KERUDENT: 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.
KERUDENT
Largest movements
- Tangible fixed assets -€18,602
down €18,602 (-6.5%), from €284,671 to €266,068
- Cash +€8,459
up €8,459 (+132.9%), from €6,366 to €14,825
mainly Net result for the year (+€20,787) and Depreciation (+€18,602)
- Other debts -€30,000
down €30,000 (-49.8%), from €60,184 to €30,184
- Reserves +€20,787
up €20,787 (+7.6%), from €274,721 to €295,509
of which Distributable reserves: +€20,787
- Gross operating margin -€6,794
down €6,794 (-9.9%), from €68,886 to €62,092
- Taxes -€1,972
down €1,972 (-15.9%), from €12,366 to €10,394
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 | €358,580 | €348,559 | -€10,020 | -2.8% |
| Fixed assets | 21/28 | €284,671 | €266,068 | -€18,602 | -6.5% |
| Tangible fixed assets | 22/27 | €284,671 | €266,068 | -€18,602 | -6.5% |
| Land and buildings | 22 | €284,671 | €266,068 | -€18,602 | -6.5% |
| Current assets | 29/58 | €73,909 | €82,491 | +€8,582 | +11.6% |
| Amounts receivable after more than one year | 29 | €8,762 | €8,762 | = | 0.0% |
| Other amounts receivable | 291 | €8,762 | €8,762 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €2,373 | +€2,373 | |
| Trade receivables | 40 | €0 | €2,373 | +€2,373 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €56,168 | €56,494 | +€326 | +0.6% |
| Cash at bank and in hand | 54/58 | €6,366 | €14,825 | +€8,459 | +132.9% |
| Deferred charges and accrued income | 490/1 | €2,613 | €37 | -€2,576 | -98.6% |
| Total equity and liabilities | 10/49 | €358,580 | €348,559 | -€10,020 | -2.8% |
| Equity | 10/15 | €293,321 | €314,109 | +€20,787 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €274,721 | €295,509 | +€20,787 | +7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €274,721 | €295,509 | +€20,787 | +7.6% |
| Amounts payable | 17/49 | €65,258 | €34,451 | -€30,807 | -47.2% |
| Amounts payable within one year | 42/48 | €65,258 | €34,451 | -€30,807 | -47.2% |
| Trade debts | 44 | €1,588 | €4,144 | +€2,556 | +160.9% |
| Suppliers | 440/4 | €1,588 | €4,144 | +€2,556 | +160.9% |
| Taxes, remuneration and social security | 45 | €3,486 | €123 | -€3,363 | -96.5% |
| Taxes | 450/3 | €3,486 | €123 | -€3,363 | -96.5% |
| Other amounts payable | 47/48 | €60,184 | €30,184 | -€30,000 | -49.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,602 | €18,602 | = | 0.0% |
| Other operating charges | 640/8 | €11,501 | €11,843 | +€341 | +3.0% |
| Gross operating margin | 9900 | €68,886 | €62,092 | -€6,794 | -9.9% |
| Operating profit (loss) | 9901 | €38,782 | €31,647 | -€7,135 | -18.4% |
| Financial income | 75/76B | €145 | €7 | -€138 | -95.3% |
| Recurring financial income | 75 | €145 | €7 | -€138 | -95.3% |
| Financial charges | 65/66B | €875 | €473 | -€402 | -46.0% |
| Recurring financial charges | 65 | €473 | €473 | -€1 | -0.1% |
| Non-recurring financial charges | 66B | €402 | €0 | -€402 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €38,052 | €31,181 | -€6,871 | -18.1% |
| Income taxes | 67/77 | €12,366 | €10,394 | -€1,972 | -15.9% |
| Profit (loss) for the period | 9904 | €25,686 | €20,787 | -€4,899 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,686 | €20,787 | -€4,899 | -19.1% |
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 11 October 2026 via checked.be.