KEROS: 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.
KEROS
Largest movements
- Receivables within one year +€78,437
up €78,437 (+36.2%), from €216,780 to €295,218
of which Trade receivables: +€85,233
- Cash +€69,365
up €69,365 (+9.9%), from €700,967 to €770,332
mainly Depreciation (+€68,049) and Net result for the year (+€55,550)
- Tangible fixed assets -€66,763
down €66,763 (-16.9%), from €394,390 to €327,628
of which Land and buildings: -€43,350
- Financial fixed assets -€29,257
down €29,257 (-16.8%), from €173,878 to €144,621
- Deferred charges and accrued income +€20,060
up €20,060 (+1,110%), from €1,806 to €21,866
- Reserves +€55,550
up €55,550 (+15.9%), from €349,629 to €405,179
of which Distributable reserves: +€55,550
- Tax, wage and social debts +€45,929
up €45,929 (+70.0%), from €65,637 to €111,566
of which Taxes: +€34,569
- Accrued charges and deferred income +€23,894
up €23,894 (+676%), from €3,537 to €27,431
- Debts after one year -€20,000
down €20,000 (-17.9%), from €111,666 to €91,666
- Financial income -€174,783
down €174,783 (-99.3%), from €175,942 to €1,159
of which Financial income: -€173,984
- Financial charges -€133,544
down €133,544 (-96.1%), from €139,028 to €5,484
of which Non-recurring financial charges: -€95,097
- Staff costs -€11,122
down €11,122 (-4.0%), from €279,596 to €268,475
- Depreciation +€9,941
up €9,941 (+17.1%), from €58,108 to €68,049
- Taxes +€4,512
up €4,512 (+23.4%), from €19,255 to €23,768
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.
Derived cash bridge
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 | €1,535,672 | €1,625,278 | +€89,606 | +5.8% |
| Fixed assets | 21/28 | €568,268 | €472,248 | -€96,020 | -16.9% |
| Tangible fixed assets | 22/27 | €394,390 | €327,628 | -€66,763 | -16.9% |
| Land and buildings | 22 | €286,705 | €243,355 | -€43,350 | -15.1% |
| Plant, machinery and equipment | 23 | €65,463 | €57,444 | -€8,019 | -12.2% |
| Furniture and vehicles | 24 | €42,223 | €26,829 | -€15,394 | -36.5% |
| Financial fixed assets | 28 | €173,878 | €144,621 | -€29,257 | -16.8% |
| Current assets | 29/58 | €967,404 | €1,153,030 | +€185,626 | +19.2% |
| Stocks and contracts in progress | 3 | €47,850 | €65,614 | +€17,764 | +37.1% |
| Stocks | 30/36 | €47,850 | €65,614 | +€17,764 | +37.1% |
| Amounts receivable within one year | 40/41 | €216,780 | €295,218 | +€78,437 | +36.2% |
| Trade receivables | 40 | €206,399 | €291,632 | +€85,233 | +41.3% |
| Other amounts receivable | 41 | €10,381 | €3,586 | -€6,795 | -65.5% |
| Cash at bank and in hand | 54/58 | €700,967 | €770,332 | +€69,365 | +9.9% |
| Deferred charges and accrued income | 490/1 | €1,806 | €21,866 | +€20,060 | +1,110% |
| Total equity and liabilities | 10/49 | €1,535,672 | €1,625,278 | +€89,606 | +5.8% |
| Equity | 10/15 | €397,965 | €453,515 | +€55,550 | +14.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €349,629 | €405,179 | +€55,550 | +15.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €329,020 | €384,570 | +€55,550 | +16.9% |
| Profit (loss) carried forward | 14 | €29,744 | €29,744 | = | 0.0% |
| Amounts payable | 17/49 | €1,137,707 | €1,171,764 | +€34,056 | +3.0% |
| Amounts payable after more than one year | 17 | €111,666 | €91,666 | -€20,000 | -17.9% |
| Financial debts | 170/4 | €111,666 | €91,666 | -€20,000 | -17.9% |
| Amounts payable within one year | 42/48 | €1,022,504 | €1,052,666 | +€30,162 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €65,487 | €52,900 | -€12,588 | -19.2% |
| Suppliers | 440/4 | €65,487 | €52,900 | -€12,588 | -19.2% |
| Taxes, remuneration and social security | 45 | €65,637 | €111,566 | +€45,929 | +70.0% |
| Taxes | 450/3 | €32,965 | €67,533 | +€34,569 | +105% |
| Remuneration and social security | 454/9 | €32,672 | €44,032 | +€11,360 | +34.8% |
| Other amounts payable | 47/48 | €871,380 | €868,201 | -€3,179 | -0.4% |
| Accrued charges and deferred income | 492/3 | €3,537 | €27,431 | +€23,894 | +676% |
| Remuneration, social security and pensions | 62 | €279,596 | €268,475 | -€11,122 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,108 | €68,049 | +€9,941 | +17.1% |
| Other operating charges | 640/8 | €6,155 | €7,052 | +€897 | +14.6% |
| Gross operating margin | 9900 | €431,441 | €427,219 | -€4,222 | -1.0% |
| Operating profit (loss) | 9901 | €87,581 | €83,643 | -€3,938 | -4.5% |
| Financial income | 75/76B | €175,942 | €1,159 | -€174,783 | -99.3% |
| Recurring financial income | 75 | €175,143 | €1,159 | -€173,984 | -99.3% |
| Non-recurring financial income | 76B | €799 | - | -€799 | |
| Financial charges | 65/66B | €139,028 | €5,484 | -€133,544 | -96.1% |
| Recurring financial charges | 65 | €43,931 | €5,484 | -€38,447 | -87.5% |
| Non-recurring financial charges | 66B | €95,097 | - | -€95,097 | |
| Profit (loss) for the period before taxes | 9903 | €124,496 | €79,318 | -€45,178 | -36.3% |
| Income taxes | 67/77 | €19,255 | €23,768 | +€4,512 | +23.4% |
| Profit (loss) for the period | 9904 | €105,240 | €55,550 | -€49,690 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €105,240 | €55,550 | -€49,690 | -47.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.