Kerwest: 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.
Kerwest
Largest movements
- Tangible fixed assets -€64,216
down €64,216 (-4.4%), from €1.4m to €1.4m
of which Land and buildings: -€64,109
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€17,914
up €17,914 (+131.6%), from €13,609 to €31,523
- Gross operating margin +€1,749
up €1,749 (+4.9%), from €36,043 to €37,792
- Financial charges -€596
down €596 (-58.5%), from €1,019 to €423
- Other operating charges +€480
up €480 (+3.6%), from €13,395 to €13,875
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 | €3,153,985 | €3,145,438 | -€8,547 | -0.3% |
| Fixed assets | 21/28 | €1,447,184 | €1,382,969 | -€64,216 | -4.4% |
| Tangible fixed assets | 22/27 | €1,447,184 | €1,382,969 | -€64,216 | -4.4% |
| Land and buildings | 22 | €1,446,391 | €1,382,281 | -€64,109 | -4.4% |
| Plant, machinery and equipment | 23 | €794 | €687 | -€107 | -13.4% |
| Current assets | 29/58 | €1,706,801 | €1,762,469 | +€55,669 | +3.3% |
| Amounts receivable within one year | 40/41 | €6,550 | €16,549 | +€10,000 | +152.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,550 | €16,549 | +€10,000 | +152.7% |
| Current investments | 50/53 | €1,607,104 | €1,626,437 | +€19,332 | +1.2% |
| Cash at bank and in hand | 54/58 | €92,660 | €116,699 | +€24,039 | +25.9% |
| Deferred charges and accrued income | 490/1 | €487 | €2,784 | +€2,297 | +471.9% |
| Total equity and liabilities | 10/49 | €3,153,985 | €3,145,438 | -€8,547 | -0.3% |
| Equity | 10/15 | €3,101,284 | €3,093,837 | -€7,448 | -0.2% |
| Contributions | 10/11 | €1,622,762 | €1,622,762 | = | 0.0% |
| Capital | 10 | €1,620,000 | €1,620,000 | = | 0.0% |
| Issued capital | 100 | €1,620,000 | €1,620,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,762 | €2,762 | = | 0.0% |
| Share premium | 1100/10 | €2,762 | €2,762 | = | 0.0% |
| Reserves | 13 | €1,500,347 | €1,495,094 | -€5,254 | -0.4% |
| Non-distributable reserves | 130/1 | €162,000 | €162,000 | = | 0.0% |
| Legal reserve | 130 | €162,000 | €162,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €150,151 | €144,898 | -€5,254 | -3.5% |
| Distributable reserves | 133 | €1,188,196 | €1,188,196 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,824 | -€24,018 | -€2,194 | -10.1% |
| Provisions and deferred taxes | 16 | €50,050 | €48,299 | -€1,751 | -3.5% |
| Deferred taxes | 168 | €50,050 | €48,299 | -€1,751 | -3.5% |
| Amounts payable | 17/49 | €2,650 | €3,302 | +€652 | +24.6% |
| Amounts payable within one year | 42/48 | €0 | €652 | +€652 | |
| Trade debts | 44 | €0 | €652 | +€652 | |
| Suppliers | 440/4 | €0 | €652 | +€652 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,650 | €2,650 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,216 | €64,216 | = | 0.0% |
| Other operating charges | 640/8 | €13,395 | €13,875 | +€480 | +3.6% |
| Gross operating margin | 9900 | €36,043 | €37,792 | +€1,749 | +4.9% |
| Operating profit (loss) | 9901 | -€41,568 | -€40,299 | +€1,269 | +3.1% |
| Financial income | 75/76B | €13,609 | €31,523 | +€17,914 | +131.6% |
| Recurring financial income | 75 | €13,609 | €31,523 | +€17,914 | +131.6% |
| Financial charges | 65/66B | €1,019 | €423 | -€596 | -58.5% |
| Recurring financial charges | 65 | €1,019 | €423 | -€596 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | -€28,978 | -€9,199 | +€19,780 | +68.3% |
| Transfer from deferred taxes | 780 | €1,751 | €1,751 | = | 0.0% |
| Income taxes | 67/77 | -€149 | €0 | +€149 | |
| Profit (loss) for the period | 9904 | -€27,078 | -€7,448 | +€19,630 | +72.5% |
| Transfer from tax-exempt reserves | 789 | €5,254 | €5,254 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,824 | -€2,194 | +€19,630 | +89.9% |
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 12 October 2026 via checked.be.