KERSEL: what changed
KERSEL
Largest movements
- Receivables within one year +€42,070
up €42,070 (+140%), from €30,004 to €72,074
of which Trade receivables: +€46,606
- Tangible fixed assets -€15,935
down €15,935 (-15.0%), from €106,423 to €90,487
of which Other tangible fixed assets: -€11,147
- Cash +€15,040
up €15,040 (+27.6%), from €54,426 to €69,466
mainly Net result for the year (+€88,830) and Tax, wage and social debts (+€40,703)
- Reserves +€88,000
up €88,000, from €0 to €88,000
- Other debts -€71,926
down €71,926 (-67.1%), from €107,183 to €35,257
- Tax, wage and social debts +€40,703
up €40,703 (+524%), from €7,769 to €48,472
of which Taxes: +€40,703
- Debts after one year -€9,457
down €9,457 (-24.3%), from €38,848 to €29,391
- Trade debts -€3,097
down €3,097 (-22.0%), from €14,103 to €11,006
- Gross operating margin +€56,034
up €56,034 (+65.3%), from €85,846 to €141,880
- Staff costs -€18,537
down €18,537 (-99.9%), from €18,559 to €22
- Taxes +€16,137
up €16,137 (+129%), from €12,491 to €28,628
- Financial charges +€3,553
up €3,553 (+238%), from €1,490 to €5,043
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 | €199,211 | €241,096 | +€41,884 | +21.0% |
| Fixed assets | 21/28 | €106,423 | €90,487 | -€15,935 | -15.0% |
| Tangible fixed assets | 22/27 | €106,423 | €90,487 | -€15,935 | -15.0% |
| Furniture and vehicles | 24 | €21,102 | €16,314 | -€4,788 | -22.7% |
| Other tangible fixed assets | 26 | €85,321 | €74,174 | -€11,147 | -13.1% |
| Current assets | 29/58 | €92,788 | €150,608 | +€57,820 | +62.3% |
| Amounts receivable within one year | 40/41 | €30,004 | €72,074 | +€42,070 | +140% |
| Trade receivables | 40 | €25,468 | €72,074 | +€46,606 | +183% |
| Other amounts receivable | 41 | €4,537 | €0 | -€4,537 | -100% |
| Cash at bank and in hand | 54/58 | €54,426 | €69,466 | +€15,040 | +27.6% |
| Deferred charges and accrued income | 490/1 | €8,358 | €9,068 | +€710 | +8.5% |
| Total equity and liabilities | 10/49 | €199,211 | €241,096 | +€41,884 | +21.0% |
| Equity | 10/15 | €18,652 | €107,482 | +€88,830 | +476% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | €88,000 | +€88,000 | |
| Distributable reserves | 133 | €0 | €88,000 | +€88,000 | |
| Profit (loss) carried forward | 14 | €52 | €882 | +€830 | +1,602% |
| Amounts payable | 17/49 | €180,559 | €133,613 | -€46,946 | -26.0% |
| Amounts payable after more than one year | 17 | €38,848 | €29,391 | -€9,457 | -24.3% |
| Financial debts | 170/4 | €38,848 | €29,391 | -€9,457 | -24.3% |
| Amounts payable within one year | 42/48 | €141,600 | €104,192 | -€37,408 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €11,812 | €9,457 | -€2,355 | -19.9% |
| Financial debts | 43 | €733 | €0 | -€733 | -100% |
| Credit institutions | 430/8 | €733 | €0 | -€733 | -100% |
| Trade debts | 44 | €14,103 | €11,006 | -€3,097 | -22.0% |
| Suppliers | 440/4 | €14,103 | €11,006 | -€3,097 | -22.0% |
| Taxes, remuneration and social security | 45 | €7,769 | €48,472 | +€40,703 | +524% |
| Taxes | 450/3 | €7,769 | €48,472 | +€40,703 | +524% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €107,183 | €35,257 | -€71,926 | -67.1% |
| Accrued charges and deferred income | 492/3 | €112 | €31 | -€81 | -72.2% |
| Remuneration, social security and pensions | 62 | €18,559 | €22 | -€18,537 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,240 | €17,274 | +€34 | +0.2% |
| Other operating charges | 640/8 | €965 | €583 | -€382 | -39.6% |
| Non-recurring operating charges | 66A | €74 | €1,500 | +€1,427 | +1,941% |
| Gross operating margin | 9900 | €85,846 | €141,880 | +€56,034 | +65.3% |
| Operating profit (loss) | 9901 | €49,009 | €122,501 | +€73,492 | +150% |
| Financial income | 75/76B | €0 | €0 | +€0 | +40.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +40.0% |
| Financial charges | 65/66B | €1,490 | €5,043 | +€3,553 | +238% |
| Recurring financial charges | 65 | €1,490 | €5,043 | +€3,553 | +238% |
| Profit (loss) for the period before taxes | 9903 | €47,519 | €117,458 | +€69,940 | +147% |
| Income taxes | 67/77 | €12,491 | €28,628 | +€16,137 | +129% |
| Profit (loss) for the period | 9904 | €35,028 | €88,830 | +€53,803 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €35,028 | €88,830 | +€53,803 | +154% |
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 7 November 2026 via checked.be.