KERULA: 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.
KERULA
Largest movements
- Receivables within one year +€293,550
up €293,550 (+871%), from €33,690 to €327,240
of which Trade receivables: +€289,497
- Current investments -€196,000
down €196,000 (-100.0%), from €196,003 to €3
- Cash -€62,099
down €62,099 (-95.7%), from €64,917 to €2,818
mainly Contributions, distributions and other (-€387,177) and Receivables within one year (-€293,550)
- Tangible fixed assets -€14,765
down €14,765 (-38.8%), from €38,079 to €23,314
- Deferred charges and accrued income +€3,829
up €3,829 (+99.8%), from €3,838 to €7,667
- Other debts +€265,418
up €265,418 (+79,467%), from €334 to €265,752
- Reserves -€241,915
down €241,915 (-78.0%), from €310,310 to €68,396
of which Distributable reserves: -€241,915
- Tax, wage and social debts +€4,991
up €4,991 (+24.6%), from €20,294 to €25,284
- Trade debts -€4,046
down €4,046 (-88.2%), from €4,589 to €543
- Gross operating margin +€12,137
up €12,137 (+6.2%), from €194,591 to €206,728
- Taxes +€3,551
up €3,551 (+7.7%), from €46,306 to €49,857
- Financial income -€2,296
down €2,296 (-34.4%), from €6,671 to €4,375
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 | €336,527 | €361,042 | +€24,515 | +7.3% |
| Fixed assets | 21/28 | €38,079 | €23,314 | -€14,765 | -38.8% |
| Tangible fixed assets | 22/27 | €38,079 | €23,314 | -€14,765 | -38.8% |
| Furniture and vehicles | 24 | €38,079 | €23,314 | -€14,765 | -38.8% |
| Current assets | 29/58 | €298,449 | €337,729 | +€39,280 | +13.2% |
| Amounts receivable within one year | 40/41 | €33,690 | €327,240 | +€293,550 | +871% |
| Trade receivables | 40 | €33,681 | €323,178 | +€289,497 | +860% |
| Other amounts receivable | 41 | €10 | €4,062 | +€4,053 | +41,952% |
| Current investments | 50/53 | €196,003 | €3 | -€196,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €64,917 | €2,818 | -€62,099 | -95.7% |
| Deferred charges and accrued income | 490/1 | €3,838 | €7,667 | +€3,829 | +99.8% |
| Total equity and liabilities | 10/49 | €336,527 | €361,042 | +€24,515 | +7.3% |
| Equity | 10/15 | €311,310 | €69,396 | -€241,915 | -77.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €310,310 | €68,396 | -€241,915 | -78.0% |
| Tax-exempt reserves | 132 | €68,396 | €68,396 | = | 0.0% |
| Distributable reserves | 133 | €241,915 | €0 | -€241,915 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €25,217 | €291,647 | +€266,430 | +1,057% |
| Amounts payable within one year | 42/48 | €25,217 | €291,580 | +€266,363 | +1,056% |
| Trade debts | 44 | €4,589 | €543 | -€4,046 | -88.2% |
| Suppliers | 440/4 | €4,589 | €543 | -€4,046 | -88.2% |
| Taxes, remuneration and social security | 45 | €20,294 | €25,284 | +€4,991 | +24.6% |
| Taxes | 450/3 | €20,294 | €25,284 | +€4,991 | +24.6% |
| Other amounts payable | 47/48 | €334 | €265,752 | +€265,418 | +79,467% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,893 | €14,765 | -€127 | -0.9% |
| Other operating charges | 640/8 | €2,425 | €1,000 | -€1,425 | -58.8% |
| Non-recurring operating charges | 66A | €633 | €0 | -€633 | -100% |
| Gross operating margin | 9900 | €194,591 | €206,728 | +€12,137 | +6.2% |
| Operating profit (loss) | 9901 | €176,640 | €190,963 | +€14,323 | +8.1% |
| Financial income | 75/76B | €6,671 | €4,375 | -€2,296 | -34.4% |
| Recurring financial income | 75 | €6,671 | €4,375 | -€2,296 | -34.4% |
| Financial charges | 65/66B | €139 | €219 | +€79 | +57.1% |
| Recurring financial charges | 65 | €139 | €219 | +€79 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €183,172 | €195,119 | +€11,947 | +6.5% |
| Income taxes | 67/77 | €46,306 | €49,857 | +€3,551 | +7.7% |
| Profit (loss) for the period | 9904 | €136,866 | €145,262 | +€8,396 | +6.1% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100% |
| Transfer to tax-exempt reserves | 689 | €68,396 | €0 | -€68,396 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €152,671 | €145,262 | -€7,408 | -4.9% |
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 25 October 2026 via checked.be.