KERO: what changed
KERO
Largest movements
- Receivables within one year -€57,442
down €57,442 (-51.8%), from €110,872 to €53,430
of which Trade receivables: -€57,550
- Cash -€20,063
down €20,063 (-45.0%), from €44,575 to €24,512
mainly Other debts (-€57,550) and Debts after one year (-€21,151)
- Tangible fixed assets -€13,191
down €13,191 (-5.5%), from €239,806 to €226,615
of which Land and buildings: -€12,500
- Other debts -€57,550
down €57,550 (-94.7%), from €60,745 to €3,194
- Debts after one year -€21,151
down €21,151 (-19.2%), from €110,090 to €88,939
- Tax, wage and social debts -€5,986
down €5,986 (-48.5%), from €12,342 to €6,355
- Gross operating margin -€36,865
down €36,865 (-71.4%), from €51,637 to €14,772
- Taxes -€6,355
no longer reported in 2025 (was €6,355)
- Financial charges -€696
down €696 (-21.7%), from €3,206 to €2,509
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,254 | €304,558 | -€90,696 | -22.9% |
| Fixed assets | 21/28 | €239,806 | €226,615 | -€13,191 | -5.5% |
| Tangible fixed assets | 22/27 | €239,806 | €226,615 | -€13,191 | -5.5% |
| Land and buildings | 22 | €237,500 | €225,000 | -€12,500 | -5.3% |
| Plant, machinery and equipment | 23 | €2,306 | €1,615 | -€691 | -30.0% |
| Current assets | 29/58 | €155,447 | €77,943 | -€77,505 | -49.9% |
| Amounts receivable within one year | 40/41 | €110,872 | €53,430 | -€57,442 | -51.8% |
| Trade receivables | 40 | €110,872 | €53,322 | -€57,550 | -51.9% |
| Other amounts receivable | 41 | - | €108 | +€108 | |
| Cash at bank and in hand | 54/58 | €44,575 | €24,512 | -€20,063 | -45.0% |
| Total equity and liabilities | 10/49 | €395,254 | €304,558 | -€90,696 | -22.9% |
| Equity | 10/15 | €186,210 | €183,307 | -€2,903 | -1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €180,010 | €177,107 | -€2,903 | -1.6% |
| Distributable reserves | 133 | €180,010 | €177,107 | -€2,903 | -1.6% |
| Amounts payable | 17/49 | €209,043 | €121,250 | -€87,793 | -42.0% |
| Amounts payable after more than one year | 17 | €110,090 | €88,939 | -€21,151 | -19.2% |
| Financial debts | 170/4 | €110,090 | €88,939 | -€21,151 | -19.2% |
| Amounts payable within one year | 42/48 | €98,953 | €32,311 | -€66,642 | -67.3% |
| Current portion of amounts payable after more than one year | 42 | €22,345 | €22,761 | +€416 | +1.9% |
| Trade debts | 44 | €3,522 | - | -€3,522 | |
| Suppliers | 440/4 | €3,522 | - | -€3,522 | |
| Taxes, remuneration and social security | 45 | €12,342 | €6,355 | -€5,986 | -48.5% |
| Taxes | 450/3 | €12,342 | €6,355 | -€5,986 | -48.5% |
| Other amounts payable | 47/48 | €60,745 | €3,194 | -€57,550 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,119 | €13,191 | +€72 | +0.6% |
| Other operating charges | 640/8 | €1,919 | €1,975 | +€56 | +2.9% |
| Gross operating margin | 9900 | €51,637 | €14,772 | -€36,865 | -71.4% |
| Operating profit (loss) | 9901 | €36,599 | -€394 | -€36,993 | |
| Financial charges | 65/66B | €3,206 | €2,509 | -€696 | -21.7% |
| Recurring financial charges | 65 | €3,206 | €2,509 | -€696 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €33,393 | -€2,903 | -€36,297 | |
| Income taxes | 67/77 | €6,355 | - | -€6,355 | |
| Profit (loss) for the period | 9904 | €27,038 | -€2,903 | -€29,941 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,038 | -€2,903 | -€29,941 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.