L.J. KERKHOFS: 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.
L.J. KERKHOFS
Largest movements
- Receivables after one year -€24,000
down €24,000 (-11.7%), from €205,127 to €181,127
- Cash +€19,826
up €19,826 (+98.2%), from €20,184 to €40,010
mainly Receivables after one year (+€24,000) and Depreciation (+€9,698)
- Tangible fixed assets -€9,698
down €9,698 (-17.9%), from €54,154 to €44,456
of which Plant, machinery and equipment: -€7,952
- Stocks and contracts +€4,408
up €4,408 (+98.8%), from €4,460 to €8,868
- Debts after one year -€10,272
down €10,272 (-5.6%), from €183,717 to €173,445
- Gross operating margin +€3,910
up €3,910 (+52.1%), from €7,507 to €11,418
- Depreciation +€1,013
up €1,013 (+11.7%), from €8,685 to €9,698
- Other operating charges +€263
up €263 (+32.6%), from €808 to €1,071
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 | €285,151 | €276,397 | -€8,754 | -3.1% |
| Fixed assets | 21/28 | €54,154 | €44,456 | -€9,698 | -17.9% |
| Tangible fixed assets | 22/27 | €54,154 | €44,456 | -€9,698 | -17.9% |
| Plant, machinery and equipment | 23 | €49,649 | €41,697 | -€7,952 | -16.0% |
| Furniture and vehicles | 24 | €4,505 | €2,759 | -€1,746 | -38.8% |
| Current assets | 29/58 | €230,997 | €231,941 | +€944 | +0.4% |
| Amounts receivable after more than one year | 29 | €205,127 | €181,127 | -€24,000 | -11.7% |
| Other amounts receivable | 291 | €205,127 | €181,127 | -€24,000 | -11.7% |
| Stocks and contracts in progress | 3 | €4,460 | €8,868 | +€4,408 | +98.8% |
| Stocks | 30/36 | €4,460 | €8,868 | +€4,408 | +98.8% |
| Amounts receivable within one year | 40/41 | €1,134 | €1,936 | +€802 | +70.7% |
| Trade receivables | 40 | €825 | €1,936 | +€1,111 | +135% |
| Other amounts receivable | 41 | €309 | €0 | -€309 | -100% |
| Cash at bank and in hand | 54/58 | €20,184 | €40,010 | +€19,826 | +98.2% |
| Deferred charges and accrued income | 490/1 | €92 | €0 | -€92 | -100% |
| Total equity and liabilities | 10/49 | €285,151 | €276,397 | -€8,754 | -3.1% |
| Equity | 10/15 | €62,489 | €63,010 | +€521 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,515 | €52,515 | = | 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% |
| Distributable reserves | 133 | €50,655 | €50,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,626 | -€8,105 | +€521 | +6.0% |
| Amounts payable | 17/49 | €222,662 | €213,386 | -€9,275 | -4.2% |
| Amounts payable after more than one year | 17 | €183,717 | €173,445 | -€10,272 | -5.6% |
| Other amounts payable | 178/9 | €183,717 | €173,445 | -€10,272 | -5.6% |
| Amounts payable within one year | 42/48 | €38,945 | €39,941 | +€997 | +2.6% |
| Financial debts | 43 | €38,500 | €38,500 | = | 0.0% |
| Other loans | 439 | €38,500 | €38,500 | = | 0.0% |
| Trade debts | 44 | €436 | €690 | +€253 | +58.0% |
| Suppliers | 440/4 | €436 | €690 | +€253 | +58.0% |
| Taxes, remuneration and social security | 45 | €8 | €752 | +€744 | +8,926% |
| Taxes | 450/3 | €8 | €752 | +€744 | +8,926% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,685 | €9,698 | +€1,013 | +11.7% |
| Other operating charges | 640/8 | €808 | €1,071 | +€263 | +32.6% |
| Gross operating margin | 9900 | €7,507 | €11,418 | +€3,910 | +52.1% |
| Operating profit (loss) | 9901 | -€1,986 | €648 | +€2,634 | |
| Financial income | 75/76B | €11 | €0 | -€11 | -100% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100% |
| Financial charges | 65/66B | €108 | €127 | +€19 | +17.2% |
| Recurring financial charges | 65 | €108 | €127 | +€19 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,083 | €521 | +€2,604 | |
| Profit (loss) for the period | 9904 | -€2,083 | €521 | +€2,604 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,083 | €521 | +€2,604 |
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 26 October 2026 via checked.be.