KERLINGA: 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.
KERLINGA
Largest movements
- Current investments +€2.0m
up €2.0m (+58.3%), from €3.5m to €5.5m
- Cash +€1.2m
up €1.2m (+116.2%), from €1.0m to €2.2m
mainly Net result for the year (+€4.3m) and Depreciation (+€880,459)
- Intangible fixed assets -€1.1m
down €1.1m (-31.6%), from €3.5m to €2.4m
- Receivables within one year +€724,914
up €724,914 (+29.1%), from €2.5m to €3.2m
of which Other amounts receivable: +€366,583
- Tangible fixed assets -€501,639
down €501,639 (-8.2%), from €6.1m to €5.6m
of which Land and buildings: -€336,756
- Reserves +€2.3m
up €2.3m (+16.1%), from €14.3m to €16.6m
of which Distributable reserves: +€2.3m
- Advances received -€898,428
down €898,428 (-100.0%), from €898,428 to €0
- Other debts +€753,322
up €753,322 (+35.8%), from €2.1m to €2.9m
- Debts after one year -€264,144
down €264,144 (-17.9%), from €1.5m to €1.2m
of which Financial debts: -€300,000
- Accrued charges and deferred income +€234,825
up €234,825 (+118.0%), from €198,924 to €433,749
- Gross operating margin +€1.0m
up €1.0m (+19.1%), from €5.5m to €6.5m
- Taxes +€205,345
up €205,345 (+36.6%), from €561,034 to €766,379
- Depreciation -€192,763
down €192,763 (-18.0%), from €1.1m to €880,459
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.
Cash bridge derived
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 | €20,126,680 | €22,204,211 | +€2.1m | +10.3% |
| Fixed assets | 21/28 | €9,663,764 | €8,048,437 | -€1.6m | -16.7% |
| Intangible fixed assets | 21 | €3,525,984 | €2,412,295 | -€1.1m | -31.6% |
| Tangible fixed assets | 22/27 | €6,120,531 | €5,618,892 | -€501,639 | -8.2% |
| Land and buildings | 22 | €3,970,731 | €3,633,975 | -€336,756 | -8.5% |
| Plant, machinery and equipment | 23 | €9,430 | €17,385 | +€7,955 | +84.4% |
| Furniture and vehicles | 24 | €68,026 | €5,283 | -€62,743 | -92.2% |
| Other tangible fixed assets | 26 | €2,072,344 | €1,962,249 | -€110,095 | -5.3% |
| Financial fixed assets | 28 | €17,250 | €17,250 | = | 0.0% |
| Current assets | 29/58 | €10,462,916 | €14,155,774 | +€3.7m | +35.3% |
| Stocks and contracts in progress | 3 | €3,423,741 | €3,106,691 | -€317,051 | -9.3% |
| Stocks | 30/36 | €3,423,741 | €3,106,691 | -€317,051 | -9.3% |
| Amounts receivable within one year | 40/41 | €2,488,163 | €3,213,077 | +€724,914 | +29.1% |
| Trade receivables | 40 | €292,009 | €650,340 | +€358,332 | +122.7% |
| Other amounts receivable | 41 | €2,196,154 | €2,562,737 | +€366,583 | +16.7% |
| Current investments | 50/53 | €3,499,490 | €5,540,106 | +€2.0m | +58.3% |
| Cash at bank and in hand | 54/58 | €1,036,493 | €2,240,473 | +€1.2m | +116.2% |
| Deferred charges and accrued income | 490/1 | €15,029 | €55,428 | +€40,399 | +268.8% |
| Total equity and liabilities | 10/49 | €20,126,680 | €22,204,211 | +€2.1m | +10.3% |
| Equity | 10/15 | €14,319,473 | €16,614,987 | +€2.3m | +16.0% |
| Contributions | 10/11 | €62,183 | €62,183 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €183 | €183 | = | 0.0% |
| Share premium | 1100/10 | €183 | €183 | = | 0.0% |
| Reserves | 13 | €14,257,291 | €16,552,805 | +€2.3m | +16.1% |
| Non-distributable reserves | 130/1 | €6,623 | €6,623 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €423 | €423 | = | 0.0% |
| Distributable reserves | 133 | €14,250,668 | €16,546,182 | +€2.3m | +16.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,807,207 | €5,589,224 | -€217,983 | -3.8% |
| Amounts payable after more than one year | 17 | €1,473,828 | €1,209,684 | -€264,144 | -17.9% |
| Financial debts | 170/4 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Other amounts payable | 178/9 | €973,828 | €1,009,684 | +€35,856 | +3.7% |
| Amounts payable within one year | 42/48 | €4,134,455 | €3,945,791 | -€188,664 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €617,884 | €670,078 | +€52,194 | +8.4% |
| Suppliers | 440/4 | €617,884 | €670,078 | +€52,194 | +8.4% |
| Advances received on contracts in progress | 46 | €898,428 | €0 | -€898,428 | -100.0% |
| Taxes, remuneration and social security | 45 | €212,131 | €116,379 | -€95,753 | -45.1% |
| Taxes | 450/3 | €212,131 | €116,379 | -€95,753 | -45.1% |
| Other amounts payable | 47/48 | €2,106,012 | €2,859,334 | +€753,322 | +35.8% |
| Accrued charges and deferred income | 492/3 | €198,924 | €433,749 | +€234,825 | +118.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,073,223 | €880,459 | -€192,763 | -18.0% |
| Other operating charges | 640/8 | €623,296 | €561,379 | -€61,917 | -9.9% |
| Non-recurring operating charges | 66A | €41,651 | €0 | -€41,651 | -100.0% |
| Gross operating margin | 9900 | €5,473,933 | €6,517,858 | +€1.0m | +19.1% |
| Operating profit (loss) | 9901 | €3,735,763 | €5,076,020 | +€1.3m | +35.9% |
| Financial income | 75/76B | €25,211 | €56,648 | +€31,436 | +124.7% |
| Recurring financial income | 75 | €25,211 | €56,648 | +€31,436 | +124.7% |
| Financial charges | 65/66B | €19,981 | €20,775 | +€794 | +4.0% |
| Recurring financial charges | 65 | €19,981 | €20,775 | +€794 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €3,740,993 | €5,111,892 | +€1.4m | +36.6% |
| Income taxes | 67/77 | €561,034 | €766,379 | +€205,345 | +36.6% |
| Profit (loss) for the period | 9904 | €3,179,959 | €4,345,514 | +€1.2m | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,179,959 | €4,345,514 | +€1.2m | +36.7% |
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 9 October 2026 via checked.be.