KERF DECO: 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.
What changed
KERF DECO
NACE 47.530, Retail trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€46,109
2024 · -€34,564-€11,545
Equity
€13,316
2024 · €59,424-€46,109
Cash
€70,951
2024 · €129,930-€58,980
Balance sheet total
€162,549
2024 · €229,884-€67,336
Largest movements
Assets
- Cash -€58,980
down €58,980 (-45.4%), from €129,930 to €70,951
mainly Net result for the year (-€46,109) and Trade debts (-€36,250)
- Tangible fixed assets -€12,208
down €12,208 (-17.6%), from €69,297 to €57,089
Equity and liabilities
- Profit (loss) carried forward -€46,109
down €46,109 (-89.8%), from €51,364 to €5,256
- Trade debts -€36,250
down €36,250 (-82.6%), from €43,910 to €7,661
- Other debts +€9,485
up €9,485 (+121%), from €7,812 to €17,297
- Accrued charges and deferred income +€3,319
up €3,319 (+312%), from €1,063 to €4,382
Income statement
- Gross operating margin +€11,367
up €11,367 (+28.6%), from -€39,711 to -€28,344
- Depreciation +€1,660
up €1,660 (+15.7%), from €10,551 to €12,212
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.
Result 2024
-€34,564
Gross operating margin
+€11,367
Depreciation
-€1,660
Other operating charges
-€22
Other operating items
+€23
Financial income
+€71
Financial charges
+€305
Taxes
+€57
Deferred taxes and other
-€21,685
Result 2025
-€46,109
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
-€58,980
Investment
€0
Financing
€0
Cash 2024
€129,930
From operations (derived)
-€58,980
Net result for the year
-€46,109
Depreciation
+€12,212
Stocks and contracts
-€2,134
Receivables within one year
-€1,924
Deferred charges and accrued income
+€201
Trade debts
-€36,250
Tax, wage and social debts
+€2,218
Other debts
+€9,485
Accrued charges and deferred income
+€3,319
Cash 2025
€70,951
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €229,884 | €162,549 | -€67,336 | -29.3% |
| Fixed assets | 21/28 | €69,301 | €57,089 | -€12,212 | -17.6% |
| Intangible fixed assets | 21 | €4 | €0 | -€4 | -100% |
| Tangible fixed assets | 22/27 | €69,297 | €57,089 | -€12,208 | -17.6% |
| Land and buildings | 22 | €14,228 | €12,293 | -€1,935 | -13.6% |
| Plant, machinery and equipment | 23 | €8,103 | €4,757 | -€3,346 | -41.3% |
| Furniture and vehicles | 24 | €14,944 | €9,625 | -€5,319 | -35.6% |
| Other tangible fixed assets | 26 | €32,022 | €30,414 | -€1,608 | -5.0% |
| Current assets | 29/58 | €160,584 | €105,460 | -€55,124 | -34.3% |
| Stocks and contracts in progress | 3 | €22,063 | €24,197 | +€2,134 | +9.7% |
| Stocks | 30/36 | €22,063 | €24,197 | +€2,134 | +9.7% |
| Amounts receivable within one year | 40/41 | €7,014 | €8,938 | +€1,924 | +27.4% |
| Trade receivables | 40 | €7,014 | €8,913 | +€1,899 | +27.1% |
| Other amounts receivable | 41 | - | €25 | +€25 | |
| Cash at bank and in hand | 54/58 | €129,930 | €70,951 | -€58,980 | -45.4% |
| Deferred charges and accrued income | 490/1 | €1,576 | €1,375 | -€201 | -12.8% |
| Total equity and liabilities | 10/49 | €229,884 | €162,549 | -€67,336 | -29.3% |
| Equity | 10/15 | €59,424 | €13,316 | -€46,109 | -77.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €51,364 | €5,256 | -€46,109 | -89.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €170,460 | €149,233 | -€21,227 | -12.5% |
| Amounts payable after more than one year | 17 | €117,200 | €117,200 | = | 0.0% |
| Other amounts payable | 178/9 | €117,200 | €117,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,197 | €27,651 | -€24,546 | -47.0% |
| Trade debts | 44 | €43,910 | €7,661 | -€36,250 | -82.6% |
| Suppliers | 440/4 | €43,910 | €7,661 | -€36,250 | -82.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €474 | €2,693 | +€2,218 | +468% |
| Taxes | 450/3 | €474 | €2,693 | +€2,218 | +468% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,812 | €17,297 | +€9,485 | +121% |
| Accrued charges and deferred income | 492/3 | €1,063 | €4,382 | +€3,319 | +312% |
| Non-recurring operating income | 76A | €28 | €20 | -€8 | -27.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,551 | €12,212 | +€1,660 | +15.7% |
| Other operating charges | 640/8 | €3,334 | €3,356 | +€22 | +0.7% |
| Non-recurring operating charges | 66A | €23 | €0 | -€23 | -100% |
| Gross operating margin | 9900 | -€39,711 | -€28,344 | +€11,367 | +28.6% |
| Operating profit (loss) | 9901 | -€53,619 | -€43,912 | +€9,708 | +18.1% |
| Financial income | 75/76B | €903 | €973 | +€71 | +7.8% |
| Recurring financial income | 75 | €903 | €973 | +€71 | +7.8% |
| Financial charges | 65/66B | €3,260 | €2,955 | -€305 | -9.3% |
| Recurring financial charges | 65 | €3,260 | €2,955 | -€305 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€55,977 | -€45,893 | +€10,083 | +18.0% |
| Transfer from deferred taxes | 780 | €21,685 | €0 | -€21,685 | -100% |
| Income taxes | 67/77 | €272 | €215 | -€57 | -21.1% |
| Profit (loss) for the period | 9904 | -€34,564 | -€46,109 | -€11,545 | -33.4% |
| Transfer from tax-exempt reserves | 789 | €65,056 | €0 | -€65,056 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €30,493 | -€46,109 | -€76,601 |
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 25 October 2026 via checked.be.