KERCKHOF: 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.
KERCKHOF
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+20.9%), from €4.9m to €5.9m
of which Land and buildings: +€5.1m
- Receivables after one year +€145,599
up €145,599 (+494%), from €29,481 to €175,080
- Cash +€96,523
up €96,523 (+65.9%), from €146,535 to €243,058
mainly Other debts (+€851,537) and Debts after one year (+€511,165)
- Receivables within one year -€66,603
down €66,603 (-70.5%), from €94,496 to €27,893
- Other debts +€851,537
up €851,537 (+42,946%), from €1,983 to €853,520
- Reserves -€556,743
down €556,743 (-28.0%), from €2.0m to €1.4m
- Debts after one year +€511,165
up €511,165 (+17.7%), from €2.9m to €3.4m
of which Financial debts: +€411,165
- Tax, wage and social debts +€151,393
up €151,393 (+504%), from €30,053 to €181,445
of which Taxes: +€151,002
- Trade debts +€151,100
up €151,100 (+702%), from €21,524 to €172,624
- Gross operating margin +€157,624
up €157,624 (+16.0%), from €982,544 to €1.1m
- Depreciation +€116,919
up €116,919 (+185%), from €63,342 to €180,261
- Taxes +€45,545
up €45,545 (+52.5%), from €86,814 to €132,360
- Financial charges +€19,487
up €19,487 (+27.5%), from €70,780 to €90,266
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 | €5,154,223 | €6,348,495 | +€1.2m | +23.2% |
| Fixed assets | 21/28 | €4,871,405 | €5,892,105 | +€1.0m | +21.0% |
| Intangible fixed assets | 21 | €0 | €1,091 | +€1,091 | |
| Tangible fixed assets | 22/27 | €4,869,695 | €5,889,303 | +€1.0m | +20.9% |
| Land and buildings | 22 | €340,000 | €5,481,187 | +€5.1m | +1,512% |
| Plant, machinery and equipment | 23 | €200,110 | €315,790 | +€115,680 | +57.8% |
| Furniture and vehicles | 24 | €14,254 | €81,750 | +€67,495 | +474% |
| Other tangible fixed assets | 26 | €11,188 | €10,577 | -€611 | -5.5% |
| Assets under construction and advance payments | 27 | €4,304,143 | €0 | -€4.3m | -100% |
| Financial fixed assets | 28 | €1,710 | €1,710 | = | 0.0% |
| Current assets | 29/58 | €282,818 | €456,390 | +€173,572 | +61.4% |
| Amounts receivable after more than one year | 29 | €29,481 | €175,080 | +€145,599 | +494% |
| Other amounts receivable | 291 | €29,481 | €175,080 | +€145,599 | +494% |
| Amounts receivable within one year | 40/41 | €94,496 | €27,893 | -€66,603 | -70.5% |
| Other amounts receivable | 41 | €94,496 | €27,893 | -€66,603 | -70.5% |
| Cash at bank and in hand | 54/58 | €146,535 | €243,058 | +€96,523 | +65.9% |
| Deferred charges and accrued income | 490/1 | €12,306 | €10,360 | -€1,947 | -15.8% |
| Total equity and liabilities | 10/49 | €5,154,223 | €6,348,495 | +€1.2m | +23.2% |
| Equity | 10/15 | €1,996,306 | €1,439,563 | -€556,743 | -27.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,986,306 | €1,429,563 | -€556,743 | -28.0% |
| Distributable reserves | 133 | €1,986,306 | €1,429,563 | -€556,743 | -28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,157,917 | €4,908,932 | +€1.8m | +55.4% |
| Amounts payable after more than one year | 17 | €2,879,880 | €3,391,045 | +€511,165 | +17.7% |
| Financial debts | 170/4 | €2,879,880 | €3,291,045 | +€411,165 | +14.3% |
| Other amounts payable | 178/9 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €271,246 | €1,512,887 | +€1.2m | +458% |
| Current portion of amounts payable after more than one year | 42 | €217,686 | €305,298 | +€87,611 | +40.2% |
| Trade debts | 44 | €21,524 | €172,624 | +€151,100 | +702% |
| Suppliers | 440/4 | €21,524 | €172,624 | +€151,100 | +702% |
| Taxes, remuneration and social security | 45 | €30,053 | €181,445 | +€151,393 | +504% |
| Taxes | 450/3 | €1,529 | €152,531 | +€151,002 | +9,877% |
| Remuneration and social security | 454/9 | €28,524 | €28,914 | +€390 | +1.4% |
| Other amounts payable | 47/48 | €1,983 | €853,520 | +€851,537 | +42,946% |
| Accrued charges and deferred income | 492/3 | €6,791 | €5,000 | -€1,791 | -26.4% |
| Non-recurring operating income | 76A | - | €2,538 | +€2,538 | |
| Remuneration, social security and pensions | 62 | €311,535 | €301,320 | -€10,214 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,342 | €180,261 | +€116,919 | +185% |
| Other operating charges | 640/8 | €13,260 | €2,372 | -€10,888 | -82.1% |
| Gross operating margin | 9900 | €982,544 | €1,140,168 | +€157,624 | +16.0% |
| Operating profit (loss) | 9901 | €594,407 | €656,216 | +€61,808 | +10.4% |
| Financial income | 75/76B | €2,858 | €9,667 | +€6,809 | +238% |
| Recurring financial income | 75 | €2,858 | €9,667 | +€6,809 | +238% |
| Financial charges | 65/66B | €70,780 | €90,266 | +€19,487 | +27.5% |
| Recurring financial charges | 65 | €70,780 | €90,266 | +€19,487 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €526,486 | €575,617 | +€49,131 | +9.3% |
| Income taxes | 67/77 | €86,814 | €132,360 | +€45,545 | +52.5% |
| Profit (loss) for the period | 9904 | €439,672 | €443,257 | +€3,585 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €439,672 | €443,257 | +€3,585 | +0.8% |
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 22 October 2026 via checked.be.