KERDA: 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.
KERDA
Largest movements
- Receivables within one year +€34,834
up €34,834 (+4.2%), from €824,978 to €859,812
of which Other amounts receivable: +€32,999
- Tangible fixed assets -€22,837
down €22,837 (-2.9%), from €780,025 to €757,189
of which Land and buildings: -€13,340
- Other debts +€158,348
up €158,348 (+57.0%), from €277,966 to €436,314
- Profit (loss) carried forward -€109,023
down €109,023 (-16.8%), from €650,714 to €541,691
- Tax, wage and social debts -€38,087
down €38,087 (-76.3%), from €49,949 to €11,862
of which Taxes: -€40,158
- Depreciation +€23,475
up €23,475 (+33.0%), from €71,116 to €94,591
- Financial income +€17,897
up €17,897 (+27.1%), from €66,149 to €84,046
of which Non-recurring financial income: +€16,628
- Gross operating margin -€16,186
down €16,186, from €1,519 to -€14,667
- Financial charges +€12,486
up €12,486 (+259%), from €4,818 to €17,303
- Staff costs +€2,925
up €2,925 (+5.4%), from €54,214 to €57,139
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 | €1,616,218 | €1,626,746 | +€10,528 | +0.7% |
| Fixed assets | 21/28 | €780,275 | €757,439 | -€22,837 | -2.9% |
| Tangible fixed assets | 22/27 | €780,025 | €757,189 | -€22,837 | -2.9% |
| Land and buildings | 22 | €727,046 | €713,706 | -€13,340 | -1.8% |
| Plant, machinery and equipment | 23 | €52,979 | €43,483 | -€9,497 | -17.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €835,943 | €869,308 | +€33,364 | +4.0% |
| Amounts receivable within one year | 40/41 | €824,978 | €859,812 | +€34,834 | +4.2% |
| Trade receivables | 40 | - | €1,835 | +€1,835 | |
| Other amounts receivable | 41 | €824,978 | €857,977 | +€32,999 | +4.0% |
| Cash at bank and in hand | 54/58 | €8,502 | €9,496 | +€994 | +11.7% |
| Deferred charges and accrued income | 490/1 | €2,464 | - | -€2,464 | |
| Total equity and liabilities | 10/49 | €1,616,218 | €1,626,746 | +€10,528 | +0.7% |
| Equity | 10/15 | €1,287,006 | €1,177,982 | -€109,023 | -8.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €136,292 | €136,292 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,292 | €86,292 | = | 0.0% |
| Profit (loss) carried forward | 14 | €650,714 | €541,691 | -€109,023 | -16.8% |
| Amounts payable | 17/49 | €329,213 | €448,764 | +€119,551 | +36.3% |
| Amounts payable within one year | 42/48 | €328,951 | €448,479 | +€119,528 | +36.3% |
| Trade debts | 44 | €1,035 | €303 | -€733 | -70.8% |
| Suppliers | 440/4 | €1,035 | €303 | -€733 | -70.8% |
| Taxes, remuneration and social security | 45 | €49,949 | €11,862 | -€38,087 | -76.3% |
| Taxes | 450/3 | €44,372 | €4,213 | -€40,158 | -90.5% |
| Remuneration and social security | 454/9 | €5,577 | €7,649 | +€2,071 | +37.1% |
| Other amounts payable | 47/48 | €277,966 | €436,314 | +€158,348 | +57.0% |
| Accrued charges and deferred income | 492/3 | €262 | €285 | +€23 | +8.8% |
| Remuneration, social security and pensions | 62 | €54,214 | €57,139 | +€2,925 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,116 | €94,591 | +€23,475 | +33.0% |
| Other operating charges | 640/8 | €9,110 | €9,368 | +€258 | +2.8% |
| Gross operating margin | 9900 | €1,519 | -€14,667 | -€16,186 | |
| Operating profit (loss) | 9901 | -€132,922 | -€175,766 | -€42,844 | -32.2% |
| Financial income | 75/76B | €66,149 | €84,046 | +€17,897 | +27.1% |
| Recurring financial income | 75 | €31,730 | €32,999 | +€1,269 | +4.0% |
| Non-recurring financial income | 76B | €34,419 | €51,047 | +€16,628 | +48.3% |
| Financial charges | 65/66B | €4,818 | €17,303 | +€12,486 | +259% |
| Recurring financial charges | 65 | €4,818 | €17,303 | +€12,486 | +259% |
| Profit (loss) for the period before taxes | 9903 | -€71,591 | -€109,023 | -€37,433 | -52.3% |
| Profit (loss) for the period | 9904 | -€71,591 | -€109,023 | -€37,433 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,591 | -€109,023 | -€37,433 | -52.3% |
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.