KERMADI: 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.
KERMADI
Largest movements
- Current investments -€1.2m
no longer reported in 2025 (was €1.2m)
- Cash +€381,461
up €381,461 (+107.6%), from €354,514 to €735,976
mainly Current investments (+€1.2m) and Tax, wage and social debts (+€83,107)
- Receivables within one year -€37,280
down €37,280 (-7.9%), from €472,399 to €435,120
of which Other amounts receivable: -€36,065
- Reserves -€607,697
down €607,697 (-41.3%), from €1.5m to €863,192
of which Tax-exempt reserves: -€982,766
- Provisions -€327,589
no longer reported in 2025 (was €327,589)
- Tax, wage and social debts +€83,107
new in 2025: €83,107
- Gross operating margin -€1.5m
down €1.5m, from €1.3m to -€240,308
- Taxes +€326,842
new in 2025: €326,842
- Financial income +€102,574
new in 2025: €102,574
- Other operating charges -€31,689
down €31,689 (-88.4%), from €35,863 to €4,174
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 | €2,116,153 | €1,262,425 | -€853,728 | -40.3% |
| Fixed assets | 21/28 | €84,273 | €80,262 | -€4,011 | -4.8% |
| Tangible fixed assets | 22/27 | €9,273 | €5,262 | -€4,011 | -43.3% |
| Land and buildings | 22 | €2,150 | - | -€2,150 | |
| Plant, machinery and equipment | 23 | €773 | €600 | -€174 | -22.5% |
| Furniture and vehicles | 24 | €6,350 | €4,662 | -€1,688 | -26.6% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €2,031,880 | €1,182,163 | -€849,717 | -41.8% |
| Amounts receivable within one year | 40/41 | €472,399 | €435,120 | -€37,280 | -7.9% |
| Trade receivables | 40 | €105,514 | €104,299 | -€1,214 | -1.2% |
| Other amounts receivable | 41 | €366,886 | €330,820 | -€36,065 | -9.8% |
| Current investments | 50/53 | €1,200,000 | - | -€1.2m | |
| Cash at bank and in hand | 54/58 | €354,514 | €735,976 | +€381,461 | +107.6% |
| Deferred charges and accrued income | 490/1 | €4,966 | €11,068 | +€6,102 | +122.9% |
| Total equity and liabilities | 10/49 | €2,116,153 | €1,262,425 | -€853,728 | -40.3% |
| Equity | 10/15 | €1,782,889 | €1,175,192 | -€607,697 | -34.1% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Capital | 10 | €312,000 | €312,000 | = | 0.0% |
| Issued capital | 100 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €1,470,889 | €863,192 | -€607,697 | -41.3% |
| Non-distributable reserves | 130/1 | €31,200 | €31,200 | = | 0.0% |
| Legal reserve | 130 | €31,200 | €31,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €982,766 | - | -€982,766 | |
| Distributable reserves | 133 | €456,923 | €831,992 | +€375,069 | +82.1% |
| Provisions and deferred taxes | 16 | €327,589 | - | -€327,589 | |
| Deferred taxes | 168 | €327,589 | - | -€327,589 | |
| Amounts payable | 17/49 | €5,675 | €87,233 | +€81,558 | +1437.2% |
| Amounts payable within one year | 42/48 | €5,675 | €87,233 | +€81,558 | +1437.2% |
| Trade debts | 44 | €5,675 | €4,126 | -€1,549 | -27.3% |
| Suppliers | 440/4 | €5,675 | €4,126 | -€1,549 | -27.3% |
| Taxes, remuneration and social security | 45 | - | €83,107 | +€83,107 | |
| Taxes | 450/3 | - | €83,107 | +€83,107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,968 | €4,011 | +€2,044 | +103.9% |
| Other operating charges | 640/8 | €35,863 | €4,174 | -€31,689 | -88.4% |
| Gross operating margin | 9900 | €1,253,281 | -€240,308 | -€1.5m | |
| Operating profit (loss) | 9901 | €1,215,450 | -€248,493 | -€1.5m | |
| Financial income | 75/76B | - | €102,574 | +€102,574 | |
| Recurring financial income | 75 | - | €102,574 | +€102,574 | |
| Financial charges | 65/66B | €3,553 | €6,525 | +€2,973 | +83.7% |
| Recurring financial charges | 65 | €3,553 | €6,525 | +€2,973 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €1,211,898 | -€152,444 | -€1.4m | |
| Transfer from deferred taxes | 780 | - | €327,589 | +€327,589 | |
| Transfer to deferred taxes | 680 | €327,589 | - | -€327,589 | |
| Income taxes | 67/77 | - | €326,842 | +€326,842 | |
| Profit (loss) for the period | 9904 | €884,309 | -€151,697 | -€1.0m | |
| Transfer from tax-exempt reserves | 789 | - | €982,766 | +€982,766 | |
| Transfer to tax-exempt reserves | 689 | €982,766 | - | -€982,766 | |
| Profit (loss) for the period to be appropriated | 9905 | -€98,457 | €831,069 | +€929,526 |
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 11 October 2026 via checked.be.