KERDI: what changed
Two fiscal 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.
KERDI
Largest movements
- Financial fixed assets -€13.0m
down €13.0m (-33.3%), from €39.1m to €26.1m
- Receivables within one year +€695,317
up €695,317 (+77.2%), from €900,382 to €1.6m
- Reserves -€14.9m
down €14.9m (-37.6%), from €39.6m to €24.7m
of which Distributable reserves: -€14.9m
- Other debts +€2.6m
up €2.6m (+4257.9%), from €60,596 to €2.6m
- Gross operating margin +€95.2m
up €95.2m, from -€44,404 to €95.1m
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.
Cash bridge derived
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 | €40,006,001 | €27,666,207 | -€12.3m | -30.8% |
| Fixed assets | 21/28 | €39,084,400 | €26,056,374 | -€13.0m | -33.3% |
| Financial fixed assets | 28 | €39,084,400 | €26,056,374 | -€13.0m | -33.3% |
| Current assets | 29/58 | €921,601 | €1,609,833 | +€688,232 | +74.7% |
| Amounts receivable within one year | 40/41 | €900,382 | €1,595,698 | +€695,317 | +77.2% |
| Other amounts receivable | 41 | €900,382 | €1,595,698 | +€695,317 | +77.2% |
| Cash at bank and in hand | 54/58 | €21,219 | €13,950 | -€7,269 | -34.3% |
| Deferred charges and accrued income | 490/1 | - | €185 | +€185 | |
| Total equity and liabilities | 10/49 | €40,006,001 | €27,666,207 | -€12.3m | -30.8% |
| Equity | 10/15 | €39,944,762 | €25,024,497 | -€14.9m | -37.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €39,644,762 | €24,724,497 | -€14.9m | -37.6% |
| Non-distributable reserves | 130/1 | €86,750 | €86,750 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €56,750 | €56,750 | = | 0.0% |
| Distributable reserves | 133 | €39,558,012 | €24,637,747 | -€14.9m | -37.7% |
| Amounts payable | 17/49 | €61,239 | €2,641,710 | +€2.6m | +4213.8% |
| Amounts payable within one year | 42/48 | €61,239 | €2,641,710 | +€2.6m | +4213.8% |
| Trade debts | 44 | €643 | €987 | +€344 | +53.5% |
| Suppliers | 440/4 | €643 | €987 | +€344 | +53.5% |
| Other amounts payable | 47/48 | €60,596 | €2,640,723 | +€2.6m | +4257.9% |
| Non-recurring operating income | 76A | - | €95,144,062 | +€95.1m | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€44,404 | €95,127,587 | +€95.2m | |
| Operating profit (loss) | 9901 | -€45,372 | €95,126,589 | +€95.2m | |
| Financial income | 75/76B | €3,001,273 | €2,317,722 | -€683,551 | -22.8% |
| Recurring financial income | 75 | €3,001,273 | €2,317,722 | -€683,551 | -22.8% |
| Financial charges | 65/66B | €1,192 | €1,014 | -€178 | -14.9% |
| Recurring financial charges | 65 | €1,192 | €1,014 | -€178 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €2,954,709 | €97,443,296 | +€94.5m | +3197.9% |
| Profit (loss) for the period | 9904 | €2,954,709 | €97,443,296 | +€94.5m | +3197.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,954,709 | €97,443,296 | +€94.5m | +3197.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.