KERFIN: 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.
KERFIN
Largest movements
- Tangible fixed assets -€43,229
down €43,229 (-8.7%), from €494,736 to €451,507
- Cash -€20,674
down €20,674 (-50.4%), from €40,991 to €20,317
mainly Debts after one year (-€45,000) and Net result for the year (-€14,057)
- Debts after one year -€45,000
down €45,000 (-30.0%), from €150,000 to €105,000
- Profit (loss) carried forward -€14,057
down €14,057 (-13.6%), from -€103,032 to -€117,090
- Gross operating margin +€4,064
up €4,064 (+13.4%), from €30,315 to €34,379
- Depreciation +€3,946
up €3,946 (+10.0%), from €39,283 to €43,229
- Other operating charges -€1,178
down €1,178 (-20.4%), from €5,779 to €4,601
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 | €536,316 | €472,429 | -€63,887 | -11.9% |
| Fixed assets | 21/28 | €494,736 | €451,507 | -€43,229 | -8.7% |
| Tangible fixed assets | 22/27 | €494,736 | €451,507 | -€43,229 | -8.7% |
| Land and buildings | 22 | €494,736 | €451,507 | -€43,229 | -8.7% |
| Current assets | 29/58 | €41,581 | €20,923 | -€20,658 | -49.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €40,991 | €20,317 | -€20,674 | -50.4% |
| Deferred charges and accrued income | 490/1 | €590 | €606 | +€16 | +2.7% |
| Total equity and liabilities | 10/49 | €536,316 | €472,429 | -€63,887 | -11.9% |
| Equity | 10/15 | €376,440 | €362,383 | -€14,057 | -3.7% |
| Contributions | 10/11 | €472,972 | €472,972 | = | 0.0% |
| Capital | 10 | €472,972 | €472,972 | = | 0.0% |
| Issued capital | 100 | €472,972 | €472,972 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,032 | -€117,090 | -€14,057 | -13.6% |
| Amounts payable | 17/49 | €159,876 | €110,047 | -€49,830 | -31.2% |
| Amounts payable after more than one year | 17 | €150,000 | €105,000 | -€45,000 | -30.0% |
| Other amounts payable | 178/9 | €150,000 | €105,000 | -€45,000 | -30.0% |
| Amounts payable within one year | 42/48 | €9,876 | €5,047 | -€4,830 | -48.9% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,876 | €5,047 | -€4,830 | -48.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,283 | €43,229 | +€3,946 | +10.0% |
| Other operating charges | 640/8 | €5,779 | €4,601 | -€1,178 | -20.4% |
| Gross operating margin | 9900 | €30,315 | €34,379 | +€4,064 | +13.4% |
| Operating profit (loss) | 9901 | -€14,747 | -€13,451 | +€1,296 | +8.8% |
| Financial income | 75/76B | €356 | €38 | -€318 | -89.2% |
| Recurring financial income | 75 | €356 | €38 | -€318 | -89.2% |
| Financial charges | 65/66B | €934 | €633 | -€300 | -32.2% |
| Recurring financial charges | 65 | €934 | €633 | -€300 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,325 | -€14,046 | +€1,279 | +8.3% |
| Income taxes | 67/77 | €107 | €12 | -€95 | -89.2% |
| Profit (loss) for the period | 9904 | -€15,432 | -€14,057 | +€1,374 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,432 | -€14,057 | +€1,374 | +8.9% |
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.