LODE KERCKHOF: 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.
LODE KERCKHOF
Largest movements
- Cash +€38,049
up €38,049 (+318%), from €11,952 to €50,001
mainly Depreciation (+€57,863) and Tax, wage and social debts (+€17,660)
- Tangible fixed assets -€36,789
down €36,789 (-12.7%), from €290,049 to €253,260
of which Plant, machinery and equipment: -€28,872
- Receivables within one year -€15,876
down €15,876 (-25.9%), from €61,195 to €45,320
of which Trade receivables: -€14,864
- Deferred charges and accrued income +€5,248
up €5,248 (+117%), from €4,485 to €9,733
- Debts after one year -€46,343
down €46,343 (-20.6%), from €225,153 to €178,810
of which Financial debts: -€40,384
- Tax, wage and social debts +€17,660
up €17,660 (+82.9%), from €21,300 to €38,960
of which Taxes: +€13,259
- Reserves +€12,916
up €12,916 (+16.7%), from €77,337 to €90,253
- Trade debts +€7,557
up €7,557 (+288%), from €2,622 to €10,179
- Gross operating margin +€37,208
up €37,208 (+27.0%), from €137,605 to €174,812
- Staff costs +€21,110
up €21,110 (+31.8%), from €66,405 to €87,515
- Depreciation +€9,376
up €9,376 (+19.3%), from €48,487 to €57,863
- Taxes +€2,387
up €2,387 (+158%), from €1,515 to €3,902
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 | €372,000 | €361,131 | -€10,869 | -2.9% |
| Fixed assets | 21/28 | €294,367 | €256,078 | -€38,289 | -13.0% |
| Intangible fixed assets | 21 | €4,318 | €2,818 | -€1,500 | -34.7% |
| Tangible fixed assets | 22/27 | €290,049 | €253,260 | -€36,789 | -12.7% |
| Land and buildings | 22 | €130,209 | €139,002 | +€8,793 | +6.8% |
| Plant, machinery and equipment | 23 | €85,564 | €56,691 | -€28,872 | -33.7% |
| Furniture and vehicles | 24 | €74,277 | €57,566 | -€16,710 | -22.5% |
| Current assets | 29/58 | €77,633 | €105,053 | +€27,421 | +35.3% |
| Amounts receivable within one year | 40/41 | €61,195 | €45,320 | -€15,876 | -25.9% |
| Trade receivables | 40 | €59,085 | €44,222 | -€14,864 | -25.2% |
| Other amounts receivable | 41 | €2,110 | €1,098 | -€1,012 | -48.0% |
| Cash at bank and in hand | 54/58 | €11,952 | €50,001 | +€38,049 | +318% |
| Deferred charges and accrued income | 490/1 | €4,485 | €9,733 | +€5,248 | +117% |
| Total equity and liabilities | 10/49 | €372,000 | €361,131 | -€10,869 | -2.9% |
| Equity | 10/15 | €79,837 | €92,753 | +€12,916 | +16.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €77,337 | €90,253 | +€12,916 | +16.7% |
| Distributable reserves | 133 | €77,337 | €90,253 | +€12,916 | +16.7% |
| Amounts payable | 17/49 | €292,163 | €268,378 | -€23,785 | -8.1% |
| Amounts payable after more than one year | 17 | €225,153 | €178,810 | -€46,343 | -20.6% |
| Financial debts | 170/4 | €157,171 | €116,787 | -€40,384 | -25.7% |
| Other amounts payable | 178/9 | €67,983 | €62,024 | -€5,959 | -8.8% |
| Amounts payable within one year | 42/48 | €66,715 | €89,524 | +€22,809 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €42,793 | €40,384 | -€2,409 | -5.6% |
| Trade debts | 44 | €2,622 | €10,179 | +€7,557 | +288% |
| Suppliers | 440/4 | €2,622 | €10,179 | +€7,557 | +288% |
| Taxes, remuneration and social security | 45 | €21,300 | €38,960 | +€17,660 | +82.9% |
| Taxes | 450/3 | €6,606 | €19,866 | +€13,259 | +201% |
| Remuneration and social security | 454/9 | €14,693 | €19,094 | +€4,401 | +30.0% |
| Accrued charges and deferred income | 492/3 | €295 | €44 | -€250 | -84.9% |
| Remuneration, social security and pensions | 62 | €66,405 | €87,515 | +€21,110 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,487 | €57,863 | +€9,376 | +19.3% |
| Other operating charges | 640/8 | €1,055 | €1,371 | +€315 | +29.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €137,605 | €174,812 | +€37,208 | +27.0% |
| Operating profit (loss) | 9901 | €21,657 | €28,063 | +€6,407 | +29.6% |
| Financial income | 75/76B | €67 | €290 | +€223 | +331% |
| Recurring financial income | 75 | €67 | €290 | +€223 | +331% |
| Financial charges | 65/66B | €12,401 | €11,535 | -€866 | -7.0% |
| Recurring financial charges | 65 | €12,401 | €11,535 | -€866 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €9,323 | €16,818 | +€7,495 | +80.4% |
| Income taxes | 67/77 | €1,515 | €3,902 | +€2,387 | +158% |
| Profit (loss) for the period | 9904 | €7,808 | €12,916 | +€5,108 | +65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,808 | €12,916 | +€5,108 | +65.4% |
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 25 October 2026 via checked.be.