Kerstin Fehre: 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.
Kerstin Fehre
Largest movements
- Cash +€78,662
up €78,662 (+120%), from €65,655 to €144,317
mainly Net result for the year (+€70,828) and Tax, wage and social debts (+€7,912)
- Reserves +€70,828
up €70,828 (+172%), from €41,239 to €112,067
- Tax, wage and social debts +€7,912
up €7,912 (+52.3%), from €15,139 to €23,050
- Gross operating margin +€47,080
up €47,080 (+89.9%), from €52,383 to €99,464
- Taxes +€16,775
up €16,775 (+155%), from €10,798 to €27,574
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 | €68,677 | €146,878 | +€78,201 | +114% |
| Fixed assets | 21/28 | €2,811 | €2,213 | -€598 | -21.3% |
| Tangible fixed assets | 22/27 | €2,741 | €2,143 | -€598 | -21.8% |
| Furniture and vehicles | 24 | €2,741 | €2,143 | -€598 | -21.8% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €65,866 | €144,666 | +€78,799 | +120% |
| Amounts receivable within one year | 40/41 | €211 | €348 | +€137 | +64.9% |
| Trade receivables | 40 | €176 | €348 | +€172 | +97.7% |
| Other amounts receivable | 41 | €35 | €0 | -€35 | -100% |
| Cash at bank and in hand | 54/58 | €65,655 | €144,317 | +€78,662 | +120% |
| Total equity and liabilities | 10/49 | €68,677 | €146,878 | +€78,201 | +114% |
| Equity | 10/15 | €45,239 | €116,067 | +€70,828 | +157% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €41,239 | €112,067 | +€70,828 | +172% |
| Distributable reserves | 133 | €41,239 | €112,067 | +€70,828 | +172% |
| Amounts payable | 17/49 | €23,438 | €30,811 | +€7,373 | +31.5% |
| Amounts payable within one year | 42/48 | €23,438 | €30,811 | +€7,373 | +31.5% |
| Taxes, remuneration and social security | 45 | €15,139 | €23,050 | +€7,912 | +52.3% |
| Taxes | 450/3 | €15,139 | €23,050 | +€7,912 | +52.3% |
| Other amounts payable | 47/48 | €8,299 | €7,761 | -€538 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250 | €598 | +€348 | +139% |
| Other operating charges | 640/8 | €50 | €0 | -€50 | -100% |
| Gross operating margin | 9900 | €52,383 | €99,464 | +€47,080 | +89.9% |
| Operating profit (loss) | 9901 | €52,084 | €98,866 | +€46,782 | +89.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -97.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -97.7% |
| Financial charges | 65/66B | €47 | €464 | +€417 | +878% |
| Recurring financial charges | 65 | €47 | €464 | +€417 | +878% |
| Profit (loss) for the period before taxes | 9903 | €52,037 | €98,402 | +€46,364 | +89.1% |
| Income taxes | 67/77 | €10,798 | €27,574 | +€16,775 | +155% |
| Profit (loss) for the period | 9904 | €41,239 | €70,828 | +€29,589 | +71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,239 | €70,828 | +€29,589 | +71.7% |
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 29 October 2026 via checked.be.