Kerdenbeer: 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.
Kerdenbeer
Largest movements
- Current investments +€442,303
up €442,303 (+32.6%), from €1.4m to €1.8m
- Cash -€40,500
down €40,500 (-20.2%), from €200,643 to €160,143
mainly Current investments (-€442,303) and Investment in fixed assets (net) (-€91,927)
- Tangible fixed assets -€39,125
down €39,125 (-2.3%), from €1.7m to €1.6m
- Reserves +€301,536
up €301,536 (+31.3%), from €964,670 to €1.3m
of which Distributable reserves: +€282,135
- Profit (loss) carried forward +€86,489
up €86,489, from -€86,489 to €0
- Financial income +€370,747
up €370,747 (+1,657%), from €22,374 to €393,121
- Gross operating margin -€25,362
down €25,362 (-13.7%), from €185,575 to €160,212
- Depreciation +€7,724
up €7,724 (+6.3%), from €123,328 to €131,053
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 | €3,398,049 | €3,771,004 | +€372,955 | +11.0% |
| Fixed assets | 21/28 | €1,672,194 | €1,633,069 | -€39,125 | -2.3% |
| Tangible fixed assets | 22/27 | €1,672,194 | €1,633,069 | -€39,125 | -2.3% |
| Land and buildings | 22 | €1,672,194 | €1,633,069 | -€39,125 | -2.3% |
| Current assets | 29/58 | €1,725,855 | €2,137,935 | +€412,080 | +23.9% |
| Amounts receivable within one year | 40/41 | €163,395 | €170,790 | +€7,395 | +4.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €163,395 | €170,790 | +€7,395 | +4.5% |
| Current investments | 50/53 | €1,357,509 | €1,799,812 | +€442,303 | +32.6% |
| Cash at bank and in hand | 54/58 | €200,643 | €160,143 | -€40,500 | -20.2% |
| Deferred charges and accrued income | 490/1 | €4,307 | €7,189 | +€2,882 | +66.9% |
| Total equity and liabilities | 10/49 | €3,398,049 | €3,771,004 | +€372,955 | +11.0% |
| Equity | 10/15 | €2,798,590 | €3,172,285 | +€373,695 | +13.4% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €964,670 | €1,266,206 | +€301,536 | +31.3% |
| Non-distributable reserves | 130/1 | €64,670 | €84,071 | +€19,401 | +30.0% |
| Legal reserve | 130 | €64,670 | €84,071 | +€19,401 | +30.0% |
| Distributable reserves | 133 | €900,000 | €1,182,135 | +€282,135 | +31.3% |
| Profit (loss) carried forward | 14 | -€86,489 | €0 | +€86,489 | |
| Investment grants | 15 | €120,409 | €106,078 | -€14,331 | -11.9% |
| Provisions and deferred taxes | 16 | €40,203 | €35,426 | -€4,777 | -11.9% |
| Deferred taxes | 168 | €40,203 | €35,426 | -€4,777 | -11.9% |
| Amounts payable | 17/49 | €559,257 | €563,294 | +€4,037 | +0.7% |
| Amounts payable within one year | 42/48 | €550,000 | €554,016 | +€4,016 | +0.7% |
| Trade debts | 44 | €0 | €4,016 | +€4,016 | |
| Suppliers | 440/4 | €0 | €4,016 | +€4,016 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €550,000 | €550,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,257 | €9,277 | +€21 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,328 | €131,053 | +€7,724 | +6.3% |
| Other operating charges | 640/8 | €30,394 | €30,476 | +€81 | +0.3% |
| Gross operating margin | 9900 | €185,575 | €160,212 | -€25,362 | -13.7% |
| Operating profit (loss) | 9901 | €31,852 | -€1,316 | -€33,168 | |
| Financial income | 75/76B | €22,374 | €393,121 | +€370,747 | +1,657% |
| Recurring financial income | 75 | €22,374 | €393,121 | +€370,747 | +1,657% |
| Financial charges | 65/66B | €8,538 | €8,557 | +€19 | +0.2% |
| Recurring financial charges | 65 | €8,538 | €8,557 | +€19 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €45,688 | €383,249 | +€337,560 | +739% |
| Transfer from deferred taxes | 780 | €4,777 | €4,777 | = | 0.0% |
| Profit (loss) for the period | 9904 | €50,465 | €388,025 | +€337,560 | +669% |
| Profit (loss) for the period to be appropriated | 9905 | €50,465 | €388,025 | +€337,560 | +669% |
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 28 October 2026 via checked.be.