KERVAN: 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.
KERVAN
Largest movements
- Cash +€11,765
up €11,765 (+263.9%), from €4,458 to €16,223
mainly Trade debts (+€9,915) and Depreciation (+€7,166)
- Stocks and contracts +€8,944
up €8,944 (+439.6%), from €2,035 to €10,978
- Tangible fixed assets -€6,117
down €6,117 (-24.6%), from €24,886 to €18,769
of which Leasing and similar rights: -€4,180
- Receivables within one year -€3,202
down €3,202 (-10.5%), from €30,568 to €27,366
of which Other amounts receivable: -€2,745
- Trade debts +€9,915
up €9,915 (+146.2%), from €6,784 to €16,698
- Reserves +€6,793
up €6,793 (+18.9%), from €35,894 to €42,687
- Debts after one year -€3,744
down €3,744 (-40.9%), from €9,160 to €5,415
- Tax, wage and social debts -€1,131
down €1,131 (-38.1%), from €2,966 to €1,836
of which Taxes: -€587
- Gross operating margin -€8,642
down €8,642 (-35.3%), from €24,502 to €15,861
- Taxes -€2,311
down €2,311 (-44.8%), from €5,157 to €2,846
- Financial charges +€1,336
up €1,336 (+61.8%), from €2,163 to €3,499
- Financial income -€1,289
down €1,289 (-18.9%), from €6,806 to €5,516
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 | €63,296 | €75,380 | +€12,084 | +19.1% |
| Fixed assets | 21/28 | €25,746 | €19,629 | -€6,117 | -23.8% |
| Tangible fixed assets | 22/27 | €24,886 | €18,769 | -€6,117 | -24.6% |
| Plant, machinery and equipment | 23 | €7,834 | €6,690 | -€1,144 | -14.6% |
| Furniture and vehicles | 24 | €2,931 | €2,138 | -€793 | -27.1% |
| Leasing and similar rights | 25 | €14,120 | €9,940 | -€4,180 | -29.6% |
| Financial fixed assets | 28 | €860 | €860 | = | 0.0% |
| Current assets | 29/58 | €37,550 | €55,752 | +€18,202 | +48.5% |
| Stocks and contracts in progress | 3 | €2,035 | €10,978 | +€8,944 | +439.6% |
| Stocks | 30/36 | €2,035 | €10,978 | +€8,944 | +439.6% |
| Amounts receivable within one year | 40/41 | €30,568 | €27,366 | -€3,202 | -10.5% |
| Trade receivables | 40 | €457 | - | -€457 | |
| Other amounts receivable | 41 | €30,111 | €27,366 | -€2,745 | -9.1% |
| Cash at bank and in hand | 54/58 | €4,458 | €16,223 | +€11,765 | +263.9% |
| Deferred charges and accrued income | 490/1 | €490 | €1,184 | +€694 | +141.8% |
| Total equity and liabilities | 10/49 | €63,296 | €75,380 | +€12,084 | +19.1% |
| Equity | 10/15 | €40,894 | €47,687 | +€6,793 | +16.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,894 | €42,687 | +€6,793 | +18.9% |
| Distributable reserves | 133 | €35,894 | €42,687 | +€6,793 | +18.9% |
| Amounts payable | 17/49 | €22,402 | €27,694 | +€5,291 | +23.6% |
| Amounts payable after more than one year | 17 | €9,160 | €5,415 | -€3,744 | -40.9% |
| Financial debts | 170/4 | €9,160 | €5,415 | -€3,744 | -40.9% |
| Amounts payable within one year | 42/48 | €13,243 | €22,278 | +€9,036 | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €3,493 | €3,744 | +€252 | +7.2% |
| Trade debts | 44 | €6,784 | €16,698 | +€9,915 | +146.2% |
| Suppliers | 440/4 | €6,784 | €16,698 | +€9,915 | +146.2% |
| Taxes, remuneration and social security | 45 | €2,966 | €1,836 | -€1,131 | -38.1% |
| Taxes | 450/3 | €2,423 | €1,836 | -€587 | -24.2% |
| Remuneration and social security | 454/9 | €544 | - | -€544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,155 | €7,166 | +€11 | +0.2% |
| Other operating charges | 640/8 | €1,206 | €1,072 | -€134 | -11.1% |
| Gross operating margin | 9900 | €24,502 | €15,861 | -€8,642 | -35.3% |
| Operating profit (loss) | 9901 | €16,141 | €7,622 | -€8,519 | -52.8% |
| Financial income | 75/76B | €6,806 | €5,516 | -€1,289 | -18.9% |
| Recurring financial income | 75 | €6,806 | €5,516 | -€1,289 | -18.9% |
| Financial charges | 65/66B | €2,163 | €3,499 | +€1,336 | +61.8% |
| Recurring financial charges | 65 | €2,163 | €3,499 | +€1,336 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €20,784 | €9,639 | -€11,145 | -53.6% |
| Income taxes | 67/77 | €5,157 | €2,846 | -€2,311 | -44.8% |
| Profit (loss) for the period | 9904 | €15,627 | €6,793 | -€8,834 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,627 | €6,793 | -€8,834 | -56.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.