KERTOM: 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.
KERTOM
Largest movements
- Cash +€74,761
up €74,761 (+1,632%), from €4,581 to €79,342
mainly Other debts (+€188,530) and Net result for the year (+€92,053)
- Current investments +€40,839
up €40,839 (+6.9%), from €590,294 to €631,132
- Receivables within one year -€18,876
down €18,876 (-51.5%), from €36,645 to €17,769
of which Trade receivables: -€20,643
- Tangible fixed assets -€11,515
down €11,515 (-25.1%), from €45,852 to €34,337
of which Furniture and vehicles: -€10,898
- Other debts +€188,530
up €188,530 (+6,068%), from €3,107 to €191,637
- Reserves -€97,746
down €97,746 (-14.6%), from €670,457 to €572,711
- Gross operating margin -€17,559
down €17,559 (-11.2%), from €156,360 to €138,801
- Taxes -€4,391
down €4,391 (-10.7%), from €40,959 to €36,568
- Other operating charges -€3,235
down €3,235 (-26.7%), from €12,118 to €8,883
- Financial income +€2,834
up €2,834 (+36.5%), from €7,762 to €10,596
- Depreciation +€1,871
up €1,871 (+19.4%), from €9,644 to €11,515
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 | €685,980 | €774,352 | +€88,373 | +12.9% |
| Fixed assets | 21/28 | €45,877 | €34,362 | -€11,515 | -25.1% |
| Tangible fixed assets | 22/27 | €45,852 | €34,337 | -€11,515 | -25.1% |
| Furniture and vehicles | 24 | €43,804 | €32,906 | -€10,898 | -24.9% |
| Other tangible fixed assets | 26 | €2,048 | €1,431 | -€617 | -30.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €640,103 | €739,990 | +€99,887 | +15.6% |
| Amounts receivable within one year | 40/41 | €36,645 | €17,769 | -€18,876 | -51.5% |
| Trade receivables | 40 | €36,000 | €15,357 | -€20,643 | -57.3% |
| Other amounts receivable | 41 | €645 | €2,412 | +€1,767 | +274% |
| Current investments | 50/53 | €590,294 | €631,132 | +€40,839 | +6.9% |
| Cash at bank and in hand | 54/58 | €4,581 | €79,342 | +€74,761 | +1,632% |
| Deferred charges and accrued income | 490/1 | €8,583 | €11,747 | +€3,164 | +36.9% |
| Total equity and liabilities | 10/49 | €685,980 | €774,352 | +€88,373 | +12.9% |
| Equity | 10/15 | €670,457 | €572,711 | -€97,746 | -14.6% |
| Reserves | 13 | €670,457 | €572,711 | -€97,746 | -14.6% |
| Distributable reserves | 133 | €670,457 | €572,711 | -€97,746 | -14.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,523 | €201,641 | +€186,118 | +1,199% |
| Amounts payable within one year | 42/48 | €15,523 | €201,306 | +€185,783 | +1,197% |
| Trade debts | 44 | €85 | €464 | +€379 | +448% |
| Suppliers | 440/4 | €85 | €464 | +€379 | +448% |
| Taxes, remuneration and social security | 45 | €12,331 | €9,205 | -€3,126 | -25.4% |
| Taxes | 450/3 | €12,331 | €9,205 | -€3,126 | -25.4% |
| Other amounts payable | 47/48 | €3,107 | €191,637 | +€188,530 | +6,068% |
| Accrued charges and deferred income | 492/3 | - | €336 | +€336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,644 | €11,515 | +€1,871 | +19.4% |
| Other operating charges | 640/8 | €12,118 | €8,883 | -€3,235 | -26.7% |
| Gross operating margin | 9900 | €156,360 | €138,801 | -€17,559 | -11.2% |
| Operating profit (loss) | 9901 | €134,598 | €118,403 | -€16,194 | -12.0% |
| Financial income | 75/76B | €7,762 | €10,596 | +€2,834 | +36.5% |
| Recurring financial income | 75 | €7,762 | €10,596 | +€2,834 | +36.5% |
| Financial charges | 65/66B | €738 | €379 | -€359 | -48.7% |
| Recurring financial charges | 65 | €738 | €379 | -€359 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €141,622 | €128,621 | -€13,001 | -9.2% |
| Income taxes | 67/77 | €40,959 | €36,568 | -€4,391 | -10.7% |
| Profit (loss) for the period | 9904 | €100,663 | €92,053 | -€8,610 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,663 | €92,053 | -€8,610 | -8.6% |
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 30 October 2026 via checked.be.