KERDOS: 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.
KERDOS
Largest movements
- Current investments -€40,824
down €40,824 (-15.4%), from €265,822 to €224,998
- Cash +€32,746
up €32,746 (+140.5%), from €23,302 to €56,048
mainly Current investments (+€40,824) and Tax, wage and social debts (+€3,927)
- Tangible fixed assets -€3,428
down €3,428 (-46.9%), from €7,304 to €3,876
- Reserves -€15,000
down €15,000 (-7.1%), from €210,995 to €195,995
of which Distributable reserves: -€15,000
- Tax, wage and social debts +€3,927
up €3,927 (+157.1%), from €2,500 to €6,427
- Financial income -€46,579
down €46,579 (-96.8%), from €48,136 to €1,557
- Gross operating margin +€39,266
up €39,266 (+449.3%), from €8,738 to €48,004
- Taxes -€5,132
down €5,132 (-31.0%), from €16,552 to €11,420
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 | €296,933 | €285,221 | -€11,713 | -3.9% |
| Fixed assets | 21/28 | €7,304 | €3,876 | -€3,428 | -46.9% |
| Tangible fixed assets | 22/27 | €7,304 | €3,876 | -€3,428 | -46.9% |
| Land and buildings | 22 | €1,267 | €580 | -€687 | -54.2% |
| Plant, machinery and equipment | 23 | €4,718 | €3,134 | -€1,585 | -33.6% |
| Furniture and vehicles | 24 | €1,318 | €162 | -€1,156 | -87.7% |
| Current assets | 29/58 | €289,630 | €281,345 | -€8,285 | -2.9% |
| Amounts receivable within one year | 40/41 | €147 | €298 | +€151 | +102.6% |
| Trade receivables | 40 | - | €131 | +€131 | |
| Other amounts receivable | 41 | €147 | €167 | +€20 | +13.3% |
| Current investments | 50/53 | €265,822 | €224,998 | -€40,824 | -15.4% |
| Cash at bank and in hand | 54/58 | €23,302 | €56,048 | +€32,746 | +140.5% |
| Deferred charges and accrued income | 490/1 | €358 | - | -€358 | |
| Total equity and liabilities | 10/49 | €296,933 | €285,221 | -€11,713 | -3.9% |
| Equity | 10/15 | €289,944 | €274,217 | -€15,728 | -5.4% |
| Contributions | 10/11 | €69,370 | €69,370 | = | 0.0% |
| Reserves | 13 | €210,995 | €195,995 | -€15,000 | -7.1% |
| Non-distributable reserves | 130/1 | €8,176 | €8,176 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,176 | €8,176 | = | 0.0% |
| Distributable reserves | 133 | €202,818 | €187,818 | -€15,000 | -7.4% |
| Profit (loss) carried forward | 14 | €9,579 | €8,852 | -€728 | -7.6% |
| Amounts payable | 17/49 | €6,989 | €11,004 | +€4,015 | +57.4% |
| Amounts payable within one year | 42/48 | €6,989 | €11,004 | +€4,015 | +57.4% |
| Trade debts | 44 | €699 | €1,304 | +€604 | +86.5% |
| Suppliers | 440/4 | €699 | €1,304 | +€604 | +86.5% |
| Taxes, remuneration and social security | 45 | €2,500 | €6,427 | +€3,927 | +157.1% |
| Taxes | 450/3 | €2,500 | €6,427 | +€3,927 | +157.1% |
| Other amounts payable | 47/48 | €3,790 | €3,274 | -€516 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,436 | €3,428 | -€9 | -0.3% |
| Other operating charges | 640/8 | €762 | €784 | +€22 | +2.9% |
| Non-recurring operating charges | 66A | - | €33,728 | +€33,728 | |
| Gross operating margin | 9900 | €8,738 | €48,004 | +€39,266 | +449.3% |
| Operating profit (loss) | 9901 | €4,540 | €10,065 | +€5,525 | +121.7% |
| Financial income | 75/76B | €48,136 | €1,557 | -€46,579 | -96.8% |
| Recurring financial income | 75 | €48,136 | €1,557 | -€46,579 | -96.8% |
| Financial charges | 65/66B | €746 | €930 | +€184 | +24.7% |
| Recurring financial charges | 65 | €746 | €930 | +€184 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €51,931 | €10,692 | -€41,239 | -79.4% |
| Income taxes | 67/77 | €16,552 | €11,420 | -€5,132 | -31.0% |
| Profit (loss) for the period | 9904 | €35,379 | -€728 | -€36,106 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,379 | -€728 | -€36,106 |
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 9 October 2026 via checked.be.