KERIS: 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.
KERIS
Largest movements
- Cash +€127,062
up €127,062 (+36.2%), from €351,477 to €478,539
mainly Stocks and contracts (+€112,210) and Receivables within one year (+€39,836)
- Stocks and contracts -€112,210
down €112,210 (-59.4%), from €188,844 to €76,634
- Receivables within one year -€39,836
down €39,836 (-39.7%), from €100,272 to €60,436
of which Trade receivables: -€38,503
- Tangible fixed assets +€36,440
up €36,440 (+8.7%), from €416,765 to €453,205
of which Furniture and vehicles: +€41,345
- Reserves +€33,093
up €33,093 (+6.1%), from €539,691 to €572,783
of which Distributable reserves: +€33,093
- Other debts -€20,173
down €20,173 (-3.3%), from €619,935 to €599,762
- Staff costs -€23,267
down €23,267 (-35.4%), from €65,738 to €42,471
- Depreciation +€12,320
up €12,320 (+51.8%), from €23,768 to €36,088
- Gross operating margin -€7,377
down €7,377 (-5.6%), from €132,277 to €124,900
- Other operating charges +€1,940
up €1,940 (+19.5%), from €9,954 to €11,894
- Financial income -€1,367
down €1,367 (-9.1%), from €15,024 to €13,657
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 | €1,779,667 | €1,806,298 | +€26,631 | +1.5% |
| Fixed assets | 21/28 | €416,914 | €453,354 | +€36,440 | +8.7% |
| Tangible fixed assets | 22/27 | €416,765 | €453,205 | +€36,440 | +8.7% |
| Land and buildings | 22 | €399,248 | €379,901 | -€19,347 | -4.8% |
| Plant, machinery and equipment | 23 | €3,260 | €19,762 | +€16,502 | +506% |
| Furniture and vehicles | 24 | €825 | €42,170 | +€41,345 | +5,009% |
| Other tangible fixed assets | 26 | €13,432 | €11,372 | -€2,060 | -15.3% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €1,362,753 | €1,352,944 | -€9,809 | -0.7% |
| Stocks and contracts in progress | 3 | €188,844 | €76,634 | -€112,210 | -59.4% |
| Stocks | 30/36 | €188,844 | €76,634 | -€112,210 | -59.4% |
| Amounts receivable within one year | 40/41 | €100,272 | €60,436 | -€39,836 | -39.7% |
| Trade receivables | 40 | €98,204 | €59,701 | -€38,503 | -39.2% |
| Other amounts receivable | 41 | €2,067 | €735 | -€1,332 | -64.5% |
| Current investments | 50/53 | €721,416 | €734,692 | +€13,276 | +1.8% |
| Cash at bank and in hand | 54/58 | €351,477 | €478,539 | +€127,062 | +36.2% |
| Deferred charges and accrued income | 490/1 | €745 | €2,644 | +€1,899 | +255% |
| Total equity and liabilities | 10/49 | €1,779,667 | €1,806,298 | +€26,631 | +1.5% |
| Equity | 10/15 | €1,125,056 | €1,158,149 | +€33,093 | +2.9% |
| Contributions | 10/11 | €585,000 | €585,000 | = | 0.0% |
| Capital | 10 | €585,000 | €585,000 | = | 0.0% |
| Issued capital | 100 | €585,000 | €585,000 | = | 0.0% |
| Reserves | 13 | €539,691 | €572,783 | +€33,093 | +6.1% |
| Non-distributable reserves | 130/1 | €20,625 | €20,625 | = | 0.0% |
| Legal reserve | 130 | €20,625 | €20,625 | = | 0.0% |
| Distributable reserves | 133 | €519,066 | €552,158 | +€33,093 | +6.4% |
| Profit (loss) carried forward | 14 | €365 | €365 | = | 0.0% |
| Amounts payable | 17/49 | €654,611 | €648,150 | -€6,461 | -1.0% |
| Amounts payable within one year | 42/48 | €654,611 | €648,150 | -€6,461 | -1.0% |
| Trade debts | 44 | €8,155 | €14,349 | +€6,194 | +76.0% |
| Suppliers | 440/4 | €8,155 | €14,349 | +€6,194 | +76.0% |
| Taxes, remuneration and social security | 45 | €26,521 | €34,039 | +€7,518 | +28.3% |
| Taxes | 450/3 | €14,487 | €19,500 | +€5,013 | +34.6% |
| Remuneration and social security | 454/9 | €12,035 | €14,540 | +€2,505 | +20.8% |
| Other amounts payable | 47/48 | €619,935 | €599,762 | -€20,173 | -3.3% |
| Remuneration, social security and pensions | 62 | €65,738 | €42,471 | -€23,267 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,768 | €36,088 | +€12,320 | +51.8% |
| Other operating charges | 640/8 | €9,954 | €11,894 | +€1,940 | +19.5% |
| Gross operating margin | 9900 | €132,277 | €124,900 | -€7,377 | -5.6% |
| Operating profit (loss) | 9901 | €32,817 | €34,447 | +€1,630 | +5.0% |
| Financial income | 75/76B | €15,024 | €13,657 | -€1,367 | -9.1% |
| Recurring financial income | 75 | €15,024 | €13,657 | -€1,367 | -9.1% |
| Financial charges | 65/66B | €772 | €746 | -€26 | -3.3% |
| Recurring financial charges | 65 | €772 | €746 | -€26 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €47,069 | €47,358 | +€289 | +0.6% |
| Income taxes | 67/77 | €13,284 | €14,265 | +€981 | +7.4% |
| Profit (loss) for the period | 9904 | €33,785 | €33,093 | -€692 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,785 | €33,093 | -€692 | -2.0% |
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 19 October 2026 via checked.be.