Maxim 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.
Maxim Kerkhofs
Largest movements
- Tangible fixed assets -€40,084
down €40,084 (-3.8%), from €1.1m to €1.0m
of which Leasing and similar rights: -€34,588
- Receivables within one year +€19,265
up €19,265 (+1,516%), from €1,270 to €20,535
- Cash -€13,951
down €13,951 (-99.0%), from €14,094 to €143
mainly Net result for the year (-€29,674) and Debts after one year (-€24,193)
- Profit (loss) carried forward -€29,674
new in 2025: -€29,674
- Debts after one year -€24,193
down €24,193 (-2.5%), from €971,408 to €947,215
- Other debts +€18,006
up €18,006 (+500%), from €3,602 to €21,608
- Financial charges +€39,173
up €39,173 (+399%), from €9,810 to €48,983
- Depreciation +€27,505
up €27,505 (+181%), from €15,194 to €42,699
- Gross operating margin +€22,467
up €22,467 (+56.0%), from €40,126 to €62,593
- Taxes -€3,096
down €3,096 (-100%), from €3,096 to €0
- Other operating charges -€2,537
down €2,537 (-81.2%), from €3,122 to €585
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 | €1,082,325 | €1,047,712 | -€34,612 | -3.2% |
| Fixed assets | 21/28 | €1,065,738 | €1,027,034 | -€38,704 | -3.6% |
| Tangible fixed assets | 22/27 | €1,065,738 | €1,025,654 | -€40,084 | -3.8% |
| Plant, machinery and equipment | 23 | €4,782 | €2,807 | -€1,975 | -41.3% |
| Furniture and vehicles | 24 | €8,279 | €3,459 | -€4,820 | -58.2% |
| Leasing and similar rights | 25 | €1,025,925 | €991,337 | -€34,588 | -3.4% |
| Other tangible fixed assets | 26 | €26,752 | €28,052 | +€1,300 | +4.9% |
| Financial fixed assets | 28 | - | €1,380 | +€1,380 | |
| Current assets | 29/58 | €16,587 | €20,678 | +€4,091 | +24.7% |
| Amounts receivable within one year | 40/41 | €1,270 | €20,535 | +€19,265 | +1,516% |
| Trade receivables | 40 | €1,270 | €20,535 | +€19,265 | +1,516% |
| Cash at bank and in hand | 54/58 | €14,094 | €143 | -€13,951 | -99.0% |
| Deferred charges and accrued income | 490/1 | €1,222 | €0 | -€1,222 | -100% |
| Total equity and liabilities | 10/49 | €1,082,325 | €1,047,712 | -€34,612 | -3.2% |
| Equity | 10/15 | €64,035 | €34,361 | -€29,674 | -46.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,035 | €59,035 | = | 0.0% |
| Distributable reserves | 133 | €59,035 | €59,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€29,674 | -€29,674 | |
| Amounts payable | 17/49 | €1,018,290 | €1,013,351 | -€4,939 | -0.5% |
| Amounts payable after more than one year | 17 | €971,408 | €947,215 | -€24,193 | -2.5% |
| Financial debts | 170/4 | €971,408 | €947,215 | -€24,193 | -2.5% |
| Amounts payable within one year | 42/48 | €46,882 | €63,535 | +€16,653 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €27,457 | €24,193 | -€3,264 | -11.9% |
| Financial debts | 43 | - | €4,995 | +€4,995 | |
| Credit institutions | 430/8 | - | €4,995 | +€4,995 | |
| Trade debts | 44 | €780 | €4,000 | +€3,220 | +413% |
| Suppliers | 440/4 | €780 | €4,000 | +€3,220 | +413% |
| Taxes, remuneration and social security | 45 | €15,043 | €8,739 | -€6,304 | -41.9% |
| Taxes | 450/3 | €15,043 | €6,870 | -€8,173 | -54.3% |
| Remuneration and social security | 454/9 | - | €1,869 | +€1,869 | |
| Other amounts payable | 47/48 | €3,602 | €21,608 | +€18,006 | +500% |
| Accrued charges and deferred income | 492/3 | - | €2,601 | +€2,601 | |
| Remuneration, social security and pensions | 62 | €206 | €0 | -€206 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,194 | €42,699 | +€27,505 | +181% |
| Other operating charges | 640/8 | €3,122 | €585 | -€2,537 | -81.2% |
| Gross operating margin | 9900 | €40,126 | €62,593 | +€22,467 | +56.0% |
| Operating profit (loss) | 9901 | €21,604 | €19,309 | -€2,295 | -10.6% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €9,810 | €48,983 | +€39,173 | +399% |
| Recurring financial charges | 65 | €9,810 | €48,983 | +€39,173 | +399% |
| Profit (loss) for the period before taxes | 9903 | €11,799 | -€29,674 | -€41,473 | |
| Income taxes | 67/77 | €3,096 | €0 | -€3,096 | -100% |
| Profit (loss) for the period | 9904 | €8,704 | -€29,674 | -€38,377 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,704 | -€29,674 | -€38,377 |
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 30 October 2026 via checked.be.