Kerkhofs-Ackermans: 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-Ackermans
Largest movements
- Cash +€140,951
up €140,951 (+32.5%), from €434,211 to €575,162
mainly Depreciation (+€85,643) and Net result for the year (+€83,117)
- Tangible fixed assets -€62,547
down €62,547 (-4.4%), from €1.4m to €1.4m
of which Leasing and similar rights: -€33,330
- Receivables within one year +€51,234
up €51,234 (+41.3%), from €124,047 to €175,281
of which Trade receivables: +€43,732
- Reserves +€83,117
up €83,117 (+10.3%), from €807,885 to €891,002
of which Distributable reserves: +€83,117
- Trade debts +€69,312
up €69,312 (+85.4%), from €81,170 to €150,481
- Debts after one year -€23,002
down €23,002 (-2.7%), from €849,149 to €826,147
of which Financial debts: -€23,002
- Gross operating margin -€195,383
down €195,383 (-47.3%), from €413,204 to €217,821
- Depreciation -€125,991
down €125,991 (-59.5%), from €211,635 to €85,643
- Financial charges -€25,044
down €25,044 (-95.9%), from €26,101 to €1,057
- Other operating charges -€17,216
down €17,216 (-50.2%), from €34,273 to €17,057
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 | €2,010,934 | €2,141,289 | +€130,355 | +6.5% |
| Fixed assets | 21/28 | €1,422,357 | €1,359,810 | -€62,547 | -4.4% |
| Tangible fixed assets | 22/27 | €1,422,357 | €1,359,810 | -€62,547 | -4.4% |
| Land and buildings | 22 | €1,268,409 | €1,242,881 | -€25,529 | -2.0% |
| Plant, machinery and equipment | 23 | €29,629 | €28,179 | -€1,450 | -4.9% |
| Furniture and vehicles | 24 | €16,795 | €14,557 | -€2,238 | -13.3% |
| Leasing and similar rights | 25 | €107,523 | €74,193 | -€33,330 | -31.0% |
| Current assets | 29/58 | €588,577 | €781,479 | +€192,902 | +32.8% |
| Stocks and contracts in progress | 3 | €18,944 | €17,942 | -€1,001 | -5.3% |
| Stocks | 30/36 | €18,944 | €17,942 | -€1,001 | -5.3% |
| Amounts receivable within one year | 40/41 | €124,047 | €175,281 | +€51,234 | +41.3% |
| Trade receivables | 40 | €113,466 | €157,198 | +€43,732 | +38.5% |
| Other amounts receivable | 41 | €10,581 | €18,083 | +€7,502 | +70.9% |
| Cash at bank and in hand | 54/58 | €434,211 | €575,162 | +€140,951 | +32.5% |
| Deferred charges and accrued income | 490/1 | €11,376 | €13,094 | +€1,718 | +15.1% |
| Total equity and liabilities | 10/49 | €2,010,934 | €2,141,289 | +€130,355 | +6.5% |
| Equity | 10/15 | €922,885 | €1,006,002 | +€83,117 | +9.0% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €807,885 | €891,002 | +€83,117 | +10.3% |
| Tax-exempt reserves | 132 | €3,016 | €3,016 | = | 0.0% |
| Distributable reserves | 133 | €804,869 | €887,987 | +€83,117 | +10.3% |
| Amounts payable | 17/49 | €1,088,049 | €1,135,287 | +€47,238 | +4.3% |
| Amounts payable after more than one year | 17 | €849,149 | €826,147 | -€23,002 | -2.7% |
| Financial debts | 170/4 | €847,149 | €824,147 | -€23,002 | -2.7% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €238,900 | €309,140 | +€70,240 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €23,001 | €23,002 | +€1 | 0.0% |
| Trade debts | 44 | €81,170 | €150,481 | +€69,312 | +85.4% |
| Suppliers | 440/4 | €81,170 | €150,481 | +€69,312 | +85.4% |
| Taxes, remuneration and social security | 45 | €36,774 | €30,780 | -€5,993 | -16.3% |
| Taxes | 450/3 | €36,774 | €30,780 | -€5,993 | -16.3% |
| Other amounts payable | 47/48 | €97,955 | €104,876 | +€6,921 | +7.1% |
| Non-recurring operating income | 76A | - | €15,305 | +€15,305 | |
| Remuneration, social security and pensions | 62 | -€237 | €171 | +€408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,635 | €85,643 | -€125,991 | -59.5% |
| Other operating charges | 640/8 | €34,273 | €17,057 | -€17,216 | -50.2% |
| Gross operating margin | 9900 | €413,204 | €217,821 | -€195,383 | -47.3% |
| Operating profit (loss) | 9901 | €167,534 | €114,951 | -€52,583 | -31.4% |
| Financial income | 75/76B | €210 | €4 | -€205 | -98.0% |
| Recurring financial income | 75 | €210 | €4 | -€205 | -98.0% |
| Financial charges | 65/66B | €26,101 | €1,057 | -€25,044 | -95.9% |
| Recurring financial charges | 65 | €26,101 | €1,057 | -€25,044 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | €141,642 | €113,898 | -€27,744 | -19.6% |
| Income taxes | 67/77 | €31,600 | €30,780 | -€820 | -2.6% |
| Profit (loss) for the period | 9904 | €110,042 | €83,117 | -€26,925 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €110,042 | €83,117 | -€26,925 | -24.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.