KERDIGO: 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.
KERDIGO
Largest movements
- Cash +€178,605
up €178,605 (+434.7%), from €41,086 to €219,691
mainly Net result for the year (+€117,845) and Depreciation (+€74,699)
- Stocks and contracts -€25,646
down €25,646 (-16.5%), from €155,309 to €129,662
- Tangible fixed assets -€17,601
down €17,601 (-5.3%), from €330,760 to €313,159
of which Land and buildings: -€48,477
- Receivables within one year -€16,294
down €16,294 (-74.4%), from €21,891 to €5,597
of which Trade receivables: -€16,373
- Reserves +€117,845
up €117,845 (+39.9%), from €295,057 to €412,902
- Debts after one year -€33,967
down €33,967 (-28.9%), from €117,330 to €83,363
- Trade debts +€29,296
up €29,296 (+278.2%), from €10,530 to €39,826
- Taxes +€32,364
up €32,364 (+167.8%), from €19,292 to €51,657
- Gross operating margin +€15,679
up €15,679 (+4.4%), from €355,708 to €371,387
- Financial income +€8,146
up €8,146 (+281.0%), from €2,899 to €11,044
- Financial charges -€4,101
down €4,101 (-16.6%), from €24,685 to €20,585
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 | €950,973 | €1,070,693 | +€119,720 | +12.6% |
| Fixed assets | 21/28 | €331,289 | €313,689 | -€17,601 | -5.3% |
| Tangible fixed assets | 22/27 | €330,760 | €313,159 | -€17,601 | -5.3% |
| Land and buildings | 22 | €266,550 | €218,073 | -€48,477 | -18.2% |
| Plant, machinery and equipment | 23 | €55,323 | €46,212 | -€9,112 | -16.5% |
| Furniture and vehicles | 24 | €830 | €42,397 | +€41,567 | +5005.9% |
| Other tangible fixed assets | 26 | €8,057 | €6,478 | -€1,579 | -19.6% |
| Financial fixed assets | 28 | €529 | €529 | = | 0.0% |
| Current assets | 29/58 | €619,684 | €757,005 | +€137,321 | +22.2% |
| Stocks and contracts in progress | 3 | €155,309 | €129,662 | -€25,646 | -16.5% |
| Stocks | 30/36 | €155,309 | €129,662 | -€25,646 | -16.5% |
| Amounts receivable within one year | 40/41 | €21,891 | €5,597 | -€16,294 | -74.4% |
| Trade receivables | 40 | €16,373 | - | -€16,373 | |
| Other amounts receivable | 41 | €5,518 | €5,597 | +€78 | +1.4% |
| Current investments | 50/53 | €389,461 | €395,664 | +€6,203 | +1.6% |
| Cash at bank and in hand | 54/58 | €41,086 | €219,691 | +€178,605 | +434.7% |
| Deferred charges and accrued income | 490/1 | €11,938 | €6,391 | -€5,547 | -46.5% |
| Total equity and liabilities | 10/49 | €950,973 | €1,070,693 | +€119,720 | +12.6% |
| Equity | 10/15 | €545,057 | €662,902 | +€117,845 | +21.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €295,057 | €412,902 | +€117,845 | +39.9% |
| Distributable reserves | 133 | €295,057 | €412,902 | +€117,845 | +39.9% |
| Amounts payable | 17/49 | €405,916 | €407,791 | +€1,876 | +0.5% |
| Amounts payable after more than one year | 17 | €117,330 | €83,363 | -€33,967 | -28.9% |
| Financial debts | 170/4 | €117,330 | €83,363 | -€33,967 | -28.9% |
| Amounts payable within one year | 42/48 | €267,701 | €305,618 | +€37,917 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €33,967 | €33,967 | = | 0.0% |
| Trade debts | 44 | €10,530 | €39,826 | +€29,296 | +278.2% |
| Suppliers | 440/4 | €10,530 | €39,826 | +€29,296 | +278.2% |
| Taxes, remuneration and social security | 45 | €8,324 | €8,838 | +€515 | +6.2% |
| Taxes | 450/3 | €4,956 | €4,744 | -€211 | -4.3% |
| Remuneration and social security | 454/9 | €3,368 | €4,094 | +€726 | +21.6% |
| Other amounts payable | 47/48 | €214,880 | €222,987 | +€8,106 | +3.8% |
| Accrued charges and deferred income | 492/3 | €20,885 | €18,810 | -€2,075 | -9.9% |
| Non-recurring operating income | 76A | €7,326 | €4,695 | -€2,631 | -35.9% |
| Remuneration, social security and pensions | 62 | €93,758 | €93,173 | -€585 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,708 | €74,699 | -€1,010 | -1.3% |
| Other operating charges | 640/8 | €6,623 | €6,754 | +€131 | +2.0% |
| Non-recurring operating charges | 66A | €937 | €17,720 | +€16,783 | +1790.7% |
| Gross operating margin | 9900 | €355,708 | €371,387 | +€15,679 | +4.4% |
| Operating profit (loss) | 9901 | €178,682 | €179,042 | +€360 | +0.2% |
| Financial income | 75/76B | €2,899 | €11,044 | +€8,146 | +281.0% |
| Recurring financial income | 75 | €2,899 | €11,044 | +€8,146 | +281.0% |
| Financial charges | 65/66B | €24,685 | €20,585 | -€4,101 | -16.6% |
| Recurring financial charges | 65 | €24,685 | €20,585 | -€4,101 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €156,895 | €169,502 | +€12,606 | +8.0% |
| Income taxes | 67/77 | €19,292 | €51,657 | +€32,364 | +167.8% |
| Profit (loss) for the period | 9904 | €137,603 | €117,845 | -€19,758 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €137,603 | €117,845 | -€19,758 | -14.4% |
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 11 October 2026 via checked.be.