KEROS AVIATION: 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 AVIATION
Largest movements
- Tangible fixed assets -€24,130
down €24,130 (-6.3%), from €380,405 to €356,275
of which Furniture and vehicles: -€24,130
- Cash +€16,504
up €16,504 (+473%), from €3,492 to €19,996
mainly Depreciation (+€24,130) and Trade debts (+€16,522)
- Receivables within one year +€11,675
up €11,675 (+62.9%), from €18,553 to €30,228
- Trade debts +€16,522
up €16,522 (+10.1%), from €163,163 to €179,685
- Profit (loss) carried forward -€16,097
down €16,097 (-32.7%), from -€49,202 to -€65,300
- Depreciation +€2,836
up €2,836 (+13.3%), from €21,295 to €24,130
- Other operating charges +€2,020
up €2,020 (+331%), from €609 to €2,629
- Gross operating margin +€837
up €837 (+8.4%), from €9,903 to €10,740
- Financial income -€404
no longer reported in 2025 (was €404)
- Taxes -€121
no longer reported in 2025 (was €121)
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 | €402,451 | €406,499 | +€4,048 | +1.0% |
| Fixed assets | 21/28 | €380,405 | €356,275 | -€24,130 | -6.3% |
| Tangible fixed assets | 22/27 | €380,405 | €356,275 | -€24,130 | -6.3% |
| Furniture and vehicles | 24 | €285,605 | €261,475 | -€24,130 | -8.4% |
| Assets under construction and advance payments | 27 | €94,800 | €94,800 | = | 0.0% |
| Current assets | 29/58 | €22,045 | €50,224 | +€28,179 | +128% |
| Amounts receivable within one year | 40/41 | €18,553 | €30,228 | +€11,675 | +62.9% |
| Trade receivables | 40 | €18,553 | €30,228 | +€11,675 | +62.9% |
| Cash at bank and in hand | 54/58 | €3,492 | €19,996 | +€16,504 | +473% |
| Total equity and liabilities | 10/49 | €402,451 | €406,499 | +€4,048 | +1.0% |
| Equity | 10/15 | -€30,602 | -€46,700 | -€16,097 | -52.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,202 | -€65,300 | -€16,097 | -32.7% |
| Amounts payable | 17/49 | €433,053 | €453,199 | +€20,146 | +4.7% |
| Amounts payable within one year | 42/48 | €433,053 | €453,199 | +€20,146 | +4.7% |
| Trade debts | 44 | €163,163 | €179,685 | +€16,522 | +10.1% |
| Suppliers | 440/4 | €163,163 | €179,685 | +€16,522 | +10.1% |
| Taxes, remuneration and social security | 45 | €1,186 | €2,192 | +€1,006 | +84.9% |
| Taxes | 450/3 | €1,186 | €2,192 | +€1,006 | +84.9% |
| Other amounts payable | 47/48 | €268,704 | €271,322 | +€2,618 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,295 | €24,130 | +€2,836 | +13.3% |
| Other operating charges | 640/8 | €609 | €2,629 | +€2,020 | +331% |
| Gross operating margin | 9900 | €9,903 | €10,740 | +€837 | +8.4% |
| Operating profit (loss) | 9901 | -€12,001 | -€16,020 | -€4,019 | -33.5% |
| Financial income | 75/76B | €404 | - | -€404 | |
| Recurring financial income | 75 | €404 | - | -€404 | |
| Financial charges | 65/66B | €137 | €78 | -€59 | -43.2% |
| Recurring financial charges | 65 | €137 | €78 | -€59 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,734 | -€16,097 | -€4,363 | -37.2% |
| Income taxes | 67/77 | €121 | - | -€121 | |
| Profit (loss) for the period | 9904 | -€11,855 | -€16,097 | -€4,242 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,855 | -€16,097 | -€4,242 | -35.8% |
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 21 October 2026 via checked.be.