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €280,000 | €93,334 | -€186,666 | -66.7% |
| Trade debts | 44 | €2,824 | €3,350 | +€526 | +18.6% |
| Suppliers | 440/4 | €2,824 | €3,350 | +€526 | +18.6% |
| Taxes, remuneration and social security | 45 | €125,288 | €90,023 | -€35,264 | -28.1% |
| Taxes | 450/3 | €125,288 | €90,023 | -€35,264 | -28.1% |
| Other amounts payable | 47/48 | €254,621 | €258,053 | +€3,433 | +1.3% |
| Accrued charges and deferred income | 492/3 | €49,558 | €95,391 | +€45,834 | +92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,005 | €101,005 | = | 0.0% |
| Other operating charges | 640/8 | €79,301 | €80,648 | +€1,347 | +1.7% |
| Gross operating margin | 9900 | €618,896 | €683,757 | +€64,861 | +10.5% |
| Operating profit (loss) | 9901 | €438,590 | €502,104 | +€63,514 | +14.5% |
| Financial income | 75/76B | €20,840 | €35,099 | +€14,259 | +68.4% |
| Recurring financial income | 75 | €20,840 | €18,099 | -€2,741 | -13.2% |
| Non-recurring financial income | 76B | - | €17,000 | +€17,000 | |
| Financial charges | 65/66B | €49,391 | €95,652 | +€46,260 | +93.7% |
| Recurring financial charges | 65 | €49,391 | €95,652 | +€46,260 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €410,038 | €441,552 | +€31,513 | +7.7% |
| Income taxes | 67/77 | €104,862 | €110,432 | +€5,570 | +5.3% |
| Profit (loss) for the period | 9904 | €305,177 | €331,120 | +€25,943 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €305,177 | €331,120 | +€25,943 | +8.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.