Kerkaert Miguel: 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.
Kerkaert Miguel
Largest movements
- Cash -€85,262
down €85,262 (-64.3%), from €132,500 to €47,238
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€68,735)
- Tangible fixed assets +€56,948
up €56,948 (+1,257%), from €4,530 to €61,478
of which Furniture and vehicles: +€54,588
- Reserves -€37,354
down €37,354 (-3.2%), from €1.2m to €1.1m
- Gross operating margin +€71,968
up €71,968 (+43.9%), from €164,025 to €235,993
- Taxes +€16,313
up €16,313 (+32.3%), from €50,499 to €66,812
- Financial income -€9,427
down €9,427 (-46.0%), from €20,511 to €11,084
- Depreciation +€3,090
up €3,090 (+35.5%), from €8,697 to €11,787
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 | €1,216,089 | €1,175,878 | -€40,211 | -3.3% |
| Fixed assets | 21/28 | €4,530 | €61,478 | +€56,948 | +1,257% |
| Tangible fixed assets | 22/27 | €4,530 | €61,478 | +€56,948 | +1,257% |
| Plant, machinery and equipment | 23 | €459 | €2,820 | +€2,360 | +514% |
| Furniture and vehicles | 24 | €4,071 | €58,658 | +€54,588 | +1,341% |
| Current assets | 29/58 | €1,211,559 | €1,114,400 | -€97,159 | -8.0% |
| Stocks and contracts in progress | 3 | €40,516 | €41,925 | +€1,409 | +3.5% |
| Stocks | 30/36 | €40,516 | €41,925 | +€1,409 | +3.5% |
| Amounts receivable within one year | 40/41 | €76,651 | €71,425 | -€5,225 | -6.8% |
| Trade receivables | 40 | €71,194 | €71,234 | +€40 | +0.1% |
| Other amounts receivable | 41 | €5,456 | €191 | -€5,265 | -96.5% |
| Current investments | 50/53 | €960,648 | €951,862 | -€8,787 | -0.9% |
| Cash at bank and in hand | 54/58 | €132,500 | €47,238 | -€85,262 | -64.3% |
| Deferred charges and accrued income | 490/1 | €1,244 | €1,951 | +€706 | +56.8% |
| Total equity and liabilities | 10/49 | €1,216,089 | €1,175,878 | -€40,211 | -3.3% |
| Equity | 10/15 | €1,189,119 | €1,151,765 | -€37,354 | -3.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,169,119 | €1,131,765 | -€37,354 | -3.2% |
| Distributable reserves | 133 | €1,169,119 | €1,131,765 | -€37,354 | -3.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,970 | €24,113 | -€2,857 | -10.6% |
| Amounts payable within one year | 42/48 | €26,820 | €22,548 | -€4,272 | -15.9% |
| Trade debts | 44 | €4,268 | €5,885 | +€1,616 | +37.9% |
| Suppliers | 440/4 | €4,268 | €5,885 | +€1,616 | +37.9% |
| Taxes, remuneration and social security | 45 | €22,552 | €16,663 | -€5,889 | -26.1% |
| Taxes | 450/3 | €22,552 | €16,663 | -€5,889 | -26.1% |
| Accrued charges and deferred income | 492/3 | €150 | €1,565 | +€1,415 | +944% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,697 | €11,787 | +€3,090 | +35.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,542 | €1,338 | -€204 | -13.2% |
| Non-recurring operating charges | 66A | - | €3,450 | +€3,450 | |
| Gross operating margin | 9900 | €164,025 | €235,993 | +€71,968 | +43.9% |
| Operating profit (loss) | 9901 | €153,786 | €219,419 | +€65,633 | +42.7% |
| Financial income | 75/76B | €20,511 | €11,084 | -€9,427 | -46.0% |
| Recurring financial income | 75 | €20,511 | €11,084 | -€9,427 | -46.0% |
| Financial charges | 65/66B | €1,472 | €1,045 | -€428 | -29.0% |
| Recurring financial charges | 65 | €1,472 | €1,045 | -€428 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €172,824 | €229,458 | +€56,634 | +32.8% |
| Income taxes | 67/77 | €50,499 | €66,812 | +€16,313 | +32.3% |
| Profit (loss) for the period | 9904 | €122,325 | €162,646 | +€40,321 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,325 | €162,646 | +€40,321 | +33.0% |
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 23 October 2026 via checked.be.