KERDONIS: 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.
KERDONIS
Largest movements
- Financial fixed assets -€126,762
no longer reported in 2025 (was €126,762)
- Cash -€21,704
down €21,704 (-70.5%), from €30,806 to €9,102
mainly Other debts (-€177,281) and Tax, wage and social debts (-€29,187)
- Intangible fixed assets -€20,000
down €20,000 (-18.5%), from €108,333 to €88,333
- Deferred charges and accrued income +€5,922
up €5,922 (+9.8%), from €60,684 to €66,605
- Other debts -€177,281
no longer reported in 2025 (was €177,281)
- Profit (loss) carried forward +€60,766
up €60,766 (+65.2%), from €93,130 to €153,895
- Tax, wage and social debts -€29,187
down €29,187 (-89.2%), from €32,720 to €3,533
of which Taxes: -€29,187
- Debts after one year -€14,257
down €14,257 (-92.3%), from €15,451 to €1,194
- Gross operating margin +€19,142
up €19,142 (+24.1%), from €79,447 to €98,590
- Taxes +€4,272
up €4,272 (+35.3%), from €12,092 to €16,364
- Financial income +€1,314
up €1,314 (+250.7%), from €524 to €1,839
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 | €338,699 | €178,209 | -€160,490 | -47.4% |
| Fixed assets | 21/28 | €246,144 | €98,282 | -€147,862 | -60.1% |
| Intangible fixed assets | 21 | €108,333 | €88,333 | -€20,000 | -18.5% |
| Tangible fixed assets | 22/27 | €11,048 | €9,948 | -€1,100 | -10.0% |
| Plant, machinery and equipment | 23 | €3,548 | €2,448 | -€1,100 | -31.0% |
| Other tangible fixed assets | 26 | €7,500 | €7,500 | = | 0.0% |
| Financial fixed assets | 28 | €126,762 | - | -€126,762 | |
| Current assets | 29/58 | €92,555 | €79,927 | -€12,628 | -13.6% |
| Amounts receivable within one year | 40/41 | €1,065 | €4,219 | +€3,154 | +296.1% |
| Other amounts receivable | 41 | €1,065 | €4,219 | +€3,154 | +296.1% |
| Cash at bank and in hand | 54/58 | €30,806 | €9,102 | -€21,704 | -70.5% |
| Deferred charges and accrued income | 490/1 | €60,684 | €66,605 | +€5,922 | +9.8% |
| Total equity and liabilities | 10/49 | €338,699 | €178,209 | -€160,490 | -47.4% |
| Equity | 10/15 | €96,130 | €156,895 | +€60,766 | +63.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,130 | €153,895 | +€60,766 | +65.2% |
| Amounts payable | 17/49 | €242,569 | €21,313 | -€221,255 | -91.2% |
| Amounts payable after more than one year | 17 | €15,451 | €1,194 | -€14,257 | -92.3% |
| Financial debts | 170/4 | €15,451 | €1,194 | -€14,257 | -92.3% |
| Amounts payable within one year | 42/48 | €227,118 | €20,119 | -€206,999 | -91.1% |
| Current portion of amounts payable after more than one year | 42 | €14,122 | €14,257 | +€135 | +1.0% |
| Trade debts | 44 | €2,996 | €2,330 | -€666 | -22.2% |
| Suppliers | 440/4 | €2,996 | €2,330 | -€666 | -22.2% |
| Taxes, remuneration and social security | 45 | €32,720 | €3,533 | -€29,187 | -89.2% |
| Taxes | 450/3 | €30,000 | €813 | -€29,187 | -97.3% |
| Remuneration and social security | 454/9 | €2,720 | €2,720 | = | 0.0% |
| Other amounts payable | 47/48 | €177,281 | - | -€177,281 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,707 | €22,124 | -€583 | -2.6% |
| Other operating charges | 640/8 | €725 | €747 | +€21 | +3.0% |
| Gross operating margin | 9900 | €79,447 | €98,590 | +€19,142 | +24.1% |
| Operating profit (loss) | 9901 | €56,015 | €75,719 | +€19,704 | +35.2% |
| Financial income | 75/76B | €524 | €1,839 | +€1,314 | +250.7% |
| Recurring financial income | 75 | €524 | €1,839 | +€1,314 | +250.7% |
| Financial charges | 65/66B | €497 | €427 | -€70 | -14.1% |
| Recurring financial charges | 65 | €497 | €427 | -€70 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €56,042 | €77,130 | +€21,088 | +37.6% |
| Income taxes | 67/77 | €12,092 | €16,364 | +€4,272 | +35.3% |
| Profit (loss) for the period | 9904 | €43,950 | €60,766 | +€16,816 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,950 | €60,766 | +€16,816 | +38.3% |
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 10 October 2026 via checked.be.