KERENZO CONSTRUCT: 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.
KERENZO CONSTRUCT
Largest movements
- Receivables within one year +€454,314
up €454,314 (+61.5%), from €738,706 to €1.2m
of which Trade receivables: +€347,712
- Tangible fixed assets -€224,444
down €224,444 (-18.9%), from €1.2m to €960,309
of which Plant, machinery and equipment: -€141,474
- Cash +€178,988
up €178,988 (+12.5%), from €1.4m to €1.6m
mainly Depreciation (+€308,559) and Net result for the year (+€307,325)
- Reserves +€305,725
up €305,725 (+8.9%), from €3.4m to €3.8m
of which Distributable reserves: +€726,725
- Trade debts +€226,777
up €226,777 (+391.2%), from €57,970 to €284,747
- Other debts -€92,186
down €92,186 (-33.8%), from €272,417 to €180,231
- Gross operating margin -€148,538
down €148,538 (-11.3%), from €1.3m to €1.2m
- Staff costs +€38,221
up €38,221 (+12.6%), from €303,123 to €341,344
- Taxes -€24,475
down €24,475 (-11.4%), from €215,029 to €190,554
- Depreciation -€22,410
down €22,410 (-6.8%), from €330,968 to €308,559
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 | €4,103,336 | €4,507,560 | +€404,224 | +9.9% |
| Fixed assets | 21/28 | €1,187,038 | €962,544 | -€224,494 | -18.9% |
| Tangible fixed assets | 22/27 | €1,184,753 | €960,309 | -€224,444 | -18.9% |
| Land and buildings | 22 | €600,162 | €576,724 | -€23,439 | -3.9% |
| Plant, machinery and equipment | 23 | €437,346 | €295,872 | -€141,474 | -32.3% |
| Furniture and vehicles | 24 | €147,245 | €87,713 | -€59,532 | -40.4% |
| Financial fixed assets | 28 | €2,285 | €2,235 | -€50 | -2.2% |
| Current assets | 29/58 | €2,916,298 | €3,545,016 | +€628,718 | +21.6% |
| Stocks and contracts in progress | 3 | €658,971 | €693,853 | +€34,881 | +5.3% |
| Stocks | 30/36 | €658,971 | €693,853 | +€34,881 | +5.3% |
| Amounts receivable within one year | 40/41 | €738,706 | €1,193,020 | +€454,314 | +61.5% |
| Trade receivables | 40 | €149,395 | €497,107 | +€347,712 | +232.7% |
| Other amounts receivable | 41 | €589,311 | €695,913 | +€106,602 | +18.1% |
| Cash at bank and in hand | 54/58 | €1,428,472 | €1,607,460 | +€178,988 | +12.5% |
| Deferred charges and accrued income | 490/1 | €90,149 | €50,683 | -€39,465 | -43.8% |
| Total equity and liabilities | 10/49 | €4,103,336 | €4,507,560 | +€404,224 | +9.9% |
| Equity | 10/15 | €3,510,795 | €3,816,521 | +€305,725 | +8.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,449,256 | €3,754,981 | +€305,725 | +8.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €421,000 | - | -€421,000 | |
| Distributable reserves | 133 | €3,022,106 | €3,748,831 | +€726,725 | +24.0% |
| Profit (loss) carried forward | 14 | €40 | €40 | = | 0.0% |
| Provisions and deferred taxes | 16 | €128,012 | €128,012 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €128,012 | €128,012 | = | 0.0% |
| Pensions and similar obligations | 160 | €128,012 | €128,012 | = | 0.0% |
| Amounts payable | 17/49 | €464,528 | €563,027 | +€98,499 | +21.2% |
| Amounts payable after more than one year | 17 | €61,388 | €33,054 | -€28,333 | -46.2% |
| Financial debts | 170/4 | €61,388 | €33,054 | -€28,333 | -46.2% |
| Amounts payable within one year | 42/48 | €403,141 | €529,973 | +€126,832 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €28,333 | €28,333 | = | 0.0% |
| Trade debts | 44 | €57,970 | €284,747 | +€226,777 | +391.2% |
| Suppliers | 440/4 | €57,970 | €284,747 | +€226,777 | +391.2% |
| Taxes, remuneration and social security | 45 | €44,421 | €36,661 | -€7,759 | -17.5% |
| Taxes | 450/3 | €5,030 | €5,000 | -€30 | -0.6% |
| Remuneration and social security | 454/9 | €39,390 | €31,661 | -€7,729 | -19.6% |
| Other amounts payable | 47/48 | €272,417 | €180,231 | -€92,186 | -33.8% |
| Remuneration, social security and pensions | 62 | €303,123 | €341,344 | +€38,221 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330,968 | €308,559 | -€22,410 | -6.8% |
| Other operating charges | 640/8 | €31,018 | €36,938 | +€5,920 | +19.1% |
| Gross operating margin | 9900 | €1,308,842 | €1,160,304 | -€148,538 | -11.3% |
| Operating profit (loss) | 9901 | €643,733 | €473,464 | -€170,269 | -26.5% |
| Financial income | 75/76B | €33,502 | €30,311 | -€3,191 | -9.5% |
| Recurring financial income | 75 | €33,502 | €30,311 | -€3,191 | -9.5% |
| Financial charges | 65/66B | €14,274 | €5,896 | -€8,378 | -58.7% |
| Recurring financial charges | 65 | €14,274 | €5,896 | -€8,378 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €662,960 | €497,879 | -€165,081 | -24.9% |
| Income taxes | 67/77 | €215,029 | €190,554 | -€24,475 | -11.4% |
| Profit (loss) for the period | 9904 | €447,932 | €307,325 | -€140,607 | -31.4% |
| Transfer from tax-exempt reserves | 789 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €447,932 | €728,325 | +€280,393 | +62.6% |
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 3 October 2026 via checked.be.