KERZZ: 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.
KERZZ
Largest movements
- Tangible fixed assets +€222,025
up €222,025 (+787.3%), from €28,202 to €250,227
of which Leasing and similar rights: +€209,675
- Receivables within one year +€21,464
up €21,464 (+25.0%), from €86,001 to €107,465
of which Trade receivables: +€16,241
- Debts after one year +€220,249
new in 2025: €220,249
- Profit (loss) carried forward -€105,492
no longer reported in 2025 (was €105,492)
- Other debts +€53,563
up €53,563 (+886.0%), from €6,045 to €59,608
- Reserves +€35,611
new in 2025: €35,611
- Current portion of long-term debt +€24,402
up €24,402 (+2054.3%), from €1,188 to €25,590
- Depreciation +€59,979
up €59,979 (+774.7%), from €7,742 to €67,721
- Taxes -€14,623
down €14,623 (-90.4%), from €16,180 to €1,557
- Gross operating margin -€9,956
down €9,956 (-11.5%), from €86,277 to €76,321
- Financial charges +€3,989
up €3,989 (+133.8%), from €2,982 to €6,971
- Other operating charges +€1,013
up €1,013 (+35.2%), from €2,880 to €3,893
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 | €168,925 | €410,592 | +€241,667 | +143.1% |
| Fixed assets | 21/28 | €28,202 | €250,227 | +€222,025 | +787.3% |
| Tangible fixed assets | 22/27 | €28,202 | €250,227 | +€222,025 | +787.3% |
| Land and buildings | 22 | - | €2,877 | +€2,877 | |
| Plant, machinery and equipment | 23 | €1,372 | €16,856 | +€15,484 | +1128.5% |
| Furniture and vehicles | 24 | €11,504 | €5,493 | -€6,011 | -52.3% |
| Leasing and similar rights | 25 | €15,325 | €225,001 | +€209,675 | +1368.2% |
| Current assets | 29/58 | €140,724 | €160,365 | +€19,641 | +14.0% |
| Amounts receivable within one year | 40/41 | €86,001 | €107,465 | +€21,464 | +25.0% |
| Trade receivables | 40 | €82,781 | €99,022 | +€16,241 | +19.6% |
| Other amounts receivable | 41 | €3,220 | €8,443 | +€5,223 | +162.2% |
| Cash at bank and in hand | 54/58 | €48,097 | €50,248 | +€2,151 | +4.5% |
| Deferred charges and accrued income | 490/1 | €6,625 | €2,652 | -€3,973 | -60.0% |
| Total equity and liabilities | 10/49 | €168,925 | €410,592 | +€241,667 | +143.1% |
| Equity | 10/15 | €109,992 | €40,111 | -€69,881 | -63.5% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | - | €35,611 | +€35,611 | |
| Distributable reserves | 133 | - | €35,611 | +€35,611 | |
| Profit (loss) carried forward | 14 | €105,492 | - | -€105,492 | |
| Amounts payable | 17/49 | €58,933 | €370,481 | +€311,548 | +528.6% |
| Amounts payable after more than one year | 17 | - | €220,249 | +€220,249 | |
| Financial debts | 170/4 | - | €220,249 | +€220,249 | |
| Amounts payable within one year | 42/48 | €58,933 | €150,232 | +€91,299 | +154.9% |
| Current portion of amounts payable after more than one year | 42 | €1,188 | €25,590 | +€24,402 | +2054.3% |
| Trade debts | 44 | €45,699 | €60,671 | +€14,973 | +32.8% |
| Suppliers | 440/4 | €45,699 | €60,671 | +€14,973 | +32.8% |
| Taxes, remuneration and social security | 45 | €6,001 | €4,363 | -€1,639 | -27.3% |
| Taxes | 450/3 | €6,001 | €4,363 | -€1,639 | -27.3% |
| Other amounts payable | 47/48 | €6,045 | €59,608 | +€53,563 | +886.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €82 | €884 | +€802 | +976.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,742 | €67,721 | +€59,979 | +774.7% |
| Other operating charges | 640/8 | €2,880 | €3,893 | +€1,013 | +35.2% |
| Non-recurring operating charges | 66A | - | €2,150 | +€2,150 | |
| Gross operating margin | 9900 | €86,277 | €76,321 | -€9,956 | -11.5% |
| Operating profit (loss) | 9901 | €75,573 | €1,673 | -€73,900 | -97.8% |
| Financial income | 75/76B | €16 | €973 | +€957 | +5931.2% |
| Recurring financial income | 75 | €16 | €8 | -€8 | -49.8% |
| Non-recurring financial income | 76B | - | €965 | +€965 | |
| Financial charges | 65/66B | €2,982 | €6,971 | +€3,989 | +133.8% |
| Recurring financial charges | 65 | €2,982 | €6,971 | +€3,989 | +133.8% |
| Profit (loss) for the period before taxes | 9903 | €72,608 | -€4,325 | -€76,932 | |
| Income taxes | 67/77 | €16,180 | €1,557 | -€14,623 | -90.4% |
| Profit (loss) for the period | 9904 | €56,428 | -€5,881 | -€62,309 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,428 | -€5,881 | -€62,309 |
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 6 October 2026 via checked.be.