KERCKHOVE: 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.
KERCKHOVE
Largest movements
- Tangible fixed assets -€30,082
down €30,082 (-28.2%), from €106,593 to €76,512
of which Land and buildings: -€25,566
- Cash +€14,783
up €14,783 (+83.7%), from €17,657 to €32,440
mainly Depreciation (+€30,082) and Receivables within one year (+€5,759)
- Receivables within one year -€5,759
down €5,759 (-3.7%), from €154,587 to €148,828
of which Other amounts receivable: -€9,784
- Debts after one year -€23,684
down €23,684 (-50.0%), from €47,369 to €23,685
- Profit (loss) carried forward +€4,179
up €4,179 (+11.5%), from -€36,444 to -€32,265
- Trade debts +€3,372
up €3,372 (+100%), from €3,362 to €6,734
- Gross operating margin -€16,819
down €16,819 (-34.5%), from €48,772 to €31,953
- Depreciation -€3,007
down €3,007 (-9.1%), from €33,088 to €30,082
- Financial income -€1,645
down €1,645 (-16.5%), from €9,975 to €8,330
- Financial charges -€799
down €799 (-16.9%), from €4,734 to €3,935
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 | €280,850 | €259,435 | -€21,416 | -7.6% |
| Fixed assets | 21/28 | €106,593 | €76,512 | -€30,082 | -28.2% |
| Tangible fixed assets | 22/27 | €106,593 | €76,512 | -€30,082 | -28.2% |
| Land and buildings | 22 | €84,698 | €59,132 | -€25,566 | -30.2% |
| Plant, machinery and equipment | 23 | €20,336 | €17,380 | -€2,956 | -14.5% |
| Furniture and vehicles | 24 | €1,559 | €0 | -€1,559 | -100% |
| Current assets | 29/58 | €174,257 | €182,923 | +€8,666 | +5.0% |
| Stocks and contracts in progress | 3 | €2,013 | €1,655 | -€357 | -17.8% |
| Stocks | 30/36 | €2,013 | €1,655 | -€357 | -17.8% |
| Amounts receivable within one year | 40/41 | €154,587 | €148,828 | -€5,759 | -3.7% |
| Trade receivables | 40 | €8,414 | €12,439 | +€4,025 | +47.8% |
| Other amounts receivable | 41 | €146,173 | €136,389 | -€9,784 | -6.7% |
| Cash at bank and in hand | 54/58 | €17,657 | €32,440 | +€14,783 | +83.7% |
| Total equity and liabilities | 10/49 | €280,850 | €259,435 | -€21,416 | -7.6% |
| Equity | 10/15 | €194,691 | €198,870 | +€4,179 | +2.1% |
| Contributions | 10/11 | €193,600 | €193,600 | = | 0.0% |
| Reserves | 13 | €37,534 | €37,534 | = | 0.0% |
| Distributable reserves | 133 | €37,534 | €37,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,444 | -€32,265 | +€4,179 | +11.5% |
| Amounts payable | 17/49 | €86,159 | €60,565 | -€25,595 | -29.7% |
| Amounts payable after more than one year | 17 | €47,369 | €23,685 | -€23,684 | -50.0% |
| Financial debts | 170/4 | €47,369 | €23,685 | -€23,684 | -50.0% |
| Amounts payable within one year | 42/48 | €38,580 | €36,880 | -€1,700 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €23,684 | €23,684 | = | 0.0% |
| Trade debts | 44 | €3,362 | €6,734 | +€3,372 | +100% |
| Suppliers | 440/4 | €3,362 | €6,734 | +€3,372 | +100% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,186 | €916 | -€2,271 | -71.3% |
| Taxes | 450/3 | €3,186 | €916 | -€2,271 | -71.3% |
| Other amounts payable | 47/48 | €8,348 | €5,546 | -€2,802 | -33.6% |
| Accrued charges and deferred income | 492/3 | €210 | €0 | -€210 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,088 | €30,082 | -€3,007 | -9.1% |
| Other operating charges | 640/8 | €1,180 | €1,391 | +€210 | +17.8% |
| Gross operating margin | 9900 | €48,772 | €31,953 | -€16,819 | -34.5% |
| Operating profit (loss) | 9901 | €14,503 | €481 | -€14,022 | -96.7% |
| Financial income | 75/76B | €9,975 | €8,330 | -€1,645 | -16.5% |
| Recurring financial income | 75 | €9,975 | €8,330 | -€1,645 | -16.5% |
| Financial charges | 65/66B | €4,734 | €3,935 | -€799 | -16.9% |
| Recurring financial charges | 65 | €4,734 | €3,935 | -€799 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €19,744 | €4,876 | -€14,868 | -75.3% |
| Income taxes | 67/77 | €268 | €697 | +€429 | +160% |
| Profit (loss) for the period | 9904 | €19,476 | €4,179 | -€15,297 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,476 | €4,179 | -€15,297 | -78.5% |
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 30 October 2026 via checked.be.