KERCKHOFS: 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.
KERCKHOFS
Largest movements
- Tangible fixed assets -€33,105
down €33,105 (-36.2%), from €91,508 to €58,404
of which Furniture and vehicles: -€32,365
- Cash -€8,695
down €8,695 (-4.7%), from €184,844 to €176,149
mainly Debts after one year (-€14,428) and Net result for the year (-€12,287)
- Receivables within one year +€5,122
up €5,122 (+70.7%), from €7,250 to €12,372
of which Other amounts receivable: +€5,122
- Stocks and contracts -€3,453
down €3,453 (-79.1%), from €4,366 to €913
of which Contracts in progress: -€3,500
- Debts after one year -€14,428
down €14,428 (-59.8%), from €24,111 to €9,683
- Profit (loss) carried forward -€12,287
new in 2025: -€12,287
- Current portion of long-term debt -€6,456
down €6,456 (-30.9%), from €20,884 to €14,428
- Other debts -€6,261
down €6,261 (-5.4%), from €116,135 to €109,874
- Trade debts -€3,222
down €3,222 (-40.3%), from €7,987 to €4,765
- Gross operating margin -€14,405
down €14,405 (-37.4%), from €38,483 to €24,078
- Financial charges -€635
down €635 (-24.5%), from €2,591 to €1,956
- Depreciation -€489
down €489 (-1.5%), from €33,593 to €33,105
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 | €289,620 | €247,838 | -€41,782 | -14.4% |
| Fixed assets | 21/28 | €91,508 | €58,404 | -€33,105 | -36.2% |
| Tangible fixed assets | 22/27 | €91,508 | €58,404 | -€33,105 | -36.2% |
| Plant, machinery and equipment | 23 | €979 | €239 | -€740 | -75.6% |
| Furniture and vehicles | 24 | €90,530 | €58,165 | -€32,365 | -35.8% |
| Current assets | 29/58 | €198,111 | €189,434 | -€8,677 | -4.4% |
| Stocks and contracts in progress | 3 | €4,366 | €913 | -€3,453 | -79.1% |
| Stocks | 30/36 | €866 | €913 | +€47 | +5.4% |
| Contracts in progress | 37 | €3,500 | - | -€3,500 | |
| Amounts receivable within one year | 40/41 | €7,250 | €12,372 | +€5,122 | +70.7% |
| Trade receivables | 40 | €2,221 | €2,221 | = | 0.0% |
| Other amounts receivable | 41 | €5,029 | €10,152 | +€5,122 | +102% |
| Cash at bank and in hand | 54/58 | €184,844 | €176,149 | -€8,695 | -4.7% |
| Deferred charges and accrued income | 490/1 | €1,651 | - | -€1,651 | |
| Total equity and liabilities | 10/49 | €289,620 | €247,838 | -€41,782 | -14.4% |
| Equity | 10/15 | €120,275 | €107,989 | -€12,287 | -10.2% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €112,839 | €112,839 | = | 0.0% |
| Distributable reserves | 133 | €112,839 | €112,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,287 | -€12,287 | |
| Amounts payable | 17/49 | €169,345 | €139,850 | -€29,495 | -17.4% |
| Amounts payable after more than one year | 17 | €24,111 | €9,683 | -€14,428 | -59.8% |
| Financial debts | 170/4 | €24,111 | €9,683 | -€14,428 | -59.8% |
| Amounts payable within one year | 42/48 | €145,233 | €129,478 | -€15,755 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €20,884 | €14,428 | -€6,456 | -30.9% |
| Trade debts | 44 | €7,987 | €4,765 | -€3,222 | -40.3% |
| Suppliers | 440/4 | €7,987 | €4,765 | -€3,222 | -40.3% |
| Taxes, remuneration and social security | 45 | €228 | €412 | +€184 | +80.7% |
| Taxes | 450/3 | €228 | €412 | +€184 | +80.7% |
| Other amounts payable | 47/48 | €116,135 | €109,874 | -€6,261 | -5.4% |
| Accrued charges and deferred income | 492/3 | - | €688 | +€688 | |
| Non-recurring operating income | 76A | €2,714 | €2,714 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,593 | €33,105 | -€489 | -1.5% |
| Other operating charges | 640/8 | €1,277 | €1,228 | -€49 | -3.8% |
| Gross operating margin | 9900 | €38,483 | €24,078 | -€14,405 | -37.4% |
| Operating profit (loss) | 9901 | €3,613 | -€10,255 | -€13,868 | |
| Financial income | 75/76B | €474 | €395 | -€79 | -16.6% |
| Recurring financial income | 75 | €474 | €395 | -€79 | -16.6% |
| Financial charges | 65/66B | €2,591 | €1,956 | -€635 | -24.5% |
| Recurring financial charges | 65 | €2,591 | €1,956 | -€635 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €1,496 | -€11,815 | -€13,312 | |
| Income taxes | 67/77 | €843 | €471 | -€372 | -44.1% |
| Profit (loss) for the period | 9904 | €653 | -€12,287 | -€12,940 | |
| Profit (loss) for the period to be appropriated | 9905 | €653 | -€12,287 | -€12,940 |
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 27 October 2026 via checked.be.