Kerdo: 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.
Kerdo
Largest movements
- Tangible fixed assets -€21,970
down €21,970 (-3.5%), from €633,219 to €611,250
- Cash -€6,483
down €6,483 (-52.5%), from €12,346 to €5,863
mainly Net result for the year (-€33,456)
- Profit (loss) carried forward -€33,456
down €33,456 (-10.7%), from -€311,728 to -€345,183
- Gross operating margin +€5,404
up €5,404 (+40.3%), from -€13,422 to -€8,018
- Other operating charges +€306
up €306 (+10.2%), from €3,012 to €3,318
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 | €645,666 | €617,215 | -€28,451 | -4.4% |
| Fixed assets | 21/28 | €633,219 | €611,250 | -€21,970 | -3.5% |
| Tangible fixed assets | 22/27 | €633,219 | €611,250 | -€21,970 | -3.5% |
| Land and buildings | 22 | €633,219 | €611,250 | -€21,970 | -3.5% |
| Current assets | 29/58 | €12,446 | €5,965 | -€6,481 | -52.1% |
| Cash at bank and in hand | 54/58 | €12,346 | €5,863 | -€6,483 | -52.5% |
| Deferred charges and accrued income | 490/1 | €100 | €102 | +€2 | +1.7% |
| Total equity and liabilities | 10/49 | €645,666 | €617,215 | -€28,451 | -4.4% |
| Equity | 10/15 | -€299,328 | -€332,783 | -€33,456 | -11.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,728 | -€345,183 | -€33,456 | -10.7% |
| Amounts payable | 17/49 | €944,993 | €949,998 | +€5,005 | +0.5% |
| Amounts payable within one year | 42/48 | €944,993 | €949,998 | +€5,005 | +0.5% |
| Trade debts | 44 | €0 | €5 | +€5 | |
| Suppliers | 440/4 | €0 | €5 | +€5 | |
| Other amounts payable | 47/48 | €944,993 | €949,993 | +€5,000 | +0.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,970 | €21,970 | = | 0.0% |
| Other operating charges | 640/8 | €3,012 | €3,318 | +€306 | +10.2% |
| Gross operating margin | 9900 | -€13,422 | -€8,018 | +€5,404 | +40.3% |
| Operating profit (loss) | 9901 | -€38,404 | -€33,306 | +€5,098 | +13.3% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.2% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,539 | -€33,456 | +€5,083 | +13.2% |
| Profit (loss) for the period | 9904 | -€38,539 | -€33,456 | +€5,083 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,539 | -€33,456 | +€5,083 | +13.2% |
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.