KERLING: 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.
KERLING
Largest movements
- Cash -€96,421
down €96,421 (-88.8%), from €108,591 to €12,170
mainly Investment in fixed assets (net) (-€141,976) and Receivables within one year (-€31,909)
- Tangible fixed assets +€88,985
up €88,985 (+20.6%), from €432,883 to €521,868
of which Plant, machinery and equipment: +€114,245
- Receivables within one year +€31,909
new in 2025: €31,909
of which Trade receivables: +€16,839
- Receivables after one year -€16,952
no longer reported in 2025 (was €16,952)
of which Trade receivables: -€13,209
- Debts after one year -€22,619
down €22,619 (-6.4%), from €351,047 to €328,428
- Profit (loss) carried forward +€18,783
up €18,783 (+7.2%), from €262,598 to €281,381
- Current portion of long-term debt +€7,543
up €7,543 (+34.7%), from €21,726 to €29,269
- Gross operating margin -€25,250
down €25,250 (-21.0%), from €120,460 to €95,210
- Depreciation +€21,492
up €21,492 (+68.2%), from €31,499 to €52,991
- Taxes -€12,635
down €12,635 (-70.2%), from €17,988 to €5,353
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 | €672,406 | €679,927 | +€7,521 | +1.1% |
| Fixed assets | 21/28 | €432,883 | €521,868 | +€88,985 | +20.6% |
| Tangible fixed assets | 22/27 | €432,883 | €521,868 | +€88,985 | +20.6% |
| Land and buildings | 22 | €372,168 | €344,918 | -€27,250 | -7.3% |
| Plant, machinery and equipment | 23 | €57,734 | €171,979 | +€114,245 | +198% |
| Furniture and vehicles | 24 | €2,981 | €4,971 | +€1,990 | +66.8% |
| Current assets | 29/58 | €239,523 | €158,059 | -€81,464 | -34.0% |
| Amounts receivable after more than one year | 29 | €16,952 | - | -€16,952 | |
| Trade receivables | 290 | €13,209 | - | -€13,209 | |
| Other amounts receivable | 291 | €3,743 | - | -€3,743 | |
| Amounts receivable within one year | 40/41 | - | €31,909 | +€31,909 | |
| Trade receivables | 40 | - | €16,839 | +€16,839 | |
| Other amounts receivable | 41 | - | €15,070 | +€15,070 | |
| Current investments | 50/53 | €113,980 | €113,980 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €108,591 | €12,170 | -€96,421 | -88.8% |
| Total equity and liabilities | 10/49 | €672,406 | €679,927 | +€7,521 | +1.1% |
| Equity | 10/15 | €283,058 | €301,841 | +€18,783 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €262,598 | €281,381 | +€18,783 | +7.2% |
| Amounts payable | 17/49 | €389,348 | €378,086 | -€11,262 | -2.9% |
| Amounts payable after more than one year | 17 | €351,047 | €328,428 | -€22,619 | -6.4% |
| Financial debts | 170/4 | €351,047 | €328,428 | -€22,619 | -6.4% |
| Amounts payable within one year | 42/48 | €38,301 | €49,658 | +€11,357 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €21,726 | €29,269 | +€7,543 | +34.7% |
| Trade debts | 44 | €9,072 | €15,347 | +€6,275 | +69.2% |
| Suppliers | 440/4 | €9,072 | €15,347 | +€6,275 | +69.2% |
| Taxes, remuneration and social security | 45 | €6,172 | €5,043 | -€1,129 | -18.3% |
| Taxes | 450/3 | €1,234 | €104 | -€1,130 | -91.6% |
| Remuneration and social security | 454/9 | €4,938 | €4,938 | +€0 | 0.0% |
| Other amounts payable | 47/48 | €1,331 | €0 | -€1,331 | -100% |
| Remuneration, social security and pensions | 62 | €530 | €788 | +€258 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,499 | €52,991 | +€21,492 | +68.2% |
| Other operating charges | 640/8 | €1,741 | €2,512 | +€771 | +44.3% |
| Gross operating margin | 9900 | €120,460 | €95,210 | -€25,250 | -21.0% |
| Operating profit (loss) | 9901 | €86,690 | €38,918 | -€47,772 | -55.1% |
| Financial charges | 65/66B | €15,479 | €14,782 | -€697 | -4.5% |
| Recurring financial charges | 65 | €15,479 | €14,782 | -€697 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €71,211 | €24,136 | -€47,075 | -66.1% |
| Income taxes | 67/77 | €17,988 | €5,353 | -€12,635 | -70.2% |
| Profit (loss) for the period | 9904 | €53,223 | €18,783 | -€34,440 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,223 | €18,783 | -€34,440 | -64.7% |
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 16 October 2026 via checked.be.