KERN: 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.
KERN
Largest movements
- Cash -€179,739
down €179,739 (-64.7%), from €277,730 to €97,990
mainly Net result for the year (-€301,351) and Trade debts (-€53,695)
- Tangible fixed assets -€72,292
down €72,292 (-58.7%), from €123,177 to €50,885
of which Furniture and vehicles: -€67,802
- Stocks and contracts -€59,296
down €59,296 (-10.4%), from €569,123 to €509,828
- Receivables within one year -€28,029
down €28,029 (-3.9%), from €724,419 to €696,390
of which Trade receivables: -€49,025
- Deferred charges and accrued income +€25,534
up €25,534 (+147.9%), from €17,267 to €42,800
- Profit (loss) carried forward -€301,351
down €301,351 (-25.8%), from €1.2m to €868,002
- Short-term financial debts +€100,000
new in 2025: €100,000
- Trade debts -€53,695
down €53,695 (-21.0%), from €255,850 to €202,155
- Tax, wage and social debts -€28,237
down €28,237 (-21.5%), from €131,188 to €102,951
of which Taxes: -€31,223
- Accrued charges and deferred income -€21,200
no longer reported in 2025 (was €21,200)
- Other operating charges +€88,544
up €88,544 (+589.1%), from €15,031 to €103,576
- Write-downs -€47,709
down €47,709 (-144.3%), from -€33,058 to -€80,767
- Gross operating margin -€19,442
down €19,442 (-2.9%), from €677,410 to €657,968
- Staff costs +€10,935
up €10,935 (+1.4%), from €799,458 to €810,393
- Taxes -€7,408
down €7,408, from €6,819 to -€588
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 | €1,711,715 | €1,397,894 | -€313,822 | -18.3% |
| Fixed assets | 21/28 | €123,177 | €50,885 | -€72,292 | -58.7% |
| Tangible fixed assets | 22/27 | €123,177 | €50,885 | -€72,292 | -58.7% |
| Plant, machinery and equipment | 23 | €2,246 | €1,045 | -€1,201 | -53.5% |
| Furniture and vehicles | 24 | €114,669 | €46,866 | -€67,802 | -59.1% |
| Other tangible fixed assets | 26 | €6,262 | €2,974 | -€3,288 | -52.5% |
| Current assets | 29/58 | €1,588,539 | €1,347,008 | -€241,530 | -15.2% |
| Stocks and contracts in progress | 3 | €569,123 | €509,828 | -€59,296 | -10.4% |
| Stocks | 30/36 | €569,123 | €509,828 | -€59,296 | -10.4% |
| Amounts receivable within one year | 40/41 | €724,419 | €696,390 | -€28,029 | -3.9% |
| Trade receivables | 40 | €164,419 | €115,394 | -€49,025 | -29.8% |
| Other amounts receivable | 41 | €560,000 | €580,997 | +€20,997 | +3.7% |
| Cash at bank and in hand | 54/58 | €277,730 | €97,990 | -€179,739 | -64.7% |
| Deferred charges and accrued income | 490/1 | €17,267 | €42,800 | +€25,534 | +147.9% |
| Total equity and liabilities | 10/49 | €1,711,715 | €1,397,894 | -€313,822 | -18.3% |
| Equity | 10/15 | €1,257,353 | €956,002 | -€301,351 | -24.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,169,353 | €868,002 | -€301,351 | -25.8% |
| Amounts payable | 17/49 | €454,362 | €441,891 | -€12,471 | -2.7% |
| Amounts payable after more than one year | 17 | €36,785 | €27,056 | -€9,729 | -26.4% |
| Financial debts | 170/4 | €36,785 | €27,056 | -€9,729 | -26.4% |
| Amounts payable within one year | 42/48 | €396,377 | €414,835 | +€18,458 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €9,339 | €9,729 | +€390 | +4.2% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €255,850 | €202,155 | -€53,695 | -21.0% |
| Suppliers | 440/4 | €255,850 | €202,155 | -€53,695 | -21.0% |
| Taxes, remuneration and social security | 45 | €131,188 | €102,951 | -€28,237 | -21.5% |
| Taxes | 450/3 | €32,040 | €817 | -€31,223 | -97.5% |
| Remuneration and social security | 454/9 | €99,148 | €102,134 | +€2,986 | +3.0% |
| Accrued charges and deferred income | 492/3 | €21,200 | - | -€21,200 | |
| Remuneration, social security and pensions | 62 | €799,458 | €810,393 | +€10,935 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,250 | €65,573 | -€1,677 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33,058 | -€80,767 | -€47,709 | -144.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€263 | - | +€263 | |
| Other operating charges | 640/8 | €15,031 | €103,576 | +€88,544 | +589.1% |
| Non-recurring operating charges | 66A | €19,741 | €56,980 | +€37,239 | +188.6% |
| Gross operating margin | 9900 | €677,410 | €657,968 | -€19,442 | -2.9% |
| Operating profit (loss) | 9901 | -€190,750 | -€297,787 | -€107,038 | -56.1% |
| Financial income | 75/76B | €14,866 | €14,016 | -€850 | -5.7% |
| Recurring financial income | 75 | €14,866 | €14,016 | -€850 | -5.7% |
| Financial charges | 65/66B | €18,563 | €18,168 | -€396 | -2.1% |
| Recurring financial charges | 65 | €18,563 | €18,168 | -€396 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€194,447 | -€301,939 | -€107,492 | -55.3% |
| Income taxes | 67/77 | €6,819 | -€588 | -€7,408 | |
| Profit (loss) for the period | 9904 | -€201,267 | -€301,351 | -€100,084 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,267 | -€301,351 | -€100,084 | -49.7% |
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 11 October 2026 via checked.be.