KERHELCO: 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.
KERHELCO
Largest movements
- Receivables within one year +€125,676
up €125,676 (+84.2%), from €149,210 to €274,886
of which Trade receivables: +€116,656
- Tangible fixed assets -€17,658
down €17,658 (-34.3%), from €51,498 to €33,840
of which Furniture and vehicles: -€17,658
- Stocks and contracts -€10,598
down €10,598 (-61.8%), from €17,162 to €6,564
- Reserves +€57,015
up €57,015 (+3,065%), from €1,860 to €58,875
of which Distributable reserves: +€57,015
- Other debts +€41,949
up €41,949 (+56.8%), from €73,843 to €115,792
- Trade debts +€38,821
up €38,821 (+93.1%), from €41,700 to €80,521
- Tax, wage and social debts -€32,451
down €32,451 (-50.9%), from €63,740 to €31,290
- Debts after one year -€6,219
down €6,219 (-62.7%), from €9,922 to €3,703
- Gross operating margin +€182,121
up €182,121, from -€99,552 to €82,569
- Taxes +€7,696
up €7,696, from -€1,246 to €6,450
- Depreciation +€2,679
up €2,679 (+17.9%), from €14,979 to €17,658
- Financial income -€1,380
down €1,380 (-74.0%), from €1,865 to €485
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €257,974 | €359,237 | +€101,263 | +39.3% |
| Fixed assets | 21/28 | €58,952 | €41,294 | -€17,658 | -30.0% |
| Tangible fixed assets | 22/27 | €51,498 | €33,840 | -€17,658 | -34.3% |
| Furniture and vehicles | 24 | €50,948 | €33,290 | -€17,658 | -34.7% |
| Other tangible fixed assets | 26 | €550 | €550 | = | 0.0% |
| Financial fixed assets | 28 | €7,454 | €7,454 | = | 0.0% |
| Current assets | 29/58 | €199,022 | €317,943 | +€118,921 | +59.8% |
| Stocks and contracts in progress | 3 | €17,162 | €6,564 | -€10,598 | -61.8% |
| Contracts in progress | 37 | €17,162 | €6,564 | -€10,598 | -61.8% |
| Amounts receivable within one year | 40/41 | €149,210 | €274,886 | +€125,676 | +84.2% |
| Trade receivables | 40 | €120,430 | €237,086 | +€116,656 | +96.9% |
| Other amounts receivable | 41 | €28,780 | €37,800 | +€9,020 | +31.3% |
| Cash at bank and in hand | 54/58 | €32,650 | €33,645 | +€995 | +3.0% |
| Deferred charges and accrued income | 490/1 | - | €2,848 | +€2,848 | |
| Total equity and liabilities | 10/49 | €257,974 | €359,237 | +€101,263 | +39.3% |
| Equity | 10/15 | €62,707 | €119,722 | +€57,015 | +90.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €58,875 | +€57,015 | +3,065% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €57,015 | +€57,015 | |
| Profit (loss) carried forward | 14 | €54,647 | €54,647 | = | 0.0% |
| Amounts payable | 17/49 | €195,267 | €239,515 | +€44,248 | +22.7% |
| Amounts payable after more than one year | 17 | €9,922 | €3,703 | -€6,219 | -62.7% |
| Financial debts | 170/4 | €9,922 | €3,703 | -€6,219 | -62.7% |
| Amounts payable within one year | 42/48 | €185,344 | €233,823 | +€48,478 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €6,061 | €6,219 | +€159 | +2.6% |
| Trade debts | 44 | €41,700 | €80,521 | +€38,821 | +93.1% |
| Suppliers | 440/4 | €41,700 | €80,521 | +€38,821 | +93.1% |
| Taxes, remuneration and social security | 45 | €63,740 | €31,290 | -€32,451 | -50.9% |
| Taxes | 450/3 | €63,740 | €31,290 | -€32,451 | -50.9% |
| Other amounts payable | 47/48 | €73,843 | €115,792 | +€41,949 | +56.8% |
| Accrued charges and deferred income | 492/3 | - | €1,989 | +€1,989 | |
| Non-recurring operating income | 76A | €19,542 | - | -€19,542 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,979 | €17,658 | +€2,679 | +17.9% |
| Other operating charges | 640/8 | €197 | €655 | +€459 | +233% |
| Non-recurring operating charges | 66A | €3,778 | - | -€3,778 | |
| Gross operating margin | 9900 | -€99,552 | €82,569 | +€182,121 | |
| Operating profit (loss) | 9901 | -€118,506 | €64,256 | +€182,762 | |
| Financial income | 75/76B | €1,865 | €485 | -€1,380 | -74.0% |
| Recurring financial income | 75 | €1,865 | €485 | -€1,380 | -74.0% |
| Financial charges | 65/66B | €1,929 | €1,275 | -€654 | -33.9% |
| Recurring financial charges | 65 | €1,929 | €1,275 | -€654 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | -€118,570 | €63,465 | +€182,035 | |
| Income taxes | 67/77 | -€1,246 | €6,450 | +€7,696 | |
| Profit (loss) for the period | 9904 | -€117,324 | €57,015 | +€174,339 | |
| Profit (loss) for the period to be appropriated | 9905 | -€117,324 | €57,015 | +€174,339 |
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 13 October 2026 via checked.be.