KERVAN & CO: 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.
KERVAN & CO
Largest movements
- Tangible fixed assets +€117,026
up €117,026 (+328%), from €35,720 to €152,746
of which Leasing and similar rights: +€125,191
- Receivables within one year -€26,235
down €26,235 (-63.6%), from €41,277 to €15,043
of which Other amounts receivable: -€19,379
- Stocks and contracts -€16,993
down €16,993 (-41.1%), from €41,349 to €24,355
- Cash +€16,026
up €16,026 (+121%), from €13,194 to €29,220
mainly Debts after one year (+€81,310) and Receivables within one year (+€26,235)
- Financial fixed assets +€9,925
up €9,925 (+110%), from €9,025 to €18,950
- Debts after one year +€81,310
up €81,310 (+321%), from €25,343 to €106,653
of which Financial debts: +€81,310
- Advances received -€21,235
no longer reported in 2025 (was €21,235)
- Current portion of long-term debt +€19,868
up €19,868 (+204%), from €9,734 to €29,601
- Profit (loss) carried forward +€16,030
up €16,030 (+36.7%), from €43,631 to €59,661
- Other debts +€12,600
new in 2025: €12,600
- Turnover +€81,336
up €81,336 (+39.2%), from €207,597 to €288,933
- Purchases and services +€74,736
up €74,736 (+44.4%), from €168,197 to €242,933
- Gross operating margin +€11,763
up €11,763 (+29.9%), from €39,400 to €51,163
- Taxes -€7,887
no longer reported in 2025 (was €7,887)
- Depreciation +€7,165
up €7,165 (+114%), from €6,284 to €13,449
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 | €140,565 | €240,314 | +€99,749 | +71.0% |
| Fixed assets | 21/28 | €44,745 | €171,696 | +€126,951 | +284% |
| Tangible fixed assets | 22/27 | €35,720 | €152,746 | +€117,026 | +328% |
| Furniture and vehicles | 24 | €35,720 | €27,555 | -€8,164 | -22.9% |
| Leasing and similar rights | 25 | - | €125,191 | +€125,191 | |
| Financial fixed assets | 28 | €9,025 | €18,950 | +€9,925 | +110% |
| Current assets | 29/58 | €95,820 | €68,618 | -€27,202 | -28.4% |
| Stocks and contracts in progress | 3 | €41,349 | €24,355 | -€16,993 | -41.1% |
| Stocks | 30/36 | €41,349 | €24,355 | -€16,993 | -41.1% |
| Amounts receivable within one year | 40/41 | €41,277 | €15,043 | -€26,235 | -63.6% |
| Trade receivables | 40 | €17,836 | €10,980 | -€6,856 | -38.4% |
| Other amounts receivable | 41 | €23,442 | €4,063 | -€19,379 | -82.7% |
| Cash at bank and in hand | 54/58 | €13,194 | €29,220 | +€16,026 | +121% |
| Total equity and liabilities | 10/49 | €140,565 | €240,314 | +€99,749 | +71.0% |
| Equity | 10/15 | €64,091 | €80,121 | +€16,030 | +25.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,631 | €59,661 | +€16,030 | +36.7% |
| Amounts payable | 17/49 | €76,474 | €160,193 | +€83,719 | +109% |
| Amounts payable after more than one year | 17 | €25,343 | €106,653 | +€81,310 | +321% |
| Financial debts | 170/4 | €16,343 | €97,653 | +€81,310 | +498% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,131 | €53,540 | +€2,409 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €9,734 | €29,601 | +€19,868 | +204% |
| Trade debts | 44 | €7,271 | €3,008 | -€4,262 | -58.6% |
| Suppliers | 440/4 | €7,271 | €3,008 | -€4,262 | -58.6% |
| Advances received on contracts in progress | 46 | €21,235 | - | -€21,235 | |
| Taxes, remuneration and social security | 45 | €12,893 | €8,330 | -€4,562 | -35.4% |
| Taxes | 450/3 | €7,430 | €8,330 | +€900 | +12.1% |
| Remuneration and social security | 454/9 | €5,462 | - | -€5,462 | |
| Other amounts payable | 47/48 | - | €12,600 | +€12,600 | |
| Turnover | 70 | €207,597 | €288,933 | +€81,336 | +39.2% |
| Non-recurring operating income | 76A | - | €4,852 | +€4,852 | |
| Goods, raw materials, services and sundry goods | 60/61 | €168,197 | €242,933 | +€74,736 | +44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,284 | €13,449 | +€7,165 | +114% |
| Other operating charges | 640/8 | €1,944 | €1,013 | -€932 | -47.9% |
| Non-recurring operating charges | 66A | - | €18,802 | +€18,802 | |
| Gross operating margin | 9900 | €39,400 | €51,163 | +€11,763 | +29.9% |
| Operating profit (loss) | 9901 | €31,171 | €17,899 | -€13,272 | -42.6% |
| Financial income | 75/76B | €53 | €1,242 | +€1,190 | +2,262% |
| Recurring financial income | 75 | €11 | €4 | -€7 | -65.4% |
| Non-recurring financial income | 76B | €42 | €1,239 | +€1,197 | +2,842% |
| Financial charges | 65/66B | €2,286 | €3,111 | +€825 | +36.1% |
| Recurring financial charges | 65 | €1,257 | €3,111 | +€1,854 | +147% |
| Non-recurring financial charges | 66B | €1,029 | - | -€1,029 | |
| Profit (loss) for the period before taxes | 9903 | €28,937 | €16,030 | -€12,907 | -44.6% |
| Income taxes | 67/77 | €7,887 | - | -€7,887 | |
| Profit (loss) for the period | 9904 | €21,050 | €16,030 | -€5,020 | -23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,050 | €16,030 | -€5,020 | -23.8% |
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 27 October 2026 via checked.be.