KERSOUW: 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.
KERSOUW
Largest movements
- Cash -€78,360
down €78,360 (-54.7%), from €143,295 to €64,936
mainly Investment in fixed assets (net) (-€73,822) and Other debts (-€8,084)
- Financial fixed assets +€73,822
up €73,822 (+2.8%), from €2.6m to €2.7m
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€24,072
up €24,072 (+265%), from €9,091 to €33,163
- Gross operating margin -€1,799
down €1,799 (-11.3%), from -€15,950 to -€17,749
- Depreciation -€227
down €227 (-40.2%), from €566 to €339
- Financial charges -€227
down €227 (-6.2%), from €3,639 to €3,412
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 | €2,768,293 | €2,772,276 | +€3,983 | +0.1% |
| Fixed assets | 21/28 | €2,618,386 | €2,691,869 | +€73,483 | +2.8% |
| Tangible fixed assets | 22/27 | €581 | €242 | -€339 | -58.3% |
| Furniture and vehicles | 24 | €581 | €242 | -€339 | -58.3% |
| Financial fixed assets | 28 | €2,617,805 | €2,691,627 | +€73,822 | +2.8% |
| Current assets | 29/58 | €149,907 | €80,407 | -€69,501 | -46.4% |
| Amounts receivable within one year | 40/41 | €2,493 | €10,209 | +€7,716 | +310% |
| Other amounts receivable | 41 | €2,493 | €10,209 | +€7,716 | +310% |
| Cash at bank and in hand | 54/58 | €143,295 | €64,936 | -€78,360 | -54.7% |
| Deferred charges and accrued income | 490/1 | €4,119 | €5,262 | +€1,143 | +27.8% |
| Total equity and liabilities | 10/49 | €2,768,293 | €2,772,276 | +€3,983 | +0.1% |
| Equity | 10/15 | €2,676,283 | €2,687,826 | +€11,543 | +0.4% |
| Contributions | 10/11 | €2,702,325 | €2,702,325 | = | 0.0% |
| Reserves | 13 | €33,492 | €33,492 | = | 0.0% |
| Distributable reserves | 133 | €33,492 | €33,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,534 | -€47,991 | +€11,543 | +19.4% |
| Amounts payable | 17/49 | €92,010 | €84,449 | -€7,561 | -8.2% |
| Amounts payable within one year | 42/48 | €90,168 | €82,770 | -€7,398 | -8.2% |
| Trade debts | 44 | €363 | €1,119 | +€756 | +208% |
| Suppliers | 440/4 | €363 | €1,119 | +€756 | +208% |
| Taxes, remuneration and social security | 45 | €789 | €720 | -€70 | -8.8% |
| Taxes | 450/3 | €789 | €720 | -€70 | -8.8% |
| Other amounts payable | 47/48 | €89,015 | €80,932 | -€8,084 | -9.1% |
| Accrued charges and deferred income | 492/3 | €1,842 | €1,679 | -€163 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €566 | €339 | -€227 | -40.2% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€15,950 | -€17,749 | -€1,799 | -11.3% |
| Operating profit (loss) | 9901 | -€16,634 | -€18,208 | -€1,574 | -9.5% |
| Financial income | 75/76B | €9,091 | €33,163 | +€24,072 | +265% |
| Recurring financial income | 75 | €9,091 | €33,163 | +€24,072 | +265% |
| Financial charges | 65/66B | €3,639 | €3,412 | -€227 | -6.2% |
| Recurring financial charges | 65 | €3,639 | €3,412 | -€227 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,182 | €11,543 | +€22,725 | |
| Profit (loss) for the period | 9904 | -€11,182 | €11,543 | +€22,725 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,182 | €11,543 | +€22,725 |
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.