KERSHA: 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.
KERSHA
Largest movements
- Cash -€46,891
down €46,891 (-69.2%), from €67,743 to €20,853
mainly Net result for the year (-€24,465) and Debts after one year (-€18,254)
- Tangible fixed assets -€18,683
down €18,683 (-12.7%), from €147,096 to €128,412
of which Furniture and vehicles: -€18,469
- Receivables after one year +€13,737
up €13,737 (+6.2%), from €222,158 to €235,895
- Deferred charges and accrued income +€9,207
up €9,207 (+1,033%), from €891 to €10,098
- Profit (loss) carried forward -€24,465
down €24,465 (-9.4%), from €260,328 to €235,864
- Debts after one year -€18,254
down €18,254 (-27.3%), from €66,764 to €48,511
- Tax, wage and social debts -€5,550
down €5,550 (-64.9%), from €8,550 to €3,000
of which Taxes: -€3,950
- Gross operating margin -€124,518
down €124,518, from €118,255 to -€6,262
- Taxes -€18,456
down €18,456 (-97.4%), from €18,950 to €493
- Financial charges -€8,775
down €8,775 (-68.7%), from €12,764 to €3,989
- Other operating charges -€1,312
down €1,312 (-54.8%), from €2,396 to €1,084
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 | €472,504 | €428,491 | -€44,013 | -9.3% |
| Fixed assets | 21/28 | €147,096 | €128,412 | -€18,683 | -12.7% |
| Tangible fixed assets | 22/27 | €147,096 | €128,412 | -€18,683 | -12.7% |
| Land and buildings | 22 | €62,785 | €62,570 | -€214 | -0.3% |
| Furniture and vehicles | 24 | €84,311 | €65,842 | -€18,469 | -21.9% |
| Current assets | 29/58 | €325,409 | €300,079 | -€25,329 | -7.8% |
| Amounts receivable after more than one year | 29 | €222,158 | €235,895 | +€13,737 | +6.2% |
| Other amounts receivable | 291 | €222,158 | €235,895 | +€13,737 | +6.2% |
| Amounts receivable within one year | 40/41 | €34,616 | €33,234 | -€1,382 | -4.0% |
| Trade receivables | 40 | €29,877 | €12,464 | -€17,413 | -58.3% |
| Other amounts receivable | 41 | €4,739 | €20,770 | +€16,031 | +338% |
| Cash at bank and in hand | 54/58 | €67,743 | €20,853 | -€46,891 | -69.2% |
| Deferred charges and accrued income | 490/1 | €891 | €10,098 | +€9,207 | +1,033% |
| Total equity and liabilities | 10/49 | €472,504 | €428,491 | -€44,013 | -9.3% |
| Equity | 10/15 | €375,277 | €350,812 | -€24,465 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,349 | €96,349 | = | 0.0% |
| Distributable reserves | 133 | €96,349 | €96,349 | = | 0.0% |
| Profit (loss) carried forward | 14 | €260,328 | €235,864 | -€24,465 | -9.4% |
| Amounts payable | 17/49 | €97,228 | €77,679 | -€19,548 | -20.1% |
| Amounts payable after more than one year | 17 | €66,764 | €48,511 | -€18,254 | -27.3% |
| Financial debts | 170/4 | €66,764 | €48,511 | -€18,254 | -27.3% |
| Amounts payable within one year | 42/48 | €29,383 | €29,169 | -€214 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €17,968 | €18,254 | +€286 | +1.6% |
| Financial debts | 43 | €1,250 | €5,096 | +€3,846 | +308% |
| Credit institutions | 430/8 | €1,250 | €5,096 | +€3,846 | +308% |
| Trade debts | 44 | €1,603 | €2,819 | +€1,216 | +75.9% |
| Suppliers | 440/4 | €1,603 | €2,819 | +€1,216 | +75.9% |
| Taxes, remuneration and social security | 45 | €8,550 | €3,000 | -€5,550 | -64.9% |
| Taxes | 450/3 | €6,950 | €3,000 | -€3,950 | -56.8% |
| Remuneration and social security | 454/9 | €1,600 | - | -€1,600 | |
| Other amounts payable | 47/48 | €12 | - | -€12 | |
| Accrued charges and deferred income | 492/3 | €1,081 | - | -€1,081 | |
| Non-recurring operating income | 76A | €130,349 | - | -€130,349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,407 | €19,484 | +€78 | +0.4% |
| Other operating charges | 640/8 | €2,396 | €1,084 | -€1,312 | -54.8% |
| Gross operating margin | 9900 | €118,255 | -€6,262 | -€124,518 | |
| Operating profit (loss) | 9901 | €96,452 | -€26,831 | -€123,283 | |
| Financial income | 75/76B | €6,471 | €6,848 | +€378 | +5.8% |
| Recurring financial income | 75 | €6,471 | €6,848 | +€378 | +5.8% |
| Financial charges | 65/66B | €12,764 | €3,989 | -€8,775 | -68.7% |
| Recurring financial charges | 65 | €12,764 | €3,989 | -€8,775 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | €90,159 | -€23,971 | -€114,130 | |
| Income taxes | 67/77 | €18,950 | €493 | -€18,456 | -97.4% |
| Profit (loss) for the period | 9904 | €71,209 | -€24,465 | -€95,674 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,209 | -€24,465 | -€95,674 |
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 15 October 2026 via checked.be.