KERZREHO: 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.
KERZREHO
Largest movements
- Cash +€17,729
up €17,729 (+24.5%), from €72,368 to €90,096
mainly Net result for the year (+€32,114) and Depreciation (+€28,710)
- Tangible fixed assets -€6,998
down €6,998 (-3.0%), from €233,085 to €226,088
of which Land and buildings: -€11,287
- Receivables within one year -€4,526
down €4,526 (-19.3%), from €23,459 to €18,933
of which Other amounts receivable: -€3,767
- Reserves +€32,114
up €32,114 (+49.1%), from €65,400 to €97,514
of which Distributable reserves: +€32,114
- Debts after one year -€28,454
down €28,454 (-18.7%), from €152,359 to €123,906
- Tax, wage and social debts +€7,650
new in 2025: €7,650
- Other debts -€6,193
down €6,193 (-36.8%), from €16,811 to €10,617
- Gross operating margin +€19,007
up €19,007 (+27.2%), from €69,832 to €88,839
- Financial charges -€13,800
down €13,800 (-71.3%), from €19,355 to €5,555
of which Financial charges: -€13,055
- Taxes +€9,181
up €9,181 (+79.1%), from €11,601 to €20,783
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 | €334,048 | €341,201 | +€7,152 | +2.1% |
| Fixed assets | 21/28 | €233,085 | €226,088 | -€6,998 | -3.0% |
| Tangible fixed assets | 22/27 | €233,085 | €226,088 | -€6,998 | -3.0% |
| Land and buildings | 22 | €185,723 | €174,436 | -€11,287 | -6.1% |
| Furniture and vehicles | 24 | €26,476 | €19,842 | -€6,634 | -25.1% |
| Other tangible fixed assets | 26 | €20,887 | €31,810 | +€10,923 | +52.3% |
| Current assets | 29/58 | €100,963 | €115,113 | +€14,150 | +14.0% |
| Amounts receivable within one year | 40/41 | €23,459 | €18,933 | -€4,526 | -19.3% |
| Trade receivables | 40 | €13,564 | €12,805 | -€760 | -5.6% |
| Other amounts receivable | 41 | €9,895 | €6,129 | -€3,767 | -38.1% |
| Current investments | 50/53 | €5,001 | €5,001 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €72,368 | €90,096 | +€17,729 | +24.5% |
| Deferred charges and accrued income | 490/1 | €135 | €1,083 | +€948 | +704% |
| Total equity and liabilities | 10/49 | €334,048 | €341,201 | +€7,152 | +2.1% |
| Equity | 10/15 | €137,043 | €169,158 | +€32,114 | +23.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €65,400 | €97,514 | +€32,114 | +49.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €63,540 | €95,654 | +€32,114 | +50.5% |
| Profit (loss) carried forward | 14 | €59,244 | €59,244 | = | 0.0% |
| Amounts payable | 17/49 | €197,005 | €172,043 | -€24,962 | -12.7% |
| Amounts payable after more than one year | 17 | €152,359 | €123,906 | -€28,454 | -18.7% |
| Financial debts | 170/4 | €152,359 | €123,906 | -€28,454 | -18.7% |
| Amounts payable within one year | 42/48 | €44,645 | €48,137 | +€3,492 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €27,534 | €28,454 | +€920 | +3.3% |
| Trade debts | 44 | €301 | €1,416 | +€1,115 | +371% |
| Suppliers | 440/4 | €301 | €1,416 | +€1,115 | +371% |
| Taxes, remuneration and social security | 45 | - | €7,650 | +€7,650 | |
| Taxes | 450/3 | - | €7,650 | +€7,650 | |
| Other amounts payable | 47/48 | €16,811 | €10,617 | -€6,193 | -36.8% |
| Remuneration, social security and pensions | 62 | €160 | - | -€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,852 | €28,710 | +€858 | +3.1% |
| Other operating charges | 640/8 | €2,737 | €2,013 | -€724 | -26.4% |
| Non-recurring operating charges | 66A | €8,272 | - | -€8,272 | |
| Gross operating margin | 9900 | €69,832 | €88,839 | +€19,007 | +27.2% |
| Operating profit (loss) | 9901 | €30,810 | €58,115 | +€27,305 | +88.6% |
| Financial income | 75/76B | €355 | €337 | -€18 | -5.0% |
| Recurring financial income | 75 | €355 | €337 | -€18 | -5.0% |
| Financial charges | 65/66B | €19,355 | €5,555 | -€13,800 | -71.3% |
| Recurring financial charges | 65 | €18,610 | €5,555 | -€13,055 | -70.1% |
| Non-recurring financial charges | 66B | €745 | - | -€745 | |
| Profit (loss) for the period before taxes | 9903 | €11,810 | €52,897 | +€41,087 | +348% |
| Income taxes | 67/77 | €11,601 | €20,783 | +€9,181 | +79.1% |
| Profit (loss) for the period | 9904 | €209 | €32,114 | +€31,906 | +15,280% |
| Profit (loss) for the period to be appropriated | 9905 | €209 | €32,114 | +€31,906 | +15,280% |
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 23 October 2026 via checked.be.