KERLOS: what changed
Two fiscal 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.
KERLOS
Largest movements
- Tangible fixed assets -€3,711
down €3,711 (-26.0%), from €14,271 to €10,560
of which Other tangible fixed assets: -€3,301
- Stocks and contracts -€3,635
down €3,635 (-37.6%), from €9,661 to €6,026
- Deferred charges and accrued income +€2,566
up €2,566 (+1762.0%), from €146 to €2,712
- Cash -€2,328
down €2,328 (-21.6%), from €10,781 to €8,452
mainly Net result for the year (-€27,406) and Trade debts (-€5,522)
- Profit (loss) carried forward -€27,406
down €27,406 (-128.0%), from -€21,418 to -€48,823
- Advances received +€14,621
new in 2025: €14,621
- Other debts +€8,148
up €8,148 (+71.8%), from €11,342 to €19,491
- Trade debts -€5,522
down €5,522 (-13.3%), from €41,656 to €36,134
- Current portion of long-term debt +€3,721
new in 2025: €3,721
- Gross operating margin -€63,939
down €63,939 (-47.2%), from €135,391 to €71,452
- Staff costs -€34,061
down €34,061 (-26.7%), from €127,631 to €93,570
- Financial charges +€2,760
up €2,760 (+492.6%), from €560 to €3,320
- Other operating charges -€2,499
down €2,499 (-65.2%), from €3,836 to €1,336
- Depreciation -€2,115
down €2,115 (-36.3%), from €5,827 to €3,711
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 | €114,407 | €106,184 | -€8,223 | -7.2% |
| Fixed assets | 21/28 | €20,991 | €17,280 | -€3,711 | -17.7% |
| Tangible fixed assets | 22/27 | €14,271 | €10,560 | -€3,711 | -26.0% |
| Plant, machinery and equipment | 23 | €820 | €410 | -€410 | -50.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €13,451 | €10,150 | -€3,301 | -24.5% |
| Financial fixed assets | 28 | €6,720 | €6,720 | = | 0.0% |
| Current assets | 29/58 | €93,416 | €88,904 | -€4,512 | -4.8% |
| Stocks and contracts in progress | 3 | €9,661 | €6,026 | -€3,635 | -37.6% |
| Stocks | 30/36 | €9,661 | €6,026 | -€3,635 | -37.6% |
| Amounts receivable within one year | 40/41 | €72,828 | €71,714 | -€1,114 | -1.5% |
| Trade receivables | 40 | €16,314 | €14,621 | -€1,693 | -10.4% |
| Other amounts receivable | 41 | €56,514 | €57,093 | +€578 | +1.0% |
| Cash at bank and in hand | 54/58 | €10,781 | €8,452 | -€2,328 | -21.6% |
| Deferred charges and accrued income | 490/1 | €146 | €2,712 | +€2,566 | +1762.0% |
| Total equity and liabilities | 10/49 | €114,407 | €106,184 | -€8,223 | -7.2% |
| Equity | 10/15 | €16,060 | -€11,346 | -€27,406 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,878 | €18,878 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,878 | €18,878 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,878 | €18,878 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€21,418 | -€48,823 | -€27,406 | -128.0% |
| Amounts payable | 17/49 | €98,347 | €117,530 | +€19,182 | +19.5% |
| Amounts payable within one year | 42/48 | €98,347 | €117,530 | +€19,182 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | - | €3,721 | +€3,721 | |
| Trade debts | 44 | €41,656 | €36,134 | -€5,522 | -13.3% |
| Suppliers | 440/4 | €41,656 | €36,134 | -€5,522 | -13.3% |
| Advances received on contracts in progress | 46 | - | €14,621 | +€14,621 | |
| Taxes, remuneration and social security | 45 | €45,349 | €43,563 | -€1,787 | -3.9% |
| Taxes | 450/3 | €7,919 | €8,691 | +€772 | +9.7% |
| Remuneration and social security | 454/9 | €37,431 | €34,872 | -€2,558 | -6.8% |
| Other amounts payable | 47/48 | €11,342 | €19,491 | +€8,148 | +71.8% |
| Remuneration, social security and pensions | 62 | €127,631 | €93,570 | -€34,061 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,827 | €3,711 | -€2,115 | -36.3% |
| Other operating charges | 640/8 | €3,836 | €1,336 | -€2,499 | -65.2% |
| Gross operating margin | 9900 | €135,391 | €71,452 | -€63,939 | -47.2% |
| Operating profit (loss) | 9901 | -€1,902 | -€27,166 | -€25,263 | -1328.0% |
| Financial income | 75/76B | €3,570 | €3,081 | -€490 | -13.7% |
| Recurring financial income | 75 | €3,570 | €3,081 | -€490 | -13.7% |
| Financial charges | 65/66B | €560 | €3,320 | +€2,760 | +492.6% |
| Recurring financial charges | 65 | €560 | €3,320 | +€2,760 | +492.6% |
| Profit (loss) for the period before taxes | 9903 | €1,107 | -€27,406 | -€28,513 | |
| Profit (loss) for the period | 9904 | €1,107 | -€27,406 | -€28,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,107 | -€27,406 | -€28,513 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.