KERKHOFS: 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.
KERKHOFS
Largest movements
- Cash +€118,715
up €118,715 (+59.7%), from €198,902 to €317,618
mainly Net result for the year (+€199,889) and Depreciation (+€120,643)
- Tangible fixed assets -€114,142
down €114,142 (-31.2%), from €365,700 to €251,558
of which Furniture and vehicles: -€107,156
- Receivables within one year -€31,364
down €31,364 (-6.4%), from €491,398 to €460,035
of which Trade receivables: -€27,314
- Other debts -€99,624
down €99,624 (-29.3%), from €339,614 to €239,990
- Reserves +€93,653
up €93,653 (+16.9%), from €553,743 to €647,396
of which Distributable reserves: +€116,153
- Trade debts -€42,958
down €42,958 (-48.9%), from €87,797 to €44,839
- Tax, wage and social debts +€25,164
up €25,164 (+130%), from €19,302 to €44,466
of which Taxes: +€25,154
- Gross operating margin +€184,814
up €184,814 (+73.3%), from €252,099 to €436,912
- Taxes +€61,163
up €61,163 (+126%), from €48,383 to €109,547
- Depreciation +€7,970
up €7,970 (+7.1%), from €112,673 to €120,643
- Other operating charges -€7,181
down €7,181 (-60.1%), from €11,958 to €4,777
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 | €1,083,706 | €1,052,441 | -€31,265 | -2.9% |
| Fixed assets | 21/28 | €365,995 | €251,853 | -€114,142 | -31.2% |
| Tangible fixed assets | 22/27 | €365,700 | €251,558 | -€114,142 | -31.2% |
| Plant, machinery and equipment | 23 | €35,005 | €28,433 | -€6,571 | -18.8% |
| Furniture and vehicles | 24 | €329,035 | €221,879 | -€107,156 | -32.6% |
| Other tangible fixed assets | 26 | €1,660 | €1,245 | -€415 | -25.0% |
| Financial fixed assets | 28 | €295 | €295 | = | 0.0% |
| Current assets | 29/58 | €717,711 | €800,589 | +€82,877 | +11.5% |
| Stocks and contracts in progress | 3 | €24,647 | €20,115 | -€4,532 | -18.4% |
| Stocks | 30/36 | €24,647 | €20,115 | -€4,532 | -18.4% |
| Amounts receivable within one year | 40/41 | €491,398 | €460,035 | -€31,364 | -6.4% |
| Trade receivables | 40 | €487,349 | €460,035 | -€27,314 | -5.6% |
| Other amounts receivable | 41 | €4,049 | €0 | -€4,049 | -100% |
| Cash at bank and in hand | 54/58 | €198,902 | €317,618 | +€118,715 | +59.7% |
| Deferred charges and accrued income | 490/1 | €2,763 | €2,822 | +€58 | +2.1% |
| Total equity and liabilities | 10/49 | €1,083,706 | €1,052,441 | -€31,265 | -2.9% |
| Equity | 10/15 | €615,743 | €709,396 | +€93,653 | +15.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €553,743 | €647,396 | +€93,653 | +16.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,750 | €41,250 | -€22,500 | -35.3% |
| Distributable reserves | 133 | €483,793 | €599,946 | +€116,153 | +24.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €21,250 | €13,750 | -€7,500 | -35.3% |
| Deferred taxes | 168 | €21,250 | €13,750 | -€7,500 | -35.3% |
| Amounts payable | 17/49 | €446,713 | €329,295 | -€117,418 | -26.3% |
| Amounts payable within one year | 42/48 | €446,713 | €329,295 | -€117,418 | -26.3% |
| Trade debts | 44 | €87,797 | €44,839 | -€42,958 | -48.9% |
| Suppliers | 440/4 | €87,797 | €44,839 | -€42,958 | -48.9% |
| Taxes, remuneration and social security | 45 | €19,302 | €44,466 | +€25,164 | +130% |
| Taxes | 450/3 | €18,383 | €43,538 | +€25,154 | +137% |
| Remuneration and social security | 454/9 | €918 | €928 | +€10 | +1.0% |
| Other amounts payable | 47/48 | €339,614 | €239,990 | -€99,624 | -29.3% |
| Remuneration, social security and pensions | 62 | €7,624 | €8,548 | +€923 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,673 | €120,643 | +€7,970 | +7.1% |
| Other operating charges | 640/8 | €11,958 | €4,777 | -€7,181 | -60.1% |
| Non-recurring operating charges | 66A | €606 | €632 | +€26 | +4.3% |
| Gross operating margin | 9900 | €252,099 | €436,912 | +€184,814 | +73.3% |
| Operating profit (loss) | 9901 | €119,238 | €302,313 | +€183,075 | +154% |
| Financial income | 75/76B | €3,732 | €432 | -€3,300 | -88.4% |
| Recurring financial income | 75 | €3,732 | €432 | -€3,300 | -88.4% |
| Financial charges | 65/66B | €697 | €810 | +€113 | +16.2% |
| Recurring financial charges | 65 | €697 | €810 | +€113 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €122,273 | €301,936 | +€179,663 | +147% |
| Transfer from deferred taxes | 780 | €7,500 | €7,500 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €48,383 | €109,547 | +€61,163 | +126% |
| Profit (loss) for the period | 9904 | €81,390 | €199,889 | +€118,499 | +146% |
| Transfer from tax-exempt reserves | 789 | €22,500 | €22,500 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €103,890 | €222,389 | +€118,499 | +114% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.