KERMANS: 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.
KERMANS
Largest movements
- Tangible fixed assets +€61,890
up €61,890 (+26.4%), from €234,122 to €296,012
of which Plant, machinery and equipment: +€59,044
- Receivables within one year -€21,274
down €21,274 (-15.4%), from €138,262 to €116,988
of which Trade receivables: -€40,756
- Cash -€19,951
down €19,951 (-9.9%), from €201,426 to €181,476
mainly Investment in fixed assets (net) (-€105,922) and Other debts (-€104,978)
- Other debts -€104,978
down €104,978 (-99.3%), from €105,727 to €749
- Trade debts +€72,124
up €72,124 (+202.0%), from €35,704 to €107,828
- Reserves +€62,631
up €62,631 (+19.1%), from €327,451 to €390,082
of which Distributable reserves: +€63,831
- Debts after one year -€20,614
down €20,614 (-53.5%), from €38,555 to €17,941
- Tax, wage and social debts +€14,227
up €14,227 (+35.8%), from €39,725 to €53,952
of which Taxes: +€17,171
- Staff costs -€38,093
down €38,093 (-26.6%), from €143,232 to €105,139
- Taxes +€10,290
up €10,290 (+44.8%), from €22,992 to €33,282
- Financial income -€4,696
down €4,696 (-74.5%), from €6,302 to €1,606
- Gross operating margin -€3,249
down €3,249 (-1.3%), from €254,950 to €251,702
- Financial charges -€3,089
down €3,089 (-38.7%), from €7,980 to €4,891
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 | €592,896 | €614,639 | +€21,743 | +3.7% |
| Fixed assets | 21/28 | €235,467 | €297,357 | +€61,890 | +26.3% |
| Tangible fixed assets | 22/27 | €234,122 | €296,012 | +€61,890 | +26.4% |
| Plant, machinery and equipment | 23 | €157,884 | €216,928 | +€59,044 | +37.4% |
| Furniture and vehicles | 24 | €76,238 | €79,084 | +€2,845 | +3.7% |
| Financial fixed assets | 28 | €1,345 | €1,345 | = | 0.0% |
| Current assets | 29/58 | €357,429 | €317,283 | -€40,146 | -11.2% |
| Stocks and contracts in progress | 3 | €16,889 | €18,819 | +€1,930 | +11.4% |
| Stocks | 30/36 | €16,889 | €18,819 | +€1,930 | +11.4% |
| Amounts receivable within one year | 40/41 | €138,262 | €116,988 | -€21,274 | -15.4% |
| Trade receivables | 40 | €127,272 | €86,516 | -€40,756 | -32.0% |
| Other amounts receivable | 41 | €10,990 | €30,472 | +€19,482 | +177.3% |
| Cash at bank and in hand | 54/58 | €201,426 | €181,476 | -€19,951 | -9.9% |
| Deferred charges and accrued income | 490/1 | €851 | €0 | -€851 | -100.0% |
| Total equity and liabilities | 10/49 | €592,896 | €614,639 | +€21,743 | +3.7% |
| Equity | 10/15 | €346,051 | €408,682 | +€62,631 | +18.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €327,451 | €390,082 | +€62,631 | +19.1% |
| Tax-exempt reserves | 132 | €159,192 | €157,992 | -€1,200 | -0.8% |
| Distributable reserves | 133 | €168,259 | €232,090 | +€63,831 | +37.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €3,494 | €3,094 | -€400 | -11.4% |
| Deferred taxes | 168 | €3,494 | €3,094 | -€400 | -11.4% |
| Amounts payable | 17/49 | €243,351 | €202,863 | -€40,488 | -16.6% |
| Amounts payable after more than one year | 17 | €38,555 | €17,941 | -€20,614 | -53.5% |
| Financial debts | 170/4 | €38,555 | €17,941 | -€20,614 | -53.5% |
| Amounts payable within one year | 42/48 | €200,814 | €183,142 | -€17,671 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €19,658 | €20,614 | +€955 | +4.9% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €35,704 | €107,828 | +€72,124 | +202.0% |
| Suppliers | 440/4 | €35,704 | €107,828 | +€72,124 | +202.0% |
| Taxes, remuneration and social security | 45 | €39,725 | €53,952 | +€14,227 | +35.8% |
| Taxes | 450/3 | €20,091 | €37,262 | +€17,171 | +85.5% |
| Remuneration and social security | 454/9 | €19,634 | €16,690 | -€2,944 | -15.0% |
| Other amounts payable | 47/48 | €105,727 | €749 | -€104,978 | -99.3% |
| Accrued charges and deferred income | 492/3 | €3,982 | €1,779 | -€2,203 | -55.3% |
| Non-recurring operating income | 76A | €32,657 | €41,543 | +€8,887 | +27.2% |
| Remuneration, social security and pensions | 62 | €143,232 | €105,139 | -€38,093 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,239 | €44,033 | +€794 | +1.8% |
| Other operating charges | 640/8 | €5,059 | €3,732 | -€1,327 | -26.2% |
| Gross operating margin | 9900 | €254,950 | €251,702 | -€3,249 | -1.3% |
| Operating profit (loss) | 9901 | €63,421 | €98,798 | +€35,378 | +55.8% |
| Financial income | 75/76B | €6,302 | €1,606 | -€4,696 | -74.5% |
| Recurring financial income | 75 | €6,302 | €1,606 | -€4,696 | -74.5% |
| Financial charges | 65/66B | €7,980 | €4,891 | -€3,089 | -38.7% |
| Recurring financial charges | 65 | €7,980 | €4,891 | -€3,089 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €61,743 | €95,513 | +€33,770 | +54.7% |
| Transfer from deferred taxes | 780 | €400 | €400 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €22,992 | €33,282 | +€10,290 | +44.8% |
| Profit (loss) for the period | 9904 | €39,151 | €62,631 | +€23,480 | +60.0% |
| Transfer from tax-exempt reserves | 789 | €1,200 | €1,200 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €40,351 | €63,831 | +€23,480 | +58.2% |
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 8 October 2026 via checked.be.