KERVERDOC: 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.
KERVERDOC
Largest movements
- Financial fixed assets +€27,500
new in 2025: €27,500
- Deferred charges and accrued income +€16,956
up €16,956 (+577.5%), from €2,936 to €19,892
- Tangible fixed assets +€13,864
up €13,864 (+3559.0%), from €390 to €14,254
- Receivables within one year +€10,910
up €10,910 (+177.5%), from €6,148 to €17,058
of which Other amounts receivable: +€12,256
- Cash -€3,486
down €3,486 (-19.4%), from €17,994 to €14,508
mainly Investment in fixed assets (net) (-€47,490) and Deferred charges and accrued income (-€16,956)
- Reserves +€33,657
up €33,657 (+168.6%), from €19,968 to €53,626
- Tax, wage and social debts +€14,658
new in 2025: €14,658
- Current portion of long-term debt +€10,094
new in 2025: €10,094
- Other debts +€7,347
up €7,347 (+3395.8%), from €216 to €7,564
- Debts after one year +€1,712
new in 2025: €1,712
- Gross operating margin +€36,885
up €36,885 (+152.4%), from €24,196 to €61,081
- Taxes +€6,451
up €6,451 (+126.1%), from €5,115 to €11,566
- Depreciation +€6,046
up €6,046 (+7610.4%), from €79 to €6,126
- Other operating charges +€994
up €994 (+521.1%), from €191 to €1,185
- Financial charges +€664
up €664 (+148.7%), from €447 to €1,111
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 | €27,468 | €93,212 | +€65,744 | +239.4% |
| Fixed assets | 21/28 | €390 | €41,754 | +€41,364 | +10618.4% |
| Tangible fixed assets | 22/27 | €390 | €14,254 | +€13,864 | +3559.0% |
| Furniture and vehicles | 24 | €390 | €14,254 | +€13,864 | +3559.0% |
| Financial fixed assets | 28 | - | €27,500 | +€27,500 | |
| Current assets | 29/58 | €27,078 | €51,458 | +€24,380 | +90.0% |
| Amounts receivable within one year | 40/41 | €6,148 | €17,058 | +€10,910 | +177.5% |
| Trade receivables | 40 | €1,346 | - | -€1,346 | |
| Other amounts receivable | 41 | €4,802 | €17,058 | +€12,256 | +255.2% |
| Cash at bank and in hand | 54/58 | €17,994 | €14,508 | -€3,486 | -19.4% |
| Deferred charges and accrued income | 490/1 | €2,936 | €19,892 | +€16,956 | +577.5% |
| Total equity and liabilities | 10/49 | €27,468 | €93,212 | +€65,744 | +239.4% |
| Equity | 10/15 | €22,968 | €56,626 | +€33,657 | +146.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €19,968 | €53,626 | +€33,657 | +168.6% |
| Distributable reserves | 133 | €19,968 | €53,626 | +€33,657 | +168.6% |
| Amounts payable | 17/49 | €4,499 | €36,586 | +€32,087 | +713.1% |
| Amounts payable after more than one year | 17 | - | €1,712 | +€1,712 | |
| Financial debts | 170/4 | - | €1,712 | +€1,712 | |
| Amounts payable within one year | 42/48 | €3,422 | €34,180 | +€30,758 | +898.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,094 | +€10,094 | |
| Financial debts | 43 | €1,021 | €1,012 | -€9 | -0.9% |
| Credit institutions | 430/8 | €1,021 | €1,012 | -€9 | -0.9% |
| Trade debts | 44 | €2,185 | €853 | -€1,332 | -61.0% |
| Suppliers | 440/4 | €2,185 | €853 | -€1,332 | -61.0% |
| Taxes, remuneration and social security | 45 | - | €14,658 | +€14,658 | |
| Taxes | 450/3 | - | €14,658 | +€14,658 | |
| Other amounts payable | 47/48 | €216 | €7,564 | +€7,347 | +3395.8% |
| Accrued charges and deferred income | 492/3 | €1,077 | €694 | -€383 | -35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79 | €6,126 | +€6,046 | +7610.4% |
| Other operating charges | 640/8 | €191 | €1,185 | +€994 | +521.1% |
| Non-recurring operating charges | 66A | - | €72 | +€72 | |
| Gross operating margin | 9900 | €24,196 | €61,081 | +€36,885 | +152.4% |
| Operating profit (loss) | 9901 | €23,926 | €53,698 | +€29,772 | +124.4% |
| Financial income | 75/76B | €518 | €136 | -€382 | -73.7% |
| Recurring financial income | 75 | €518 | €136 | -€382 | -73.7% |
| Financial charges | 65/66B | €447 | €1,111 | +€664 | +148.7% |
| Recurring financial charges | 65 | €447 | €1,111 | +€664 | +148.7% |
| Profit (loss) for the period before taxes | 9903 | €23,997 | €52,723 | +€28,726 | +119.7% |
| Income taxes | 67/77 | €5,115 | €11,566 | +€6,451 | +126.1% |
| Profit (loss) for the period | 9904 | €18,882 | €41,157 | +€22,275 | +118.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,882 | €41,157 | +€22,275 | +118.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.