KERTEZA: what changed
Two fiscal 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.
KERTEZA
Largest movements
- Formation expenses +€244,132
new in 2025: €244,132
- Receivables within one year -€183,666
down €183,666 (-39.6%), from €463,400 to €279,734
of which Trade receivables: -€127,354
- Cash -€72,575
down €72,575 (-37.5%), from €193,764 to €121,189
mainly Investment in fixed assets (net) (-€321,205) and Net result for the year (-€257,070)
- Intangible fixed assets +€50,977
up €50,977 (+59.5%), from €85,673 to €136,650
- Deferred charges and accrued income -€16,157
down €16,157 (-54.6%), from €29,603 to €13,446
- Other debts +€176,014
up €176,014 (+51.3%), from €343,321 to €519,335
- Profit (loss) carried forward -€175,292
down €175,292, from €0 to -€175,292
- Accrued charges and deferred income +€89,080
up €89,080 (+390.3%), from €22,823 to €111,903
- Reserves -€81,778
down €81,778 (-100.0%), from €81,778 to €0
- Tax, wage and social debts +€34,471
up €34,471 (+95.0%), from €36,282 to €70,753
of which Taxes: +€28,144
- Staff costs +€1.0m
up €1.0m (+325.5%), from €316,460 to €1.3m
- Gross operating margin +€681,193
up €681,193 (+294.1%), from €231,611 to €912,803
- Depreciation +€19,985
up €19,985 (+118.3%), from €16,901 to €36,886
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.
Cash bridge derived
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 | €797,678 | €809,600 | +€11,922 | +1.5% |
| Formation expenses | 20 | - | €244,132 | +€244,132 | |
| Fixed assets | 21/28 | €110,911 | €151,099 | +€40,187 | +36.2% |
| Intangible fixed assets | 21 | €85,673 | €136,650 | +€50,977 | +59.5% |
| Tangible fixed assets | 22/27 | €25,238 | €14,449 | -€10,790 | -42.8% |
| Land and buildings | 22 | €22,188 | €0 | -€22,188 | -100.0% |
| Furniture and vehicles | 24 | €3,051 | €14,449 | +€11,398 | +373.6% |
| Current assets | 29/58 | €686,767 | €414,369 | -€272,398 | -39.7% |
| Amounts receivable within one year | 40/41 | €463,400 | €279,734 | -€183,666 | -39.6% |
| Trade receivables | 40 | €378,948 | €251,594 | -€127,354 | -33.6% |
| Other amounts receivable | 41 | €84,453 | €28,140 | -€56,312 | -66.7% |
| Cash at bank and in hand | 54/58 | €193,764 | €121,189 | -€72,575 | -37.5% |
| Deferred charges and accrued income | 490/1 | €29,603 | €13,446 | -€16,157 | -54.6% |
| Total equity and liabilities | 10/49 | €797,678 | €809,600 | +€11,922 | +1.5% |
| Equity | 10/15 | €100,378 | -€156,692 | -€257,070 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,778 | €0 | -€81,778 | -100.0% |
| Distributable reserves | 133 | €81,778 | €0 | -€81,778 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€175,292 | -€175,292 | |
| Amounts payable | 17/49 | €697,300 | €966,291 | +€268,991 | +38.6% |
| Amounts payable after more than one year | 17 | €41,004 | €28,998 | -€12,006 | -29.3% |
| Financial debts | 170/4 | €41,004 | €28,998 | -€12,006 | -29.3% |
| Amounts payable within one year | 42/48 | €633,473 | €825,391 | +€191,918 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €11,761 | €12,006 | +€246 | +2.1% |
| Trade debts | 44 | €242,110 | €223,296 | -€18,813 | -7.8% |
| Suppliers | 440/4 | €242,110 | €223,296 | -€18,813 | -7.8% |
| Taxes, remuneration and social security | 45 | €36,282 | €70,753 | +€34,471 | +95.0% |
| Taxes | 450/3 | €129 | €28,273 | +€28,144 | +21861.0% |
| Remuneration and social security | 454/9 | €36,153 | €42,481 | +€6,328 | +17.5% |
| Other amounts payable | 47/48 | €343,321 | €519,335 | +€176,014 | +51.3% |
| Accrued charges and deferred income | 492/3 | €22,823 | €111,903 | +€89,080 | +390.3% |
| Non-recurring operating income | 76A | - | €2,881 | +€2,881 | |
| Remuneration, social security and pensions | 62 | €316,460 | €1,346,612 | +€1.0m | +325.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,901 | €36,886 | +€19,985 | +118.3% |
| Other operating charges | 640/8 | €613 | €800 | +€187 | +30.5% |
| Operating charges capitalised as restructuring costs | 649 | - | -€244,266 | -€244,266 | |
| Non-recurring operating charges | 66A | - | €19,688 | +€19,688 | |
| Gross operating margin | 9900 | €231,611 | €912,803 | +€681,193 | +294.1% |
| Operating profit (loss) | 9901 | -€102,363 | -€246,916 | -€144,553 | -141.2% |
| Financial income | 75/76B | €417 | €63 | -€353 | -84.8% |
| Recurring financial income | 75 | €417 | €63 | -€353 | -84.8% |
| Financial charges | 65/66B | €4,141 | €9,341 | +€5,200 | +125.6% |
| Recurring financial charges | 65 | €4,141 | €9,341 | +€5,200 | +125.6% |
| Profit (loss) for the period before taxes | 9903 | -€106,087 | -€256,193 | -€150,106 | -141.5% |
| Income taxes | 67/77 | €695 | €876 | +€181 | +26.0% |
| Profit (loss) for the period | 9904 | -€106,782 | -€257,070 | -€150,287 | -140.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,782 | -€257,070 | -€150,287 | -140.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.