KERN DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Stocks and contracts +€216,883
up €216,883 (+99.1%), from €218,795 to €435,677
- Receivables within one year -€58,512
down €58,512 (-6.9%), from €847,042 to €788,530
of which Trade receivables: -€66,030
- Current investments -€40,000
down €40,000 (-33.3%), from €120,000 to €80,000
- Cash -€22,635
down €22,635 (-82.9%), from €27,300 to €4,665
mainly Stocks and contracts (-€216,883) and Net result for the year (-€109,268)
- Debts after one year +€177,500
up €177,500 (+9.3%), from €1.9m to €2.1m
- Profit (loss) carried forward -€109,268
down €109,268 (-12.1%), from -€900,256 to -€1.0m
- Other debts +€26,000
up €26,000, from €0 to €26,000
- Gross operating margin -€21,771
down €21,771 (-25.0%), from -€87,244 to -€109,015
- Financial income -€2,875
down €2,875 (-67.0%), from €4,288 to €1,413
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 | €1,222,436 | €1,318,173 | +€95,736 | +7.8% |
| Fixed assets | 21/28 | €9,300 | €9,300 | = | 0.0% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €1,213,136 | €1,308,873 | +€95,736 | +7.9% |
| Stocks and contracts in progress | 3 | €218,795 | €435,677 | +€216,883 | +99.1% |
| Stocks | 30/36 | €218,795 | €435,677 | +€216,883 | +99.1% |
| Amounts receivable within one year | 40/41 | €847,042 | €788,530 | -€58,512 | -6.9% |
| Trade receivables | 40 | €66,642 | €612 | -€66,030 | -99.1% |
| Other amounts receivable | 41 | €780,400 | €787,918 | +€7,519 | +1.0% |
| Current investments | 50/53 | €120,000 | €80,000 | -€40,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €27,300 | €4,665 | -€22,635 | -82.9% |
| Total equity and liabilities | 10/49 | €1,222,436 | €1,318,173 | +€95,736 | +7.8% |
| Equity | 10/15 | -€881,594 | -€990,862 | -€109,268 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62 | €62 | = | 0.0% |
| Distributable reserves | 133 | €62 | €62 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€900,256 | -€1,009,524 | -€109,268 | -12.1% |
| Amounts payable | 17/49 | €2,104,031 | €2,309,035 | +€205,004 | +9.7% |
| Amounts payable after more than one year | 17 | €1,909,289 | €2,086,789 | +€177,500 | +9.3% |
| Financial debts | 170/4 | €1,909,289 | €2,086,789 | +€177,500 | +9.3% |
| Amounts payable within one year | 42/48 | €194,742 | €222,246 | +€27,504 | +14.1% |
| Trade debts | 44 | €194,708 | €195,530 | +€823 | +0.4% |
| Suppliers | 440/4 | €194,708 | €195,530 | +€823 | +0.4% |
| Taxes, remuneration and social security | 45 | €34 | €716 | +€682 | +1996.4% |
| Taxes | 450/3 | €34 | €716 | +€682 | +1996.4% |
| Other amounts payable | 47/48 | €0 | €26,000 | +€26,000 | |
| Other operating charges | 640/8 | €1,004 | €1,252 | +€249 | +24.8% |
| Gross operating margin | 9900 | -€87,244 | -€109,015 | -€21,771 | -25.0% |
| Operating profit (loss) | 9901 | -€88,247 | -€110,268 | -€22,020 | -25.0% |
| Financial income | 75/76B | €4,288 | €1,413 | -€2,875 | -67.0% |
| Recurring financial income | 75 | €4,288 | €1,413 | -€2,875 | -67.0% |
| Financial charges | 65/66B | €857 | €413 | -€444 | -51.8% |
| Recurring financial charges | 65 | €857 | €413 | -€444 | -51.8% |
| Profit (loss) for the period before taxes | 9903 | -€84,816 | -€109,268 | -€24,452 | -28.8% |
| Profit (loss) for the period | 9904 | -€84,816 | -€109,268 | -€24,452 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€84,816 | -€109,268 | -€24,452 | -28.8% |
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 12 October 2026 via checked.be.