KERTIBO: 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.
KERTIBO
Largest movements
- Cash +€240,965
up €240,965 (+522.9%), from €46,085 to €287,050
mainly Net result for the year (+€369,149) and Depreciation (+€171,980)
- Tangible fixed assets -€145,921
down €145,921 (-3.6%), from €4.0m to €3.9m
of which Land and buildings: -€145,921
- Reserves +€253,443
up €253,443 (+11.9%), from €2.1m to €2.4m
of which Distributable reserves: +€259,506
- Debts after one year -€191,097
down €191,097 (-16.7%), from €1.1m to €955,344
- Gross operating margin +€143,184
up €143,184 (+30.1%), from €475,692 to €618,876
- Financial income +€48,113
up €48,113 (+53.7%), from €89,630 to €137,743
- Taxes +€46,732
up €46,732 (+47.6%), from €98,176 to €144,907
- Depreciation +€25,705
up €25,705 (+17.6%), from €146,275 to €171,980
- Other operating charges +€20,971
up €20,971 (+93.3%), from €22,488 to €43,459
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 | €4,948,741 | €5,062,164 | +€113,423 | +2.3% |
| Fixed assets | 21/28 | €4,037,130 | €3,891,209 | -€145,921 | -3.6% |
| Tangible fixed assets | 22/27 | €4,037,130 | €3,891,209 | -€145,921 | -3.6% |
| Land and buildings | 22 | €4,037,130 | €3,891,209 | -€145,921 | -3.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €911,611 | €1,170,955 | +€259,344 | +28.4% |
| Amounts receivable within one year | 40/41 | - | €25,000 | +€25,000 | |
| Trade receivables | 40 | - | €25,000 | +€25,000 | |
| Current investments | 50/53 | €856,248 | €839,147 | -€17,101 | -2.0% |
| Cash at bank and in hand | 54/58 | €46,085 | €287,050 | +€240,965 | +522.9% |
| Deferred charges and accrued income | 490/1 | €9,278 | €19,758 | +€10,481 | +113.0% |
| Total equity and liabilities | 10/49 | €4,948,741 | €5,062,164 | +€113,423 | +2.3% |
| Equity | 10/15 | €3,385,722 | €3,639,165 | +€253,443 | +7.5% |
| Contributions | 10/11 | €1,249,383 | €1,249,383 | = | 0.0% |
| Capital | 10 | €1,249,383 | €1,249,383 | = | 0.0% |
| Issued capital | 100 | €1,249,383 | €1,249,383 | = | 0.0% |
| Reserves | 13 | €2,136,339 | €2,389,782 | +€253,443 | +11.9% |
| Non-distributable reserves | 130/1 | €124,938 | €124,938 | = | 0.0% |
| Legal reserve | 130 | €124,938 | €124,938 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,044 | €89,980 | -€6,064 | -6.3% |
| Distributable reserves | 133 | €1,915,357 | €2,174,863 | +€259,506 | +13.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €43,703 | €40,866 | -€2,837 | -6.5% |
| Deferred taxes | 168 | €43,703 | €40,866 | -€2,837 | -6.5% |
| Amounts payable | 17/49 | €1,519,315 | €1,382,133 | -€137,183 | -9.0% |
| Amounts payable after more than one year | 17 | €1,146,441 | €955,344 | -€191,097 | -16.7% |
| Financial debts | 170/4 | €1,146,441 | €955,344 | -€191,097 | -16.7% |
| Amounts payable within one year | 42/48 | €342,763 | €384,533 | +€41,770 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €175,123 | €216,359 | +€41,236 | +23.5% |
| Trade debts | 44 | €49,570 | €62,888 | +€13,318 | +26.9% |
| Suppliers | 440/4 | €49,570 | €62,888 | +€13,318 | +26.9% |
| Advances received on contracts in progress | 46 | €15,300 | €24,700 | +€9,400 | +61.4% |
| Taxes, remuneration and social security | 45 | €102,770 | €80,586 | -€22,184 | -21.6% |
| Taxes | 450/3 | €102,770 | €80,586 | -€22,184 | -21.6% |
| Accrued charges and deferred income | 492/3 | €30,112 | €42,256 | +€12,144 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,275 | €171,980 | +€25,705 | +17.6% |
| Other operating charges | 640/8 | €22,488 | €43,459 | +€20,971 | +93.3% |
| Gross operating margin | 9900 | €475,692 | €618,876 | +€143,184 | +30.1% |
| Operating profit (loss) | 9901 | €306,929 | €403,437 | +€96,508 | +31.4% |
| Financial income | 75/76B | €89,630 | €137,743 | +€48,113 | +53.7% |
| Recurring financial income | 75 | €89,630 | €137,743 | +€48,113 | +53.7% |
| Financial charges | 65/66B | €32,356 | €29,961 | -€2,396 | -7.4% |
| Recurring financial charges | 65 | €32,356 | €29,961 | -€2,396 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €364,203 | €511,219 | +€147,016 | +40.4% |
| Transfer from deferred taxes | 780 | €2,837 | €2,837 | = | 0.0% |
| Income taxes | 67/77 | €98,176 | €144,907 | +€46,732 | +47.6% |
| Profit (loss) for the period | 9904 | €268,864 | €369,149 | +€100,284 | +37.3% |
| Transfer from tax-exempt reserves | 789 | €6,064 | €6,064 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €274,928 | €375,212 | +€100,284 | +36.5% |
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 8 October 2026 via checked.be.