KERGUELEN: 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.
KERGUELEN
Largest movements
- Tangible fixed assets -€33,514
down €33,514 (-13.4%), from €250,241 to €216,728
of which Land and buildings: -€32,018
- Receivables within one year -€24,539
down €24,539 (-39.9%), from €61,544 to €37,005
of which Trade receivables: -€25,373
- Cash +€15,363
up €15,363 (+339%), from €4,538 to €19,901
mainly Depreciation (+€37,474) and Receivables within one year (+€24,539)
- Intangible fixed assets -€3,960
down €3,960 (-20.0%), from €19,800 to €15,840
- Debts after one year -€45,833
down €45,833 (-20.7%), from €221,154 to €175,320
- Profit (loss) carried forward +€4,170
up €4,170 (+11.3%), from €36,986 to €41,157
- Depreciation -€4,114
down €4,114 (-9.9%), from €41,588 to €37,474
- Gross operating margin -€4,098
down €4,098 (-6.8%), from €60,680 to €56,582
- Financial charges -€1,186
down €1,186 (-10.4%), from €11,393 to €10,207
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €336,641 | €290,378 | -€46,263 | -13.7% |
| Fixed assets | 21/28 | €270,041 | €232,568 | -€37,474 | -13.9% |
| Intangible fixed assets | 21 | €19,800 | €15,840 | -€3,960 | -20.0% |
| Tangible fixed assets | 22/27 | €250,241 | €216,728 | -€33,514 | -13.4% |
| Land and buildings | 22 | €246,890 | €214,872 | -€32,018 | -13.0% |
| Furniture and vehicles | 24 | €3,352 | €1,856 | -€1,496 | -44.6% |
| Current assets | 29/58 | €66,600 | €57,810 | -€8,789 | -13.2% |
| Amounts receivable within one year | 40/41 | €61,544 | €37,005 | -€24,539 | -39.9% |
| Trade receivables | 40 | €61,238 | €35,865 | -€25,373 | -41.4% |
| Other amounts receivable | 41 | €306 | €1,140 | +€833 | +272% |
| Cash at bank and in hand | 54/58 | €4,538 | €19,901 | +€15,363 | +339% |
| Deferred charges and accrued income | 490/1 | €518 | €904 | +€387 | +74.8% |
| Total equity and liabilities | 10/49 | €336,641 | €290,378 | -€46,263 | -13.7% |
| Equity | 10/15 | €60,403 | €64,573 | +€4,170 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,816 | €4,816 | = | 0.0% |
| Non-distributable reserves | 130/1 | €316 | €316 | = | 0.0% |
| Reserves not available under the articles | 1311 | €316 | €316 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,986 | €41,157 | +€4,170 | +11.3% |
| Amounts payable | 17/49 | €276,238 | €225,805 | -€50,433 | -18.3% |
| Amounts payable after more than one year | 17 | €221,154 | €175,320 | -€45,833 | -20.7% |
| Financial debts | 170/4 | €221,154 | €175,320 | -€45,833 | -20.7% |
| Amounts payable within one year | 42/48 | €55,085 | €50,485 | -€4,600 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €46,383 | €44,020 | -€2,363 | -5.1% |
| Trade debts | 44 | €3,293 | €2,098 | -€1,195 | -36.3% |
| Suppliers | 440/4 | €3,293 | €2,098 | -€1,195 | -36.3% |
| Taxes, remuneration and social security | 45 | €5,409 | €4,367 | -€1,042 | -19.3% |
| Taxes | 450/3 | €4,669 | €4,367 | -€302 | -6.5% |
| Remuneration and social security | 454/9 | €740 | - | -€740 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,588 | €37,474 | -€4,114 | -9.9% |
| Other operating charges | 640/8 | €2,869 | €3,058 | +€189 | +6.6% |
| Gross operating margin | 9900 | €60,680 | €56,582 | -€4,098 | -6.8% |
| Operating profit (loss) | 9901 | €16,223 | €16,051 | -€173 | -1.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.6% |
| Financial charges | 65/66B | €11,393 | €10,207 | -€1,186 | -10.4% |
| Recurring financial charges | 65 | €11,393 | €10,207 | -€1,186 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €4,833 | €5,844 | +€1,010 | +20.9% |
| Income taxes | 67/77 | €1,566 | €1,673 | +€107 | +6.8% |
| Profit (loss) for the period | 9904 | €3,267 | €4,170 | +€903 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,267 | €4,170 | +€903 | +27.6% |
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 23 October 2026 via checked.be.