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
- Receivables within one year -€69,828
down €69,828 (-25.0%), from €279,220 to €209,392
of which Trade receivables: -€69,742
- Tangible fixed assets -€22,686
down €22,686 (-29.2%), from €77,800 to €55,114
of which Furniture and vehicles: -€17,787
- Cash -€21,170
down €21,170 (-7.5%), from €282,254 to €261,084
mainly Trade debts (-€92,239) and Tax, wage and social debts (-€20,071)
- Trade debts -€92,239
down €92,239 (-22.4%), from €411,238 to €318,999
- Other debts +€26,285
up €26,285 (+132%), from €19,935 to €46,220
- Tax, wage and social debts -€20,071
down €20,071 (-13.3%), from €150,473 to €130,402
of which Remuneration and social security: -€33,197
- Current portion of long-term debt -€19,545
down €19,545 (-58.7%), from €33,291 to €13,746
- Debts after one year -€13,746
down €13,746 (-37.4%), from €36,743 to €22,997
of which Financial debts: -€13,746
- Staff costs -€342,832
down €342,832 (-26.7%), from €1.3m to €942,726
- Gross operating margin -€335,611
down €335,611 (-25.6%), from €1.3m to €975,388
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 | €703,962 | €587,926 | -€116,037 | -16.5% |
| Fixed assets | 21/28 | €83,150 | €60,464 | -€22,686 | -27.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €77,800 | €55,114 | -€22,686 | -29.2% |
| Plant, machinery and equipment | 23 | €19,546 | €14,783 | -€4,762 | -24.4% |
| Furniture and vehicles | 24 | €57,799 | €40,012 | -€17,787 | -30.8% |
| Other tangible fixed assets | 26 | €456 | €319 | -€137 | -30.1% |
| Financial fixed assets | 28 | €5,350 | €5,350 | = | 0.0% |
| Current assets | 29/58 | €620,812 | €527,462 | -€93,350 | -15.0% |
| Stocks and contracts in progress | 3 | €58,901 | €52,487 | -€6,414 | -10.9% |
| Stocks | 30/36 | €58,901 | €52,487 | -€6,414 | -10.9% |
| Amounts receivable within one year | 40/41 | €279,220 | €209,392 | -€69,828 | -25.0% |
| Trade receivables | 40 | €279,063 | €209,322 | -€69,742 | -25.0% |
| Other amounts receivable | 41 | €156 | €70 | -€86 | -55.3% |
| Cash at bank and in hand | 54/58 | €282,254 | €261,084 | -€21,170 | -7.5% |
| Deferred charges and accrued income | 490/1 | €438 | €4,499 | +€4,062 | +928% |
| Total equity and liabilities | 10/49 | €703,962 | €587,926 | -€116,037 | -16.5% |
| Equity | 10/15 | €52,195 | €55,473 | +€3,278 | +6.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,805 | -€164,527 | +€3,278 | +2.0% |
| Amounts payable | 17/49 | €651,767 | €532,453 | -€119,314 | -18.3% |
| Amounts payable after more than one year | 17 | €36,743 | €22,997 | -€13,746 | -37.4% |
| Financial debts | 170/4 | €36,743 | €22,997 | -€13,746 | -37.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €614,937 | €509,367 | -€105,570 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €33,291 | €13,746 | -€19,545 | -58.7% |
| Trade debts | 44 | €411,238 | €318,999 | -€92,239 | -22.4% |
| Suppliers | 440/4 | €411,238 | €318,999 | -€92,239 | -22.4% |
| Taxes, remuneration and social security | 45 | €150,473 | €130,402 | -€20,071 | -13.3% |
| Taxes | 450/3 | €9,893 | €23,019 | +€13,126 | +133% |
| Remuneration and social security | 454/9 | €140,581 | €107,383 | -€33,197 | -23.6% |
| Other amounts payable | 47/48 | €19,935 | €46,220 | +€26,285 | +132% |
| Accrued charges and deferred income | 492/3 | €88 | €89 | +€2 | +1.9% |
| Remuneration, social security and pensions | 62 | €1,285,558 | €942,726 | -€342,832 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,438 | €27,594 | -€8,844 | -24.3% |
| Other operating charges | 640/8 | €6,998 | €1,083 | -€5,915 | -84.5% |
| Gross operating margin | 9900 | €1,311,000 | €975,388 | -€335,611 | -25.6% |
| Operating profit (loss) | 9901 | -€17,995 | €3,985 | +€21,979 | |
| Financial income | 75/76B | €3,541 | €2,546 | -€994 | -28.1% |
| Recurring financial income | 75 | €3,541 | €2,546 | -€994 | -28.1% |
| Financial charges | 65/66B | €7,858 | €3,077 | -€4,781 | -60.8% |
| Recurring financial charges | 65 | €7,858 | €3,077 | -€4,781 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,312 | €3,454 | +€25,766 | |
| Income taxes | 67/77 | €220 | €176 | -€44 | -19.9% |
| Profit (loss) for the period | 9904 | -€22,532 | €3,278 | +€25,810 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,532 | €3,278 | +€25,810 |
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 23 October 2026 via checked.be.